Equibles

8-K

RENAISSANCERE HOLDINGS LTD (RNR)

8-K 2020-05-06 For: 2020-05-06
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Added on April 05, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2020

RenaissanceRe Holdings Ltd.

(Exact name of registrant as specified in its charter)

Bermuda 001-14428 98-0141974
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19

(Address of Principal Executive Office)         (Zip Code)

(441) 295-4513

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report).

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading<br><br>symbol Name of each exchange on which registered
Common Shares, Par Value $1.00 per share RNR The New York Stock Exchange
Series E 5.375% Preference Shares, Par Value $1.00 per share RNR PRE The New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share RNR PRF The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2020, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2020 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit #    Description

99.1* Copy of the Company’s press release, issued May 6, 2020.
99.2* Copy of the Company’s Financial Supplement.
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101 Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in Inline XBRL.
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104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
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* Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item 2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RENAISSANCERE HOLDINGS LTD.
Date: By: /s/ Robert Qutub
May 6, 2020 Robert Qutub
Executive Vice President and Chief Financial Officer 
		Exhibit

renaissanceresmalla36.jpg

RenaissanceRe Reports First Quarter 2020 Net Loss Attributable to Common Shareholders of

$82.0 Million, or $1.89 Per Diluted Common Share; Operating Income Available to Common Shareholders of $33.4 Million, or $0.76 Per Diluted Common Share

Pembroke, Bermuda, May 6, 2020 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net loss attributable to RenaissanceRe common shareholders of $82.0 million, or $1.89 per diluted common share, in the first quarter of 2020, compared to net income available to RenaissanceRe common shareholders of $273.7 million, or $6.43 per diluted common share, in the first quarter of 2019. Operating income available to RenaissanceRe common shareholders was $33.4 million, or $0.76 per diluted common share, in the first quarter of 2020, compared to $153.6 million, or $3.59 per diluted common share, in the first quarter of 2019. The Company reported an annualized return on average common equity of negative 6.3% and an annualized operating return on average common equity of positive 2.6% in the first quarter of 2020, compared to positive 23.5% and positive 13.1%, respectively, in the first quarter of 2019. Book value per common share decreased $3.38, or 2.8%, to $117.15 in the first quarter of 2020, compared to a 6.6% increase in the first quarter of 2019. Tangible book value per common share plus accumulated dividends decreased $2.99, or 2.6%, to $131.72 in the first quarter of 2020, compared to a 7.0% increase in the first quarter of 2019.

Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “We extend our sympathies to all those affected by the COVID-19 pandemic and recognize the immense social, economic and health hardships that many are experiencing, as well as the tremendous sacrifices being made by medical personnel and other first responders around the world. Operationally, we are effectively working from home, and I am very proud of what our people have accomplished in such a short time and under difficult circumstances. While our financial performance in the first quarter was negatively impacted by COVID-19, we are well capitalized with ample liquidity and our core franchise remains strong. I am confident that we are prepared to meet both the challenges as well as the opportunities of this evolving situation, and will continue delivering long-term value.”

First Quarter of 2020 Summary

• Gross premiums written increased by $461.4 million, or 29.5%, to $2.0 billion, in the first quarter of 2020 compared to the first quarter of 2019, driven by an increase of $273.3 million in the Casualty and Specialty segment and an increase of $188.1 million in the Property segment.
• Underwriting income of $64.1 million and a combined ratio of 93.0% in the first quarter of 2020, compared to underwriting income of $154.1 million and a combined ratio of 72.0% in the first quarter of 2019. The Property segment generated underwriting income of $147.1 million and had a combined ratio of 65.1% in the first quarter of 2020. The Casualty and Specialty segment incurred an underwriting loss of $83.2 million and had a combined ratio of 116.9% in the first quarter of 2020, principally impacted by net claims and claim expenses associated with the COVID-19 pandemic of $103.8 million, which added 21.1 percentage points to the combined ratio. The losses primarily represent the cost of claims incurred but not yet reported, with respect to exposures such as event contingency and event-based casualty covers.
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• Total investment result was a loss of $11.2 million in the first quarter of 2020, generating an annualized total investment return of negative 0.1%, compared to a gain of $252.1 million and an annualized total investment return of 8.0% in the first quarter of 2019. The Company was favorably positioned during the recent disruption in global financial markets associated with the COVID-19 pandemic as a significant portion of the Company’s investment portfolio is weighted towards high-quality fixed maturity investments. The primary driver of the investment result was the Company’s net realized and unrealized losses on equity investments trading, which represents 2.0% of the Company’s total investment portfolio of $17.8 billion.
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• Approximately $600 million of net capital raised in the first quarter of 2020 through the Company’s managed joint ventures and third-party capital vehicles, including Upsilon RFO Re Ltd. and RenaissanceRe Medici Fund Ltd.
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Acquisition of Tokio Millennium Re

On March 22, 2019, the Company completed its acquisition of Tokio Millennium Re AG (now known as RenaissanceRe Europe AG), Tokio Millennium Re (UK) Limited (now known as RenaissanceRe (UK) Limited) and their subsidiaries (collectively, “TMR”). The operating activities of TMR from the acquisition date through March 31, 2019 were not material and, as a result, were not included in the Company's consolidated statements of operations for the three months ended March 31, 2019. Comparisons of the Company’s results of operations for the first quarter of 2020 to the first quarter of 2019 should be viewed in this context.

Underwriting Results by Segment

Property Segment

Gross premiums written in the Property segment were $1.2 billion in the first quarter of 2020, an increase of $188.1 million, or 18.2%, compared to $1.0 billion in the first quarter of 2019.

Gross premiums written in the catastrophe class of business were $936.2 million in the first quarter of 2020, an increase of $91.0 million, or 10.8%, compared to the first quarter of 2019. This increase was driven by expanded participation on existing transactions, certain new transactions, rate improvements, and the acquisition of TMR.

Gross premiums written in the other property class of business were $284.3 million in the first quarter of 2020, an increase of $97.2 million, or 51.9%, compared to the first quarter of 2019. This increase was primarily driven by growth from existing relationships, new opportunities across a number of the Company’s underwriting platforms, and business acquired in connection with the acquisition of TMR.

Ceded premiums written in the Property segment were $545.9 million in the first quarter of 2020, an increase of $77.8 million, or 16.6%, compared to the first quarter of 2019. The increase in ceded premiums written was principally due to certain of the increase in gross premiums written in the catastrophe class of business noted above being ceded to third-party investors in the Company’s managed vehicles, primarily Upsilon and Mona Lisa Re Ltd., as well as an overall increase in ceded purchases made as part of the Company’s gross-to-net strategy, which is core to the construction of its net portfolios of risk.

The Property segment generated underwriting income of $147.1 million and a combined ratio of 65.1% in the first quarter of 2020, compared to $152.4 million and 47.6%, respectively, in the first quarter of 2019. The Property segment underwriting result and combined ratio in the first quarter of 2020 were principally impacted by higher current accident year net claims and claim expenses primarily driven by a higher level of attritional losses associated with a larger proportion of the other property class of business earning through, as well as a relatively higher number of small insured catastrophe events, compared to the first quarter of 2019. In addition, there was net adverse development on prior accident years net claims and claim expenses of $14.0 million, or 3.3 percentage points, during the first quarter of 2020, primarily driven by higher than expected attritional losses in the other property class of business.

Casualty and Specialty Segment

Gross premiums written in the Casualty and Specialty segment were $805.2 million in the first quarter of 2020, an increase of $273.3 million, or 51.4%, compared to the first quarter of 2019. This increase was due to growth from new and existing business opportunities written in the current and prior periods across various classes of business within the segment, and business acquired in connection with the acquisition of TMR.

The Casualty and Specialty segment incurred an underwriting loss of $83.2 million and had a combined ratio of 116.9% in the first quarter of 2020, compared to an underwriting gain of $1.7 million and a combined ratio of 99.3% in the first quarter of 2019. The net underwriting result and combined ratio in the first quarter of 2020 were principally impacted by net claims and claim expenses of $103.8 million associated with the COVID-19 pandemic, which added 21.1 percentage points to the net claims and claims expense ratio and the combined ratio.

In the three months ended March 31, 2020, the Casualty and Specialty segment generated a net claims and claim expense ratio of 86.7%, an underwriting expense ratio of 30.2% and a combined ratio of 116.9%, compared to 65.9%, 33.4% and 99.3%, respectively, in the three months ended March 31, 2019.

The increase in the Casualty and Specialty segment net current accident year claims and claim expense ratio of 18.4 percentage points in the three months ended March 31, 2020, compared to the three months ended March 31, 2019 was driven by higher current accident year losses as a result of the impact of losses associated with the

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COVID-19 pandemic. The losses primarily represent the cost of claims incurred but not yet reported, with respect to exposures such as event contingency and event-based casualty covers. The underwriting expense ratio in the Casualty and Specialty segment decreased 3.2 percentage points, to 30.2%, in the three months ended March 31, 2020, compared to 33.4% in the three months ended March 31, 2019, due to a decrease in the operating expense ratio as a result of improved operating leverage, as well as a decrease in the acquisition ratio.

COVID-19

Due to the ongoing and rapidly evolving nature of the COVID-19 pandemic, the Company is continuing to evaluate the impact of COVID-19 on its business and to estimate all of the Company’s potential reinsurance, insurance or investment exposures, or any other effects that the COVID-19 pandemic may have on its results of operations or financial condition.

The Company expects losses to emerge over time as the full impact of the pandemic and its effects on the global economy are realized. A longer or more severe recession, or high unemployment levels will increase the probability of losses. Potential legislative, regulatory and judicial actions are also causing significant uncertainty with respect to policy coverage and other issues. Our loss estimate as of March 31, 2020 represents our best estimate based on currently available information, including communications received to date from cedants and brokers, portfolio and contract reviews, and other risk assessment procedures. Actual losses may vary materially from this initial estimate. Additionally, losses incurred in respect of the COVID-19 pandemic subsequent to March 31, 2020 will be reflected in the periods in which those losses are incurred.

