Equibles

8-K

RENAISSANCERE HOLDINGS LTD (RNR)

8-K 2021-04-28 For: 2021-04-28
View Original
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): April 28, 2021

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))

Indicate by check mark whether the registrant is an emerging growth company 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. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<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

Item 2.02    Results of Operations and Financial Condition.

On April 28, 2021, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2021 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, issuedApril 28, 2021.

99.2*        Copy of the Company’s Financial Supplement.

101        Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in Inline XBRL.

104        Cover Page Interactive Data File (embedded within the Inline XBRL document and included in             Exhibit 101).

* 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
April 28, 2021 Robert Qutub
Executive Vice President and Chief Financial Officer

Document

renretitle1.jpg

RenaissanceRe Reports Net Loss Attributable to Common Shareholders of $290.9 Million; Operating Income Available to Common Shareholders of $4.4 Million in the First Quarter of 2021. Gross Premiums Written Increased by 30.9%.

•Grew gross premiums written by 30.9%, with 32.5% growth in the Property segment and 28.6% in the Casualty and Specialty segment.

•Major winter storms in February 2021, referred to as Winter Storm Uri, caused widespread damage in the U.S., predominately in Texas, and had a $179.8 million net negative impact on net loss attributable to common shareholders, primarily in the Property segment.

•Repurchased 1.1 million common shares at an average price of $159.47 per common share in the first quarter, with additional repurchases of 330 thousand common shares from April 1, 2021 through April 23, 2021 at an average price of $167.62 per common share.

Pembroke, Bermuda, April 28, 2021 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the three months ended March 31, 2021.

Net Loss Attributable to Common Shareholders per Diluted Common Share: (5.87)Operating Income Available to Common Shareholders per Diluted Common Share*: 0.09
Underwriting Loss(35.8)M Net Investment Income<br><br>$79.8M
Change in Book Value per Common Share: (5.3)%Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends*: (5.3)%

All values are in US Dollars.

*Operating Income Available to Common Shareholders per Diluted Common Share and Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends are non-GAAP financial measures, see “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

Kevin J. O’Donnell, President and Chief Executive Officer, said, “We materially grew our underwriting portfolio while returning significant capital to our shareholders during a quarter that was negatively impacted by Winter Storm Uri and volatile capital markets. Going forward, we anticipate additional opportunities to grow into a broadly improving market by matching desirable risk with efficient capital, both on our wholly owned balance sheets and in our industry-leading RenaissanceRe Capital Partners business. Together with improved yields in our investment portfolio, this diligent execution of our strategy will further contribute to shareholder value creation.”

Utilized flexible platform to broaden access to risk and match with efficient capital, growing premiums on a gross and net basis

•Expanded participation on multiple casualty and specialty lines, benefiting from underlying rate increases and anticipated improvement in underwriting margins.

•Grew catastrophe-exposed U.S. property excess and surplus lines in the other property class of business.

•Took a disciplined approach at the January 1 and April 1 property catastrophe renewals, expanding participation predominately with existing customers at improved rates.

•Rebranded ventures unit as RenaissanceRe Capital Partners, reflecting partnership approach and strong alignment with third-party investors.

Consolidated Financial Results - First Quarter
Consolidated Highlights
--- --- --- --- --- --- ---
Three months ended March 31
(in thousands, except per share amounts and percentages) 2021 2020
Gross premiums written $ 2,652,442 $ 2,025,721
Underwriting (loss) income (35,760) 64,079
Combined ratio 103.1 % 93.0 %
Net Loss
Attributable to common shareholders (290,934) (81,974)
Attributable to common shareholders per diluted common share $ (5.87) $ (1.89)
Operating income (1)
Available to common shareholders 4,395 33,410
Available to common shareholders per diluted common share $ 0.09 $ 0.76
Book value per common share $ 131.15 $ 117.15
Change in book value per share (5.3) % (2.8) %
Tangible book value per common share plus accumulated dividends (1) $ 148.17 $ 131.72
Change in tangible book value per common share plus change in accumulated dividends (1) (5.3)% (2.6)%
Return on average common equity - annualized (17.1)% (6.3)%
Operating return on average common equity - annualized (1) 0.3% 2.6%

(1)See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

Net Negative Impact of Winter Storm Uri

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and (2) redeemable noncontrolling interest.

