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Bermuda
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98-014-1974
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification Number)
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Page
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ITEM 1.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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ITEM 1.
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ITEM 1A.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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ITEM 5.
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ITEM 6.
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•
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our exposure to significant losses from catastrophic events and other exposures that we cover, which we expect to cause significant volatility in our financial results from time to time;
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•
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the inherent uncertainties in our reserving process, particularly in regards to large catastrophic events and longer tail casualty lines, the uncertainties of which we expect to increase as our product and geographical diversity increases;
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the frequency and severity of catastrophic and other events which we cover could exceed our estimates and cause losses greater than we expect;
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•
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the risk of the lowering or loss of any of the financial strength, claims-paying or enterprise-wide risk management ratings of RenaissanceRe Holdings Ltd. (“RenaissanceRe”) or of one or more of our subsidiaries or joint ventures or changes in the policies or practices of the rating agencies;
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•
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risks associated with appropriately modeling, pricing for, and contractually addressing new or potential factors in loss emergence, such as the trend toward potentially significant global warming and other aspects of climate change which have the potential to adversely affect our business, any of which could cause us to underestimate our exposures and potentially adversely impact our financial results;
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•
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the risk that we might be bound to policyholder obligations beyond our underwriting intent, or unable to enforce our own intent in respect of retrocessional arrangements, including in each case due to emerging claims and coverage issues;
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•
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risks due to our increasing reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of our revenue;
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•
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risks relating to operating in a highly competitive environment, which we expect to continue to increase over time due to new competition from traditional and non-traditional participants, particularly as capital markets products provide alternatives and replacements for more traditional reinsurance and insurance products, as new entrants or existing competitors attempt to replicate our business model, and as a result of consolidation in the (re)insurance industry;
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•
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the risk that our customers may fail to make premium payments due to us, as well as the risk of failures of our reinsurers, brokers or other counterparties to honor their obligations to us, including in regards to large catastrophic events, and also including their obligations to make third party payments for which we might be liable;
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•
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risks relating to deteriorating market conditions, including the risks of decreasing revenues, margins, capital efficiency and returns;
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•
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a contention by the Internal Revenue Service that Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), or any of our other Bermuda subsidiaries, is subject to U.S. taxation;
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•
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other risks relating to potential adverse tax developments, including potential changes to the taxation of inter-company or related party transactions, or potential changes to the tax treatment of investors in RenaissanceRe or our joint ventures or other entities we manage;
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•
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risks relating to adverse legislative developments that could reduce the size of the private markets we serve, or impede their future growth, including proposals to shift United States (“U.S.”) catastrophe risks to federal mechanisms; similar proposals at the state level in the U.S., including the risk of legislation in Florida to expand the reinsurance coverage offered by the Florida Hurricane Catastrophe Fund (“FHCF”) and the insurance policies written by Citizens Property Insurance Corporation (“Citizens”), or failing to implement reforms to reduce such coverage; risks of adverse legislation in relation to U.S. flood insurance or the failure to implement reform legislation; and the risk that new legislation will be enacted in the international markets we serve which might reduce market opportunities in the private sector, weaken our customers or otherwise adversely impact us;
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•
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risks associated with our investment portfolio, including the risk that our investment assets may fail to yield attractive or even positive results; and the risk that investment managers may breach our investment guidelines, or the inability of such guidelines to mitigate investment risks;
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•
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risks associated with implementing our business strategies and initiatives, including risks related to strategic transactions, developing or enhancing the operations, controls and other infrastructure necessary in respect of our more recent, new or proposed initiatives, and the risk that we may fail to succeed in our business or financing plans for these initiatives;
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•
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risks that certain of our new or potentially expanding business lines could have a significant negative impact on our financial results or cause significant volatility in our results for any particular period;
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•
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risks associated with potential for loss of services of any one of our key senior officers, the risk that we fail to attract or retain the executives and employees necessary to manage our business, and difficulties associated with the transition of members of our senior management team for new or expanded roles necessary to execute our strategic and tactical plans;
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•
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risks relating to the inability, or delay, in the claims-paying ability of Citizens, FHCF or of private market participants in Florida, particularly following a large windstorm or multiple smaller storms, which we believe would weaken or destabilize the Florida market and give rise to an unpredictable range of impacts which might be adverse to us, perhaps materially so;
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risks associated with the management of our operations as our product and geographical diversity increases, including the potential inability to allocate sufficient resources to our strategic and tactical plans or to address additional industry or regulatory developments and requirements;
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changes in economic conditions, including interest rate, currency, equity and credit conditions which could affect our investment portfolio or declines in our investment returns for other reasons which could reduce our profitability and hinder our ability to pay claims promptly in accordance with our strategy, which risks we believe are currently enhanced in light of the current macroeconomic uncertainty and the recent period of economic uncertainty, both globally, particularly in respect of Eurozone countries and companies, and in the U.S.;
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•
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risks associated with highly subjective judgments, such as valuing our more illiquid assets, and determining the impairments taken on our investments, all of which impact our reported financial position and operating results;
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•
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risks associated with our retrocessional reinsurance protection, including the risks that the coverages and protections we seek may become unavailable or only available on unfavorable terms, that the forms of retrocessional protection available in the market on acceptable terms may give rise to more risk in our net portfolio than we find desirable or that we correctly identify, or that we are otherwise unable to cede our own assumed risk to third parties; and the risk that providers of protection do not meet their obligations to us or do not do so on a timely basis;
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•
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risks associated with inflation, which could cause loss costs to increase, and impact the performance of our investment portfolio, thereby adversely impacting our financial position or operating results;
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•
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operational risks, including system or human failures, which risks could result in our incurring material losses;
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•
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risks in connection with our management of capital on behalf of investors in joint ventures or other entities we manage, such as failing to comply with complex laws and regulations relating to the management of such capital or the potential rights of third party investors, which failure could result in our incurring significant liabilities, penalties or other losses;
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•
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risks that we may require additional capital in the future, particularly after a catastrophic event or to support potential growth opportunities in our business, which may not be available or may be available only on unfavorable terms;
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risks relating to our potential failure to comply with covenants in our debt agreements, which failure could provide our lenders the right to accelerate our debt which would adversely impact us;
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the risk of potential challenges to the claim of exemption from insurance regulation of RenaissanceRe and certain of our subsidiaries in certain jurisdictions under certain current laws and the risk of increased global regulation of the insurance and reinsurance industry;
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•
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risks relating to the inability of our operating subsidiaries to declare and pay dividends, which could cause us to be unable to pay dividends to our shareholders or to repay our indebtedness;
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the risk that there could be regulatory or legislative changes adversely impacting us, as a Bermuda-based company, relative to our competitors, or actions taken by multinational organizations having such an impact;
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•
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risks arising out of possible changes in the distribution or placement of risks due to increased consolidation of customers or insurance and reinsurance brokers;
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•
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risks relating to changes in regulatory regimes and/or accounting rules, which could result in significant changes to our financial results, including but not limited to, the European Union (“EU”) directive concerning capital adequacy, risk management and regulatory reporting for insurers; and
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•
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risks relating to our acquisition of Platinum Underwriters Holdings, Ltd. (“Platinum”), including risks that our future financial performance may differ from projections, risks relating to integration challenges and costs, and other risks that we may not be able to effectively manage our expanded operations.
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March 31,
2015 |
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December 31,
2014 |
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Assets
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(Unaudited)
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(Audited)
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Fixed maturity investments trading, at fair value (Amortized cost $5,960,109 and $4,749,613 at March 31, 2015 and December 31, 2014, respectively)
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$
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5,982,843
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$
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4,756,685
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Fixed maturity investments available for sale, at fair value (Amortized cost $22,156 and $23,772 at March 31, 2015 and December 31, 2014, respectively)
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25,086
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26,885
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Short term investments, at fair value
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1,775,819
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1,013,222
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Equity investments trading, at fair value
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261,656
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322,098
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Other investments, at fair value
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514,906
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504,147
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Investments in other ventures, under equity method
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123,743
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120,713
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Total investments
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8,684,053
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6,743,750
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Cash and cash equivalents
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557,618
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525,584
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Premiums receivable
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866,418
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440,007
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Prepaid reinsurance premiums
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233,062
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94,810
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Reinsurance recoverable
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82,696
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66,694
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Accrued investment income
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40,583
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26,509
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Deferred acquisition costs
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146,053
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110,059
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Receivable for investments sold
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121,530
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52,390
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Other assets
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273,851
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135,845
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Goodwill and other intangible assets
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281,334
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7,902
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Total assets
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$
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11,287,198
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$
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8,203,550
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Liabilities, Noncontrolling Interests and Shareholders’ Equity
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||||
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Liabilities
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Reserve for claims and claim expenses
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$
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2,781,568
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$
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1,412,510
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Unearned premiums
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983,137
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512,386
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Debt
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826,774
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249,522
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Reinsurance balances payable
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495,045
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454,580
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Payable for investments purchased
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217,986
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203,021
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Other liabilities
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231,968
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374,108
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Total liabilities
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5,536,478
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3,206,127
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Commitments and Contingencies
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Redeemable noncontrolling interest
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968,431
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1,131,708
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Shareholders’ Equity
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Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at March 31, 2015 (December 31, 2014 – 16,000,000)
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400,000
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400,000
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Common shares: $1.00 par value – 46,025,698 shares issued and outstanding at March 31, 2015 (December 31, 2014 – 38,441,972)
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46,026
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38,442
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Additional paid-in capital
|
754,941
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—
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Accumulated other comprehensive income
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3,342
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3,416
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Retained earnings
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3,577,980
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3,423,857
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Total shareholders’ equity attributable to RenaissanceRe
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4,782,289
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3,865,715
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Total liabilities, noncontrolling interests and shareholders’ equity
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$
|
11,287,198
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$
|
8,203,550
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Three months ended
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||||||
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March 31, 2015
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March 31, 2014
|
||||
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Revenues
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|
||||
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Gross premiums written
|
$
|
643,578
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$
|
705,260
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Net premiums written
|
$
|
404,035
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$
|
450,347
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Increase in unearned premiums
|
(107,275
|
)
|
|
(163,813
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)
|
||
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Net premiums earned
|
296,760
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|
|
286,534
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||
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Net investment income
|
39,707
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|
|
38,948
|
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||
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Net foreign exchange losses
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(3,130
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)
|
|
(1,061
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)
|
||
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Equity in earnings of other ventures
|
5,295
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|
4,199
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|
||
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Other income
|
1,539
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|
|
62
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|
||
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Net realized and unrealized gains on investments
|
41,749
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|
|
14,927
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|
||
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Total revenues
|
381,920
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|
343,609
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||
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Expenses
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||||
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Net claims and claim expenses incurred
|
76,853
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|
|
58,915
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||
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Acquisition expenses
|
43,401
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|
|
33,700
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||
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Operational expenses
|
45,621
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|
|
42,624
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Corporate expenses
|
45,598
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|
4,545
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Interest expense
|
5,251
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|
4,293
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Total expenses
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216,724
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|
144,077
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Income before taxes
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165,196
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|
199,532
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Income tax benefit (expense)
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47,904
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(166
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)
|
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Net income
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213,100
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|
199,366
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Net income attributable to noncontrolling interests
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(39,662
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)
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(42,768
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)
|
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Net income attributable to RenaissanceRe
|
173,438
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|
156,598
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Dividends on preference shares
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(5,595
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)
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(5,595
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)
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Net income available to RenaissanceRe common shareholders
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$
|
167,843
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$
|
151,003
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Net income available to RenaissanceRe common shareholders per common share – basic
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$
|
4.18
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$
|
3.61
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Net income available to RenaissanceRe common shareholders per common share – diluted
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$
|
4.14
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$
|
3.56
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Dividends per common share
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$
|
0.30
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$
|
0.29
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Three months ended
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March 31, 2015
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March 31, 2014
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||||
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Comprehensive income
|
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|
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Net income
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$
|
213,100
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$
|
199,366
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Change in net unrealized gains on investments
|
(74
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)
|
|
(168
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)
|
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Comprehensive income
|
213,026
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|
199,198
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Net income attributable to noncontrolling interests
|
(39,662
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)
|
|
(42,768
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)
|
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Comprehensive income attributable to noncontrolling interests
|
(39,662
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)
|
|
(42,768
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)
|
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Comprehensive income attributable to RenaissanceRe
|
$
|
173,364
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$
|
156,430
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Disclosure regarding net unrealized gains
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||||
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Total net realized and unrealized holding (gains) losses on investments and net other-than-temporary impairments
|
$
|
(23
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)
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$
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(168
|
)
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Net realized gains on fixed maturity investments available for sale
|
(51
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)
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|
—
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Change in net unrealized gains on investments
|
$
|
(74
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)
|
|
$
|
(168
|
)
|
|
|
Three months ended
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||||||
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March 31, 2015
|
|
March 31, 2014
|
||||
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Preference shares
|
|
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|
||||
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Balance – January 1
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$
|
400,000
|
|
|
$
|
400,000
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Balance – March 31
|
400,000
|
|
|
400,000
|
|
||
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Common shares
|
|
|
|
||||
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Balance – January 1
|
38,442
|
|
|
43,646
|
|
||
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Issuance of shares
|
7,435
|
|
|
—
|
|
||
|
Repurchase of shares
|
—
|
|
|
(2,978
|
)
|
||
|
Exercise of options and issuance of restricted stock awards
|
149
|
|
|
188
|
|
||
|
Balance – March 31
|
46,026
|
|
|
40,856
|
|
||
|
Additional paid-in capital
|
|
|
|
||||
|
Balance – January 1
|
—
|
|
|
—
|
|
||
|
Issuance of shares
|
754,384
|
|
|
—
|
|
||
|
Repurchase of shares
|
—
|
|
|
4,179
|
|
||
|
Change in noncontrolling interests
|
(260
|
)
|
|
(35
|
)
|
||
|
Exercise of options and issuance of restricted stock awards
|
817
|
|
|
(4,144
|
)
|
||
|
Balance – March 31
|
754,941
|
|
|
—
|
|
||
|
Accumulated other comprehensive income
|
|
|
|
||||
|
Balance – January 1
|
3,416
|
|
|
4,131
|
|
||
|
Change in net unrealized gains on investments
|
(74
|
)
|
|
(168
|
)
|
||
|
Balance – March 31
|
3,342
|
|
|
3,963
|
|
||
|
Retained earnings
|
|
|
|
||||
|
Balance – January 1
|
3,423,857
|
|
|
3,456,607
|
|
||
|
Net income
|
213,100
|
|
|
199,366
|
|
||
|
Net income attributable to noncontrolling interests
|
(39,662
|
)
|
|
(42,768
|
)
|
||
|
Repurchase of shares
|
—
|
|
|
(278,252
|
)
|
||
|
Dividends on common shares
|
(13,720
|
)
|
|
(11,899
|
)
|
||
|
Dividends on preference shares
|
(5,595
|
)
|
|
(5,595
|
)
|
||
|
Balance – March 31
|
3,577,980
|
|
|
3,317,459
|
|
||
|
Total shareholders’ equity
|
$
|
4,782,289
|
|
|
$
|
3,762,278
|
|
|
|
Three months ended
|
||||||
|
|
March 31, 2015
|
|
March 31, 2014
|
||||
|
Cash flows provided by operating activities
|
|
|
|
||||
|
Net income
|
$
|
213,100
|
|
|
$
|
199,366
|
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities
|
|
|
|
||||
|
Amortization, accretion and depreciation
|
4,813
|
|
|
8,305
|
|
||
|
Equity in undistributed earnings of other ventures
|
(3,676
|
)
|
|
(1,204
|
)
|
||
|
Net realized and unrealized gains on investments
|
(41,749
|
)
|
|
(14,927
|
)
|
||
|
Net unrealized gains included in net investment income
|
(4,885
|
)
|
|
(4,980
|
)
|
||
|
Change in:
|
|
|
|
||||
|
Premiums receivable
|
(193,690
|
)
|
|
(194,701
|
)
|
||
|
Prepaid reinsurance premiums
|
(130,801
|
)
|
|
(141,620
|
)
|
||
|
Reinsurance recoverable
|
(12,274
|
)
|
|
2,063
|
|
||
|
Deferred acquisition costs
|
(35,914
|
)
|
|
(40,206
|
)
|
||
|
Reserve for claims and claim expenses
|
(28,787
|
)
|
|
(30,847
|
)
|
||
|
Unearned premiums
|
238,075
|
|
|
305,433
|
|
||
|
Reinsurance balances payable
|
35,995
|
|
|
175,622
|
|
||
|
Other
|
(158,812
|
)
|
|
(215,665
|
)
|
||
|
Net cash (used in) provided by operating activities
|
(118,605
|
)
|
|
46,639
|
|
||
|
Cash flows provided by investing activities
|
|
|
|
||||
|
Proceeds from sales and maturities of fixed maturity investments trading
|
2,075,678
|
|
|
1,996,035
|
|
||
|
Purchases of fixed maturity investments trading
|
(1,490,123
|
)
|
|
(1,768,996
|
)
|
||
|
Proceeds from sales and maturities of fixed maturity investments available for sale
|
1,757
|
|
|
4,090
|
|
||
|
Net sales (purchases) of equity investments trading
|
50,627
|
|
|
(279
|
)
|
||
|
Net sales of short term investments
|
112,795
|
|
|
67,313
|
|
||
|
Net (purchases) sales of other investments
|
(7,952
|
)
|
|
2,116
|
|
||
|
Net (purchases) sales of investments in other ventures
|
(126
|
)
|
|
915
|
|
||
|
Net purchases of other assets
|
(2,500
|
)
|
|
—
|
|
||
|
Net purchase of Platinum
|
(678,152
|
)
|
|
—
|
|
||
|
Net cash provided by investing activities
|
62,004
|
|
|
301,194
|
|
||
|
Cash flows provided by (used in) financing activities
|
|
|
|
||||
|
Dividends paid – RenaissanceRe common shares
|
(13,720
|
)
|
|
(11,899
|
)
|
||
|
Dividends paid – preference shares
|
(5,595
|
)
|
|
(5,595
|
)
|
||
|
RenaissanceRe common share repurchases
|
(446
|
)
|
|
(262,736
|
)
|
||
|
Issuance of debt, net of expenses
|
297,823
|
|
|
—
|
|
||
|
Net third party redeemable noncontrolling interest share transactions
|
(180,285
|
)
|
|
(147,943
|
)
|
||
|
Net cash provided by (used in) financing activities
|
97,777
|
|
|
(428,173
|
)
|
||
|
Effect of exchange rate changes on foreign currency cash
|
(9,142
|
)
|
|
(529
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
32,034
|
|
|
(80,869
|
)
|
||
|
Cash and cash equivalents, beginning of period
|
525,584
|
|
|
408,032
|
|
||
|
Cash and cash equivalents, end of period
|
$
|
557,618
|
|
|
$
|
327,163
|
|
|
•
|
On March 2, 2015, RenaissanceRe completed its acquisition of Platinum. As a result of the acquisition, Platinum and its subsidiaries became wholly owned subsidiaries of RenaissanceRe, including Platinum Underwriters Bermuda, Ltd. ("Platinum Bermuda") and Renaissance Reinsurance U.S. Inc., formerly known as Platinum Underwriters Reinsurance, Inc. ("Renaissance Reinsurance U.S."). The Company accounted for the acquisition of Platinum under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic
Business Combinations
and the Company's consolidated results of operations include those of Platinum from March 2, 2015. Refer to “Note
3
. Acquisition of Platinum” for additional information with respect to the acquisition of Platinum.
|
|
•
|
Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), the Company’s principal reinsurance subsidiary, provides property catastrophe and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.
|
|
•
|
The Company also manages property catastrophe and specialty reinsurance business written on behalf of joint ventures, which principally include Top Layer Reinsurance Ltd. (“Top Layer Re”), recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. (“DaVinci”). Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci’s parent, DaVinciRe Holdings Ltd. (“DaVinciRe”), the results of DaVinci and DaVinciRe are consolidated in the Company’s financial statements. Redeemable noncontrolling interest - DaVinciRe represents the interests of external parties with respect to the net income and shareholders’ equity of DaVinciRe. Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary, acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation.
|
|
•
|
RenaissanceRe Syndicate 1458 (“Syndicate 1458”) is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member and RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.
|
|
•
|
RenaissanceRe Specialty Risks Ltd. (“RenaissanceRe Specialty Risks”), is a Bermuda-domiciled excess and surplus lines insurance company that is listed on the National Association of Insurance Commissioners
’
International Insurance Department
’
s Quarterly List of Alien Insurers as an eligible surplus lines insurer. RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. (
“
RenaissanceRe Specialty U.S.