In addition to coverage exposures, volatility in global financial markets and a continued slowdown in global economic conditions, have adversely affected, and may continue to adversely affect, the Company’s investment portfolio. These conditions may also negatively impact the Company’s ability to access liquidity and capital markets financing.

Please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 when available for a more detailed discussion of the risks and potential impacts of the COVID-19 pandemic on the Company.

Other Items

• The Company’s total investment result, which includes the sum of net investment income and net realized and unrealized (losses) gains on investments, was a loss of $11.2 million in the first quarter of 2020, compared to a gain of $252.1 million in the first quarter of 2019, a decrease of $263.3 million. The primary driver of the decrease in the total investment result was net realized and unrealized losses on equity investments trading, combined with net realized and unrealized losses on other investments and lower net realized and unrealized gains on fixed maturity investments, due in part to the recent disruption in global financial markets associated with the COVID-19 pandemic, partially offset by higher returns on investments-related derivatives.
• Net income attributable to redeemable noncontrolling interests in the first quarter of 2020 was $98.1 million, compared to $70.2 million in the first quarter of 2019. The result was primarily driven by DaVinciRe Holdings Ltd. and Vermeer Reinsurance Ltd. generating net income of $108.0 million and $17.9 million, respectively, in the first quarter of 2020, compared to $80.3 million and $5.2 million, respectively, in the first quarter of 2019.
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• In the first quarter of 2020, total fee income increased by $16.6 million, to $45.4 million, compared to $28.8 million in the first quarter of 2019, primarily driven by an increase in the dollar value of capital being managed combined with improved underlying performance.
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• During the first quarter of 2020, the Company repurchased 406 thousand common shares in open market transactions at an aggregate cost of $62.6 million and an average price of $154.36 per common share.
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• In February 2020, the Company announced the redemption of all 5 million of its outstanding Series C 6.08% Preference Shares. The Series C 6.08% Preference Shares were redeemed on March 26, 2020 for $125.0 million plus accrued and unpaid dividends thereon. Following the redemption, no Series C 6.08% Preference Shares remain outstanding.
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• On February 4, 2020, the Company’s wholly-owned subsidiary, RenaissanceRe Specialty Holdings (UK) Limited, entered into an agreement to sell its wholly owned subsidiary, RenaissanceRe (UK) Limited, a UK run-off company acquired in connection with the acquisition of TMR, to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. The sale is subject to regulatory approval and is expected to close in 2020.
• On March 15, 2020, the Company repaid in full at maturity the aggregate principal amount of $250.0 million, plus applicable accrued interest, of its 5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance.
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This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income available to RenaissanceRe common shareholders,” “operating income available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

Please refer to the “Investors - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.

RenaissanceRe will host a conference call on Thursday, May 7, 2020 at 9:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - Webcasts & Presentations” section of the Company’s website at www.renre.com.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the uncertainty of the impact of the COVID-19 pandemic and measures taken in response thereto; the effect of legislative, regulatory, judicial or social influences related to the COVID-19 pandemic on the Company’s financial performance and the Company’s ability to conduct its business; the impact of the COVID-19 pandemic on the value of the Company’s investments and access to capital; the effect that measures taken to mitigate the COVID-19 pandemic have on the operations of the Company and its counterparties; the frequency and severity of catastrophic and other events that the Company covers; the effectiveness of the Company’s claims and claim expense reserving process; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the Company’s ability to maintain its financial strength ratings; the effect of emerging claims and coverage issues; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain; the Company’s reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of its revenue; the Company’s exposure to credit loss from counterparties in the normal course of business; the effect of continued challenging economic conditions throughout the world; soft reinsurance underwriting market conditions; the performance of the Company’s investment portfolio; a contention by the Internal Revenue Service that Renaissance Reinsurance Ltd., or any of the Company’s other Bermuda subsidiaries, is subject to taxation in the U.S.; the effects of U.S. tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in the Company’s joint ventures or other entities the Company manages; the success of any of the Company’s strategic investments or acquisitions, including the Company’s ability to manage its operations as its product and geographical diversity increases; the Company’s ability to retain key senior officers and to attract or retain the executives and employees necessary to manage its business; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; foreign currency exchange rate

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fluctuations; changes in the method for determining LIBOR and the potential replacement of LIBOR; losses the Company could face from terrorism, political unrest or war; the effect of cybersecurity risks, including technology breaches or failure, on the Company’s business; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s ability to determine any impairments taken on investments; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the effect of operational risks, including system or human failures; the Company’s ability to raise capital if necessary; the Company’s ability to comply with covenants in its debt agreements; changes to the regulatory systems under which the Company operates, including as a result of increased global regulation of the insurance and reinsurance industries; changes in Bermuda laws and regulations and the political environment in Bermuda; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company’s corporate structure that may discourage third-party takeovers and other transactions; difficulties investors may have in servicing process or enforcing judgments against the Company in the U.S.; the cyclical nature of the reinsurance and insurance industries; adverse legislative developments that reduce the size of the private markets the Company serves or impede their future growth; consolidation of competitors, customers and insurance and reinsurance brokers; the effect on the Company’s business of the highly competitive nature of its industry, including the effect of new entrants to, competing products for and consolidation in the (re)insurance industry; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; increasing barriers to free trade and the free flow of capital; international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market; the effect of Organisation for Economic Co-operation and Development or European Union (“EU”) measures to increase the Company’s taxes and reporting requirements; the effect of the vote by the U.K. to leave the EU; changes in regulatory regimes and accounting rules that may impact financial results irrespective of business operations; the Company’s need to make many estimates and judgments in the preparation of its financial statements; risks that the ongoing integration of TMR disrupts or distracts from current plans and operations; and other factors affecting future results disclosed in RenaissanceRe’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. INVESTOR CONTACT: MEDIA CONTACT:
Keith McCue Keil Gunther
Senior Vice President, Finance & Investor Relations Vice President, Head of Global Marketing & Client
RenaissanceRe Holdings Ltd. Communication
(441) 239-4830 RenaissanceRe Holdings Ltd.
(441) 239-4932
or
Kekst CNC
Dawn Dover
(212) 521-4800

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RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
Three months ended
March 31, <br>2020 March 31, <br>2019
Revenues
Gross premiums written $ 2,025,721 $ 1,564,295
Net premiums written $ 1,269,808 $ 929,031
Increase in unearned premiums (356,710 ) (379,003 )
Net premiums earned 913,098 550,028
Net investment income 99,473 82,094
Net foreign exchange losses (5,728 ) (2,846 )
Equity in earnings of other ventures 4,564 4,661
Other (loss) income (4,436 ) 3,171
Net realized and unrealized (losses) gains on investments (110,707 ) 170,013
Total revenues 896,264 807,121
Expenses
Net claims and claim expenses incurred 570,954 227,035
Acquisition expenses 210,604 123,951
Operational expenses 67,461 44,933
Corporate expenses 15,991 38,789
Interest expense 14,927 11,754
Total expenses 879,937 446,462
Income before taxes 16,327 360,659
Income tax benefit (expense) 8,846 (7,531 )
Net income 25,173 353,128
Net income attributable to noncontrolling interests (98,091 ) (70,222 )
Net (loss) income attributable to RenaissanceRe (72,918 ) 282,906
Dividends on preference shares (9,056 ) (9,189 )
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (81,974 ) $ 273,717
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic $ (1.89 ) $ 6.43
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (1.89 ) $ 6.43
Operating income available to RenaissanceRe common shareholders per common share - diluted (1) $ 0.76 $ 3.59
Average shares outstanding - basic 43,441 42,065
Average shares outstanding - diluted 43,441 42,091
Net claims and claim expense ratio 62.5 % 41.3 %
Underwriting expense ratio 30.5 % 30.7 %
Combined ratio 93.0 % 72.0 %
Return on average common equity - annualized (6.3 )% 23.5 %
Operating return on average common equity - annualized (1) 2.6 % 13.1 %
(1) See Comments on Regulation G for a reconciliation of non-GAAP financial measures.
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RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
March 31, <br>2020 December 31, <br>2019
Assets (Unaudited) (Audited)
Fixed maturity investments trading, at fair value $ 11,045,801 $ 11,171,655
Short term investments, at fair value 5,263,242 4,566,277
Equity investments trading, at fair value 360,444 436,931
Other investments, at fair value 1,058,714 1,087,377
Investments in other ventures, under equity method 90,396 106,549
Total investments 17,818,597 17,368,789
Cash and cash equivalents 896,216 1,379,068
Premiums receivable 3,105,441 2,599,896
Prepaid reinsurance premiums 1,151,926 767,781
Reinsurance recoverable 2,765,583 2,791,297
Accrued investment income 73,496 72,461
Deferred acquisition costs and value of business acquired 739,875 663,991
Receivable for investments sold 341,786 78,369
Other assets 312,523 346,216
Goodwill and other intangibles 260,076 262,226
Total assets $ 27,465,519 $ 26,330,094
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 9,406,707 $ 9,384,349
Unearned premiums 3,245,914 2,530,975
Debt 1,134,695 1,384,105
Reinsurance balances payable 3,775,375 2,830,691
Payable for investments purchased 636,136 225,275
Other liabilities 351,320 932,024
Total liabilities 18,550,147 17,287,419
Redeemable noncontrolling interest 3,231,846 3,071,308
Shareholders’ Equity
Preference shares 525,000 650,000
Common shares 44,034 44,148
Additional paid-in capital 502,608 568,277
Accumulated other comprehensive loss (1,664 ) (1,939 )
Retained earnings 4,613,548 4,710,881
Total shareholders’ equity attributable to RenaissanceRe 5,683,526 5,971,367
Total liabilities, noncontrolling interests and shareholders’ equity $ 27,465,519 $ 26,330,094
Book value per common share $ 117.15 $ 120.53