Net negative impact of Winter Storm Uri on the consolidated financial statements

Three months ended March 31, 2021 Winter Storm Uri
(in thousands)
Net claims and claims expenses incurred $ (372,894)
Assumed reinstatement premiums earned 91,191
Ceded reinstatement premiums earned (10,570)
Earned profit commissions 773
Net negative impact on underwriting result (291,500)
Redeemable noncontrolling interest 111,666
Net negative impact on net loss attributable to RenaissanceRe common shareholders $ (179,834)

Net negative impact of Winter Storm Uri on the segment underwriting results and consolidated combined ratio

Three months ended March 31, 2021 Winter Storm Uri
(in thousands, except percentages)
Net negative impact on Property segment underwriting result $ (288,470)
Net negative impact on Casualty and Specialty segment underwriting result (3,030)
Net negative impact on underwriting result $ (291,500)
Percentage point impact on consolidated combined ratio 26.9

Estimates of net negative impact are based on a review of potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. Actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of losses from catastrophe events, driven by the magnitude and recent nature of the event, the geographic areas impacted by the event, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries, and other factors inherent in loss estimation, among other things.

Three Drivers of Profit: Underwriting, Fee and Investment Income

Underwriting Results - Property Segment: Grew gross premiums written by 32.5%, losses primarily driven by Winter Storm Uri

Property Segment
Three months ended March 31 Q/Q Change
(in thousands, except percentages) 2021 2020
Gross premiums written $ 1,616,819 $ 1,220,526 32.5%
Underwriting (loss) income (41,795) 147,232
Underwriting Ratios
Net claims and claim expense ratio - current accident year 83.3 % 31.1 % 52.2 pts
Net claims and claim expense ratio - prior accident years (0.9) % 3.3 % (4.2) pts
Net claims and claim expense ratio - calendar year 82.4 % 34.4 % 48.0 pts
Underwriting expense ratio 24.5 % 30.7 % (6.2) pts
Combined ratio 106.9 % 65.1 % 41.8 pts

•Gross premiums written grew 32.5%, primarily driven by:

–Growth in the property catastrophe class of business of $194.9 million, or 20.8%, primarily driven by $90.1 million of reinstatement premiums associated with Winter Storm Uri, in addition to rate improvements which contributed to growth with existing clients and new opportunities across underwriting platforms.

–Growth in the other property class of business of $201.4 million, or 70.8%, primarily driven by rate improvements which contributed to growth in new and existing business written in the current and prior periods across underwriting platforms.

•Ceded premiums written were $608.4 million, an increase of $62.4 million, or 11.4%.

–Primarily driven by an increase in gross premiums written which were ceded to third-party investors in RenaissanceRe’s managed vehicles, principally RenaissanceRe Upsilon Fund Ltd., and $10.6 million of ceded reinstatement premiums earned associated with Winter Storm Uri.

–As part of the Company’s gross-to-net strategy, the amount of ceded premiums written increased on an absolute basis, however the percentage of ceded premiums written relative to gross premiums written decreased.

•Net claims and claim expense ratio increased 48.0 percentage points, primarily driven by higher current accident year losses in the first quarter of 2021, compared to the first quarter of 2020, as a result of Winter Storm Uri.

•Underwriting expense ratio decreased by 6.2 percentage points primarily driven by:

–Lower operating expenses in the current period due to reduced travel, marketing, and office operational expenses as a result of the COVID-19 pandemic.

–Higher net premiums earned including $79.7 million of net reinstatement premiums earned from Winter Storm Uri.