”
), a Bermuda-domiciled reinsurer launched in June 2013 which operates subject to U.S. federal income tax, and Syndicate 1458.
|
|
•
|
Effective January 1, 2013, the Company formed and launched a managed joint venture, Upsilon Reinsurance Fund Opportunities Ltd., formerly known as Upsilon Reinsurance II Ltd. (“Upsilon RFO”), a Bermuda domiciled special purpose insurer (“SPI”), to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss
|
|
•
|
Effective November 13, 2014, the Company incorporated RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted Bermuda limited segregated accounts company. Upsilon Fund was formed to provide a fund structure through which third party investors can invest in reinsurance risk managed by the Company. As a segregated accounts company, Upsilon Fund is permitted to establish segregated accounts to invest in and hold identified pools of assets and liabilities. Each pool of assets and liabilities in each segregated account is structured to be ring-fenced from any claims from the creditors of Upsilon Fund’s general account and from the creditors of other segregated accounts within Upsilon Fund. Third party investors purchase redeemable, non-voting preference shares linked to specific segregated accounts of Upsilon Fund and own
100%
of these shares. Upsilon Fund is an investment company and is considered a VIE. The Company is not considered the primary beneficiary of Upsilon Fund and as a result Upsilon Fund is not consolidated by the Company.
|
|
•
|
RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted fund, incorporated under the laws of Bermuda. Medici
’
s objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. Third-party investors have subscribed for a portion of the participating, non-voting common shares of Medici. Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of Medici’s parent, RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), the results of Medici and Fund Holdings are consolidated in the Company
’
s financial statements. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders
’
equity of Medici.
|
|
|
|
|
|
|
|
||||
|
|
Special Dividend
|
|
|
|
|
||||
|
|
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum
|
25,320,312
|
|
|
|
|
|||
|
|
Special Dividend per outstanding common share of Platinum and Platinum equity award
|
$
|
10.00
|
|
|
|
|
||
|
|
Special Dividend paid to common shareholders of Platinum and holders of Platinum equity awards
|
|
|
$
|
253,203
|
|
|
||
|
|
RenaissanceRe common shares
|
|
|
|
|
||||
|
|
Common shares issued by RenaissanceRe
|
7,434,561
|
|
|
|
|
|||
|
|
Common share price of RenaissanceRe as of March 2, 2015
|
$
|
102.47
|
|
|
|
|
||
|
|
Market value of RenaissanceRe common shares issued by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards
|
|
|
761,819
|
|
|
|||
|
|
Platinum common shares
|
|
|
|
|
||||
|
|
Fair value of Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum
|
|
|
12,950
|
|
|
|||
|
|
Cash consideration
|
|
|
|
|
||||
|
|
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum
|
25,320,312
|
|
|
|
|
|||
|
|
Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum
|
(169,220
|
)
|
|
|
|
|||
|
|
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum excluding those owned by RenaissanceRe and canceled in connection with the acquisition of Platinum
|
25,151,092
|
|
|
|
|
|||
|
|
Agreed cash price paid to common shareholders of Platinum and holders of Platinum equity awards
|
$
|
35.96
|
|
|
|
|
||
|
|
Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards
|
|
|
904,433
|
|
|
|||
|
|
Total purchase price
|
|
|
1,932,405
|
|
|
|||
|
|
Less: Special Dividend paid by Platinum
|
|
|
(253,203
|
)
|
|
|||
|
|
Net purchase price
|
|
|
$
|
1,679,202
|
|
|
||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||
|
|
Shareholders’ equity of Platinum prior to Special Dividend
|
|
|
$
|
1,737,278
|
|
|
|
|
Cash and cash equivalents (Special Dividend on Platinum common shares and Platinum equity awards)
|
|
|
(253,203
|
)
|
|
|
|
|
Adjusted shareholders’ equity of Platinum at March 2, 2015
|
|
|
1,484,075
|
|
|
|
|
|
Adjustments for fair value, by applicable balance sheet caption:
|
|
|
|
|
||
|
|
Deferred acquisition costs
|
|
|
(44,486
|
)
|
|
|
|
|
Debt
|
|
|
(28,899
|
)
|
|
|
|
|
Reserve for claims and claim expenses
|
|
|
(21,725
|
)
|
|
|
|
|
Other assets - deferred debt issuance costs
|
|
|
(1,046
|
)
|
|
|
|
|
Total adjustments for fair value by applicable balance sheet caption before tax impact
|
|
|
(96,156
|
)
|
|
|
|
|
Other assets - net deferred tax asset related to fair value adjustments
|
|
|
29,069
|
|
|
|
|
|
Total adjustments for fair value by applicable balance sheet caption
|
|
|
(67,087
|
)
|
|
|
|
|
Adjustments for fair value of the identifiable intangible assets:
|
|
|
|
|
||
|
|
Identifiable indefinite lived intangible assets (insurance licenses)
|
|
|
8,400
|
|
|
|
|
|
Identifiable finite lived intangible assets (non-contractual relationships, renewal rights, value of business acquired, trade name, internally developed and used computer software and covenants not to compete)
|
|
|
75,200
|
|
|
|
|
|
Identifiable intangible assets before tax impact
|
|
|
83,600
|
|
|
|
|
|
Other liabilities - deferred tax liability on identifiable intangible assets
|
|
|
(13,115
|
)
|
|
|
|
|
Total adjustments for fair value of the identifiable intangible assets
|
|
|
70,485
|
|
|
|
|
|
Total adjustments for fair value by applicable balance sheet caption and identifiable intangible assets
|
|
|
3,398
|
|
|
|
|
|
Shareholders’ equity of Platinum at fair value
|
|
|
1,487,473
|
|
|
|
|
|
Total net purchase price paid by RenaissanceRe
|
|
|
1,679,202
|
|
|
|
|
|
Excess purchase price over the fair value of net assets acquired assigned to goodwill
|
|
|
$
|
191,729
|
|
|
|
|
|
|
|
|
|
||
|
•
|
Deferred acquisition costs - To eliminate Platinum’s deferred acquisition costs;
|
|
•
|
Debt - To reflect Platinum’s existing senior notes at fair value using indicative market pricing obtained from third-party service providers;
|
|
•
|
Reserve for claims and claim expenses - To reflect an increase in net claims and claim expenses due to the addition of a market based risk margin which represents the cost of capital required by a market participant to assume the net claims and claim expenses of Platinum, partially offset by a deduction which represents the discount due to the present value calculation of the unpaid claims and claim expenses based on the expected payout of the net unpaid claims and claim expenses;
|
|
•
|
Other assets - To eliminate deferred debt issuance costs related to Platinum’s existing senior notes and to reflect net deferred tax assets related to fair value adjustments;
|
|
•
|
Identifiable indefinite lived and finite lived intangible assets - To establish the fair value of identifiable intangible assets related to the acquisition of Platinum described in detail below; and
|
|
•
|
Other liabilities - To reflect the deferred tax liability on identifiable intangible assets.
|
|
|
|
|
|
|
|
||
|
|
|
Amount
|
|
Economic Useful Life
|
|
||
|
|
Key non-contractual relationships
|
$
|
30,400
|
|
|
10 years
|
|
|
|
Value of business acquired
|
20,200
|
|
|
2 years
|
|
|
|
|
Renewal rights
|
15,800
|
|
|
15 years
|
|
|
|
|
Insurance licenses
|
8,400
|
|
|
Indefinite
|
|
|
|
|
Internally developed and used computer software
|
3,500
|
|
|
2 years
|
|
|
|
|
Other non-contractual relationships
|
2,300
|
|
|
3 years
|
|
|
|
|
Non-compete agreements
|
1,900
|
|
|
2.5 years
|
|
|
|
|
Trade name
|
1,100
|
|
|
6 months
|
|
|
|
|
Identifiable intangible assets, before amortization, at March 2, 2015
|
83,600
|
|
|
|
|
|
|
|
Amortization (from March 2, 2015 through March 31, 2015)
|
(1,846
|
)
|
|
|
|
|
|
|
Net identifiable intangible assets at March 31, 2015 related to the acquisition of Platinum
|
$
|
81,754
|
|
|
|
|
|
|
|
|
|
|
|
||
|
•
|
Key non-contractual relationships - these relationships included Platinum’s top four brokers (Aon plc, Marsh & McLennan Companies, Inc., Willis Group Holdings Public Limited Company and Jardine Lloyd Thompson Group plc.) and consideration was given to the expectation of the renewal of these relationships and the associated expenses;
|
|
•
|
Value of business acquired (“VOBA”) - the expected future losses and expenses associated with the policies that were in-force as of the closing date of the transaction were estimated and compared to the future premium remaining expected to be earned. The difference between the risk-adjusted future loss and expenses, discounted to present value and the unearned premium reserve, was estimated to be the VOBA;
|
|
•
|
Renewal rights - the value of policy renewal rights taking into consideration written premium on assumed retention ratios and the insurance cash flows and the associated equity cash flows from these renewal policies over the expected life of the renewals;
|
|
•
|
Insurance licenses - the value of insurance licenses acquired providing the ability to write reinsurance in all 50 states of the U.S. and the District of Columbia;
|
|
•
|
Internally developed and used computer software - represents the value of internally developed and used computer software to be utilized by the Company;
|
|
•
|
Other non-contractual relationships - these relationships consisted of Platinum’s brokers with the exception of those previously listed above as key non-contractual relationships and consideration was given to the expectation of the renewal of these relationships and the associated expenses;
|
|
•
|
Non-compete agreements - represent non-compete agreements with key employees of Platinum; and
|
|
•
|
Trade name - represents the value of the Platinum brand acquired.
|
|
|
|
|
|
||
|
|
|
For the period from March 2, 2015 to March 31, 2015
|
|
||
|
|
Total revenues
|
$
|
40,139
|
|
|
|
|
Net loss attributable to RenaissanceRe common shareholders (1)
|
$
|
(19,439
|
)
|
|
|
|
|
|
|
||
|
(1)
|
Includes
$28.0 million
of compensation-related costs associated with terminating employees of Platinum.
|
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31,
2015 |
|
March 31, 2014
|
|
||||
|
|
Total revenues
|
$
|
460,553
|
|
|
$
|
514,017
|
|
|
|
|
Net income available to RenaissanceRe common shareholders
|
182,806
|
|
|
199,094
|
|
|
||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
March 31,
2015 |
|
December 31,
2014 |
|
||||
|
|
U.S. treasuries
|
$
|
1,535,746
|
|
|
$
|
1,671,471
|
|
|
|
|
Agencies
|
152,272
|
|
|
96,208
|
|
|
||
|
|
Municipals
|
1,220,206
|
|
|
—
|
|
|
||
|
|
Non-U.S. government (Sovereign debt)
|
329,626
|
|
|
280,651
|
|
|
||
|
|
Non-U.S. government-backed corporate
|
151,446
|
|
|
146,467
|
|
|
||
|
|
Corporate
|
1,603,024
|
|
|
1,610,442
|
|
|
||
|
|
Agency mortgage-backed
|
339,279
|
|
|
312,333
|
|
|
||
|
|
Non-agency mortgage-backed
|
257,114
|
|
|
241,590
|
|
|
||
|
|
Commercial mortgage-backed
|
353,944
|
|
|
373,117
|
|
|
||
|
|
Asset-backed
|
40,186
|
|
|
24,406
|
|
|
||
|
|
Total fixed maturity investments trading
|
$
|
5,982,843
|
|
|
$
|
4,756,685
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Included in Accumulated
Other Comprehensive Income
|
|
|
|
|
|
||||||||||||
|
|
March 31, 2015
|
Amortized
Cost
|
|
Gross
Unrealized Gains
|
|
Gross
Unrealized Losses
|
|
Fair Value
|
|
Non-Credit
Other-Than-
Temporary
Impairments
(1)
|
|
||||||||||
|
|
Agency mortgage-backed
|
$
|
2,877
|
|
|
$
|
305
|
|
|
$
|
—
|
|
|
$
|
3,182
|
|
|
$
|
—
|
|
|
|
|
Non-agency mortgage-backed
|
9,054
|
|
|
1,937
|
|
|
(3
|
)
|
|
10,988
|
|
|
640
|
|
|
|||||
|
|
Commercial mortgage-backed
|
7,287
|
|
|
581
|
|
|
—
|
|
|
7,868
|
|
|
—
|
|
|
|||||
|
|
Asset-backed
|
2,938
|
|
|
110
|
|
|
—
|
|
|
3,048
|
|
|
—
|
|
|
|||||
|
|
Total fixed maturity investments available for sale
|
$
|
22,156
|
|
|
$
|
2,933
|
|
|
$
|
(3
|
)
|
|
$
|
25,086
|
|
|
$
|
640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Included in Accumulated
Other Comprehensive Income
|
|
|
|
|
|
||||||||||||
|
|
December 31, 2014
|
Amortized Cost
|
|
Gross
Unrealized Gains
|
|
Gross
Unrealized Losses
|
|
Fair Value
|
|
Non-Credit
Other-Than-
Temporary
Impairments
(1)
|
|
||||||||||
|
|
Agency mortgage-backed
|
$
|
3,928
|
|
|
$
|
359
|
|
|
$
|
—
|
|
|
$
|
4,287
|
|
|
$
|
—
|
|
|
|
|
Non-agency mortgage-backed
|
9,478
|
|
|
1,985
|
|
|
(3
|
)
|
|
11,460
|
|
|
656
|
|
|
|||||
|
|
Commercial mortgage-backed
|
7,291
|
|
|
643
|
|
|
—
|
|
|
7,934
|
|
|
—
|
|
|
|||||
|
|
Asset-backed
|
3,075
|
|
|
129
|
|
|
—
|
|
|
3,204
|
|
|
—
|
|
|
|||||
|
|
Total fixed maturity investments available for sale
|
$
|
23,772
|
|
|
$
|
3,116
|
|
|
$
|
(3
|
)
|
|
$
|
26,885
|
|
|
$
|
656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(1)
|
Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Trading
|
|
Available for Sale
|
|
Total Fixed Maturity Investments
|
|
||||||||||||||||||
|
|
March 31, 2015
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
||||||||||||
|
|
Due in less than one year
|
$
|
211,238
|
|
|
$
|
209,392
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
211,238
|
|
|
$
|
209,392
|
|
|
|
|
Due after one through five years
|
3,219,374
|
|
|
3,220,154
|
|
|
—
|
|
|
—
|
|
|
3,219,374
|
|
|
3,220,154
|
|
|
||||||
|
|
Due after five through ten years
|
1,018,158
|
|
|
1,018,252
|
|
|
—
|
|
|
—
|
|
|
1,018,158
|
|
|
1,018,252
|
|
|
||||||
|
|
Due after ten years
|
538,096
|
|
|
544,522
|
|
|
—
|
|
|
—
|
|
|
538,096
|
|
|
544,522
|
|
|
||||||
|
|
Mortgage-backed
|
933,152
|
|
|
950,337
|
|
|
19,218
|
|
|
22,038
|
|
|
952,370
|
|
|
972,375
|
|
|
||||||
|
|
Asset-backed
|
40,091
|
|
|
40,186
|
|
|
2,938
|
|
|
3,048
|
|
|
43,029
|
|
|
43,234
|
|
|
||||||
|
|
Total
|
$
|
5,960,109
|
|
|
$
|
5,982,843
|
|
|
$
|
22,156
|
|
|
$
|
25,086
|
|
|
$
|
5,982,265
|
|
|
$
|
6,007,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||
|
|
|
March 31,
2015 |
|
December 31,
2014 |
|
||||
|
|
Financials
|
$
|
204,540
|
|
|
$
|
222,190
|
|
|
|
|
Communications and technology
|
17,905
|
|
|
31,376
|
|
|
||
|
|
Industrial, utilities and energy
|
15,735
|
|
|
28,859
|
|
|
||
|
|
Consumer
|
11,346
|
|
|
19,522
|
|
|
||
|
|
Healthcare
|
10,042
|
|
|
16,582
|
|
|
||
|
|
Basic materials
|
2,088
|
|
|
3,569
|
|
|
||
|
|
Total
|
$
|
261,656
|
|
|
$
|
322,098
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31,
2015 |
|
March 31,
2014 |
|
||||
|
|
Fixed maturity investments
|
$
|
25,939
|
|
|
$
|
23,860
|
|
|
|
|
Short term investments