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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended March 31, 2020
Property Casualty and Specialty Other Total
Gross premiums written $ 1,220,526 $ 805,195 $ — $ 2,025,721
Net premiums written $ 674,581 $ 595,227 $ — $ 1,269,808
Net premiums earned $ 421,335 $ 491,763 $ — $ 913,098
Net claims and claim expenses incurred 144,852 426,209 (107 ) 570,954
Acquisition expenses 85,351 125,253 — 210,604
Operational expenses 44,007 23,454 — 67,461
Underwriting income (loss) $ 147,125 $ (83,153 ) $ 107 64,079
Net investment income 99,473 99,473
Net foreign exchange losses (5,728 ) (5,728 )
Equity in earnings of other ventures 4,564 4,564
Other loss (4,436 ) (4,436 )
Net realized and unrealized losses on investments (110,707 ) (110,707 )
Corporate expenses (15,991 ) (15,991 )
Interest expense (14,927 ) (14,927 )
Income before taxes and redeemable noncontrolling interests 16,327
Income tax benefit 8,846 8,846
Net income attributable to redeemable noncontrolling interests (98,091 ) (98,091 )
Dividends on preference shares (9,056 ) (9,056 )
Net loss attributable to RenaissanceRe common shareholders $ (81,974 )
Net claims and claim expenses incurred – current accident year $ 130,844 $ 426,210 $ — $ 557,054
Net claims and claim expenses incurred – prior accident years 14,008 (1 ) (107 ) 13,900
Net claims and claim expenses incurred – total $ 144,852 $ 426,209 $ (107 ) $ 570,954
Net claims and claim expense ratio – current accident year 31.1 % 86.7 % 61.0 %
Net claims and claim expense ratio – prior accident years 3.3 % — % 1.5 %
Net claims and claim expense ratio – calendar year 34.4 % 86.7 % 62.5 %
Underwriting expense ratio 30.7 % 30.2 % 30.5 %
Combined ratio 65.1 % 116.9 % 93.0 %
Three months ended March 31, 2019
Property Casualty and Specialty Other Total
Gross premiums written $ 1,032,384 $ 531,911 $ — $ 1,564,295
Net premiums written $ 564,230 $ 364,801 $ — $ 929,031
Net premiums earned $ 290,745 $ 259,283 $ — $ 550,028
Net claims and claim expenses incurred 56,083 170,933 19 227,035
Acquisition expenses 53,739 70,212 — 123,951
Operational expenses 28,544 16,389 — 44,933
Underwriting income (loss) $ 152,379 $ 1,749 $ (19 ) 154,109
Net investment income 82,094 82,094
Net foreign exchange losses (2,846 ) (2,846 )
Equity in earnings of other ventures 4,661 4,661
Other income 3,171 3,171
Net realized and unrealized gains on investments 170,013 170,013
Corporate expenses (38,789 ) (38,789 )
Interest expense (11,754 ) (11,754 )
Income before taxes and redeemable noncontrolling interests 360,659
Income tax expense (7,531 ) (7,531 )
Net income attributable to redeemable noncontrolling interests (70,222 ) (70,222 )
Dividends on preference shares (9,189 ) (9,189 )
Net income available to RenaissanceRe common shareholders $ 273,717
Net claims and claim expenses incurred – current accident year $ 54,206 $ 177,135 $ — $ 231,341
Net claims and claim expenses incurred – prior accident years 1,877 (6,202 ) 19 (4,306 )
Net claims and claim expenses incurred – total $ 56,083 $ 170,933 $ 19 $ 227,035
Net claims and claim expense ratio – current accident year 18.6 % 68.3 % 42.1 %
Net claims and claim expense ratio – prior accident years 0.7 % (2.4 )% (0.8 )%
Net claims and claim expense ratio – calendar year 19.3 % 65.9 % 41.3 %
Underwriting expense ratio 28.3 % 33.4 % 30.7 %
Combined ratio 47.6 % 99.3 % 72.0 %

8

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended
March 31, <br>2020 March 31, <br>2019
Property Segment
Catastrophe $ 936,190 $ 845,213
Other property 284,336 187,171
Property segment gross premiums written $ 1,220,526 $ 1,032,384
Casualty and Specialty Segment
General casualty (1) $ 246,667 $ 153,334
Professional liability (2) 230,487 149,377
Financial lines (3) 147,079 127,356
Other (4) 180,962 101,844
Casualty and Specialty segment gross premiums written $ 805,195 $ 531,911 (1) Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
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(2) Includes directors and officers, medical malpractice, and professional indemnity.
(3) Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4) Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.

9

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended
March 31, <br>2020 March 31, <br>2019
Fixed maturity investments $ 73,338 $ 61,483
Short term investments 12,092 11,844
Equity investments trading 1,551 1,027
Other investments
Catastrophe bonds 14,139 8,691
Other 1,629 1,640
Cash and cash equivalents 1,504 1,517
104,253 86,202
Investment expenses (4,780 ) (4,108 )
Net investment income 99,473 82,094
Gross realized gains 68,847 24,373
Gross realized losses (11,360 ) (22,943 )
Net realized gains on fixed maturity investments 57,487 1,430
Net unrealized (losses) gains on fixed maturity investments trading (20,345 ) 103,922
Net realized and unrealized gains on investments-related derivatives 33,181 13,796
Net realized losses on equity investments trading (15,047 ) (1,161 )
Net unrealized (losses) gains on equity investments trading (105,937 ) 52,658
Net realized and unrealized losses on other investments - catastrophe bonds (14,352 ) (2,210 )
Net realized and unrealized (losses) gains on other investments - other (45,694 ) 1,578
Net realized and unrealized (losses) gains on investments (110,707 ) 170,013
Total investment result $ (11,234 ) $ 252,107
Total investment return - annualized (0.1 )% 8.0 %

10

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided these financial measures in previous investor communications and the Company’s management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

Operating (Loss) Income (Attributable) Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses “operating income available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net (loss) income (attributable) available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding net realized and unrealized gains and losses on other investments - catastrophe bonds, net foreign exchange gains and losses, transaction and integration expenses associated with the acquisition of TMR, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company’s management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from: fluctuations in the fair value of the Company’s fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; certain transaction and integration expenses associated with the acquisition of TMR; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to Company's redeemable noncontrolling interests. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net (loss) income (attributable) available to RenaissanceRe common shareholders to “operating income available to RenaissanceRe common shareholders”; (2) net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted to “operating income available to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for all prior periods has been updated to conform to the current methodology and presentation.

11

Three months ended
(in thousands of United States Dollars, except per share amounts and percentages) March 31, <br>2020 March 31, <br>2019
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (81,974 ) $ 273,717
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds 96,355 (172,223 )
Adjustment for net foreign exchange losses 5,728 2,846
Adjustment for transaction and integration expenses associated with the acquisition of TMR 4,423 25,520
Adjustment for income tax (benefit) expense (1) (4,141 ) 8,334
Adjustment for net income attributable to redeemable noncontrolling interests (2) 13,019 15,414
Operating income available to RenaissanceRe common shareholders $ 33,410 $ 153,608
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (1.89 ) $ 6.43
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds 2.22 (4.09 )
Adjustment for net foreign exchange losses 0.13 0.07
Adjustment for transaction and integration expenses associated with the acquisition of TMR 0.10 0.61
Adjustment for income tax (benefit) expense (1) (0.10 ) 0.20
Adjustment for net income attributable to redeemable noncontrolling interests (2) 0.30 0.37
Operating income available to RenaissanceRe common shareholders per common share - diluted $ 0.76 $ 3.59
Return on average common equity - annualized (6.3 )% 23.5 %
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds 7.5 % (14.8 )%
Adjustment for net foreign exchange losses 0.4 % 0.2 %
Adjustment for transaction and integration expenses associated with the acquisition of TMR 0.3 % 2.2 %
Adjustment for income tax (benefit) expense (1) (0.3 )% 0.7 %
Adjustment for net income attributable to redeemable noncontrolling interests (2) 1.0 % 1.3 %
Operating return on average common equity - annualized 2.6 % 13.1 %
(1) Adjustment for income tax (benefit) expense represents the income tax benefit (expense) associated with the adjustments to net (loss) income (attributable) available to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
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(2) Adjustment for net income attributable to redeemable noncontrolling interests represents the portion attributable to the Company's redeemable noncontrolling interests associated with the adjustments to net (loss) income (attributable) available to RenaissanceRe common shareholders, including the income tax impact of those adjustments.
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12

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. At
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Book value per common share $ 117.15 $ 120.53 $ 120.07 $ 119.17 $ 111.05
Adjustment for goodwill and other intangibles (1) (6.46 ) (6.50 ) (6.55 ) (6.60 ) (6.66 )
Tangible book value per common share 110.69 114.03 113.52 112.57 104.39
Adjustment for accumulated dividends 21.03 20.68 20.34 20.00 19.66
Tangible book value per common share plus accumulated dividends $ 131.72 $ 134.71 $ 133.86 $ 132.57 $ 124.05
Quarterly change in book value per common share (2.8 )% 0.4 % 0.8 % 7.3 % 6.6 %
Quarterly change in tangible book value per common share plus change in accumulated dividends (2.6 )% 0.7 % 1.1 % 8.2 % 7.0 %
Year to date change in book value per common share (2.8 )% 15.7 % 15.3 % 14.4 % 6.6 %
Year to date change in tangible book value per common share plus change in accumulated dividends (2.6 )% 17.9 % 17.1 % 15.7 % 7.0 %
(1) At March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, goodwill and other intangibles included $24.2 million, $24.9 million, $25.6 million, $26.3 million and $27.0 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.
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13