•Underwriting losses were $41.8 million, primarily driven by Winter Storm Uri, which had a $288.5 million net negative impact on the Property segment underwriting result and added 53.9 percentage points to the combined ratio.

Underwriting Results - Casualty and Specialty Segment: Grew gross premiums written by 28.6% and reported a combined ratio of 98.9%

Casualty and Specialty Segment
Three months ended March 31 Q/Q Change
(in thousands, except percentages) 2021 2020
Gross premiums written $ 1,035,623 $ 805,195 28.6 %
Underwriting income (loss) 6,035 (83,153)
Underwriting Ratios
Net claims and claim expense ratio - current accident year 67.8 % 86.7 % (18.9) pts
Net claims and claim expense ratio - prior accident years (0.7) % — % (0.7) pts
Net claims and claim expense ratio - calendar year 67.1 % 86.7 % (19.6) pts
Underwriting expense ratio 31.8 % 30.2 % 1.6 pts
Combined ratio 98.9 % 116.9 % (18.0) pts

•Gross premiums written increased 28.6%, primarily driven by growth in new and existing casualty business written in the current and prior periods and rate improvements.

•Net claims and claim expense ratio decreased 19.6 percentage points, primarily driven by net losses related to the COVID-19 pandemic in the first quarter of 2020, which added 21.1 percentage points to the net loss ratio in that period.

•The underwriting expense ratio increased 1.6 percentage points driven by an increase in the net acquisition ratio, principally due to the effects of purchase accounting amortization related to the acquisition of TMR which decreased the ratio in the first quarter of 2020, partially offset by improved operating leverage.

Fee Income: Decrease primarily driven by decline in performance fee income related to Winter Storm Uri

Fee Income
Three months ended March 31 Q/Q Change
(in thousands, except percentages) 2021 2020
Total management fee income $ 28,524 $ 26,796 $ 1,728
Total performance fee (loss) income (1) (4,535) 18,566 (23,101)
Total fee income $ 23,989 $ 45,362 $ (21,373)

(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.

•Total fee income decreased by $21.4 million primarily due to lower performance fee income, which was driven by Winter Storm Uri losses. The decrease was partially offset by higher management fees related to an increase in the dollar value of managed capital compared to the first quarter of 2020.

Investment Results: Performance primarily driven by net realized and unrealized losses in fixed maturity and equity trading portfolios

Investment Results
Three months ended March 31 Q/Q Change
(in thousands, except percentages) 2021 2020
Net investment income $ 79,804 $ 99,473 $ (19,669)
Net realized and unrealized losses on investments (345,563) (110,707) (234,856)
Total investment result (265,759) (11,234) (254,525)
Total investment return - annualized (4.9) % (0.1) % (4.8) pts

•Total investment result decreased $254.5 million due to net realized and unrealized losses on investments of $345.6 million, principally within fixed maturity and equity investments, including:

–Net realized and unrealized losses on fixed maturity and short-term investments of $261.8 million, primarily as a result of increasing yields on U.S. treasuries.

–Net realized and unrealized losses on equity investments of $67.9 million, principally from losses in the Company’s strategic investment portfolio.

•Managed fixed maturity and short-term investment weighted average yield to maturity was 1.2% and average duration was 2.9 years on total consolidated fixed maturity and short-term investments, at fair value, of $18.4 billion at March 31, 2021.

Other Items of Note in the Quarter

•Net loss attributable to redeemable noncontrolling interests was $46.9 million compared to net income attributable to noncontrolling interests of $98.1 million. The first quarter of 2021 result was primarily driven by losses in DaVinciRe Holdings Ltd. (“DaVinci”) and Vermeer Reinsurance Ltd. as a result of Winter Storm Uri, as well as investment losses, and a decrease in RenaissanceRe Medici Fund Ltd. (“Medici”) net income.

•Corporate expenses decreased $5.6 million to $10.4 million, primarily due to certain integration and compensation related costs from the acquisition of TMR incurred in the first quarter of 2020.