|
197
|
|
|
190
|
|
|
||
|
|
Equity investments
|
2,604
|
|
|
796
|
|
|
||
|
|
Other investments
|
|
|
|
|
||||
|
|
Hedge funds and private equity investments
|
10,413
|
|
|
12,317
|
|
|
||
|
|
Other
|
3,508
|
|
|
4,528
|
|
|
||
|
|
Cash and cash equivalents
|
148
|
|
|
91
|
|
|
||
|
|
|
42,809
|
|
|
41,782
|
|
|
||
|
|
Investment expenses
|
(3,102
|
)
|
|
(2,834
|
)
|
|
||
|
|
Net investment income
|
$
|
39,707
|
|
|
$
|
38,948
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31,
2015 |
|
March 31,
2014 |
|
||||
|
|
Gross realized gains
|
$
|
21,532
|
|
|
$
|
13,467
|
|
|
|
|
Gross realized losses
|
(4,871
|
)
|
|
(5,564
|
)
|
|
||
|
|
Net realized gains on fixed maturity investments
|
16,661
|
|
|
7,903
|
|
|
||
|
|
Net unrealized gains on fixed maturity investments trading
|
25,972
|
|
|
27,882
|
|
|
||
|
|
Net realized and unrealized losses on investments-related derivatives
|
(4,208
|
)
|
|
(10,899
|
)
|
|
||
|
|
Net realized gains (losses) on equity investments trading
|
7,481
|
|
|
(79
|
)
|
|
||
|
|
Net unrealized gains (losses) on equity investments trading
|
(4,157
|
)
|
|
(9,880
|
)
|
|
||
|
|
Net realized and unrealized gains on investments
|
$
|
41,749
|
|
|
$
|
14,927
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Three months ended March 31, 2015
|
|
||||||||||
|
|
|
Investments in other ventures
|
|
Fixed maturity investments available for sale
|
|
Total
|
|
||||||
|
|
Beginning balance
|
$
|
303
|
|
|
$
|
3,113
|
|
|
$
|
3,416
|
|
|
|
|
Other comprehensive income (loss) before reclassifications
|
109
|
|
|
(132
|
)
|
|
(23
|
)
|
|
|||
|
|
Amounts reclassified from accumulated other comprehensive income by statement of operations line item:
|
|
|
|
|
|
|
||||||
|
|
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains on investments
|
—
|
|
|
(51
|
)
|
|
(51
|
)
|
|
|||
|
|
Net current-period other comprehensive income (loss)
|
109
|
|
|
(183
|
)
|
|
(74
|
)
|
|
|||
|
|
Ending balance
|
$
|
412
|
|
|
$
|
2,930
|
|
|
$
|
3,342
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Three months ended March 31, 2014
|
|
||||||||||
|
|
|
Investments in other ventures
|
|
Fixed maturity investments available for sale
|
|
Total
|
|
||||||
|
|
Beginning balance
|
$
|
163
|
|
|
$
|
3,968
|
|
|
$
|
4,131
|
|
|
|
|
Other comprehensive loss before reclassifications
|
(3
|
)
|
|
(165
|
)
|
|
(168
|
)
|
|
|||
|
|
Ending balance
|
$
|
160
|
|
|
$
|
3,803
|
|
|
$
|
3,963
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
|
||||||||||||||||||
|
|
At March 31, 2015
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
||||||||||||
|
|
Non-agency mortgage-backed
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
(3
|
)
|
|
$
|
68
|
|
|
$
|
(3
|
)
|
|
|
|
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
(3
|
)
|
|
$
|
68
|
|
|
$
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
|
||||||||||||||||||
|
|
December 31, 2014
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
||||||||||||
|
|
Non-agency mortgage-backed
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
69
|
|
|
$
|
(3
|
)
|
|
$
|
69
|
|
|
$
|
(3
|
)
|
|
|
|
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
69
|
|
|
$
|
(3
|
)
|
|
$
|
69
|
|
|
$
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31,
2015 |
|
March 31,
2014 |
|
||||
|
|
Beginning balance
|
$
|
498
|
|
|
$
|
561
|
|
|
|
|
Reductions:
|
|
|
|
|
||||
|
|
Securities sold during the period
|
(13
|
)
|
|
(16
|
)
|
|
||
|
|
Ending balance
|
$
|
485
|
|
|
$
|
545
|
|
|
|
|
|
|
|
|
|
||||
|
•
|
Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company;
|
|
•
|
Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and
|
|
•
|
Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
At March 31, 2015
|
Total
|
|
Quoted
Prices in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
||||||||
|
|
Fixed maturity investments
|
|
|
|
|
|
|
|
|
||||||||
|
|
U.S. treasuries
|
$
|
1,535,746
|
|
|
$
|
1,535,746
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Agencies
|
152,272
|
|
|
—
|
|
|
152,272
|
|
|
—
|
|
|
||||
|
|
Municipal
|
1,220,206
|
|
|
—
|
|
|
1,220,206
|
|
|
—
|
|
|
||||
|
|
Non-U.S. government (Sovereign debt)
|
329,626
|
|
|
—
|
|
|
329,626
|
|
|
—
|
|
|
||||
|
|
Non-U.S. government-backed corporate
|
151,446
|
|
|
—
|
|
|
151,446
|
|
|
—
|
|
|
||||
|
|
Corporate
|
1,603,024
|
|
|
—
|
|
|
1,587,550
|
|
|
15,474
|
|
|
||||
|
|
Agency mortgage-backed
|
342,461
|
|
|
—
|
|
|
342,461
|
|
|
—
|
|
|
||||
|
|
Non-agency mortgage-backed
|
268,102
|
|
|
—
|
|
|
268,102
|
|
|
—
|
|
|
||||
|
|
Commercial mortgage-backed
|
361,812
|
|
|
—
|
|
|
361,812
|
|
|
—
|
|
|
||||
|
|
Asset-backed
|
43,234
|
|
|
—
|
|
|
43,234
|
|
|
—
|
|
|
||||
|
|
Total fixed maturity investments
|
6,007,929
|
|
|
1,535,746
|
|
|
4,456,709
|
|
|
15,474
|
|
|
||||
|
|
Short term investments
|
1,775,819
|
|
|
—
|
|
|
1,775,819
|
|
|
—
|
|
|
||||
|
|
Equity investments trading
|
261,656
|
|
|
261,656
|
|
|
—
|
|
|
—
|
|
|
||||
|
|
Other investments
|
|
|
|
|
|
|
|
|
||||||||
|
|
Private equity partnerships
|
271,074
|
|
|
—
|
|
|
—
|
|
|
271,074
|
|
|
||||
|
|
Catastrophe bonds
|
221,780
|
|
|
—
|
|
|
221,780
|
|
|
—
|
|
|
||||
|
|
Senior secured bank loan fund
|
19,679
|
|
|
—
|
|
|
—
|
|
|
19,679
|
|
|
||||
|
|
Hedge funds
|
2,373
|
|
|
—
|
|
|
—
|
|
|
2,373
|
|
|
||||
|
|
Total other investments
|
514,906
|
|
|
—
|
|
|
221,780
|
|
|
293,126
|
|
|
||||
|
|
Other assets and (liabilities)
|
|
|
|
|
|
|
|
|
||||||||
|
|
Assumed and ceded (re)insurance contracts
|
72,993
|
|
|
—
|
|
|
—
|
|
|
72,993
|
|
|
||||
|
|
Derivatives (1)
|
7,376
|
|
|
(492
|
)
|
|
7,892
|
|
|
(24
|
)
|
|
||||
|
|
Other
|
(1,547
|
)
|
|
—
|
|
|
(1,547
|
)
|
|
—
|
|
|
||||
|
|
Total other assets and (liabilities)
|
78,822
|
|
|
(492
|
)
|
|
6,345
|
|
|
72,969
|
|
|
||||
|
|
|
$
|
8,639,132
|
|
|
$
|
1,796,910
|
|
|
$
|
6,460,653
|
|
|
$
|
381,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
At December 31, 2014
|
Total
|
|
Quoted
Prices in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
||||||||
|
|
Fixed maturity investments
|
|
|
|
|
|
|
|
|
||||||||
|
|
U.S. treasuries
|
$
|
1,671,471
|
|
|
$
|
1,671,471
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Agencies
|
96,208
|
|
|
—
|
|
|
96,208
|
|
|
—
|
|
|
||||
|
|
Non-U.S. government (Sovereign debt)
|
280,651
|
|
|
—
|
|
|
280,651
|
|
|
—
|
|
|
||||
|
|
Non-U.S. government-backed corporate
|
146,467
|
|
|
—
|
|
|
146,467
|
|
|
—
|
|
|
||||
|
|
Corporate
|
1,610,442
|
|
|
—
|
|
|
1,594,782
|
|
|
15,660
|
|
|
||||
|
|
Agency mortgage-backed
|
316,620
|
|
|
—
|
|
|
316,620
|
|
|
—
|
|
|
||||
|
|
Non-agency mortgage-backed
|
253,050
|
|
|
—
|
|
|
253,050
|
|
|
—
|
|
|
||||
|
|
Commercial mortgage-backed
|
381,051
|
|
|
—
|
|
|
381,051
|
|
|
—
|
|
|
||||
|
|
Asset-backed
|
27,610
|
|
|
—
|
|
|
27,610
|
|
|
—
|
|
|
||||
|
|
Total fixed maturity investments
|
4,783,570
|
|
|
1,671,471
|
|
|
3,096,439
|
|
|
15,660
|
|
|
||||
|
|
Short term investments
|
1,013,222
|
|
|
—
|
|
|
1,013,222
|
|
|
—
|
|
|
||||
|
|
Equity investments trading
|
322,098
|
|
|
322,098
|
|
|
—
|
|
|
—
|
|
|
||||
|
|
Other investments
|
|
|
|
|
|
|
|
|
||||||||
|
|
Private equity partnerships
|
281,932
|
|
|
—
|
|
|
—
|
|
|
281,932
|
|
|
||||
|
|
Catastrophe bonds
|
200,329
|
|
|
—
|
|
|
200,329
|
|
|
—
|
|
|
||||
|
|
Senior secured bank loan funds
|
19,316
|
|
|
—
|
|
|
—
|
|
|
19,316
|
|
|
||||
|
|
Hedge funds
|
2,570
|
|
|
—
|
|
|
—
|
|
|
2,570
|
|
|
||||
|
|
Total other investments
|
504,147
|
|
|
—
|
|
|
200,329
|
|
|
303,818
|
|
|
||||
|
|
Other assets and (liabilities)
|
|
|
|
|
|
|
|
|
||||||||
|
|
Assumed and ceded (re)insurance contracts
|
(8,744
|
)
|
|
—
|
|
|
—
|
|
|
(8,744
|
)
|
|
||||
|
|
Derivatives (1)
|
6,345
|
|
|
(569
|
)
|
|
7,104
|
|
|
(190
|
)
|
|
||||
|
|
Other
|
(11,509
|
)
|
|
—
|
|
|
(11,509
|
)
|
|
—
|
|
|
||||
|
|
Total other assets and (liabilities)
|
(13,908
|
)
|
|
(569
|
)
|
|
(4,405
|
)
|
|
(8,934
|
)
|
|
||||
|
|
|
$
|
6,609,129
|
|
|
$
|
1,993,000
|
|
|
$
|
4,305,585
|
|
|
$
|
310,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
At March 31, 2015
|
Fair Value
(Level 3)
|
|
Valuation Technique
|
|
Unobservable (U)
and Observable (O)
Inputs
|
|
Low
|
|
High
|
|
Weighted Average or Actual
|
|
||||||||
|
|
Fixed maturity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Corporate
|
$
|
15,474
|
|
|
Discounted cash flow (“DCF”)
|
|
Credit spread (U)
|
|
n/a
|
|
|
n/a
|
|
|
1.2
|
%
|
|
|||
|
|
|
|
|
|
|
Liquidity discount (U)
|
|
n/a
|
|
|
n/a
|
|
|
1.0
|
%
|
|
|||||
|
|
|
|
|
|
|
Risk-free rate (O)
|
|
n/a
|
|
|
n/a
|
|
|
0.2
|
%
|
|
|||||
|
|
|
|
|
|
|
Dividend rate (O)
|
|
n/a
|
|
|
n/a
|
|
|
6.5
|
%
|
|
|||||
|
|
Total fixed maturity investments
|
15,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Other investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Private equity partnerships
|
271,074
|
|
|
Net asset valuation
|
|
Estimated performance (U)
|
|
(12.6
|
)%
|
|
23.0
|
%
|
|
4.7
|
%
|
|
||||
|
|
Senior secured bank loan fund
|
19,679
|
|
|
Net asset valuation
|
|
Estimated performance (U)
|
|
n/a
|
|
|
n/a
|
|
|
0.7
|
%
|
|
||||
|
|
Hedge funds
|
2,373
|
|
|
Net asset valuation
|
|
Estimated performance (U)
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
||||
|
|
Total other investments
|
293,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Other assets and (liabilities)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Assumed and ceded (re)insurance contracts
|
82,298
|
|
|
Internal valuation model
|
|
Estimated contract period (U)
|
|
n/a
|
|
|
n/a
|
|
|
746
|
|
|
||||
|
|
|
|
|
|
|
Credit spread above risk-free rate (U)
|
|
n/a
|
|
|
n/a
|
|
|
2.4
|
%
|
|
|||||
|
|
|
|
|
|
|
Net claims and claim expenses ceded (U)
|
|
n/a
|
|
|
n/a
|
|
|
$
|
—
|
|
|
||||
|
|
Assumed and ceded (re)insurance contracts
|
(1,116
|
)
|
|
Internal valuation model
|
|
Bond price (U)
|
|
$
|
98.19
|
|
|
$
|
98.81
|
|
|
$
|
98.52
|
|
|
|
|
|
|
|
|
|
|
Liquidity premium (U)
|
|
n/a
|
|
|
n/a
|
|
|
1.3
|
%
|
|
|||||
|
|
Assumed and ceded (re)insurance contracts
|
(8,189
|
)
|
|
Internal valuation model
|
|
Net undiscounted cash flows (U)
|
|
n/a
|
|
|
n/a
|
|
|
$
|
(10,790
|
)
|
|
|||
|
|
|
|
|
|
|
Expected loss ratio (U)
|
|
n/a
|
|
|
n/a
|
|
|
34.0
|
%
|
|
|||||
|
|
|
|
|
|
|
Net acquisition expense ratio (O)
|
|
1.0
|
%
|
|
13.0
|
%
|
|
10.0
|
%
|
|
|||||
|
|
|
|
|
|
|
Contract period (O)
|
|
549
|
|
|
1,100
|
|
|
830
|
|
|
|||||
|
|
|
|
|
|
|
Discount rate (U)
|
|
n/a
|
|
|
n/a
|
|
|
0.9
|
%
|
|
|||||
|
|
Total assumed and ceded (re)insurance contracts
|
72,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Weather contract
|
(24
|
)
|
|
Internal valuation model
|
|
See below
|
|
n/a
|
|
|
n/a
|
|
|
See below
|
|
|
||||
|
|
Total other assets and (liabilities)
|
72,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
$
|
381,569
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|
||||||||||||||
|
|
|
Fixed maturity
investments
trading
|
|
Other
investments
|
|
Other assets
and
(liabilities)
|
|
Total
|
|
||||||||
|
|
Balance - January 1, 2015
|
$
|
15,660
|
|
|
$
|
303,818
|
|
|
$
|
(8,934
|
)
|
|
$
|
310,544
|
|
|
|
|
Total unrealized (losses) gains
|
|
|
|
|
|
|
|
|
||||||||
|
|
Included in net investment income
|
(186
|
)
|
|
5,014
|
|
|
160
|
|
|
4,988
|
|
|
||||
|
|
Total realized gains
|
|
|
|
|
|
|
|
|
||||||||
|
|
Included in other income
|
—
|
|
|
—
|
|
|
1,316
|
|
|
1,316
|
|
|
||||
|
|
Total foreign exchange (losses) gains
|
—
|
|
|
(2,498
|
)
|
|
6
|
|
|
(2,492
|
)
|
|
||||
|
|
Purchases
|
—
|
|
|
5,738
|
|
|
80,421
|
|
|
86,159
|
|
|
||||
|
|
Settlements
|
—
|
|
|
(18,946
|
)
|
|
—
|
|
|
(18,946
|
)
|
|
||||
|
|
Balance - March 31, 2015
|
$
|
15,474
|
|
|
$
|
293,126
|
|
|
$
|
72,969
|
|
|
$
|
381,569
|
|
|
|
|
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income
|
$
|
(186
|
)
|
|
$
|
5,014
|
|
|
$
|
160
|
|
|
$
|
4,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|
||||||||||||||
|
|
|
Fixed maturity
investments
trading
|
|
Other
investments
|
|
Other assets and (liabilities)
|
|
Total
|
|
||||||||
|
|
Balance - January 1, 2014
|
$
|
27,580
|
|
|
$
|
344,248
|
|
|
$
|
(2,490
|
)
|
|
$
|
369,338
|
|
|
|
|
Total unrealized gains (losses)
|
|
|
|
|
|
|
|
|
||||||||
|
|
Included in net investment income
|
9,558
|
|
|
7,876
|
|
|
1,216
|
|
|
18,650
|
|
|
||||
|
|
Total foreign exchange gains (losses)
|
—
|
|
|
6
|
|
|
(33
|
)
|
|
(27
|
)
|
|
||||
|
|
Purchases
|
—
|
|
|
15,001
|
|
|
—
|
|
|
15,001
|
|
|
||||
|
|
Settlements
|
—
|
|
|
(24,353
|
)
|
|
—
|
|
|
(24,353
|
)
|
|
||||
|
|
Balance - March 31, 2014
|
$
|
37,138
|
|
|
$
|
342,778
|
|
|
$
|
(1,307
|
)
|
|
$
|
378,609
|
|
|
|
|
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income
|
$
|
9,558
|
|
|
$
|
7,876
|
|
|
$
|
1,216
|
|
|
$
|
18,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||
|
|
|
March 31,
2015 |
|
December 31,
2014 |
|
||||
|
|
Other investments
|
$
|
514,906
|
|
|
$
|
504,147
|
|
|
|
|
Other assets
|
$
|
86,676
|
|
|
$
|
5,664
|
|
|
|
|
Other liabilities
|
$
|
13,683
|
|
|
$
|
14,408
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
At March 31, 2015
|
Fair Value
|
|
Unfunded
Commitments |
|
Redemption Frequency
|
|
Redemption
Notice Period (Minimum Days) |
|
Redemption
Notice Period (Maximum Days) |
|
||||
|
|
Private equity partnerships
|
$
|
271,074
|
|
|
$
|
157,729
|
|
|
See below
|
|
See below
|
|
See below
|
|
|
|
Senior secured bank loan fund
|
19,679
|
|
|
5,924
|
|
|
See below
|
|
See below
|
|
See below
|
|
||
|
|
Hedge funds
|
2,373
|
|
|
—
|
|
|
See below
|
|
See below
|
|
See below
|
|
||
|
|
Total other investments measured using net asset valuations
|
$
|
293,126
|
|
|
$
|
163,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31, 2015
|
|
March 31, 2014
|
|
||||
|
|
Premiums written
|
|
|
|
|
||||
|
|
Direct
|
$
|
30,813
|
|
|
$
|
13,855
|
|
|
|
|
Assumed
|
612,765
|
|
|
691,405
|
|
|
||
|
|
Ceded
|
(239,543
|
)
|
|
(254,913
|
)
|
|
||
|
|
Net premiums written
|
$
|
404,035
|
|
|
$
|
450,347
|
|
|
|
|
Premiums earned
|
|
|
|
|
||||
|
|
Direct
|
$
|
22,901
|
|
|
$
|
14,229
|
|
|
|
|
Assumed
|
382,603
|
|
|
385,598
|
|
|
||
|
|
Ceded
|
(108,744
|
)
|
|
(113,293
|
)
|
|
||
|
|
Net premiums earned
|
$
|
296,760
|
|
|
$
|
286,534
|
|
|
|
|
Claims and claim expenses
|
|
|
|
|
||||
|
|
Gross claims and claim expenses incurred
|
$
|
88,995
|
|
|
$
|
68,150
|
|
|
|
|
Claims and claim expenses recovered
|
(12,142
|
)
|
|
(9,235
|
)
|
|
||
|
|
Net claims and claim expenses incurred