		Exhibit

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RenaissanceRe Holdings Ltd.
Contents Page
--- --- ---
Basis of Presentation i
Financial Highlights 1
Statements of Operations
a. Summary Consolidated Statements of Operations 2
b. Consolidated Segment Underwriting Results 3
c. Segment Underwriting Results 4
d. DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations 5
Balance Sheets
a. Summary Consolidated Balance Sheets 6
Investments
a. Investment Portfolio - Composition 7
b. Investment Portfolio - Fixed Maturity Investments 8
c. Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating 9
d. Total Investment Result 10
Loss Reserve Analysis
a. Reserves for Claims and Claim Expenses 11
b. Paid to Incurred Analysis 12
Other Items
a. Fee Income 13
b. Noncontrolling Interests 14
c. Earnings per Share 15
d. Ratings 16
Supplemental Information
a. Gross Premiums Written 17
b. Property Segment Supplemental Underwriting Results 18
Comments on Regulation G 19

renaissanceresmalla36.jpg

RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

On March 22, 2019, the Company's wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited completed its previously announced purchase of all the share capital of RenaissanceRe Europe AG (formerly known as Tokio Millennium Re AG), RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) and their subsidiaries (collectively, “TMR”). The operating activities of TMR from the acquisition date through March 31, 2019 were not material and, as a result, were not included in the Company's consolidated statements of operations for the three months ended March 31, 2019.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP") including “operating income available to RenaissanceRe common shareholders,” “operating income available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 19 through 23 for "Comments on Regulation G."

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe.

i
RenaissanceRe Holdings Ltd.
Financial Highlights
Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Highlights
Gross premiums written $ 2,025,721 $ 905,479 $ 861,068 $ 1,476,908 $ 1,564,295
Underwriting income (loss) $ 64,079 $ (65,157 ) $ (3,368 ) $ 170,833 $ 154,109
Net investment income $ 99,473 $ 112,138 $ 111,387 $ 118,588 $ 82,094
Net realized and unrealized (losses) gains on investments (110,707 ) 18,454 34,395 191,247 170,013
Total investment result $ (11,234 ) $ 130,592 $ 145,782 $ 309,835 $ 252,107
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (81,974 ) $ 33,773 $ 36,698 $ 367,854 $ 273,717
Operating income available to RenaissanceRe common shareholders (1) $ 33,410 $ 12,623 $ 32,681 $ 198,839 $ 153,608
Total investments $ 17,818,597 $ 17,368,789 $ 16,947,893 $ 16,388,316 $ 14,852,848
Total assets $ 27,465,519 $ 26,330,094 $ 25,644,210 $ 26,086,961 $ 24,559,600
Reserve for claims and claim expenses $ 9,406,707 $ 9,384,349 $ 8,602,437 $ 8,484,848 $ 8,391,484
Total shareholders' equity attributable to RenaissanceRe $ 5,683,526 $ 5,971,367 $ 5,951,235 $ 5,912,842 $ 5,554,033
Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (1.89 ) $ 0.77 $ 0.83 $ 8.35 $ 6.43
Operating income available to RenaissanceRe common shareholders per common share - diluted (1) $ 0.76 $ 0.28 $ 0.73 $ 4.47 $ 3.59
Book value per common share $ 117.15 $ 120.53 $ 120.07 $ 119.17 $ 111.05
Tangible book value per common share (1) $ 110.69 $ 114.03 $ 113.52 $ 112.57 $ 104.39
Tangible book value per common share plus accumulated dividends (1) $ 131.72 $ 134.71 $ 133.86 $ 132.57 $ 124.05
Change in tangible book value per common share plus change in accumulated dividends (1) (2.6 )% 0.7 % 1.1 % 8.2 % 7.0 %
Financial ratios
Combined ratio 93.0 % 106.7 % 100.4 % 81.3 % 72.0 %
Return on average common equity - annualized (6.3 )% 2.5 % 2.8 % 28.9 % 23.5 %
Operating return on average common equity - annualized (1) 2.6 % 0.9 % 2.5 % 15.6 % 13.1 %
Total investment return - annualized (0.1 )% 3.1 % 3.6 % 8.0 % 8.0 %
(1) See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
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1
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RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Revenues
Gross premiums written $ 2,025,721 $ 905,479 $ 861,068 $ 1,476,908 $ 1,564,295
Net premiums written $ 1,269,808 $ 725,367 $ 704,130 $ 1,022,965 $ 929,031
(Increase) decrease in unearned premiums (356,710 ) 244,758 202,618 (111,463 ) (379,003 )
Net premiums earned 913,098 970,125 906,748 911,502 550,028
Net investment income 99,473 112,138 111,387 118,588 82,094
Net foreign exchange (losses) gains (5,728 ) (1,126 ) (8,275 ) 9,309 (2,846 )
Equity in earnings of other ventures 4,564 5,874 5,877 6,812 4,661
Other (loss) income (4,436 ) (160 ) 1,016 922 3,171
Net realized and unrealized (losses) gains on investments (110,707 ) 18,454 34,395 191,247 170,013
Total revenues 896,264 1,105,305 1,051,148 1,238,380 807,121
Expenses
Net claims and claim expenses incurred 570,954 762,093 654,520 453,373 227,035
Acquisition expenses 210,604 208,618 202,181 227,482 123,951
Operational expenses 67,461 64,571 53,415 59,814 44,933
Corporate expenses 15,991 17,642 13,844 23,847 38,789
Interest expense 14,927 15,496 15,580 15,534 11,754
Total expenses 879,937 1,068,420 939,540 780,050 446,462
Income before taxes 16,327 36,885 111,608 458,330 360,659
Income tax benefit (expense) 8,846 3,455 (3,664 ) (9,475 ) (7,531 )
Net income 25,173 40,340 107,944 448,855 353,128
Net (income) loss attributable to noncontrolling interests (98,091 ) 2,622 (62,057 ) (71,812 ) (70,222 )
Net (loss) income attributable to RenaissanceRe (72,918 ) 42,962 45,887 377,043 282,906
Dividends on preference shares (9,056 ) (9,189 ) (9,189 ) (9,189 ) (9,189 )
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (81,974 ) $ 33,773 $ 36,698 $ 367,854 $ 273,717
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic $ (1.89 ) $ 0.77 $ 0.83 $ 8.36 $ 6.43
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (1.89 ) $ 0.77 $ 0.83 $ 8.35 $ 6.43
Operating income available to RenaissanceRe common shareholders per common share - diluted (1) $ 0.76 $ 0.28 $ 0.73 $ 4.52 $ 3.59
Return on average common equity - annualized (6.3 )% 2.5 % 2.8 % 28.9 % 23.5 %
Operating return on average common equity - annualized (1) 2.6 % 0.9 % 2.5 % 15.6 % 13.1 %
(1) See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
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2
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RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results
Three months ended March 31, 2020
Property Casualty and Specialty Other Total
Gross premiums written $ 1,220,526 $ 805,195 $ — $ 2,025,721
Net premiums written $ 674,581 $ 595,227 $ — $ 1,269,808
Net premiums earned $ 421,335 $ 491,763 $ — $ 913,098
Net claims and claim expenses incurred 144,852 426,209 (107 ) 570,954
Acquisition expenses 85,351 125,253 — 210,604
Operational expenses 44,007 23,454 — 67,461
Underwriting income (loss) $ 147,125 $ (83,153 ) $ 107 $ 64,079
Net claims and claim expenses incurred - current accident year $ 130,844 $ 426,210 $ — $ 557,054
Net claims and claim expenses incurred - prior accident years 14,008 (1 ) (107 ) 13,900
Net claims and claim expenses incurred - total $ 144,852 $ 426,209 $ (107 ) $ 570,954
Net claims and claim expense ratio - current accident year 31.1 % 86.7 % 61.0 %
Net claims and claim expense ratio - prior accident years 3.3 % — % 1.5 %
Net claims and claim expense ratio - calendar year 34.4 % 86.7 % 62.5 %
Underwriting expense ratio 30.7 % 30.2 % 30.5 %
Combined ratio 65.1 % 116.9 % 93.0 %
Three months ended March 31, 2019
Property Casualty and Specialty Other Total
Gross premiums written $ 1,032,384 $ 531,911 $ — $ 1,564,295
Net premiums written $ 564,230 $ 364,801 $ — $ 929,031
Net premiums earned $ 290,745 $ 259,283 $ — $ 550,028
Net claims and claim expenses incurred 56,083 170,933 19 227,035
Acquisition expenses 53,739 70,212 — 123,951
Operational expenses 28,544 16,389 — 44,933
Underwriting income (loss) $ 152,379 $ 1,749 $ (19 ) $ 154,109
Net claims and claim expenses incurred - current accident year $ 54,206 $ 177,135 $ — $ 231,341
Net claims and claim expenses incurred - prior accident years 1,877 (6,202 ) 19 (4,306 )
Net claims and claim expenses incurred - total $ 56,083 $ 170,933 $ 19 $ 227,035
Net claims and claim expense ratio - current accident year 18.6 % 68.3 % 42.1 %
Net claims and claim expense ratio - prior accident years 0.7 % (2.4 )% (0.8 )%
Net claims and claim expense ratio - calendar year 19.3 % 65.9 % 41.3 %
Underwriting expense ratio 28.3 % 33.4 % 30.7 %
Combined ratio 47.6 % 99.3 % 72.0 %
3
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RenaissanceRe Holdings Ltd.
Segment Underwriting Results
Three months ended
Property Segment March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Gross premiums written $ 1,220,526 $ 245,001 $ 314,400 $ 839,200 $ 1,032,384
Net premiums written $ 674,581 $ 242,932 $ 302,982 $ 544,115 $ 564,230
Net premiums earned $ 421,335 $ 467,404 $ 444,332 $ 425,013 $ 290,745
Net claims and claim expenses incurred 144,852 424,207 338,260 146,874 56,083
Acquisition expenses 85,351 90,790 79,521 89,711 53,739
Operational expenses 44,007 39,469 34,238 36,764 28,544
Underwriting income (loss) $ 147,125 $ (87,062 ) $ (7,687 ) $ 151,664 $ 152,379
Net claims and claim expenses incurred - current accident year $ 130,844 $ 432,160 $ 345,880 $ 136,111 $ 54,206
Net claims and claim expenses incurred - prior accident years 14,008 (7,953 ) (7,620 ) 10,763 1,877
Net claims and claim expenses incurred - total $ 144,852 $ 424,207 $ 338,260 $ 146,874 $ 56,083
Net claims and claim expense ratio - current accident year 31.1 % 92.5 % 77.8 % 32.0 % 18.6 %
Net claims and claim expense ratio - prior accident years 3.3 % (1.7 )% (1.7 )% 2.6 % 0.7 %
Net claims and claim expense ratio - calendar year 34.4 % 90.8 % 76.1 % 34.6 % 19.3 %
Underwriting expense ratio 30.7 % 27.8 % 25.6 % 29.7 % 28.3 %
Combined ratio 65.1 % 118.6 % 101.7 % 64.3 % 47.6 %
Three months ended
Casualty and Specialty Segment March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Gross premiums written $ 805,195 $ 660,478 $ 546,668 $ 637,708 $ 531,911
Net premiums written $ 595,227 $ 482,435 $ 401,148 $ 478,850 $ 364,801
Net premiums earned $ 491,763 $ 502,721 $ 462,416 $ 486,489 $ 259,283
Net claims and claim expenses incurred 426,209 338,104 316,099 306,501 170,933
Acquisition expenses 125,253 117,849 122,654 137,963 70,212
Operational expenses 23,454 25,943 19,198 23,016 16,389
Underwriting (loss) income $ (83,153 ) $ 20,825 $ 4,465 $ 19,009 $ 1,749
Net claims and claim expenses incurred - current accident year $ 426,210 $ 342,268 $ 319,087 $ 317,029 $ 177,135
Net claims and claim expenses incurred - prior accident years (1 ) (4,164 ) (2,988 ) (10,528 ) (6,202 )
Net claims and claim expenses incurred - total $ 426,209 $ 338,104 $ 316,099 $ 306,501 $ 170,933
Net claims and claim expense ratio - current accident year 86.7 % 68.1 % 69.0 % 65.2 % 68.3 %
Net claims and claim expense ratio - prior accident years — % (0.8 )% (0.6 )% (2.2 )% (2.4 )%
Net claims and claim expense ratio - calendar year 86.7 % 67.3 % 68.4 % 63.0 % 65.9 %
Underwriting expense ratio 30.2 % 28.6 % 30.6 % 33.1 % 33.4 %
Combined ratio 116.9 % 95.9 % 99.0 % 96.1 % 99.3 %
4
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DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations
Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Revenues
Gross premiums written $ 255,640 $ 15,566 $ 32,986 $ 206,052 $ 186,114
Net premiums written $ 241,641 $ 15,210 $ 30,605 $ 165,394 $ 167,919
(Increase) decrease in unearned premiums (135,933 ) 90,674 63,671 (78,769 ) (89,594 )
Net premiums earned 105,708 105,884 94,276 86,625 78,325
Net investment income 15,087 13,506 13,813 13,597 12,823
Net foreign exchange losses (1,180 ) (399 ) (174 ) (936 ) (256 )
Other income — — — 139 205
Net realized and unrealized gains (losses) on investments 18,529 (1,307 ) 6,493 20,914 22,435
Total revenues 138,144 117,684 114,408 120,339 113,532
Expenses
Net claims and claim expenses incurred (13,726 ) 135,397 45,325 10,986 3,663
Acquisition expenses 30,112 1,313 15,762 21,211 16,966
Operational and corporate expenses 11,889 12,238 12,139 9,777 10,650
Interest expense 1,858 1,859 1,859 1,858 1,858
Total expenses 30,133 150,807 75,085 43,832 33,137
Income (loss) before taxes 108,011 (33,123 ) 39,323 76,507 80,395
Income tax benefit (expense) 2 (6 ) (177 ) 243 (142 )
Net income (loss) available (attributable) to DaVinciRe common shareholders $ 108,013 $ (33,129 ) $ 39,146 $ 76,750 $ 80,253
Net claims and claim expenses incurred - current accident year $ 4,967 $ 113,743 $ 80,022 $ 5,623 $ 10,300
Net claims and claim expenses incurred - prior accident years (18,693 ) 21,654 (34,697 ) 5,363 (6,637 )
Net claims and claim expenses incurred - total $ (13,726 ) $ 135,397 $ 45,325 $ 10,986 $ 3,663
Net claims and claim expense ratio - current accident year 4.7 % 107.4 % 84.9 % 6.5 % 13.2 %
Net claims and claim expense ratio - prior accident years (17.7 )% 20.5 % (36.8 )% 6.2 % (8.5 )%
Net claims and claim expense ratio - calendar year (13.0 )% 127.9 % 48.1 % 12.7 % 4.7 %
Underwriting expense ratio 39.7 % 12.8 % 29.6 % 35.8 % 35.2 %
Combined ratio 26.7 % 140.7 % 77.7 % 48.5 % 39.9 %
5
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RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Assets
Fixed maturity investments trading, at fair value $ 11,045,801 $ 11,171,655 $ 11,386,228 $ 10,479,666 $ 9,473,160
Short term investments, at fair value 5,263,242 4,566,277 4,116,156 4,579,171 4,012,815
Equity investments trading, at fair value 360,444 436,931 379,422 273,646 389,937
Other investments, at fair value 1,058,714 1,087,377 962,109 955,437 878,373
Investments in other ventures, under equity method 90,396 106,549 103,978 100,396 98,563
Total investments 17,818,597 17,368,789 16,947,893 16,388,316 14,852,848
Cash and cash equivalents 896,216 1,379,068 871,251 670,626 1,021,275
Premiums receivable 3,105,441 2,599,896 2,799,954 3,140,688 2,753,098
Prepaid reinsurance premiums 1,151,926 767,781 972,047 1,158,534 1,086,027
Reinsurance recoverable 2,765,583 2,791,297 2,438,299 2,865,150 2,908,343
Accrued investment income 73,496 72,461 73,509 76,949 64,615
Deferred acquisition costs and value of business acquired 739,875 663,991 708,258 780,756 841,528
Receivable for investments sold 341,786 78,369 225,147 395,787 411,172
Other assets 312,523 346,216 344,593 344,938 353,543
Goodwill and other intangibles 260,076 262,226 263,259 265,217 267,151
Total assets $ 27,465,519 $ 26,330,094 $ 25,644,210 $ 26,086,961 $ 24,559,600
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses $ 9,406,707 $ 9,384,349 $ 8,602,437 $ 8,484,848 $ 8,391,484
Unearned premiums 3,245,914 2,530,975 2,967,535 3,362,520 3,188,678
Debt 1,134,695 1,384,105 1,383,498 1,382,890 1,191,499
Reinsurance balances payable 3,775,375 2,830,691 2,910,601 3,280,048 3,009,492
Payable for investments purchased 636,136 225,275 654,685 554,696 679,596
Other liabilities 351,320 932,024 395,186 396,651 435,418
Total liabilities 18,550,147 17,287,419 16,913,942 17,461,653 16,896,167
Redeemable noncontrolling interest 3,231,846 3,071,308 2,779,033 2,712,466 2,109,400
Shareholders' Equity
Preference shares 525,000 650,000 650,000 650,000 650,000
Common shares 44,034 44,148 44,152 44,162 44,159
Additional paid-in capital 502,608 568,277 560,166 552,210 543,889
Accumulated other comprehensive (loss) income (1,664 ) (1,939 ) 4,988 (3,869 ) (1,470 )
Retained earnings 4,613,548 4,710,881 4,691,929 4,670,339 4,317,455
Total shareholders' equity attributable to RenaissanceRe 5,683,526 5,971,367 5,951,235 5,912,842 5,554,033
Total liabilities, noncontrolling interests and shareholders' equity $ 27,465,519 $ 26,330,094 $ 25,644,210 $ 26,086,961 $ 24,559,600
Book value per common share $ 117.15 $ 120.53 $ 120.07 $ 119.17 $ 111.05
6
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RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition
Type of Investment March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019
U.S. treasuries $ 3,915,130 22.0 % $ 4,467,345 25.7 % $ 4,314,006 25.4 % $ 3,961,306 24.2 % $ 3,097,089 20.9 %
Agencies 537,490 3.1 % 343,031 1.9 % 507,903 3.0 % 334,923 2.0 % 182,904 1.2 %