|
$
|
76,853
|
|
|
$
|
58,915
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
March 31, 2015
|
|
December 31, 2014
|
|
||||||||||||
|
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
||||||||
|
|
3.700% Senior Notes due 2025
|
$
|
300,450
|
|
|
$
|
299,400
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
5.75% Senior Notes due 2020
|
285,000
|
|
|
249,545
|
|
|
279,000
|
|
|
249,522
|
|
|
||||
|
|
Series B 7.50% Senior Notes due 2017
|
278,116
|
|
|
277,829
|
|
|
—
|
|
|
—
|
|
|
||||
|
|
|
$
|
863,566
|
|
|
$
|
826,774
|
|
|
$
|
279,000
|
|
|
$
|
249,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
||
|
|
At March 31, 2015
|
Issued or Drawn
|
|
||
|
|
RenaissanceRe Revolving Credit Facility
|
$
|
—
|
|
|
|
|
Uncommitted Standby Letter of Credit Facility with Wells Fargo
|
73,584
|
|
|
|
|
|
Bilateral Letter of Credit Facility with Citibank Europe
|
139,463
|
|
|
|
|
|
Funds at Lloyd’s Letter of Credit Facilities
|
|
|
||
|
|
Renaissance Reinsurance Master Reimbursement Agreement
|
300,000
|
|
|
|
|
|
Specialty Risks Master Agreement
|
8,609
|
|
|
|
|
|
Platinum Syndicated Letter of Credit Facility
|
88,833
|
|
|
|
|
|
Platinum Letter of Credit Facility with NAB and ING
|
6,931
|
|
|
|
|
|
Total credit facilities in U.S. dollars
|
$
|
617,420
|
|
|
|
|
|
|
|
||
|
|
Funds at Lloyd’s Letter of Credit Facilities
|
|
|
||
|
|
Renaissance Reinsurance Master Reimbursement Agreement
|
£
|
70,000
|
|
|
|
|
Total credit facilities in pound sterling
|
£
|
70,000
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||||
|
|
|
March 31,
2015 |
|
December 31, 2014
|
|
||||
|
|
Redeemable noncontrolling interest - DaVinciRe
|
$
|
867,734
|
|
|
$
|
1,037,306
|
|
|
|
|
Redeemable noncontrolling interest - Medici
|
100,697
|
|
|
94,402
|
|
|
||
|
|
Redeemable noncontrolling interest
|
$
|
968,431
|
|
|
$
|
1,131,708
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31,
2015 |
|
March 31,
2014 |
|
||||
|
|
Redeemable noncontrolling interest - DaVinciRe
|
$
|
38,326
|
|
|
$
|
41,180
|
|
|
|
|
Redeemable noncontrolling interest - Medici
|
1,336
|
|
|
1,588
|
|
|
||
|
|
Net income attributable to noncontrolling interests
|
$
|
39,662
|
|
|
$
|
42,768
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31,
2015 |
|
March 31,
2014 |
|
||||
|
|
Beginning balance
|
$
|
1,037,306
|
|
|
$
|
1,063,368
|
|
|
|
|
Redemption of shares from redeemable noncontrolling interest
|
(207,898
|
)
|
|
(218,879
|
)
|
|
||
|
|
Sale of shares to redeemable noncontrolling interests
|
—
|
|
|
9,722
|
|
|
||
|
|
Net income attributable to redeemable noncontrolling interest
|
38,326
|
|
|
41,180
|
|
|
||
|
|
Ending balance
|
$
|
867,734
|
|
|
$
|
895,391
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
|
March 31,
2015 |
|
March 31,
2014 |
|
||||
|
|
Beginning balance
|
$
|
94,402
|
|
|
$
|
36,492
|
|
|
|
|
Redemption of shares from redeemable noncontrolling interest
|
(14,684
|
)
|
|
(1,875
|
)
|
|
||
|
|
Sale of shares to redeemable noncontrolling interests
|
19,643
|
|
|
55,385
|
|
|
||
|
|
Net income attributable to redeemable noncontrolling interest
|
1,336
|
|
|
1,588
|
|
|
||
|
|
Ending balance
|
$
|
100,697
|
|
|
$
|
91,590
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
Three months ended
|
|
||||||
|
|
(thousands of shares)
|
March 31,
2015 |
|
March 31,
2014 |
|
||||
|
|
Numerator:
|
|
|
|
|
||||
|
|
Net income available to RenaissanceRe common shareholders
|
$
|
167,843
|
|
|
$
|
151,003
|
|
|
|
|
Amount allocated to participating common shareholders (1)
|
(2,025
|
)
|
|
(2,031
|
)
|
|
||
|
|
Net income allocated to RenaissanceRe common shareholders
|
$
|
165,818
|
|
|
$
|
148,972
|
|
|
|
|
Denominator:
|
|
|
|
|
||||
|
|
Denominator for basic income per RenaissanceRe common share - weighted average common shares
|
39,631
|
|
|
41,238
|
|
|
||
|
|
Per common share equivalents of employee stock options and restricted shares
|
390
|
|
|
665
|
|
|
||
|
|
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions
|
40,021
|
|
|
41,903
|
|
|
||
|
|
Net income available to RenaissanceRe common shareholders per common share – basic
|
$
|
4.18
|
|
|
$
|
3.61
|
|
|
|
|
Net income available to RenaissanceRe common shareholders per common share – diluted
|
$
|
4.14
|
|
|
$
|
3.56
|
|
|
|
|
|
|
|
|
|
||||
|
(1)
|
Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended March 31, 2015
|
Catastrophe Reinsurance
|
|
Specialty Reinsurance
|
|
Lloyd’s
|
|
Other
|
|
Total
|
|
||||||||||
|
|
Gross premiums written (1)
|
$
|
389,247
|
|
|
$
|
124,291
|
|
|
$
|
130,130
|
|
|
$
|
(90
|
)
|
|
$
|
643,578
|
|
|
|
|
Net premiums written
|
$
|
222,640
|
|
|
$
|
103,915
|
|
|
$
|
77,569
|
|
|
$
|
(89
|
)
|
|
$
|
404,035
|
|
|
|
|
Net premiums earned
|
$
|
143,767
|
|
|
$
|
94,876
|
|
|
$
|
58,206
|
|
|
$
|
(89
|
)
|
|
$
|
296,760
|
|
|
|
|
Net claims and claim expenses incurred
|
7,594
|
|
|
39,588
|
|
|
29,843
|
|
|
(172
|
)
|
|
76,853
|
|
|
|||||
|
|
Acquisition expenses
|
7,654
|
|
|
20,689
|
|
|
14,693
|
|
|
365
|
|
|
43,401
|
|
|
|||||
|
|
Operational expenses
|
20,363
|
|
|
13,290
|
|
|
11,940
|
|
|
28
|
|
|
45,621
|
|
|
|||||
|
|
Underwriting income (loss)
|
$
|
108,156
|
|
|
$
|
21,309
|
|
|
$
|
1,730
|
|
|
$
|
(310
|
)
|
|
130,885
|
|
|
|
|
|
Net investment income
|
|
|
|
|
|
|
39,707
|
|
|
39,707
|
|
|
||||||||
|
|
Net foreign exchange losses
|
|
|
|
|
|
|
(3,130
|
)
|
|
(3,130
|
)
|
|
||||||||
|
|
Equity in earnings of other ventures
|
|
|
|
|
|
|
5,295
|
|
|
5,295
|
|
|
||||||||
|
|
Other income
|
|
|
|
|
|
|
1,539
|
|
|
1,539
|
|
|
||||||||
|
|
Net realized and unrealized gains on investments
|
|
|
|
|
|
|
41,749
|
|
|
41,749
|
|
|
||||||||
|
|
Corporate expenses
|
|
|
|
|
|
|
(45,598
|
)
|
|
(45,598
|
)
|
|
||||||||
|
|
Interest expense
|
|
|
|
|
|
|
(5,251
|
)
|
|
(5,251
|
)
|
|
||||||||
|
|
Income before taxes and noncontrolling interests
|
|
|
|
|
|
|
|
|
165,196
|
|
|
|||||||||
|
|
Income tax benefit
|
|
|
|
|
|
|
47,904
|
|
|
47,904
|
|
|
||||||||
|
|
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(39,662
|
)
|
|
(39,662
|
)
|
|
||||||||
|
|
Dividends on preference shares
|
|
|
|
|
|
|
(5,595
|
)
|
|
(5,595
|
)
|
|
||||||||
|
|
Net income available to RenaissanceRe common shareholders
|
|
|
|
|
|
|
|
|
$
|
167,843
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Net claims and claim expenses incurred – current accident year
|
$
|
24,124
|
|
|
$
|
49,264
|
|
|
$
|
25,610
|
|
|
$
|
—
|
|
|
$
|
98,998
|
|
|
|
|
Net claims and claim expenses incurred – prior accident years
|
(16,530
|
)
|
|
(9,676
|
)
|
|
4,233
|
|
|
(172
|
)
|
|
(22,145
|
)
|
|
|||||
|
|
Net claims and claim expenses incurred – total
|
$
|
7,594
|
|
|
$
|
39,588
|
|
|
$
|
29,843
|
|
|
$
|
(172
|
)
|
|
$
|
76,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Net claims and claim expense ratio – current accident year
|
16.8
|
%
|
|
51.9
|
%
|
|
44.0
|
%
|
|
—
|
%
|
|
33.4
|
%
|
|
|||||
|
|
Net claims and claim expense ratio – prior accident years
|
(11.5
|
)%
|
|
(10.2
|
)%
|
|
7.3
|
%
|
|
193.3
|
%
|
|
(7.5
|
)%
|
|
|||||
|
|
Net claims and claim expense ratio – calendar year
|
5.3
|
%
|
|
41.7
|
%
|
|
51.3
|
%
|
|
193.3
|
%
|
|
25.9
|
%
|
|
|||||
|
|
Underwriting expense ratio
|
19.5
|
%
|
|
35.8
|
%
|
|
45.7
|
%
|
|
(441.6
|
)%
|
|
30.0
|
%
|
|
|||||
|
|
Combined ratio
|
24.8
|
%
|
|
77.5
|
%
|
|
97.0
|
%
|
|
(248.3
|
)%
|
|
55.9
|
%
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended March 31, 2014
|
Catastrophe Reinsurance
|
|
Specialty Reinsurance
|
|
Lloyd’s
|
|
Other
|
|
Total
|
|
||||||||||
|
|
Gross premiums written
|
$
|
467,711
|
|
|
$
|
154,290
|
|
|
$
|
83,259
|
|
|
$
|
—
|
|
|
$
|
705,260
|
|
|
|
|
Net premiums written
|
$
|
259,489
|
|
|
$
|
125,489
|
|
|
$
|
65,369
|
|
|
$
|
—
|
|
|
$
|
450,347
|
|
|
|
|
Net premiums earned
|
$
|
164,584
|
|
|
$
|
69,630
|
|
|
$
|
52,297
|
|
|
$
|
23
|
|
|
$
|
286,534
|
|
|
|
|
Net claims and claim expenses incurred
|
6,455
|
|
|
26,081
|
|
|
26,281
|
|
|
98
|
|
|
58,915
|
|
|
|||||
|
|
Acquisition expenses
|
7,126
|
|
|
16,547
|
|
|
10,567
|
|
|
(540
|
)
|
|
33,700
|
|
|
|||||
|
|
Operational expenses
|
20,419
|
|
|
10,106
|
|
|
12,033
|
|
|
66
|
|
|
42,624
|
|
|
|||||
|
|
Underwriting income
|
$
|
130,584
|
|
|
$
|
16,896
|
|
|
$
|
3,416
|
|
|
$
|
399
|
|
|
151,295
|
|
|
|
|
|
Net investment income
|
|
|
|
|
|
|
38,948
|
|
|
38,948
|
|
|
||||||||
|
|
Net foreign exchange losses
|
|
|
|
|
|
|
(1,061
|
)
|
|
(1,061
|
)
|
|
||||||||
|
|
Equity in earnings of other ventures
|
|
|
|
|
|
|
4,199
|
|
|
4,199
|
|
|
||||||||
|
|
Other income
|
|
|
|
|
|
|
62
|
|
|
62
|
|
|
||||||||
|
|
Net realized and unrealized gains on investments
|
|
|
|
|
|
|
14,927
|
|
|
14,927
|
|
|
||||||||
|
|
Corporate expenses
|
|
|
|
|
|
|
(4,545
|
)
|
|
(4,545
|
)
|
|
||||||||
|
|
Interest expense
|
|
|
|
|
|
|
(4,293
|
)
|
|
(4,293
|
)
|
|
||||||||
|
|
Income before taxes and noncontrolling interests
|
|
|
|
|
|
|
|
|
199,532
|
|
|
|||||||||
|
|
Income tax expense
|
|
|
|
|
|
|
(166
|
)
|
|
(166
|
)
|
|
||||||||
|
|
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(42,768
|
)
|
|
(42,768
|
)
|
|
||||||||
|
|
Dividends on preference shares
|
|
|
|
|
|
|
(5,595
|
)
|
|
(5,595
|
)
|
|
||||||||
|
|
Net income available to RenaissanceRe common shareholders
|
|
|
|
|
|
|
|
|
$
|
151,003
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Net claims and claim expenses incurred – current accident year
|
$
|
12,529
|
|
|
$
|
41,922
|
|
|
$
|
21,157
|
|
|
$
|
—
|
|
|
$
|
75,608
|
|
|
|
|
Net claims and claim expenses incurred – prior accident years
|
(6,074
|
)
|
|
(15,841
|
)
|
|
5,124
|
|
|
98
|
|
|
(16,693
|
)
|
|
|||||
|
|
Net claims and claim expenses incurred – total
|
$
|
6,455
|
|
|
$
|
26,081
|
|
|
$
|
26,281
|
|
|
$
|
98
|
|
|
$
|
58,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Net claims and claim expense ratio – current accident year
|
7.6
|
%
|
|
60.2
|
%
|
|
40.5
|
%
|
|
—
|
%
|
|
26.4
|
%
|
|
|||||
|
|
Net claims and claim expense ratio – prior accident years
|
(3.7
|
)%
|
|
(22.7
|
)%
|
|
9.8
|
%
|
|
426.1
|
%
|
|
(5.8
|
)%
|
|
|||||
|
|
Net claims and claim expense ratio – calendar year
|
3.9
|
%
|
|
37.5
|
%
|
|
50.3
|
%
|
|
426.1
|
%
|
|
20.6
|
%
|
|
|||||
|
|
Underwriting expense ratio
|
16.8
|
%
|
|
38.2
|
%
|
|
43.2
|
%
|
|
(2,060.9
|
)%
|
|
26.6
|
%
|
|
|||||
|
|
Combined ratio
|
20.7
|
%
|
|
75.7
|
%
|
|
93.5
|
%
|
|
(1,634.8
|
)%
|
|
47.2
|
%
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Derivative Assets
|
|
||||||||||||||||||||
|
|
At March 31, 2015
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts of Assets Presented in the Balance Sheet
|
|
Balance Sheet Location
|
|
Collateral
|
|
Net Amount
|
|
||||||||||
|
|
Interest rate futures
|
$
|
2,079
|
|
|
2,043
|
|
|
$
|
36
|
|
|
Other assets
|
|
$
|
—
|
|
|
$
|
36
|
|
|
|
|
|
Foreign currency forward contracts (1)
|
16,646
|
|
|
5,808
|
|
|
10,838
|
|
|
Other assets
|
|
—
|
|
|
10,838
|
|
|
|||||
|
|
Foreign currency forward contracts (2)
|
1,774
|
|
|
106
|
|
|
1,668
|
|
|
Other assets
|
|
290
|
|
|
1,378
|
|
|
|||||
|
|
Credit default swaps
|
464
|
|
|
13
|
|
|
451
|
|
|
Other assets
|
|
310
|
|
|
141
|
|
|
|||||
|
|
Total
|
$
|
20,963
|
|
|
$
|
7,970
|
|
|
$
|
12,993
|
|
|
|
|
$
|
600
|
|
|
$
|
12,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Derivative Liabilities
|
|
||||||||||||||||||||
|
|
At March 31, 2015
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts of Liabilities Presented in the Balance Sheet
|
|
Balance Sheet Location
|
|
Collateral Pledged
|
|
Net Amount
|
|
||||||||||
|
|
Interest rate futures
|
$
|
2,571
|
|
|
2,043
|
|
|
$
|
528
|
|
|
Other liabilities
|
|
$
|
528
|
|
|
$
|
—
|
|
|
|
|
|
Foreign currency forward contracts (1)
|
6,377
|
|
|
1,415
|
|
|
4,962
|
|
|
Other liabilities
|
|
—
|
|
|
4,962
|
|
|
|||||
|
|
Foreign currency forward contracts (2)
|
208
|
|
|
106
|
|
|
102
|
|
|
Other liabilities
|
|
—
|
|
|
102
|
|
|
|||||
|
|
Credit default swaps
|
14
|
|
|
13
|
|
|
1
|
|
|
Other liabilities
|
|
—
|
|
|
1
|
|
|
|||||
|
|
Weather contract
|
24
|
|
|
—
|
|
|
24
|
|
|
Other liabilities
|
|
24
|
|
|
—
|
|
|
|||||
|
|
Total
|
$
|
9,194
|
|
|
$
|
3,577
|
|
|
$
|
5,617
|
|
|
|
|
$
|
552
|
|
|
$
|
5,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(1)
|
Contracts used to manage foreign currency risks in underwriting and non-investment operations.
|
|
(2)
|
Contracts used to manage foreign currency risks in investment operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Derivative Assets
|
|
||||||||||||||||||||
|
|
At December 31, 2014
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts of Assets Presented in the Balance Sheet
|
|
Balance Sheet Location
|
|
Collateral
|
|
Net Amount
|
|
||||||||||
|
|
Interest rate futures
|
$
|
468
|
|
|
468
|
|
|
$
|
—
|
|
|
Other assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Foreign currency forward contracts (1)
|
5,740
|
|
|
1,737
|
|
|
4,003
|
|
|
Other assets
|
|
—
|
|
|
4,003
|
|
|
|||||
|
|
Foreign currency forward contracts (2)
|
3,959
|
|
|
648
|
|
|
3,311
|
|
|
Other assets
|
|
—
|
|
|
3,311
|
|
|
|||||
|
|
Credit default swaps
|
468
|
|
|
88
|
|
|
380
|
|
|
Other assets
|
|
310
|
|
|
70
|
|
|
|||||
|
|
Total
|
$
|
10,635
|
|
|
$
|
2,941
|
|
|
$
|
7,694
|
|
|
|
|
$
|
310
|
|
|
$
|
7,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Derivative Liabilities
|
|
||||||||||||||||||||
|
|
At December 31, 2014
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts of Liabilities Presented in the Balance Sheet
|
|
Balance Sheet Location
|
|
Collateral Pledged
|
|
Net Amount
|
|
||||||||||
|
|
Interest rate futures
|
$
|
1,037
|
|
|
468
|
|
|
$
|
569
|
|
|
Other liabilities
|
|
$
|
569
|
|
|
$
|
—
|
|
|
|
|
|
Foreign currency forward contracts (1)
|
1,319
|
|
|
967
|
|
|
352
|
|
|
Other liabilities
|
|
—
|
|
|
352
|
|
|
|||||
|
|
Foreign currency forward contracts (2)
|
724
|
|
|
649
|
|
|
75
|
|
|
Other liabilities
|
|
—
|
|
|
75
|
|
|
|||||
|
|
Credit default swaps
|
251
|
|
|
88
|
|
|
163
|
|
|
Other liabilities
|
|
—
|
|
|
163
|
|
|
|||||
|
|
Weather contract
|
190
|
|
|
—
|
|
|
190
|
|
|
Other liabilities
|
|
190
|
|
|
—
|
|
|
|||||
|
|
Total
|
$
|
3,521
|
|
|
$
|
2,172
|
|
|
$
|
1,349
|
|
|
|
|
$
|
759
|
|
|
$
|
590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(1)
|
Contracts used to manage foreign currency risks in underwriting and non-investment operations.
|
|
(2)
|
Contracts used to manage foreign currency risks in investment operations.