Municipal — — % — — % 1,629 — % 2,859 — % 256,967 1.7 %
Non-U.S. government 635,282 3.6 % 497,392 2.9 % 379,154 2.2 % 370,505 2.3 % 687,021 4.6 %
Non-U.S. government-backed corporate 283,577 1.6 % 321,356 1.9 % 263,170 1.6 % 207,668 1.3 % 286,331 1.9 %
Corporate 3,259,780 18.3 % 3,075,660 17.7 % 3,453,222 20.4 % 3,268,511 19.9 % 2,971,018 20.0 %
Agency mortgage-backed 1,056,272 5.9 % 1,148,499 6.6 % 1,248,722 7.4 % 1,167,735 7.1 % 955,616 6.4 %
Non-agency mortgage-backed 275,026 1.6 % 294,604 1.7 % 261,850 1.5 % 266,963 1.6 % 272,880 1.8 %
Commercial mortgage-backed 540,502 3.0 % 468,698 2.7 % 406,268 2.4 % 374,584 2.3 % 245,323 1.7 %
Asset-backed 542,742 3.1 % 555,070 3.2 % 550,304 3.3 % 524,612 3.2 % 518,011 3.5 %
Total fixed maturity investments, at fair value 11,045,801 62.2 % 11,171,655 64.3 % 11,386,228 67.2 % 10,479,666 63.9 % 9,473,160 63.7 %
Short term investments, at fair value 5,263,242 29.4 % 4,566,277 26.3 % 4,116,156 24.3 % 4,579,171 28.0 % 4,012,815 27.1 %
Total consolidated fixed maturity and short term investments, at fair value 16,309,043 91.6 % 15,737,932 90.6 % 15,502,384 91.5 % 15,058,837 91.9 % 13,485,975 90.8 %
Equity investments trading, at fair value 360,444 2.0 % 436,931 2.5 % 379,422 2.2 % 273,646 1.7 % 389,937 2.6 %
Other investments, at fair value 1,058,714 5.9 % 1,087,377 6.3 % 962,109 5.7 % 955,437 5.8 % 878,373 5.9 %
Total managed investment portfolio 17,728,201 99.5 % 17,262,240 99.4 % 16,843,915 99.4 % 16,287,920 99.4 % 14,754,285 99.3 %
Investments in other ventures, under equity method 90,396 0.5 % 106,549 0.6 % 103,978 0.6 % 100,396 0.6 % 98,563 0.7 %
Total investments $ 17,818,597 100.0 % $ 17,368,789 100.0 % $ 16,947,893 100.0 % $ 16,388,316 100.0 % $ 14,852,848 100.0 %
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value $ 16,309,043 $ 15,737,932 $ 15,502,384 $ 15,058,837 $ 13,485,975
Weighted average yield to maturity of fixed maturity and short term investments 1.5 % 2.1 % 2.2 % 2.4 % 2.7 %
Average duration of fixed maturities and short term investments 2.8 2.9 2.8 2.7 2.5
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value $ 11,124,214 $ 11,154,174 $ 11,075,699 $ 10,787,618 $ 9,811,977
Weighted average yield to maturity of retained fixed maturity and short term investments 1.9 % 2.2 % 2.3 % 2.5 % 2.8 %
Average duration of retained fixed maturities and short term investments 3.5 3.6 3.5 3.1 3.0
(1) Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.
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(2) Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
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7
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RenaissanceRe Holdings Ltd.
Investment Portfolio - Fixed Maturity Investments
Credit Quality of Fixed Maturity Investments March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019
AAA $ 1,590,824 14.4 % $ 1,338,265 12.0 % $ 1,215,518 10.7 % $ 1,121,450 10.7 % $ 1,221,347 12.9 %
AA 6,212,689 56.3 % 6,677,219 59.8 % 6,699,860 58.8 % 6,073,777 58.0 % 5,302,980 56.0 %
A 1,491,504 13.5 % 1,453,212 13.0 % 1,671,934 14.7 % 1,548,705 14.8 % 1,385,193 14.6 %
BBB 915,375 8.3 % 874,730 7.8 % 967,928 8.5 % 898,740 8.6 % 758,720 8.0 %
Non-investment grade and not rated 835,409 7.5 % 828,229 7.4 % 830,988 7.3 % 836,994 7.9 % 804,920 8.5 %
Total fixed maturity investments, at fair value $ 11,045,801 100.0 % $ 11,171,655 100.0 % $ 11,386,228 100.0 % $ 10,479,666 100.0 % $ 9,473,160 100.0 %
Maturity Profile of Fixed Maturity Investments
Due in less than one year $ 723,397 6.5 % $ 544,636 4.9 % $ 603,806 5.3 % $ 616,578 5.9 % $ 744,030 7.8 %
Due after one through five years 5,039,456 45.7 % 5,522,769 49.4 % 5,893,946 51.8 % 5,176,183 49.4 % 5,301,425 56.0 %
Due after five through ten years 2,612,031 23.7 % 2,420,602 21.7 % 2,232,264 19.6 % 1,896,176 18.1 % 1,154,682 12.2 %
Due after ten years 256,375 2.3 % 216,777 1.9 % 189,068 1.7 % 456,835 4.3 % 281,193 3.0 %
Mortgage-backed securities 1,871,800 16.9 % 1,911,801 17.1 % 1,916,840 16.8 % 1,809,282 17.3 % 1,473,819 15.5 %
Asset-backed securities 542,742 4.9 % 555,070 5.0 % 550,304 4.8 % 524,612 5.0 % 518,011 5.5 %
Total fixed maturity investments, at fair value $ 11,045,801 100.0 % $ 11,171,655 100.0 % $ 11,386,228 100.0 % $ 10,479,666 100.0 % $ 9,473,160 100.0 %
8
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RenaissanceRe Holdings Ltd.
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
Credit Rating (1)
March 31, 2020 Amortized<br>Cost Fair Value % of Total<br>Investment<br>Portfolio Weighted Average Yield to Maturity AAA AA A BBB Non-<br>Investment<br>Grade Not Rated
Short term investments $ 5,263,242 $ 5,263,242 29.4 % 0.5 % $ 4,845,167 $ 408,920 $ 1,258 $ 4,870 $ 1,965 $ 1,062
100.0 % 92.1 % 7.8 % — % 0.1 % — % — %
Fixed maturity investments
U.S. treasuries 3,713,475 3,915,130 22.0 % 0.4 % — 3,915,130 — — — —
Agencies
Fannie Mae and Freddie Mac 200,585 205,530 1.2 % 1.0 % — 205,530 — — — —
Other agencies 323,842 331,960 1.9 % 1.0 % — 331,960 — — — —
Total agencies 524,427 537,490 3.1 % 1.0 % — 537,490 — — — —
Non-U.S. government 619,620 635,282 3.6 % 0.8 % 419,541 199,192 6,108 9,504 937 —
Non-U.S. government-backed corporate 280,712 283,577 1.6 % 1.2 % 181,395 79,884 21,773 525 — —
Corporate 3,369,559 3,259,780 18.3 % 3.8 % 48,059 247,072 1,453,523 861,621 633,996 15,509
Mortgage-backed
Residential mortgage-backed
Agency securities 1,022,760 1,056,272 5.9 % 1.4 % — 1,056,272 — — — —
Non-agency securities - Alt A 229,184 211,511 1.2 % 6.3 % 42,467 5,850 1,754 7,040 125,232 29,168
Non-agency securities - Prime 67,597 63,515 0.4 % 5.6 % 28,720 2,724 2,241 462 17,083 12,285
Total residential mortgage-backed 1,319,541 1,331,298 7.5 % 2.4 % 71,187 1,064,846 3,995 7,502 142,315 41,453
Commercial mortgage-backed 542,523 540,502 3.0 % 3.1 % 443,952 80,412 3,848 11,091 1,199 —
Total mortgage-backed 1,862,064 1,871,800 10.5 % 2.6 % 515,139 1,145,258 7,843 18,593 143,514 41,453
Asset-backed
Collateralized loan obligations 507,903 478,923 2.7 % 4.7 % 367,468 88,663 — 22,792 — —
Credit cards 15,372 15,331 0.1 % 2.0 % 15,331 — — — — —
Auto loans 38,371 38,403 0.2 % 2.3 % 38,403 — — — — —
Other 10,169 10,085 0.1 % 3.8 % 5,488 — 2,257 2,340 — —
Total asset-backed 571,815 542,742 3.1 % 4.4 % 426,690 88,663 2,257 25,132 — —
Total securitized assets 2,433,879 2,414,542 13.6 % 3.0 % 941,829 1,233,921 10,100 43,725 143,514 41,453
Total fixed maturity investments 10,941,672 11,045,801 62.2 % 2.0 % 1,590,824 6,212,689 1,491,504 915,375 778,447 56,962
100.0 % 14.4 % 56.3 % 13.5 % 8.3 % 7.0 % 0.5 %
Weighted average yield to maturity of fixed maturity and short term investments 1.5 %
Equity investments trading 360,444 2.0 % — — — — — 360,444
100.0 % — % — % — % — % — % 100.0 %
Other investments
Catastrophe bonds 786,531 4.4 % — — — — 786,531 —
Private equity investments 240,277 1.3 % — — — — — 240,277
Senior secured bank loan funds 22,579 0.1 % — — — — — 22,579
Hedge funds 9,327 0.1 % — — — — — 9,327
Total other investments 1,058,714 5.9 % — — — — 786,531 272,183
100.0 % — % — % — % — % 74.3 % 25.7 %
Investments in other ventures 90,396 0.5 % — — — — — 90,396
100.0 % — % — % — % — % — % 100.0 %
Total investment portfolio $ 17,818,597 100.0 % $ 6,435,991 $ 6,621,609 $ 1,492,762 $ 920,245 $ 1,566,943 $ 781,047
100.0 % 36.0 % 37.2 % 8.4 % 5.2 % 8.8 % 4.4 %
(1) The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P").  When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
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9
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RenaissanceRe Holdings Ltd.
Total Investment Result
Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Fixed maturity investments $ 73,338 $ 85,937 $ 82,977 $ 88,106 $ 61,483
Short term investments 12,092 11,552 15,061 17,807 11,844
Equity investments trading 1,551 1,539 1,326 916 1,027
Other investments
Catastrophe bonds 14,139 12,870 12,812 11,781 8,691
Other 1,629 2,221 2,672 1,914 1,640
Cash and cash equivalents 1,504 1,875 1,978 2,306 1,517
104,253 115,994 116,826 122,830 86,202
Investment expenses (4,780 ) (3,856 ) (5,439 ) (4,242 ) (4,108 )
Net investment income 99,473 112,138 111,387 118,588 82,094
Gross realized gains 68,847 45,814 34,710 28,512 24,373
Gross realized losses (11,360 ) (8,380 ) (4,609 ) (7,217 ) (22,943 )
Net realized gains on fixed maturity investments 57,487 37,434 30,101 21,295 1,430
Net unrealized (losses) gains on fixed maturity investments trading (20,345 ) (72,956 ) 17,226 121,991 103,922
Net realized and unrealized gains (losses) on investments-related derivatives 33,181 (3,212 ) 11,134 37,173 13,796
Net realized (losses) gains on equity investments trading (15,047 ) 396 (72 ) 31,899 (1,161 )
Net unrealized (losses) gains on equity investments trading (105,937 ) 56,235 (26,451 ) (18,355 ) 52,658
Net realized and unrealized (losses) gains on other investments - catastrophe bonds (14,352 ) (4,522 ) 9,242 (11,902 ) (2,210 )
Net realized and unrealized (losses) gains on other investments - other (45,694 ) 5,079 (6,785 ) 9,146 1,578
Net realized and unrealized (losses) gains on investments (110,707 ) 18,454 34,395 191,247 170,013
Total investment result $ (11,234 ) $ 130,592 $ 145,782 $ 309,835 $ 252,107
Total investment return - annualized (0.1 )% 3.1 % 3.6 % 8.0 % 8.0 %
Retained total investment result (1)
Retained net investment income $ 72,603 $ 87,739 $ 86,408 $ 95,400 $ 61,442
Retained net realized and unrealized (losses) gains on investments (113,261 ) 21,751 21,764 183,357 154,328
Retained total investment result $ (40,658 ) $ 109,490 $ 108,172 $ 278,757 $ 215,770
(1) Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
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10
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RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses
Case Reserves Additional Case Reserves IBNR Total
March 31, 2020
Property $ 1,095,840 $ 1,707,754 $ 958,827 $ 3,762,421
Casualty and Specialty 1,644,402 105,505 3,894,049 5,643,956
Other 330 — — 330
Total $ 2,740,572 $ 1,813,259 $ 4,852,876 $ 9,406,707
December 31, 2019
Property $ 1,253,406 $ 1,631,223 $ 1,189,221 $ 4,073,850
Casualty and Specialty 1,596,426 129,720 3,583,913 5,310,059
Other 440 — — 440
Total $ 2,850,272 $ 1,760,943 $ 4,773,134 $ 9,384,349
September 30, 2019
Property $ 1,170,009 $ 1,493,600 $ 916,314 $ 3,579,923
Casualty and Specialty 1,475,505 151,555 3,389,344 5,016,404
Other 2,944 — 3,166 6,110
Total $ 2,648,458 $ 1,645,155 $ 4,308,824 $ 8,602,437
June 30, 2019
Property $ 1,191,810 $ 1,635,595 $ 791,628 $ 3,619,033
Casualty and Specialty 1,450,805 128,701 3,280,133 4,859,639
Other 3,010 — 3,166 6,176
Total $ 2,645,625 $ 1,764,296 $ 4,074,927 $ 8,484,848
March 31, 2019
Property $ 1,243,455 $ 1,598,283 $ 844,681 $ 3,686,419
Casualty and Specialty 1,454,164 121,165 3,125,166 4,700,495
Other 1,404 — 3,166 4,570
Total (1) $ 2,699,023 $ 1,719,448 $ 3,973,013 $ 8,391,484
(1) Included in the Company’s reserves for claims and claim expenses balance at March 31, 2019 is $2.4 billion of gross reserves for claims and claim expenses, at fair value, acquired as a result of the acquisition of TMR.
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11
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RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis
Three months ended March 31, 2020 Three months ended March 31, 2019
Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period $ 9,384,349 $ 2,791,297 $ 6,593,052 $ 6,076,271 $ 2,372,221 $ 3,704,050
Incurred claims and claim expenses
Current year 790,010 232,956 557,054 300,561 69,220 231,341
Prior years (42,295 ) (56,195 ) 13,900 37,558 41,864 (4,306 )
Total incurred claims and claim expenses 747,715 176,761 570,954 338,119 111,084 227,035
Paid claims and claim expenses
Current year 34,310 3,109 31,201 9,339 1,190 8,149
Prior years 635,378 199,092 436,286 403,340 103,220 300,120
Total paid claims and claim expenses 669,688 202,201 467,487 412,679 104,410 308,269
Amounts acquired (1) — — — 2,388,210 529,435 1,858,775
Foreign exchange (2) (55,669 ) (274 ) (55,395 ) 1,563 13 1,550
Reserve for claims and claim expenses, end of period $ 9,406,707 $ 2,765,583 $ 6,641,124 $ 8,391,484 $ 2,908,343 $ 5,483,141
(1) Represents the fair value of TMR's reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.
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(2) Reflects the impact of the foreign exchange revaluation of net reserves denominated in non-U.S. dollars as at the balance sheet date.
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12
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RenaissanceRe Holdings Ltd.
Fee Income
The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital. Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Management fee income
Joint ventures $ 11,781 $ 11,858 $ 11,434 $ 9,519 $ 9,735
Structured reinsurance products and other 8,597 8,252 8,765 9,976 8,245
Managed funds 6,418 3,814 4,558 6,467 3,797
Total management fee income 26,796 23,924 24,757 25,962 21,777
Performance fee income (loss)
Structured reinsurance products and other 8,375 (5,314 ) 275 8,541 4,191
Joint ventures 7,828 (3,374 ) 5,278 5,218 2,538
Managed funds 2,363 (2,036 ) 1,688 470 298
Total performance fee income (loss) (1) 18,566 (10,724 ) 7,241 14,229 7,027
Total fee income $ 45,362 $ 13,200 $ 31,998 $ 40,191 $ 28,804
(1) Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.
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13
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RenaissanceRe Holdings Ltd.
Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the "Consolidated Vehicles"), in its consolidated statements of operations. Net (income) loss attributable to redeemable noncontrolling interests represents the portion of the (income) loss associated with the Company's Consolidated Vehicles included in the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Vehicles. A negative number in the table below represents the allocation of net income earned by the Company's Consolidated Vehicles to third-party investors, with a corresponding decrease (increase) to the Company's net income (loss) attributable to RenaissanceRe. Conversely, a positive number in the table below represents the allocation of net losses incurred by the Company's Consolidated Vehicles to third-party investors, with a corresponding increase (decrease) to the Company's net (loss) income attributable to RenaissanceRe.