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Location of gain (loss)
recognized on derivatives
|
|
Amount of gain (loss) recognized on
derivatives
|
|
||||||
|
|
Three months ended March 31,
|
|
|
2015
|
|
2014
|
|
||||
|
|
Interest rate futures
|
Net realized and unrealized gains on investments
|
|
$
|
(4,408
|
)
|
|
$
|
(12,274
|
)
|
|
|
|
Foreign currency forward contracts (1)
|
Net foreign exchange losses
|
|
3,611
|
|
|
4,099
|
|
|
||
|
|
Foreign currency forward contracts (2)
|
Net foreign exchange losses
|
|
9,210
|
|
|
(1,399
|
)
|
|
||
|
|
Credit default swaps
|
Net realized and unrealized gains on investments
|
|
40
|
|
|
159
|
|
|
||
|
|
Weather contract
|
Net realized and unrealized gains on investments
|
|
160
|
|
|
1,216
|
|
|
||
|
|
Total
|
|
|
$
|
8,613
|
|
|
$
|
(8,199
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
|
(1)
|
Contracts used to manage foreign currency risks in underwriting and non-investment operations.
|
|
(2)
|
Contracts used to manage foreign currency risks in investment operations.
|
|
Condensed Consolidating Balance Sheet at March 31, 2015
|
RenaissanceRe
Holdings Ltd. (Parent Guarantor) |
|
Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)
|
|
RenRe North
America Holdings Inc. (Subsidiary Issuer) |
|
Platinum Underwriters Finance, Inc. (Subsidiary Issuer)
|
|
RenaissanceRe Finance, Inc. (Subsidiary Issuer)
|
|
Other
RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) |
|
Consolidating
Adjustments (2) |
|
RenaissanceRe
Consolidated |
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Total investments
|
$
|
92,165
|
|
|
$
|
—
|
|
|
$
|
79,313
|
|
|
$
|
291,674
|
|
|
$
|
—
|
|
|
$
|
8,220,901
|
|
|
$
|
—
|
|
|
$
|
8,684,053
|
|
|
Cash and cash equivalents
|
4,885
|
|
|
63,257
|
|
|
329
|
|
|
1,229
|
|
|
451
|
|
|
487,467
|
|
|
—
|
|
|
557,618
|
|
||||||||
|
Investments in subsidiaries
|
4,548,612
|
|
|
1,398,517
|
|
|
270,948
|
|
|
611,015
|
|
|
830,466
|
|
|
(2,839,998
|
)
|
|
(4,819,560
|
)
|
|
—
|
|
||||||||
|
Due from subsidiaries and affiliates
|
135,592
|
|
|
29,934
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
(29,934
|
)
|
|
(135,617
|
)
|
|
—
|
|
||||||||
|
Premiums receivable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
866,418
|
|
|
—
|
|
|
866,418
|
|
||||||||
|
Prepaid reinsurance premiums
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233,062
|
|
|
—
|
|
|
233,062
|
|
||||||||
|
Reinsurance recoverable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,696
|
|
|
—
|
|
|
82,696
|
|
||||||||
|
Accrued investment income
|
—
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
40,496
|
|
|
—
|
|
|
40,583
|
|
||||||||
|
Deferred acquisition costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184,168
|
|
|
(38,115
|
)
|
|
146,053
|
|
||||||||
|
Receivable for investments sold
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,518
|
|
|
—
|
|
|
121,530
|
|
||||||||
|
Other assets
|
120,981
|
|
|
—
|
|
|
31,813
|
|
|
2,966
|
|
|
120,095
|
|
|
215,240
|
|
|
(217,244
|
)
|
|
273,851
|
|
||||||||
|
Goodwill and other intangible assets
|
273,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,850
|
|
|
—
|
|
|
281,334
|
|
||||||||
|
Total assets
|
$
|
5,175,731
|
|
|
$
|
1,491,708
|
|
|
$
|
382,515
|
|
|
$
|
906,884
|
|
|
$
|
951,012
|
|
|
$
|
7,589,884
|
|
|
$
|
(5,210,536
|
)
|
|
$
|
11,287,198
|
|
|
Liabilities, Noncontrolling Interests and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Reserve for claims and claim expenses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,760,402
|
|
|
$
|
21,166
|
|
|
$
|
2,781,568
|
|
|
Unearned premiums
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
983,137
|
|
|
—
|
|
|
983,137
|
|
||||||||
|
Debt
|
117,000
|
|
|
—
|
|
|
249,545
|
|
|
250,000
|
|
|
299,400
|
|
|
—
|
|
|
(89,171
|
)
|
|
826,774
|
|
||||||||
|
Amounts due to subsidiaries and affiliates
|
179,414
|
|
|
26,107
|
|
|
1,931
|
|
|
75
|
|
|
227
|
|
|
(26,409
|
)
|
|
(181,345
|
)
|
|
—
|
|
||||||||
|
Reinsurance balances payable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
495,045
|
|
|
—
|
|
|
495,045
|
|
||||||||
|
Payable for investments purchased
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
217,984
|
|
|
—
|
|
|
217,986
|
|
||||||||
|
Other liabilities
|
97,028
|
|
|
1,086
|
|
|
(1,097
|
)
|
|
6,343
|
|
|
1,039
|
|
|
214,923
|
|
|
(87,354
|
)
|
|
231,968
|
|
||||||||
|
Total liabilities
|
393,442
|
|
|
27,193
|
|
|
250,381
|
|
|
256,418
|
|
|
300,666
|
|
|
4,645,082
|
|
|
(336,704
|
)
|
|
5,536,478
|
|
||||||||
|
Redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
968,431
|
|
|
—
|
|
|
968,431
|
|
||||||||
|
Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Total shareholders’ equity
|
4,782,289
|
|
|
1,464,515
|
|
|
132,134
|
|
|
650,466
|
|
|
650,346
|
|
|
1,976,371
|
|
|
(4,873,832
|
)
|
|
4,782,289
|
|
||||||||
|
Total liabilities, noncontrolling interests and shareholders’ equity
|
$
|
5,175,731
|
|
|
$
|
1,491,708
|
|
|
$
|
382,515
|
|
|
$
|
906,884
|
|
|
$
|
951,012
|
|
|
$
|
7,589,884
|
|
|
$
|
(5,210,536
|
)
|
|
$
|
11,287,198
|
|
|
(1)
|
Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|
|
(2)
|
Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
|
|
Condensed Consolidating Balance Sheet at December 31, 2014
|
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
|
|
RenRe North
America
Holdings Inc.
(Subsidiary
Issuer)
|
|
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1)
|
|
Consolidating
Adjustments
(2)
|
|
RenaissanceRe
Consolidated
|
||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total investments
|
$
|
137,006
|
|
|
$
|
88,150
|
|
|
$
|
6,518,594
|
|
|
$
|
—
|
|
|
$
|
6,743,750
|
|
|
Cash and cash equivalents
|
5,986
|
|
|
1,033
|
|
|
518,565
|
|
|
—
|
|
|
525,584
|
|
|||||
|
Investments in subsidiaries
|
3,509,974
|
|
|
71,796
|
|
|
—
|
|
|
(3,581,770
|
)
|
|
—
|
|
|||||
|
Due from subsidiaries and affiliates
|
126,548
|
|
|
23
|
|
|
—
|
|
|
(126,571
|
)
|
|
—
|
|
|||||
|
Premiums receivable
|
—
|
|
|
—
|
|
|
440,007
|
|
|
—
|
|
|
440,007
|
|
|||||
|
Prepaid reinsurance premiums
|
—
|
|
|
—
|
|
|
94,810
|
|
|
—
|
|
|
94,810
|
|
|||||
|
Reinsurance recoverable
|
—
|
|
|
—
|
|
|
66,694
|
|
|
—
|
|
|
66,694
|
|
|||||
|
Accrued investment income
|
—
|
|
|
121
|
|
|
26,388
|
|
|
—
|
|
|
26,509
|
|
|||||
|
Deferred acquisition costs
|
—
|
|
|
—
|
|
|
110,059
|
|
|
—
|
|
|
110,059
|
|
|||||
|
Receivable for investments sold
|
10
|
|
|
—
|
|
|
52,380
|
|
|
—
|
|
|
52,390
|
|
|||||
|
Other assets
|
112,400
|
|
|
1,242
|
|
|
123,661
|
|
|
(101,458
|
)
|
|
135,845
|
|
|||||
|
Goodwill and other intangible assets
|
—
|
|
|
—
|
|
|
7,902
|
|
|
—
|
|
|
7,902
|
|
|||||
|
Total assets
|
$
|
3,891,924
|
|
|
$
|
162,365
|
|
|
$
|
7,959,060
|
|
|
$
|
(3,809,799
|
)
|
|
$
|
8,203,550
|
|
|
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reserve for claims and claim expenses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,412,510
|
|
|
$
|
—
|
|
|
$
|
1,412,510
|
|
|
Unearned premiums
|
—
|
|
|
—
|
|
|
512,386
|
|
|
—
|
|
|
512,386
|
|
|||||
|
Debt
|
—
|
|
|
249,522
|
|
|
—
|
|
|
—
|
|
|
249,522
|
|
|||||
|
Amounts due to subsidiaries and affiliates
|
6,000
|
|
|
233
|
|
|
—
|
|
|
(6,233
|
)
|
|
—
|
|
|||||
|
Reinsurance balances payable
|
—
|
|
|
—
|
|
|
454,580
|
|
|
—
|
|
|
454,580
|
|
|||||
|
Payable for investments purchased
|
—
|
|
|
—
|
|
|
203,021
|
|
|
—
|
|
|
203,021
|
|
|||||
|
Other liabilities
|
20,209
|
|
|
4,013
|
|
|
351,344
|
|
|
(1,458
|
)
|
|
374,108
|
|
|||||
|
Total liabilities
|
26,209
|
|
|
253,768
|
|
|
2,933,841
|
|
|
(7,691
|
)
|
|
3,206,127
|
|
|||||
|
Redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
1,131,708
|
|
|
—
|
|
|
1,131,708
|
|
|||||
|
Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total shareholders’ equity
|
3,865,715
|
|
|
(91,403
|
)
|
|
3,893,511
|
|
|
(3,802,108
|
)
|
|
3,865,715
|
|
|||||
|
Total liabilities, redeemable noncontrolling interest and shareholders’ equity
|
$
|
3,891,924
|
|
|
$
|
162,365
|
|
|
$
|
7,959,060
|
|
|
$
|
(3,809,799
|
)
|
|
$
|
8,203,550
|
|
|
(1)
|
Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|
|
(2)
|
Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
|
|
Condensed Consolidating Statement of Operations for
the three months ended March 31, 2015 |
RenaissanceRe
Holdings Ltd. (Parent Guarantor) |
|
Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)
|
|
RenRe North
America Holdings Inc. (Subsidiary Issuer) |
|
Platinum Underwriters Finance, Inc. (Subsidiary Issuer)
|
|
RenaissanceRe Finance, Inc. (Subsidiary Issuer)
|
|
Other
RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) |
|
Consolidating
Adjustments (2) |
|
RenaissanceRe
Consolidated |
||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Net premiums earned
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
296,760
|
|
|
$
|
—
|
|
|
$
|
296,760
|
|
|
Net investment income (loss)
|
2,624
|
|
|
—
|
|
|
331
|
|
|
(40
|
)
|
|
36
|
|
|
37,730
|
|
|
(974
|
)
|
|
39,707
|
|
||||||||
|
Net foreign exchange losses
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,120
|
)
|
|
—
|
|
|
(3,130
|
)
|
||||||||
|
Equity in earnings of other ventures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,295
|
|
|
—
|
|
|
5,295
|
|
||||||||
|
Other income
|
6,189
|
|
|
166
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,208
|
|
|
(6,024
|
)
|
|
1,539
|
|
||||||||
|
Net realized and unrealized gains on investments
|
39
|
|
|
—
|
|
|
406
|
|
|
1
|
|
|
—
|
|
|
41,303
|
|
|
—
|
|
|
41,749
|
|
||||||||
|
Total revenues
|
8,842
|
|
|
166
|
|
|
737
|
|
|
(39
|
)
|
|
36
|
|
|
379,176
|
|
|
(6,998
|
)
|
|
381,920
|
|
||||||||
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Net claims and claim expenses incurred
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77,412
|
|
|
(559
|
)
|
|
76,853
|
|
||||||||
|
Acquisition expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,318
|
|
|
(4,917
|
)
|
|
43,401
|
|
||||||||
|
Operational expenses
|
(1,178
|
)
|
|
4,987
|
|
|
1,890
|
|
|
1
|
|
|
—
|
|
|
34,515
|
|
|
5,406
|
|
|
45,621
|
|
||||||||
|
Corporate expenses
|
16,304
|
|
|
8,182
|
|
|
98
|
|
|
35
|
|
|
7
|
|
|
21,007
|
|
|
(35
|
)
|
|
45,598
|
|
||||||||
|
Interest expense
|
295
|
|
|
—
|
|
|
3,617
|
|
|
1,563
|
|
|
216
|
|
|
594
|
|
|
(1,034
|
)
|
|
5,251
|
|
||||||||
|
Total expenses
|
15,421
|
|
|
13,169
|
|
|
5,605
|
|
|
1,599
|
|
|
223
|
|
|
181,846
|
|
|
(1,139
|
)
|
|
216,724
|
|
||||||||
|
(Loss) income before equity in net income of subsidiaries and taxes
|
(6,579
|
)
|
|
(13,003
|
)
|
|
(4,868
|
)
|
|
(1,638
|
)
|
|
(187
|
)
|
|
197,330
|
|
|
(5,859
|
)
|
|
165,196
|
|
||||||||
|
Equity in net income (loss) of subsidiaries
|
183,680
|
|
|
(6,557
|
)
|
|
17,399
|
|
|
(2,146
|
)
|
|
(3,213
|
)
|
|
11,916
|
|
|
(201,079
|
)
|
|
—
|
|
||||||||
|
Income (loss) before taxes
|
177,101
|
|
|
(19,560
|
)
|
|
12,531
|
|
|
(3,784
|
)
|
|
(3,400
|
)
|
|
209,246
|
|
|
(206,938
|
)
|
|
165,196
|
|
||||||||
|
Income tax (expense) benefit
|
(3,663
|
)
|
|
—
|
|
|
31,005
|
|
|
571
|
|
|
65
|
|
|
19,926
|
|
|
—
|
|
|
47,904
|
|
||||||||
|
Net income (loss)
|
173,438
|
|
|
(19,560
|
)
|
|
43,536
|
|
|
(3,213
|
)
|
|
(3,335
|
)
|
|
229,172
|
|
|
(206,938
|
)
|
|
213,100
|
|
||||||||
|
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,662
|
)
|
|
—
|
|
|
(39,662
|
)
|
||||||||
|
Net income (loss) attributable to RenaissanceRe
|
173,438
|
|
|
(19,560
|
)
|
|
43,536
|
|
|
(3,213
|
)
|
|
(3,335
|
)
|
|
189,510
|
|
|
(206,938
|
)
|
|
173,438
|
|
||||||||
|
Dividends on preference shares
|
(5,595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,595
|
)
|
||||||||
|
Net income (loss) attributable to RenaissanceRe common shareholders
|
$
|
167,843
|
|
|
$
|
(19,560
|
)
|
|
$
|
43,536
|
|
|
$
|
(3,213
|
)
|
|
$
|
(3,335
|
)
|
|
$
|
189,510
|
|
|
$
|
(206,938
|
)
|
|
$
|
167,843
|
|
|
(1)
|
Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|
|
(2)
|
Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
|
|
Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended March 31, 2015
|
RenaissanceRe
Holdings Ltd. (Parent Guarantor) |
|
Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)
|
|
RenRe North
America Holdings Inc. (Subsidiary Issuer) |
|
Platinum Underwriters Finance, Inc. (Subsidiary Issuer)
|
|
RenaissanceRe Finance, Inc. (Subsidiary Issuer)
|
|
Other
RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) |
|
Consolidating
Adjustments (2) |
|
RenaissanceRe
Consolidated |
||||||||||||||||
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Net income (loss)
|
$
|
173,438
|
|
|
$
|
(19,560
|
)
|
|
$
|
43,536
|
|
|
$
|
(3,213
|
)
|
|
$
|
(3,335
|
)
|
|
$
|
229,172
|
|
|
$
|
(206,938
|
)
|
|
$
|
213,100
|
|
|
Change in net unrealized gains on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
(74
|
)
|
||||||||
|
Comprehensive income (loss)
|
173,438
|
|
|
(19,560
|
)
|
|
43,536
|
|
|
(3,213
|
)
|
|
(3,335
|
)
|
|
229,098
|
|
|
(206,938
|
)
|
|
213,026
|
|
||||||||
|
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,662
|
)
|
|
—
|
|
|
(39,662
|
)
|
||||||||
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,662
|
)
|
|
—
|
|
|
(39,662
|
)
|
||||||||
|
Comprehensive income (loss) attributable to RenaissanceRe
|
$
|
173,438
|
|
|
$
|
(19,560
|
)
|
|
$
|
43,536
|
|
|
$
|
(3,213
|
)
|
|
$
|
(3,335
|
)
|
|
$
|
189,436
|
|
|
$
|
(206,938
|
)
|
|
$
|
173,364
|
|
|
(1)
|
Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|
|
(2)
|
Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
|
|
Condensed Consolidating Statement of Operations
for the three months ended March 31, 2014 |
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
|
|
RenRe North
America
Holdings Inc.