A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below: Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Redeemable noncontrolling interest - DaVinciRe $ (84,906 ) $ 25,862 $ (30,558 ) $ (59,855 ) $ (62,533 )
Redeemable noncontrolling interest - Medici 4,678 (6,363 ) (15,211 ) (1,704 ) (2,481 )
Redeemable noncontrolling interest - Vermeer (17,863 ) (16,877 ) (16,288 ) (10,253 ) (5,208 )
Net (income) loss attributable to redeemable noncontrolling interests $ (98,091 ) $ 2,622 $ (62,057 ) $ (71,812 ) $ (70,222 )
A summary of the redeemable noncontrolling economic ownership of third parties in the Company's consolidated Consolidated Vehicles is set forth below: March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
DaVinciRe 78.6 % 78.1 % 78.1 % 78.1 % 77.9 %
Medici 88.8 % 87.9 % 86.3 % 86.1 % 82.9 %
Vermeer 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
14
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RenaissanceRe Holdings Ltd.
Earnings per Share
Three months ended
(common shares in thousands) March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (81,974 ) $ 33,773 $ 36,698 $ 367,854 $ 273,717
Amount allocated to participating common shareholders (1) (146 ) (409 ) (446 ) (4,393 ) (3,121 )
$ (82,120 ) $ 33,364 $ 36,252 $ 363,461 $ 270,596
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares 43,441 43,467 43,462 43,483 42,065
Per common share equivalents of employee stock options and non-vested shares — 85 75 38 26
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions 43,441 43,552 43,537 43,521 42,091
Basic (loss) income per RenaissanceRe common share $ (1.89 ) $ 0.77 $ 0.83 $ 8.36 $ 6.43
Diluted (loss) income per RenaissanceRe common share $ (1.89 ) $ 0.77 $ 0.83 $ 8.35 $ 6.43
(1) Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.
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15
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RenaissanceRe Holdings Ltd.
Ratings
A.M. Best (1) S&P (2) Moody's (3) Fitch (4)
Renaissance Reinsurance Ltd. A+ A+ A1 A+
DaVinci Reinsurance Ltd. A A+ A3 —
Renaissance Reinsurance of Europe Unlimited Company A+ A+ — —
Renaissance Reinsurance U.S. Inc. A+ A+ — —
RenaissanceRe Europe AG A+ A+ — —
RenaissanceRe Specialty U.S. A+ A+ — —
Top Layer Reinsurance Ltd. A+ AA — —
Vermeer Reinsurance Ltd. A — — —
RenaissanceRe Syndicate 1458 — — — —
Lloyd's Overall Market Rating A A+ — AA-
RenaissanceRe Very Strong Very Strong — —

Ratings as of May 4, 2020.

(1) The A.M. Best ratings for the Company's principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. The A.M. Best rating for RenaissanceRe represents the Company’s Enterprise Risk Management (“ERM”) score.

(2) The S&P ratings for the Company's principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating and the issuer’s long-term issuer credit rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. The S&P rating for RenaissanceRe represents the rating on its ERM practices.

(3) The Moody’s ratings represent the insurer’s financial strength rating.
(4) The Fitch rating for Renaissance Reinsurance represents the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating.
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16
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RenaissanceRe Holdings Ltd.
Gross Premiums Written
Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Property Segment
Catastrophe $ 936,190 $ 44,824 $ 102,779 $ 602,656 $ 845,213
Other property 284,336 200,177 211,621 236,544 187,171
Property segment gross premiums written $ 1,220,526 $ 245,001 $ 314,400 $ 839,200 $ 1,032,384
Casualty and Specialty Segment
General casualty (1) $ 246,667 $ 197,338 $ 191,447 $ 258,357 $ 153,334
Professional liability (2) 230,487 189,838 151,754 167,206 149,377
Financial lines (3) 147,079 126,983 111,459 91,202 127,356
Other (4) 180,962 146,319 92,008 120,943 101,844
Casualty and Specialty segment gross premiums written $ 805,195 $ 660,478 $ 546,668 $ 637,708 $ 531,911 (1) Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
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(2) Includes directors and officers, medical malpractice, and professional indemnity.
(3) Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4) Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.
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RenaissanceRe Holdings Ltd.
Property Segment Supplemental Underwriting Results
Three months ended March 31, 2020 Three months ended March 31, 2019
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 936,190 $ 284,336 $ 1,220,526 $ 845,213 $ 187,171 $ 1,032,384
Net premiums written $ 477,457 $ 197,124 $ 674,581 $ 444,016 $ 120,214 $ 564,230
Net premiums earned $ 220,655 $ 200,680 $ 421,335 $ 180,237 $ 110,508 $ 290,745
Net claims and claim expenses incurred (2,094 ) 146,946 144,852 (13,994 ) 70,077 56,083
Acquisition expenses 28,707 56,644 85,351 24,327 29,412 53,739
Operational expenses 35,545 8,462 44,007 23,612 4,932 28,544
Underwriting income (loss) $ 158,497 $ (11,372 ) $ 147,125 $ 146,292 $ 6,087 $ 152,379
Net claims and claim expenses incurred - current accident year $ 23,382 $ 107,462 $ 130,844 $ 3,490 $ 50,716 $ 54,206
Net claims and claim expenses incurred - prior accident years (25,476 ) 39,484 14,008 (17,484 ) 19,361 1,877
Net claims and claim expenses incurred - total $ (2,094 ) $ 146,946 $ 144,852 $ (13,994 ) $ 70,077 $ 56,083
Net claims and claim expense ratio - current accident year 10.6 % 53.5 % 31.1 % 1.9 % 45.9 % 18.6 %
Net claims and claim expense ratio - prior accident years (11.5 )% 19.7 % 3.3 % (9.7 )% 17.5 % 0.7 %
Net claims and claim expense ratio - calendar year (0.9 )% 73.2 % 34.4 % (7.8 )% 63.4 % 19.3 %
Underwriting expense ratio 29.1 % 32.5 % 30.7 % 26.6 % 31.1 % 28.3 %
Combined ratio 28.2 % 105.7 % 65.1 % 18.8 % 94.5 % 47.6 %
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RenaissanceRe Holdings Ltd.
Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measures in previous investor communications and the Company's management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

Operating Income Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses “operating income available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net (loss) income (attributable) available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding net realized and unrealized gains and losses on other investments - catastrophe bonds, net foreign exchange gains and losses, transaction and integration expenses associated with the acquisition of TMR, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from: fluctuations in the fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; certain transaction and integration expenses associated with the acquisition of TMR; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to Company's redeemable noncontrolling interests. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net (loss) income (attributable) available to RenaissanceRe common shareholders to "operating income available to RenaissanceRe common shareholders"; (2) net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted to "operating income available to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized". Comparative information for all prior periods has been updated to conform to the current methodology and presentation.

RenaissanceRe Holdings Ltd.
Comments on Regulation G Three months ended
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March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (81,974 ) $ 33,773 $ 36,698 $ 367,854 $ 273,717
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds 96,355 (22,976 ) (25,153 ) (203,149 ) (172,223 )
Adjustment for net foreign exchange losses (gains) 5,728 1,126 8,275 (9,309 ) 2,846
Adjustment for transaction and integration expenses associated with the acquisition of TMR 4,423 5,700 4,022 14,483 25,520
Adjustment for income tax (benefit) expense (1) (4,141 ) (3,707 ) 5,298 10,442 8,334
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) 13,019 (1,293 ) 3,541 18,518 15,414
Operating income available to RenaissanceRe common shareholders $ 33,410 $ 12,623 $ 32,681 $ 198,839 $ 153,608
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (1.89 ) $ 0.77 $ 0.83 $ 8.35 $ 6.43
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds 2.22 (0.53 ) (0.58 ) (4.67 ) (4.09 )
Adjustment for net foreign exchange losses (gains) 0.13 0.03 0.19 (0.21 ) 0.07
Adjustment for transaction and integration expenses associated with the acquisition of TMR 0.10 0.13 0.09 0.33 0.61
Adjustment for income tax (benefit) expense (1) (0.10 ) (0.09 ) 0.12 0.24 0.20
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) 0.30 (0.03 ) 0.08 0.43 0.37
Operating income available to RenaissanceRe common shareholders per common share - diluted $ 0.76 $ 0.28 $ 0.73 $ 4.47 $ 3.59
Return on average common equity - annualized (6.3 )% 2.5 % 2.8 % 28.9 % 23.5 %
Adjustment for net realized and unrealized losses (gains) on investments, excluding net realized and unrealized losses (gains) on other investments - catastrophe bonds 7.5 % (1.7 )% (1.9 )% (16.0 )% (14.8 )%
Adjustment for net foreign exchange losses (gains) 0.4 % 0.1 % 0.6 % (0.7 )% 0.2 %
Adjustment for transaction and integration expenses associated with the acquisition of TMR 0.3 % 0.4 % 0.3 % 1.1 % 2.2 %
Adjustment for income tax (benefit) expense (1) (0.3 )% (0.3 )% 0.4 % 0.8 % 0.7 %
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) 1.0 % (0.1 )% 0.3 % 1.5 % 1.3 %
Operating return on average common equity - annualized 2.6 % 0.9 % 2.5 % 15.6 % 13.1 %
(1) Adjustment for income tax (benefit) expense represents the income tax benefit (expense) associated with the adjustments to net (loss) income (attributable) available to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
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(2) Adjustment for net income (loss) attributable to redeemable noncontrolling interests represents the portion of these adjustments attributable to the Company's redeemable noncontrolling interests associated with the adjustments to net (loss) income (attributable) available to RenaissanceRe common shareholders, including the income tax impact of those adjustments.
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RenaissanceRe Holdings Ltd.
Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to "tangible book value per common share'" and "tangible book value per common share plus accumulated dividends." At
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Book value per common share $ 117.15 $ 120.53 $ 120.07 $ 119.17 $ 111.05
Adjustment for goodwill and other intangibles (1) (6.46 ) (6.50 ) (6.55 ) (6.60 ) (6.66 )
Tangible book value per common share 110.69 114.03 113.52 112.57 104.39
Adjustment for accumulated dividends 21.03 20.68 20.34 20.00 19.66
Tangible book value per common share plus accumulated dividends $ 131.72 $ 134.71 $ 133.86 $ 132.57 $ 124.05
Quarterly change in book value per common share (2.8 )% 0.4 % 0.8 % 7.3 % 6.6 %
Quarterly change in tangible book value per common share plus change in accumulated dividends (2.6 )% 0.7 % 1.1 % 8.2 % 7.0 %
Year to date change in book value per common share (2.8 )% 15.7 % 15.3 % 14.4 % 6.6 %
Year to date change in tangible book value per common share plus change in accumulated dividends (2.6 )% 17.9 % 17.1 % 15.7 % 7.0 %
(1) At March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, goodwill and other intangibles included $24.2 million, $24.9 million, $25.6 million, $26.3 million and $27.0 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.
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RenaissanceRe Holdings Ltd.
Comments on Regulation G

Retained Fixed Maturity and Short Term Investments, at Fair Value

The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment result included in net (loss) income (attributable) available to RenaissanceRe common shareholders. The following table is a reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value.”

At
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Fixed maturity investments, at fair value $ 11,045,801 $ 11,171,655 $ 11,386,228 $ 10,479,666 $ 9,473,160
Short term investments, at fair value 5,263,242 4,566,277 4,116,156 4,579,171 4,012,815
Total consolidated fixed maturity and short term investments, at fair value $ 16,309,043 $ 15,737,932 $ 15,502,384 $ 15,058,837 $ 13,485,975
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures (5,184,829 ) (4,583,758 ) (4,426,685 ) (4,271,219 ) (3,673,998 )
Retained fixed maturity and short term investments, at fair value $ 11,124,214 $ 11,154,174 $ 11,075,699 $ 10,787,618 $ 9,811,977
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RenaissanceRe Holdings Ltd.
Comments on Regulation G

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. The Company's management believes “retained total investment result” is useful to investors and other interested parties because it provides a measure of the portion of the Company's investment result, that impacts the investment result included in net (loss) income (attributable) available to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”

Three months ended
March 31, <br>2020 December 31, <br>2019 September 30, <br>2019 June 30, <br>2019 March 31, <br>2019
Net investment income $ 99,473 $ 112,138 111,387 $ 118,588 $ 82,094
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures (26,870 ) (24,399 ) $ (24,979 ) (23,188 ) (20,652 )
Retained net investment income 72,603 87,739 86,408 95,400 61,442
Net realized and unrealized (losses) gains on investments (110,707 ) 18,454 34,395 191,247 170,013
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures (2,554 ) 3,297 (12,631 ) (7,890 ) (15,685 )
Retained net realized and unrealized gains on investments (113,261 ) 21,751 21,764 183,357 154,328
Total investment result (11,234 ) 130,592 145,782 309,835 252,107
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures (29,424 ) (21,102 ) (37,610 ) (31,078 ) (36,337 )
Retained total investment result $ (40,658 ) $ 109,490 $ 108,172 $ 278,757 $ 215,770
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