(Subsidiary
Issuer)
|
|
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1)
|
|
Consolidating
Adjustments
(2)
|
|
RenaissanceRe
Consolidated
|
||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net premiums earned
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
286,534
|
|
|
$
|
—
|
|
|
$
|
286,534
|
|
|
Net investment income
|
625
|
|
|
474
|
|
|
38,786
|
|
|
(937
|
)
|
|
38,948
|
|
|||||
|
Net foreign exchange gains (losses)
|
1
|
|
|
—
|
|
|
(1,062
|
)
|
|
—
|
|
|
(1,061
|
)
|
|||||
|
Equity in earnings of other ventures
|
—
|
|
|
—
|
|
|
4,199
|
|
|
—
|
|
|
4,199
|
|
|||||
|
Other (loss) income
|
—
|
|
|
(8
|
)
|
|
70
|
|
|
—
|
|
|
62
|
|
|||||
|
Net realized and unrealized (losses) gains on investments
|
(106
|
)
|
|
377
|
|
|
14,656
|
|
|
—
|
|
|
14,927
|
|
|||||
|
Total revenues
|
520
|
|
|
843
|
|
|
343,183
|
|
|
(937
|
)
|
|
343,609
|
|
|||||
|
Expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net claims and claim expenses incurred
|
—
|
|
|
—
|
|
|
58,915
|
|
|
—
|
|
|
58,915
|
|
|||||
|
Acquisition expenses
|
—
|
|
|
—
|
|
|
33,700
|
|
|
—
|
|
|
33,700
|
|
|||||
|
Operational expenses
|
(880
|
)
|
|
1,894
|
|
|
41,688
|
|
|
(78
|
)
|
|
42,624
|
|
|||||
|
Corporate expenses
|
4,002
|
|
|
59
|
|
|
484
|
|
|
—
|
|
|
4,545
|
|
|||||
|
Interest expense
|
—
|
|
|
3,617
|
|
|
676
|
|
|
—
|
|
|
4,293
|
|
|||||
|
Total expenses
|
3,122
|
|
|
5,570
|
|
|
135,463
|
|
|
(78
|
)
|
|
144,077
|
|
|||||
|
(Loss) income before equity in net income of subsidiaries and taxes
|
(2,602
|
)
|
|
(4,727
|
)
|
|
207,720
|
|
|
(859
|
)
|
|
199,532
|
|
|||||
|
Equity in net income of subsidiaries
|
159,200
|
|
|
853
|
|
|
—
|
|
|
(160,053
|
)
|
|
—
|
|
|||||
|
Income (loss) before taxes
|
156,598
|
|
|
(3,874
|
)
|
|
207,720
|
|
|
(160,912
|
)
|
|
199,532
|
|
|||||
|
Income tax benefit (expense)
|
—
|
|
|
684
|
|
|
(850
|
)
|
|
—
|
|
|
(166
|
)
|
|||||
|
Net income (loss)
|
156,598
|
|
|
(3,190
|
)
|
|
206,870
|
|
|
(160,912
|
)
|
|
199,366
|
|
|||||
|
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(42,768
|
)
|
|
—
|
|
|
(42,768
|
)
|
|||||
|
Net income (loss) attributable to RenaissanceRe
|
156,598
|
|
|
(3,190
|
)
|
|
164,102
|
|
|
(160,912
|
)
|
|
156,598
|
|
|||||
|
Dividends on preference shares
|
(5,595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,595
|
)
|
|||||
|
Net income (loss) available (attributable) to RenaissanceRe common shareholders
|
$
|
151,003
|
|
|
$
|
(3,190
|
)
|
|
$
|
164,102
|
|
|
$
|
(160,912
|
)
|
|
$
|
151,003
|
|
|
(1)
|
Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|
|
(2)
|
Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
|
|
Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended March 31, 2014
|
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
|
|
RenRe North
America
Holdings Inc.
(Subsidiary
Issuer)
|
|
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1)
|
|
Consolidating
Adjustments
(2)
|
|
RenaissanceRe
Consolidated
|
||||||||||
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income (loss)
|
$
|
156,598
|
|
|
$
|
(3,190
|
)
|
|
$
|
206,870
|
|
|
$
|
(160,912
|
)
|
|
$
|
199,366
|
|
|
Change in net unrealized gains on investments
|
—
|
|
|
—
|
|
|
(168
|
)
|
|
—
|
|
|
(168
|
)
|
|||||
|
Comprehensive income (loss)
|
156,598
|
|
|
(3,190
|
)
|
|
206,702
|
|
|
(160,912
|
)
|
|
199,198
|
|
|||||
|
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(42,768
|
)
|
|
—
|
|
|
(42,768
|
)
|
|||||
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(42,768
|
)
|
|
—
|
|
|
(42,768
|
)
|
|||||
|
Comprehensive income (loss) attributable to RenaissanceRe
|
$
|
156,598
|
|
|
$
|
(3,190
|
)
|
|
$
|
163,934
|
|
|
$
|
(160,912
|
)
|
|
$
|
156,430
|
|
|
(1)
|
Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|
|
(2)
|
Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
|
|
Condensed Consolidating Statement of Cash Flows
for the three months ended March 31, 2015 |
RenaissanceRe
Holdings Ltd. (Parent Guarantor) |
|
Platinum Underwriters Holdings, Ltd. (Subsidiary Guarantor)
|
|
RenRe North
America Holdings Inc. (Subsidiary Issuer) |
|
Platinum Underwriters Finance, Inc. (Subsidiary Issuer)
|
|
RenaissanceRe Finance, Inc. (Subsidiary Issuer)
|
|
Other
RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) |
|
RenaissanceRe
Consolidated
|
||||||||||||||
|
Cash flows (used in) provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net cash (used in) provided by operating activities
|
$
|
(32,160
|
)
|
|
$
|
837
|
|
|
$
|
(13,573
|
)
|
|
$
|
(295
|
)
|
|
$
|
(118,949
|
)
|
|
$
|
45,535
|
|
|
$
|
(118,605
|
)
|
|
Cash flows (used in) provided by investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Proceeds from sales and maturities of fixed maturity investments trading
|
—
|
|
|
—
|
|
|
5,007
|
|
|
45,029
|
|
|
—
|
|
|
2,025,642
|
|
|
2,075,678
|
|
|||||||
|
Purchases of fixed maturity investments trading
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,490,123
|
)
|
|
(1,490,123
|
)
|
|||||||
|
Proceeds from sales and maturities of fixed maturity investments available for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,757
|
|
|
1,757
|
|
|||||||
|
Net sales of equity investments trading
|
—
|
|
|
—
|
|
|
13,763
|
|
|
—
|
|
|
—
|
|
|
36,864
|
|
|
50,627
|
|
|||||||
|
Net sales (purchases) of short term investments
|
44,839
|
|
|
—
|
|
|
(5,848
|
)
|
|
(45,042
|
)
|
|
—
|
|
|
118,846
|
|
|
112,795
|
|
|||||||
|
Net purchases of other investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,952
|
)
|
|
(7,952
|
)
|
|||||||
|
Net purchases of investments in other ventures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
(126
|
)
|
|||||||
|
Net purchases of other assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,500
|
)
|
|
(2,500
|
)
|
|||||||
|
Dividends and return of capital from subsidiaries
|
641,434
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(641,434
|
)
|
|
—
|
|
|||||||
|
Contributions to subsidiaries
|
148,674
|
|
|
—
|
|
|
(1,753
|
)
|
|
—
|
|
|
(180,000
|
)
|
|
33,079
|
|
|
—
|
|
|||||||
|
Due to (from) subsidiary
|
3,306
|
|
|
—
|
|
|
1,700
|
|
|
—
|
|
|
—
|
|
|
(5,006
|
)
|
|
—
|
|
|||||||
|
Net purchase of Platinum
|
(904,433
|
)
|
|
62,420
|
|
|
—
|
|
|
1,537
|
|
|
—
|
|
|
162,324
|
|
|
(678,152
|
)
|
|||||||
|
Net cash (used in) provided by investing activities
|
(66,180
|
)
|
|
62,420
|
|
|
12,869
|
|
|
1,524
|
|
|
(180,000
|
)
|
|
231,371
|
|
|
62,004
|
|
|||||||
|
Cash flows provided by (used in) financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Dividends paid – RenaissanceRe common shares
|
(13,720
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,720
|
)
|
|||||||
|
Dividends paid – preference shares
|
(5,595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,595
|
)
|
|||||||
|
RenaissanceRe common share repurchases
|
(446
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(446
|
)
|
|||||||
|
Net issuance (repayment) of debt
|
117,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299,400
|
|
|
(118,577
|
)
|
|
297,823
|
|
|||||||
|
Net third party redeemable noncontrolling interest share transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180,285
|
)
|
|
(180,285
|
)
|
|||||||
|
Net cash provided by (used in) financing activities
|
97,239
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299,400
|
|
|
(298,862
|
)
|
|
97,777
|
|
|||||||
|
Effect of exchange rate changes on foreign currency cash
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,142
|
)
|
|
(9,142
|
)
|
|||||||
|
Net (decrease) increase in cash and cash equivalents
|
(1,101
|
)
|
|
63,257
|
|
|
(704
|
)
|
|
1,229
|
|
|
451
|
|
|
(31,098
|
)
|
|
32,034
|
|
|||||||
|
Cash and cash equivalents, beginning of period
|
5,986
|
|
|
—
|
|
|
1,033
|
|
|
—
|
|
|
—
|
|
|
518,565
|
|
|
525,584
|
|
|||||||
|
Cash and cash equivalents, end of period
|
$
|
4,885
|
|
|
$
|
63,257
|
|
|
$
|
329
|
|
|
$
|
1,229
|
|
|
$
|
451
|
|
|
$
|
487,467
|
|
|
$
|
557,618
|
|
|
(1)
|
Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|
|
Condensed Consolidating Statement of Cash Flows
for the three months ended March 31, 2014 |
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
|
|
RenRe North
America
Holdings Inc.
(Subsidiary
Issuer)
|
|
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1)
|
|
RenaissanceRe
Consolidated
|
||||||||
|
Cash flows (used in) provided by operating activities
|
|
|
|
|
|
|
|
||||||||
|
Net cash (used in) provided by operating activities
|
$
|
(17,579
|
)
|
|
$
|
(8,334
|
)
|
|
$
|
72,552
|
|
|
$
|
46,639
|
|
|
Cash flows provided by investing activities
|
|
|
|
|
|
|
|
||||||||
|
Proceeds from sales and maturities of fixed maturity investments trading
|
—
|
|
|
5,353
|
|
|
1,990,682
|
|
|
1,996,035
|
|
||||
|
Purchases of fixed maturity investments trading
|
(74,733
|
)
|
|
—
|
|
|
(1,694,263
|
)
|
|
(1,768,996
|
)
|
||||
|
Proceeds from sales and maturities of fixed maturity investments available for sale
|
—
|
|
|
—
|
|
|
4,090
|
|
|
4,090
|
|
||||
|
Net purchases (sales) of equity investments trading
|
—
|
|
|
(370
|
)
|
|
91
|
|
|
(279
|
)
|
||||
|
Net sales (purchases) of short term investments
|
79,551
|
|
|
175
|
|
|
(12,413
|
)
|
|
67,313
|
|
||||
|
Net sales of other investments
|
—
|
|
|
—
|
|
|
2,116
|
|
|
2,116
|
|
||||
|
Net sales of investments in other ventures
|
—
|
|
|
—
|
|
|
915
|
|
|
915
|
|
||||
|
Dividends and return of capital from subsidiaries
|
142,423
|
|
|
2,701
|
|
|
(145,124
|
)
|
|
—
|
|
||||
|
Contributions to subsidiaries
|
136,421
|
|
|
(1,950
|
)
|
|
(134,471
|
)
|
|
—
|
|
||||
|
Due to (from) subsidiaries
|
8,630
|
|
|
(971
|
)
|
|
(7,659
|
)
|
|
—
|
|
||||
|
Net cash provided by investing activities
|
292,292
|
|
|
4,938
|
|
|
3,964
|
|
|
301,194
|
|
||||
|
Cash flows used in financing activities
|
|
|
|
|
|
|
|
||||||||
|
Dividends paid – RenaissanceRe common shares
|
(11,899
|
)
|
|
—
|
|
|
—
|
|
|
(11,899
|
)
|
||||
|
Dividends paid – preference shares
|
(5,595
|
)
|
|
—
|
|
|
—
|
|
|
(5,595
|
)
|
||||
|
RenaissanceRe common share repurchases
|
(262,736
|
)
|
|
—
|
|
|
—
|
|
|
(262,736
|
)
|
||||
|
Net third party redeemable noncontrolling interest share transactions
|
—
|
|
|
—
|
|
|
(147,943
|
)
|
|
(147,943
|
)
|
||||
|
Net cash used in financing activities
|
(280,230
|
)
|
|
—
|
|
|
(147,943
|
)
|
|
(428,173
|
)
|
||||
|
Effect of exchange rate changes on foreign currency cash
|
—
|
|
|
—
|
|
|
(529
|
)
|
|
(529
|
)
|
||||
|
Net decrease in cash and cash equivalents
|
(5,517
|
)
|
|
(3,396
|
)
|
|
(71,956
|
)
|
|
(80,869
|
)
|
||||
|
Cash and cash equivalents, beginning of period
|
8,796
|
|
|
4,027
|
|
|
395,209
|
|
|
408,032
|
|
||||
|
Cash and cash equivalents, end of period
|
$
|
3,279
|
|
|
$
|
631
|
|
|
$
|
323,253
|
|
|
$
|
327,163
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands, except per share amounts and percentages)
|
|
|
|
|
|
|
||||||
|
|
Statement of operations highlights
|
|
|
|
|
|
|
||||||
|
|
Gross premiums written
|
$
|
643,578
|
|
|
$
|
705,260
|
|
|
$
|
(61,682
|
)
|
|
|
|
Net premiums written
|
$
|
404,035
|
|
|
$
|
450,347
|
|
|
$
|
(46,312
|
)
|
|
|
|
Net premiums earned
|
$
|
296,760
|
|
|
$
|
286,534
|
|
|
$
|
10,226
|
|
|
|
|
Net claims and claim expenses incurred
|
76,853
|
|
|
58,915
|
|
|
17,938
|
|
|
|||
|
|
Acquisition expenses
|
43,401
|
|
|
33,700
|
|
|
9,701
|
|
|
|||
|
|
Operational expenses
|
45,621
|
|
|
42,624
|
|
|
2,997
|
|
|
|||
|
|
Underwriting income
|
$
|
130,885
|
|
|
$
|
151,295
|
|
|
$
|
(20,410
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net investment income
|
$
|
39,707
|
|
|
$
|
38,948
|
|
|
$
|
759
|
|
|
|
|
Net realized and unrealized gains (losses) on investments
|
41,749
|
|
|
14,927
|
|
|
26,822
|
|
|
|||
|
|
Change in net unrealized gains on fixed maturity investments available for sale
|
(183
|
)
|
|
(165
|
)
|
|
(18
|
)
|
|
|||
|
|
Total investment result
|
$
|
81,273
|
|
|
$
|
53,710
|
|
|
$
|
27,563
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net income
|
$
|
213,100
|
|
|
$
|
199,366
|
|
|
$
|
13,734
|
|
|
|
|
Net income available to RenaissanceRe common shareholders
|
$
|
167,843
|
|
|
$
|
151,003
|
|
|
$
|
16,840
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net income available to RenaissanceRe common shareholders per common share – diluted
|
$
|
4.14
|
|
|
$
|
3.56
|
|
|
$
|
0.58
|
|
|
|
|
Dividends per common share
|
$
|
0.30
|
|
|
$
|
0.29
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Key ratios
|
|
|
|
|
|
|
||||||
|
|
Net claims and claim expense ratio – current accident year
|
33.4
|
%
|
|
26.4
|
%
|
|
7.0
|
%
|
|
|||
|
|
Net claims and claim expense ratio – prior accident years
|
(7.5
|
)%
|
|
(5.8
|
)%
|
|
(1.7
|
)%
|
|
|||
|
|
Net claims and claim expense ratio – calendar year
|
25.9
|
%
|
|
20.6
|
%
|
|
5.3
|
%
|
|
|||
|
|
Underwriting expense ratio
|
30.0
|
%
|
|
26.6
|
%
|
|
3.4
|
%
|
|
|||
|
|
Combined ratio
|
55.9
|
%
|
|
47.2
|
%
|
|
8.7
|
%
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
|
|
Return on average common equity - annualized
|
17.1
|
%
|
|
17.6
|
%
|
|
(0.5
|
)%
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
|
|
Book value
|
March 31,
2015 |
|
December 31,
2014 |
|
Change
|
|
||||||
|
|
Book value per common share
|
$
|
95.21
|
|
|
$
|
90.15
|
|
|
$
|
5.06
|
|
|
|
|
Accumulated dividends per common share
|
14.58
|
|
|
14.28
|
|
|
0.30
|
|
|
|||
|
|
Book value per common share plus accumulated dividends
|
$
|
109.79
|
|
|
$
|
104.43
|
|
|
$
|
5.36
|
|
|
|
|
Change in book value per common share plus change in accumulated dividends
|
5.9
|
%
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Balance sheet highlights
|
March 31,
2015 |
|
December 31,
2014 |
|
Change
|
|
||||||
|
|
Total assets
|
$
|
11,287,198
|
|
|
$
|
8,203,550
|
|
|
$
|
3,083,648
|
|
|
|
|
Total shareholders’ equity attributable to RenaissanceRe
|
$
|
4,782,289
|
|
|
$
|
3,865,715
|
|
|
$
|
916,574
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
•
|
Improved Investment Results
- total investment result of
$81.3 million
in
the first quarter of 2015
, which includes the sum of net investment income, net realized and unrealized gains on investments, and the change in net unrealized gains on fixed maturity investments available for sale, compared to
$53.7 million
in
the first quarter of 2014
. The increase in total investment result was primarily driven by a flattening of the yield curve and moderate credit spread compression during
the first quarter of 2015
, resulting in improved returns in our fixed maturity investments portfolio and increased average invested assets, compared to
the first quarter of 2014
, partially offset by lower returns in our portfolio of private equity investments and equity investments trading, driven by weaker returns in the public equity portfolio; and
|
|
•
|
Income Tax Benefit -
we recognized an income tax benefit of
$47.9 million
in
the first quarter of 2015
, compared to income tax expense of
$0.2 million
in
the first quarter of 2014
, primarily as a result of a reduction in our U.S.-based deferred tax asset valuation allowance from
$47.4 million
to
$Nil
as a result of expected profits to be experienced in our U.S.-based operations due principally to the acquisition of Platinum on March 2, 2015; partially offset by
|
|
•
|
Lower Underwriting Results
- our underwriting income of
$130.9 million
in
the first quarter of 2015
decreased
$20.4 million
from
$151.3 million
in
the first quarter of 2014
. The decrease in underwriting income was primarily driven by a
$9.7 million
increase
in acquisition expenses principally within our Specialty Reinsurance segment, and a
$17.9 million
increase
in net claims and claim expenses, partially offset by a
$10.2 million
increase
in net premiums earned; and
|
|
•
|
Higher Corporate Expenses -
our corporate expenses
increased
$41.1 million
to
$45.6 million
in
the first quarter of 2015
, compared to
$4.5 million
in
the first quarter of 2014
, primarily due to
$40.4 million
of corporate expenses associated with the acquisition of Platinum, comprised of
$11.5 million
of transaction-related expenses,
$0.9 million
of integration-related expenses and
$28.0 million
of compensation-related expenses.
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Catastrophe Reinsurance Segment Overview
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands, except percentages)
|
|
|
|
|
|
|
||||||
|
|
Catastrophe Reinsurance gross premiums written
|
|
|
|
|
|
|
||||||
|
|
Renaissance
|
$
|
265,730
|
|
|
$
|
322,748
|
|
|
$
|
(57,018
|
)
|
|
|
|
DaVinci
|
123,517
|
|
|
144,963
|
|
|
(21,446
|
)
|
|
|||
|
|
Total Catastrophe Reinsurance gross premiums written
|
$
|
389,247
|
|
|
$
|
467,711
|
|
|
$
|
(78,464
|
)
|
|
|
|
Net premiums written
|
$
|
222,640
|
|
|
$
|
259,489
|
|
|
$
|
(36,849
|
)
|
|
|
|
Net premiums earned
|
$
|
143,767
|
|
|
$
|
164,584
|
|
|
$
|
(20,817
|
)
|
|
|
|
Net claims and claim expenses incurred
|
7,594
|
|
|
6,455
|
|
|
1,139
|
|
|
|||
|
|
Acquisition expenses
|
7,654
|
|
|
7,126
|
|
|
528
|
|
|
|||
|
|
Operational expenses
|
20,363
|
|
|
20,419
|
|
|
(56
|
)
|
|
|||
|
|
Underwriting income
|
$
|
108,156
|
|
|
$
|
130,584
|
|
|
$
|
(22,428
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net claims and claim expenses incurred – current accident year
|
$
|
24,124
|
|
|
$
|
12,529
|
|
|
$
|
11,595
|
|
|
|
|
Net claims and claim expenses incurred – prior accident years
|
(16,530
|
)
|
|
(6,074
|
)
|
|
(10,456
|
)
|
|
|||
|
|
Net claims and claim expenses incurred – total
|
$
|
7,594
|
|
|
$
|
6,455
|
|
|
$
|
1,139
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net claims and claim expense ratio – current accident year
|
16.8
|
%
|
|
7.6
|
%
|
|
9.2
|
%
|
|
|||
|
|
Net claims and claim expense ratio – prior accident years
|
(11.5
|
)%
|
|
(3.7
|
)%
|
|
(7.8
|
)%
|
|
|||
|
|
Net claims and claim expense ratio – calendar year
|
5.3
|
%
|
|
3.9
|
%
|
|
1.4
|
%
|
|
|||
|
|
Underwriting expense ratio
|
19.5
|
%
|
|
16.8
|
%
|
|
2.7
|
%
|
|
|||
|
|
Combined ratio
|
24.8
|
%
|
|
20.7
|
%
|
|
4.1
|
%
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Specialty Reinsurance Segment Overview
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands, except percentages)
|
|
|
|
|
|
|
||||||
|
|
Gross premiums written
|
$
|
124,291
|
|
|
$
|
154,290
|
|
|
$
|
(29,999
|
)
|
|
|
|
Net premiums written
|
$
|
103,915
|
|
|
$
|
125,489
|
|
|
$
|
(21,574
|
)
|
|
|
|
Net premiums earned
|
$
|
94,876
|
|
|
$
|
69,630
|
|
|
$
|
25,246
|
|
|
|
|
Net claims and claim expenses incurred
|
39,588
|
|
|
26,081
|
|
|
13,507
|
|
|
|||
|
|
Acquisition expenses
|
20,689
|
|
|
16,547
|
|
|
4,142
|
|
|
|||
|
|
Operational expenses
|
13,290
|
|
|
10,106
|
|
|
3,184
|
|
|
|||
|
|
Underwriting income
|
$
|
21,309
|
|
|
$
|
16,896
|
|
|
$
|
4,413
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net claims and claim expenses incurred – current accident year
|
$
|
49,264
|
|
|
$
|
41,922
|
|
|
$
|
7,342
|
|
|
|
|
Net claims and claim expenses incurred – prior accident years
|
(9,676
|
)
|
|
(15,841
|
)
|
|
6,165
|
|
|
|||
|
|
Net claims and claim expenses incurred – total
|
$
|
39,588
|
|
|
$
|
26,081
|
|
|
$
|
13,507
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net claims and claim expense ratio – current accident year
|
51.9
|
%
|
|
60.2
|
%
|
|
(8.3
|
)%
|
|
|||
|
|
Net claims and claim expense ratio – prior accident years
|
(10.2
|
)%
|
|
(22.7
|
)%
|
|
12.5
|
%
|
|
|||
|
|
Net claims and claim expense ratio – calendar year
|
41.7
|
%
|
|
37.5
|
%
|
|
4.2
|
%
|
|
|||
|
|
Underwriting expense ratio
|
35.8
|
%
|
|
38.2
|
%
|
|
(2.4
|
)%
|
|
|||
|
|
Combined ratio
|
77.5
|
%
|
|
75.7
|
%
|
|
1.8
|
%
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Lloyd’s Segment Overview
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands, except percentages)
|
|
|
|
|
|
|
||||||
|
|
Gross premiums written
|
$
|
130,130
|
|
|
$
|
83,259
|
|
|
$
|
46,871
|
|
|
|
|
Net premiums written
|
$
|
77,569
|
|
|
$
|
65,369
|
|
|
$
|
12,200
|
|
|
|
|
Net premiums earned
|
$
|
58,206
|
|
|
$
|
52,297
|
|
|
$
|
5,909
|
|
|
|
|
Net claims and claim expenses incurred
|
29,843
|
|
|
26,281
|
|
|
3,562
|
|
|
|||
|
|
Acquisition expenses
|
14,693
|
|
|
10,567
|
|
|
4,126
|
|
|
|||
|
|
Operational expenses
|
11,940
|
|
|
12,033
|
|
|
(93
|
)
|
|
|||
|
|
Underwriting income
|
$
|
1,730
|
|
|
$
|
3,416
|
|
|
$
|
(1,686
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net claims and claim expenses incurred – current accident year
|
$
|
25,610
|
|
|
$
|
21,157
|
|
|
$
|
4,453
|
|
|
|
|
Net claims and claim expenses incurred – prior accident years
|
4,233
|
|
|
5,124
|
|
|
(891
|
)
|
|
|||
|
|
Net claims and claim expenses incurred – total
|
$
|
29,843
|
|
|
$
|
26,281
|
|
|
$
|
3,562
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Net claims and claim expense ratio – current accident year
|
44.0
|
%
|
|
40.5
|
%
|
|
3.5
|
%
|
|
|||
|
|
Net claims and claim expense ratio – prior accident years
|
7.3
|
%
|
|
9.8
|
%
|
|
(2.5
|
)%
|
|
|||
|
|
Net claims and claim expense ratio – calendar year
|
51.3
|
%
|
|
50.3
|
%
|
|
1.0
|
%
|
|
|||
|
|
Underwriting expense ratio
|
45.7
|
%
|
|
43.2
|
%
|
|
2.5
|
%
|
|
|||
|
|
Combined ratio
|
97.0
|
%
|
|
93.5
|
%
|
|
3.5
|
%
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Fixed maturity investments
|
$
|
25,939
|
|
|
$
|
23,860
|
|
|
$
|
2,079
|
|
|
|
|
Short term investments
|
197
|
|
|
190
|
|
|
7
|
|
|
|||
|
|
Equity investments trading
|
2,604
|
|
|
796
|
|
|
1,808
|
|
|
|||
|
|
Other investments
|
|
|
|
|
|
|
||||||
|
|
Hedge funds and private equity investments
|
10,413
|
|
|
12,317
|
|
|
(1,904
|
)
|
|
|||
|
|
Other
|
3,508
|
|
|
4,528
|
|
|
(1,020
|
)
|
|
|||
|
|
Cash and cash equivalents
|
148
|
|
|
91
|
|
|
57
|
|
|
|||
|
|
|
42,809
|
|
|
41,782
|
|
|
1,027
|
|
|
|||
|
|
Investment expenses
|
(3,102
|
)
|
|
(2,834
|
)
|
|
(268
|
)
|
|
|||
|
|
Net investment income
|
$
|
39,707
|
|
|
$
|
38,948
|
|
|
$
|
759
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Gross realized gains
|
$
|
21,532
|
|
|
$
|
13,467
|
|
|
$
|
8,065
|
|
|
|
|
Gross realized losses
|
(4,871
|
)
|
|
(5,564
|
)
|
|
693
|
|
|
|||
|
|
Net realized gains on fixed maturity investments
|
16,661
|
|
|
7,903
|
|
|
8,758
|
|
|
|||
|
|
Net unrealized gains on fixed maturity investments trading
|
25,972
|
|
|
27,882
|
|
|
(1,910
|
)
|
|
|||
|
|
Net realized and unrealized losses on investments-related derivatives
|
(4,208
|
)
|
|
(10,899
|
)
|
|
6,691
|
|
|
|||
|
|
Net realized gains (losses) on equity investments trading
|
7,481
|
|
|
(79
|
)
|
|
7,560
|
|
|
|||
|
|
Net unrealized losses on equity investments trading
|
(4,157
|
)
|
|
(9,880
|
)
|
|
5,723
|
|
|
|||
|
|
Net realized and unrealized gains on investments
|
$
|
41,749
|
|
|
$
|
14,927
|
|
|
$
|
26,822
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
•
|
an increase
in net realized gains on equity investments trading of
$7.6 million
and an improvement in net unrealized losses on equity investments trading of
$5.7 million
in
the first quarter of 2015
, compared to
the first quarter of 2014
, principally driven by stronger returns in the public equity portfolio; and
|
|
•
|
an improvement of
$6.7 million
in net realized and unrealized losses on investments-related derivatives, which was positively impacted by moderately decreasing rates during
the first quarter of 2015
, compared to the significant steepening of the yield curve that occurred in
the first quarter of 2014
, partially offset by a corresponding decrease in net unrealized
gains
on our fixed maturity investments trading of
$1.9 million
in
the first quarter of 2015
, compared to
the first quarter of 2014
.
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Tower Hill Companies
|
$
|
3,011
|
|
|
$
|
1,986
|
|
|
$
|
1,025
|
|
|
|
|
Top Layer Re
|
2,616
|
|
|
2,445
|
|
|
171
|
|
|
|||
|
|
Other
|
(332
|
)
|
|
(232
|
)
|
|
(100
|
)
|
|
|||
|
|
Total equity in earnings of other ventures
|
$
|
5,295
|
|
|
$
|
4,199
|
|
|
$
|
1,096
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits
|
$
|
1,317
|
|
|
$
|
21
|
|
|
$
|
1,296
|
|
|
|
|
Other items
|
222
|
|
|
41
|
|
|
181
|
|
|
|||
|
|
Total other income
|
$
|
1,539
|
|
|
$
|
62
|
|
|
$
|
1,477
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Total corporate expenses
|
$
|
45,598
|
|
|
$
|
4,545
|
|
|
$
|
41,053
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Net income attributable to noncontrolling interests
|
$
|
(39,662
|
)
|
|
$
|
(42,768
|
)
|
|
$
|
3,106
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Income tax benefit (expense)
|
$
|
47,904
|
|
|
$
|
(166
|
)
|
|
$
|
48,070
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
•
|
10% of the insurer's statutory policyholders' surplus (as determined under statutory accounting principles) as of December 31 of the prior year; or
|
|
•
|
the insurer's net investment income excluding realized capital gains (as determined under statutory accounting principles) for the twelve-month period ending on December 31 of the prior year and pro rata distributions of any class of the insurer's securities, plus any amounts of net investment income (subject to the foregoing exclusions) in the three calendar years prior to the preceding year which have not been distributed.
|
|
|
|
|
|
|
|
||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
||||
|
|
(in thousands)
|
|
|
|
|
||||
|
|
Net cash (used in) provided by operating activities
|
$
|
(118,605
|
)
|
|
$
|
46,639
|
|
|
|
|
Net cash provided by investing activities
|
62,004
|
|
|
301,194
|
|
|
||
|
|
Net cash provided by (used in) financing activities
|
97,777
|
|
|
(428,173
|
)
|
|
||
|
|
Effect of exchange rate changes on foreign currency cash
|
(9,142
|
)
|
|
(529
|
)
|
|
||
|
|
Net increase (decrease) in cash and cash equivalents
|
32,034
|
|
|
(80,869
|
)
|
|
||
|
|
Cash and cash equivalents, beginning of period
|
525,584
|
|
|
408,032
|
|
|
||
|
|
Cash and cash equivalents, end of period
|
$
|
557,618
|
|
|
$
|
327,163
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.M. Best (4)
|
|
S&P
|
|
Moody’s (5)
|
|
Fitch
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renaissance Reinsurance (1)
|
A+
|
|
AA-
|
|
A1
|
|
A+
|
|
|
|
DaVinci (1)
|
A
|
|
AA-
|
|
A3
|
|
—
|
|
|
|
Platinum Bermuda (1)
|
A
|
|
A-
|
|
—
|
|
—
|
|
|
|
Renaissance Reinsurance U.S. (1)
|
A
|
|
A-
|
|
—
|
|
—
|
|
|
|
RenaissanceRe Specialty Risks (1)
|
A
|
|
A+
|
|
—
|
|
—
|
|
|
|
RenaissanceRe Specialty U.S. (1)
|
A
|
|
—
|
|
—
|
|
—
|
|
|
|
ROE (1)
|
A+
|
|
AA-
|
|
—
|
|
—
|
|
|
|
Top Layer Re (1)
|
A+
|
|
AA
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Syndicate 1458
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
Lloyd’s Overall Market Rating (2)
|
A
|
|
A+
|
|
—
|
|
AA-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RenaissanceRe (3)
|
—
|
|
Very Strong
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
At March 31, 2015
|
Case
Reserves
|
|
Additional
Case Reserves
|
|
IBNR
|
|
Total
|
|
||||||||
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
||||||||
|
|
Catastrophe Reinsurance
|
$
|
284,684
|
|
|
$
|
158,165
|
|
|
$
|
179,342
|
|
|
$
|
622,191
|
|
|
|
|
Specialty Reinsurance
|
542,201
|
|
|
97,281
|
|
|
1,182,865
|
|
|
1,822,347
|
|
|
||||
|
|
Lloyd’s
|
61,703
|
|
|
17,064
|
|
|
218,952
|
|
|
297,719
|
|
|
||||
|
|
Other
|
3,515
|
|
|
2,354
|
|
|
33,442
|
|
|
39,311
|
|
|
||||
|
|
Total
|
$
|
892,103
|
|
|
$
|
274,864
|
|
|
$
|
1,614,601
|
|
|
$
|
2,781,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
||||||||
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
||||||||
|
|
Catastrophe Reinsurance
|
$
|
253,431
|
|
|
$
|
150,825
|
|
|
$
|
138,411
|
|
|
$
|
542,667
|
|
|
|
|
Specialty Reinsurance
|
106,293
|
|
|
79,457
|
|
|
357,960
|
|
|
543,710
|
|
|
||||
|
|
Lloyd’s
|
65,295
|
|
|
14,168
|
|
|
204,984
|
|
|
284,447
|
|
|
||||
|
|
Other
|
5,212
|
|
|
2,354
|
|
|
34,120
|
|
|
41,686
|
|
|
||||
|
|
Total
|
$
|
430,231
|
|
|
$
|
246,804
|
|
|
$
|
735,475
|
|
|
$
|
1,412,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
||||
|
|
(in thousands)
|
|
|
|
|
||||
|
|
Net reserves, beginning of period
|
$
|
1,345,816
|
|
|
$
|
1,462,705
|
|
|
|
|
Net incurred related to:
|
|
|
|
|
||||
|
|
Current year
|
98,998
|
|
|
75,608
|
|
|
||
|
|
Prior years
|
(22,145
|
)
|
|
(16,693
|
)
|
|
||
|
|
Total net incurred
|
76,853
|
|
|
58,915
|
|
|
||
|
|
Net paid related to:
|
|
|
|
|
||||
|
|
Current year
|
33,812
|
|
|
1,052
|
|
|
||
|
|
Prior years
|
84,102
|
|
|
86,647
|
|
|
||
|
|
Total net paid
|
117,914
|
|
|
87,699
|
|
|
||
|
|
Amounts acquired (1)
|
1,394,117
|
|
|
—
|
|
|
||
|
|
Net reserves, end of period
|
2,698,872
|
|
|
1,433,921
|
|
|
||
|
|
Reinsurance recoverable, end of period
|
82,696
|
|
|
98,962
|
|
|
||
|
|
Gross reserves, end of period
|
$
|
2,781,568
|
|
|
$
|
1,532,883
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
Three months ended March 31,
|
2015
|
|
2014
|
|
||||
|
|
(in thousands)
|
|
|
|
|
||||
|
|
Catastrophe Reinsurance
|
$
|
(16,530
|
)
|
|
$
|
(6,074
|
)
|
|
|
|
Specialty Reinsurance
|
(9,676
|
)
|
|
(15,841
|
)
|
|
||
|
|
Lloyd’s
|
4,233
|
|
|
5,124
|
|
|
||
|
|
Other
|
(172
|
)
|
|
98
|
|
|
||
|
|
Total
|
$
|
(22,145
|
)
|
|
$
|
(16,693
|
)
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
||
|
|
Three months ended March 31, 2015
|
Catastrophe Reinsurance Segment
|
|
||
|
|
(in thousands)
|
|
|
||
|
|
Catastrophe net claims and claim expenses
|
|
|
||
|
|
Large catastrophe events
|
|
|
||
|
|
Thailand Floods (2011)
|
$
|
(13,317
|
)
|
|
|
|
Tohoku Earthquake and Tsunami (2011)
|
(6,305
|
)
|
|
|
|
|
New Zealand Earthquakes (2011)
|
19,617
|
|
|
|
|
|
Total 2011 International Events
|
(5
|
)
|
|
|
|
|
April and May U.S. Tornadoes (2011)
|
(5,267
|
)
|
|
|
|
|
Hurricanes Gustav and Ike (2008)
|
(1,459
|
)
|
|
|
|
|
Other
|
(2,072
|
)
|
|
|
|
|
Total large catastrophe events
|
(8,803
|
)
|
|
|
|
|
Small catastrophe events
|
|
|
||
|
|
U.S. PCS 24 Wind and Thunderstorm (2013)
|
(2,974
|
)
|
|
|
|
|
U.S. PCS 76 Wind and Thunderstorm (2012)
|
(1,600
|
)
|
|
|
|
|
Other
|
(3,153
|
)
|
|
|
|
|
Total small catastrophe events
|
(7,727
|
)
|
|
|
|
|
Total favorable development of prior accident years net claims and claim expenses
|
$
|
(16,530
|
)
|
|
|
|
|
|
|
||
|
|
|
|
|
||
|
|
Three months ended March 31, 2014
|
Catastrophe Reinsurance Segment
|
|
||
|
|
(in thousands)
|
|
|
||
|
|
Catastrophe net claims and claim expenses
|
|
|
||
|
|
Large catastrophe events
|
|
|
||
|
|
Hurricanes Gustav and Ike (2008)
|
$
|
(2,359
|
)
|
|
|
|
New Zealand Earthquake (2010)
|
1,437
|
|
|
|
|
|
Other
|
(1,937
|
)
|
|
|
|
|
Total large catastrophe events
|
(2,859
|
)
|
|
|
|
|
Small catastrophe events
|
|
|
||
|
|
European Floods (2013)
|
(3,020
|
)
|
|
|
|
|
U.S. PCS 17 Wind and Thunderstorm (2013)
|
(1,600
|
)
|
|
|
|
|
U.S. PCS 24 Wind and Thunderstorm (2013)
|
(1,500
|
)
|
|
|
|
|
U.S. PCS 92 Winter Storm (2013)
|
2,130
|
|
|
|
|
|
Other
|
775
|
|
|
|
|
|
Total small catastrophe events
|
(3,215
|
)
|
|
|
|
|
Total favorable development of prior accident years net claims and claim expenses
|
$
|
(6,074
|
)
|
|
|
|
|
|
|
||
|
|
|
|
|
||
|
|
Three months ended March 31, 2015
|
Specialty Reinsurance Segment
|
|
||
|
|
Catastrophe net claims and claim expenses
|
|
|
||
|
|
Large catastrophe events
|
|
|
||
|
|
Other
|
$
|
965
|
|
|
|
|
Total large catastrophe events
|
965
|
|
|
|
|
|
Total catastrophe net claims and claim expenses
|
965
|
|
|
|
|
|
Attritional net claims and claim expenses
|
|
|
||
|
|
Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims
|
(10,641
|
)
|
|
|
|
|
Total attritional net claims and claim expenses
|
(10,641
|
)
|
|
|
|
|
Total favorable development of prior accident years net claims and claim expenses
|
$
|
(9,676
|
)
|
|
|
|
|
|
|
||
|
|
|
|
|
||
|
|
Three months ended March 31, 2014
|
Specialty Reinsurance Segment
|
|
||
|
|
Attritional net claims and claim expenses
|
|
|
||
|
|
Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims
|
$
|
(15,841
|
)
|
|
|
|
Total attritional net claims and claim expenses
|
(15,841
|
)
|
|
|
|
|
Total favorable development of prior accident years net claims and claim expenses
|
$
|
(15,841
|
)
|
|
|
|
|
|
|
||
|
|
|
|
|
||
|
|
Three months ended March 31, 2015
|
Lloyd’s Segment
|
|
||
|
|
Catastrophe net claims and claim expenses
|
|
|
||
|
|
Large catastrophe events
|
|
|
||
|
|
Other
|
$
|
(262
|
)
|
|
|
|
Total large catastrophe events
|
(262
|
)
|
|
|
|
|
Small catastrophe events
|
|
|
||
|
|
Other
|
3,324
|
|
|
|
|
|
Total small catastrophe events
|
3,324
|
|
|
|
|
|
Total catastrophe net claims and claim expenses
|
3,062
|
|
|
|
|
|
Attritional net claims and claim expenses
|
|
|
||
|
|
Bornhuetter-Ferguson actuarial method - actual reported claims greater than expected claims
|
1,171
|
|
|
|
|
|
Total attritional net claims and claim expenses
|
1,171
|
|
|
|
|
|
Total adverse development of prior accident years net claims and claim expenses
|
$
|
4,233
|
|
|
|
|
|
|
|
||
|
|
|
|
|
||
|
|
Three months ended March 31, 2014
|
Lloyd’s Segment
|
|
||
|
|
Catastrophe net claims and claim expenses
|
|
|
||
|
|
Large catastrophe events
|
|
|
||
|
|
Other
|
$
|
(362
|
)
|
|
|
|
Total large catastrophe events
|
(362
|
)
|
|
|
|
|
Small catastrophe events
|
|
|
||
|
|
Other
|
$
|
(317
|
)
|
|
|
|
Total small catastrophe events
|
(317
|
)
|
|
|
|
|
Total catastrophe net claims and claim expenses
|
(679
|
)
|
|
|
|
|
Attritional net claims and claim expenses
|
|
|
||
|
|
Bornhuetter-Ferguson actuarial method - actual reported claims greater than expected claims
|
5,803
|
|
|
|
|
|
Total attritional net claims and claim expenses
|
5,803
|
|
|
|
|
|
Total adverse development of prior accident years net claims and claim expenses
|
$
|
5,124
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
At March 31, 2015
|
|
At December 31, 2014
|
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Common shareholders’ equity
|
$
|
4,382,289
|
|
|
$
|
3,504,384
|
|
|
$
|
877,905
|
|
|
|
|
Preference shares
|
400,000
|
|
|
400,000
|
|
|
—
|
|
|
|||
|
|
Total shareholders’ equity attributable to RenaissanceRe
|
4,782,289
|
|
|
3,904,384
|
|
|
877,905
|
|
|
|||
|
|
3.700% Senior Notes due 2025
|
299,400
|
|
|
—
|
|
|
299,400
|
|
|
|||
|
|
5.75% Senior Notes due 2020
|
249,545
|
|
|
249,522
|
|
|
23
|
|
|
|||
|
|
Series B 7.50% Senior Notes due 2017
|
277,829
|
|
|
—
|
|
|
277,829
|
|
|
|||
|
|
RenaissanceRe revolving credit facility – unborrowed
|
250,000
|
|
|
250,000
|
|
|
—
|
|
|
|||
|
|
Total debt
|
$
|
1,076,774
|
|
|
$
|
499,522
|
|
|
$
|
577,252
|
|
|
|
|
Total shareholders’ equity attributable to RenaissanceRe and debt
|
$
|
5,859,063
|
|
|
$
|
4,403,906
|
|
|
$
|
1,455,157
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
•
|
the issuance of
7.4 million
common shares for
$761.8 million
in connection with the acquisition of Platinum; and
|
|
•
|
our comprehensive income attributable to RenaissanceRe of
$173.4 million
; partially offset by
|
|
•
|
$13.7 million
and
$5.6 million
of dividends on our common and preference shares, respectively.
|
|
•
|
As of March 3, 2015, RenaissanceRe became an additional guarantor of Platinum Finance’s obligations under the Platinum Finance Notes and the Platinum Finance Indenture. Pursuant to the Platinum Finance Indenture, Platinum Finance previously issued $250.0 million in aggregate principal amount of its Series B 7.50% Notes due June 1, 2017, which is recorded on our consolidated balance sheet at
$277.8 million
at
March 31, 2015
; and
|
|
•
|
On
March 24, 2015
, RenaissanceRe Finance issued
$300.0 million
of its
3.700%
Senior Notes due
April 1, 2025
, with interest on the notes payable on April 1 and October 1 of each year. Through a series of intercompany transactions (including a loan from RenaissanceRe Finance to RenaissanceRe), the net proceeds from the offering of the notes (together with cash on hand) were applied by RenaissanceRe to repay in full a
$300.0 million
bridge loan that Barclays Bank PLC provided to RenaissanceRe on February 25, 2015 in order to finance a portion of the cash consideration paid by RenaissanceRe in connection with the acquisition of Platinum. Refer to “Note
3
. Acquisition of Platinum” in the notes to our consolidated financial statements for additional information related to the cash consideration paid by RenaissanceRe in connection with the acquisition of Platinum.
|
|
|
|
|
|
||
|
|
At March 31, 2015
|
Issued or Drawn
|
|
||
|
|
RenaissanceRe Revolving Credit Facility
|
$
|
—
|
|
|
|
|
Uncommitted Standby Letter of Credit Facility with Wells Fargo
|
73,584
|
|
|
|
|
|
Bilateral Letter of Credit Facility with Citibank Europe
|
139,463
|
|
|
|
|
|
Funds at Lloyd’s Letter of Credit Facilities
|
300,000
|
|
|
|
|
|
Specialty Risks Master Agreement
|
8,609
|
|
|
|
|
|
Platinum Syndicated Letter of Credit Facility
|
88,833
|
|
|
|
|
|
Platinum Letter of Credit Facility with NAB and ING
|
6,931
|
|
|
|
|
|
Total credit facilities in U.S. dollars
|
$
|
617,420
|
|
|
|
|
|
|
|
||
|
|
Funds at Lloyd’s Letter of Credit Facilities
|
£
|
70,000
|
|
|
|
|
Total credit facilities in pound sterling
|
£
|
70,000
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
March 31, 2015
|
|
December 31, 2014
|
|
Change
|
|
||||||||||||
|
|
(in thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
U.S. treasuries
|
$
|
1,535,746
|
|
|
17.7
|
%
|
|
$
|
1,671,471
|
|
|
24.8
|
%
|
|
$
|
(135,725
|
)
|
|
|
|
Agencies
|
152,272
|
|
|
1.8
|
%
|
|
96,208
|
|
|
1.4
|
%
|
|
56,064
|
|
|
|||
|
|
Municipal
|
1,220,206
|
|
|
14.1
|
%
|
|
—
|
|
|
—
|
%
|
|
1,220,206
|
|
|
|||
|
|
Non-U.S. government (Sovereign debt)
|
329,626
|
|
|
3.8
|
%
|
|
280,651
|
|
|
4.2
|
%
|
|
48,975
|
|
|
|||
|
|
Non-U.S. government-backed corporate
|
151,446
|
|
|
1.7
|
%
|
|
146,467
|
|
|
2.2
|
%
|
|
4,979
|
|
|
|||
|
|
Corporate
|
1,603,024
|
|
|
18.5
|
%
|
|
1,610,442
|
|
|
23.9
|
%
|
|
(7,418
|
)
|
|
|||
|
|
Agency mortgage-backed
|
342,461
|
|
|
3.9
|
%
|
|
316,620
|
|
|
4.7
|
%
|
|
25,841
|
|
|
|||
|
|
Non-agency mortgage-backed
|
268,102
|
|
|
3.1
|
%
|
|
253,050
|
|
|
3.7
|
%
|
|
15,052
|
|
|
|||
|
|
Commercial mortgage-backed
|
361,812
|
|
|
4.2
|
%
|
|
381,051
|
|
|
5.7
|
%
|
|
(19,239
|
)
|
|
|||
|
|
Asset-backed
|
43,234
|
|
|
0.5
|
%
|
|
27,610
|
|
|
0.4
|
%
|
|
15,624
|
|
|
|||
|
|
Total fixed maturity investments, at fair value
|
6,007,929
|
|
|
69.3
|
%
|
|
4,783,570
|
|
|
71.0
|
%
|
|
1,224,359
|
|
|
|||
|
|
Short term investments, at fair value
|
1,775,819
|
|
|
20.4
|
%
|
|
1,013,222
|
|
|
15.0
|
%
|
|
762,597
|
|
|
|||
|
|
Equity investments trading, at fair value
|
261,656
|
|
|
3.0
|
%
|
|
322,098
|
|
|
4.8
|
%
|
|
(60,442
|
)
|
|
|||
|
|
Other investments, at fair value
|
514,906
|
|
|
5.9
|
%
|
|
504,147
|
|
|
7.5
|
%
|
|
10,759
|
|
|
|||
|
|
Total managed investment portfolio
|
8,560,310
|
|
|
98.6
|
%
|
|
6,623,037
|
|
|
98.3
|
%
|
|
1,937,273
|
|
|
|||
|
|
Investments in other ventures, under equity method
|
123,743
|
|
|
1.4
|
%
|
|
120,713
|
|
|
1.7
|
%
|
|
3,030
|
|
|
|||
|
|
Total investments
|
$
|
8,684,053
|
|
|
100.0
|
%
|
|
$
|
6,743,750
|
|
|
100.0
|
%
|
|
$
|
1,940,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
March 31,
2015 |
|
December 31,
2014 |
|
Change
|
|
||||||
|
|
(in thousands)
|
|
|
|
|
|
|
||||||
|
|
Private equity partnerships
|
$
|
271,074
|
|
|
$
|
281,932
|
|
|
$
|
(10,858
|
)
|
|
|
|
Catastrophe bonds
|
221,780
|
|
|
200,329
|
|
|
21,451
|
|
|
|||
|
|
Senior secured bank loan funds
|
19,679
|
|
|
19,316
|
|
|
363
|
|
|
|||
|
|
Hedge funds
|
2,373
|
|
|
2,570
|
|
|
(197
|
)
|
|
|||
|
|
Total other investments
|
$
|
514,906
|
|
|
$
|
504,147
|
|
|
$
|
10,759
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
Total shares purchased
|
|
Other shares purchased
|
|
Shares purchased under
repurchase program
|
|
Dollar
amount
still
available
under
repurchase
program
|
|
|||||||||||||||||
|
|
|
Shares
purchased
|
|
Average
price per
share
|
|
Shares
purchased
|
|
Average
price per
share
|
|
Shares
purchased
|
|
Average
price per
share
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|||||||||||
|
|
Beginning dollar amount available to be repurchased
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
500.0
|
|
|
|||||||||
|
|
January 1 - 31, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
February 1 - 28, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
March 1 - 31, 2015
|
35,145
|
|
|
$
|
102.36
|
|
|
35,145
|
|
|
$
|
102.36
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
Total
|
35,145
|
|
|
$
|
102.36
|
|
|
35,145
|
|
|
$
|
102.36
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
500.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
4.1
|
Senior Indenture, dated as of March 24, 2015, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (1).
|
|
4.2
|
First Supplemental Indenture, dated as of March 24, 2015, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (1).
|
|
4.3
|
Senior Debt Securities Guarantee Agreement, dated as of March 24, 2015, between RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as guarantee trustee (1).
|
|
4.4
|
Indenture, dated as of May 26, 2005, between Platinum Underwriters Holdings, Ltd., Platinum Underwriters Finance, Inc. and JP Morgan Chase (2).
|
|
4.5
|
Second Supplemental Indenture, dated as of November 2, 2005, among Platinum Underwriters Finance, Inc., Platinum Underwriters Holdings, Ltd. and JP Morgan Chase (3).
|
|
4.6
|
Third Supplemental Indenture, dated as of March 3, 2015, by and among Platinum Underwriters Finance, Inc., as issuer, Platinum Underwriters Holdings, Ltd., as guarantor, RenaissanceRe Holdings Ltd., as parent guarantor, and The Bank of New York Mellon, as trustee (4).
|
|
4.7
|
Guarantee, dated as of March 3, 2015, executed by RenaissanceRe for the benefit of the holders of Platinum Underwriters Finance, Inc.’s Series B 7.50% Notes due June 1, 2017 (4).
|
|
4.8
|
Exchange and Registration Rights Agreement, dated as of May 26, 2005, among Platinum Underwriters Holdings, Ltd., Platinum Underwriters Finance, Inc. and Goldman, Sachs & Co. (2).
|
|
10.1
|
Credit Agreement, dated as of February 25, 2015, by and between RenaissanceRe Holdings Ltd., as borrower, and Barclays Bank PLC, as lender (5).
|
|
10.2
|
Third Amended and Restated Credit Agreement, dated as of April 9, 2014, among Platinum Underwriters Holdings, Ltd., Platinum Underwriters Bermuda, Ltd., Platinum Underwriters Reinsurance, Inc., Platinum Underwriters Finance, Inc., the Lenders party thereto, ING Bank N.V. and National Australian Bank Limited, as Documentation Agents, U.S. Bank National Association, as Syndication Agent, and Wells Fargo Bank, National Association, as Administrative Agent (6).
|
|
10.3
|
Consent and Amendment to Credit Agreement, dated as of March 2, 2015, by and among Platinum Underwriters Holdings, Ltd., certain subsidiaries of Platinum Underwriters Holdings, Ltd. party thereto, Wells Fargo Bank, National Association, as administrative agent, and the Lenders party thereto (4).
|
|
10.4
|
Guaranty, dated as of March 2, 2015, entered into by RenaissanceRe Holdings Ltd. for the benefit of Wells Fargo Bank, National Association, as administrative agent, and the other Lenders referred to therein (4).
|
|
10.5
|
Amendment and Restatement Agreement, dated July 2, 2013, relating to a Facility Agreement dated July 31, 2012 for Platinum Underwriters Bermuda, Ltd. made between Platinum Underwriters Holdings, Ltd., Platinum Underwriters Bermuda, Ltd., National Australia Bank Limited and ING Bank N.V. (7).
|
|
10.6
|
Consent and Amendment to Facility Agreement, dated as of March 2, 2015, by and among Platinum Underwriters Bermuda, Ltd., Platinum Underwriters Holdings, Ltd., National Australia Bank Limited, as agent, security agent and a lender, and ING Bank, N.V., as a lender (4).
|
|
10.7
|
Guaranty, dated as of March 2, 2015, entered into by RenaissanceRe Holdings Ltd. for the benefit of National Australia Bank Limited, as agent, security agent and a lender, and ING Bank, N.V., as a lender (4).
|
|
31.1
|
Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
31.2
|
Certification of Jeffrey D. Kelly, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
32.1
|
Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification of Jeffrey D. Kelly, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
(1)
|
Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the Commission on March 25, 2015.
|
|
(2)
|
Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K, filed with the SEC on May 27, 2005.
|
|
(3)
|
Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K, filed with the SEC on November 3, 2005.
|
|
(4)
|
Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the Commission on March 6, 2015.
|
|
(5)
|
Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the Commission on March 2, 2015.
|
|
(6)
|
Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K filed with the SEC on April 10, 2014.
|
|
(7)
|
Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K filed with the SEC on July 3, 2013.
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
|
Date
|
|
|
|
|
|
|
|||
|
/s/ Jeffrey D. Kelly
|
|
Executive Vice President, Chief Financial Officer and Chief Operating Officer
|
|
May 6, 2015
|
|
|
|
Jeffrey D. Kelly
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
/s/ Mark A. Wilcox
|
|
Senior Vice President, Corporate Controller and Chief Accounting Officer
|
|
May 6, 2015
|
|
|
|
Mark A. Wilcox
|
|
|
|
|
||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|