•Income tax benefit of $19.5 million, principally driven by unrealized investment losses in the Company’s taxable jurisdictions.

•Net foreign exchange losses of $22.8 million, primarily driven by losses attributable to third-party investors in Medici and miscellaneous foreign exchange losses generated by underwriting activities.

•Share repurchases of 1.1 million common shares in open market transactions in the first quarter at an aggregate cost of $171.6 million and an average price of $159.47 per common share.

•Raised capital totaling over $760 million in the first quarter of 2021 through the Company’s joint ventures and managed funds, Upsilon RFO Re Ltd., DaVinci and Medici, including $131 million from the Company. In addition, the Company entered into secondary transactions with third-party investors resulting in a net purchase of an additional $117 million of DaVinci shares.

Subsequent events that may impact RenaissanceRe

•Effective April 1, 2021, the Company raised over $100.0 million of capital through Medici. Following this transaction, the Company’s ownership in Medici was 13.7%.

•From April 1, 2021 through April 23, 2021, the Company repurchased 330 thousand common shares in open market transactions at an aggregate cost of $55.3 million and an average price of $167.62 per common share.

RenaissanceRe continues to monitor COVID-19 and expect that there may be significant industry losses

•RenaissanceRe continues to evaluate industry trends and potential exposure associated with the ongoing COVID-19 pandemic, and expects historically significant industry losses to emerge over time as the full impact of the pandemic and its effects on the global economy are realized.

•Net claims and claim expenses incurred associated with the COVID-19 pandemic were not significant in the first quarter of 2021.

•RenaissanceRe continues to actively monitor information received from or reported by clients, brokers, industry actuaries, regulators, courts, and others, and to assess that information in the context of its own portfolio.

•Loss estimates represent RenaissanceRe’s best estimate based on currently available information, and actual losses may vary materially from these estimates.

Conference Call Details and Additional Information

Non-GAAP Financial Measures and Additional Financial Information

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 (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) 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.

Conference Call Information

RenaissanceRe will host a conference call on Thursday, April 29, 2021 at 11:00 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, RenaissanceRe 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 continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on our financial performance and our ability to conduct our business; the frequency and severity of catastrophic and other events 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 the Company 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; the performance of the Company’s investment portfolio and financial market volatility; a contention by the U.S. 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 its joint ventures or other entities it manages; the effect of cybersecurity risks, including technology breaches or failure, on the Company’s business; the success of

any of the Company’s strategic investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company’s ability to retain its 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 fluctuations; soft reinsurance underwriting market conditions; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the replacement of LIBOR; losses the Company could face from terrorism, political unrest or war; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s ability to determine any impairments taken on its 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; 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; the effect of the exit by the United Kingdom from the EU; 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:<br><br>Keith McCue<br><br>Senior Vice President, Finance & Investor Relations<br><br>RenaissanceRe Holdings Ltd.<br><br>(441) 239-4830 MEDIA CONTACT:<br><br>Keil Gunther<br><br>Senior Vice President, Head of Global Marketing & Client Communication<br><br>RenaissanceRe Holdings Ltd.<br><br>(441) 239-4932<br><br>or<br><br>Kekst CNC<br><br>Dawn Dover<br><br>(212) 521-4800
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>2021 March 31,<br>2020
Revenues
Gross premiums written $ 2,652,442 $ 2,025,721
Net premiums written $ 1,824,083 $ 1,269,808
Increase in unearned premiums (670,247) (356,710)
Net premiums earned 1,153,836 913,098
Net investment income 79,804 99,473
Net foreign exchange losses (22,788) (5,728)
Equity in (losses) earnings of other ventures (5,558) 4,564
Other income (loss) 2,171 (4,436)
Net realized and unrealized losses on investments (345,563) (110,707)
Total revenues 861,902 896,264
Expenses
Net claims and claim expenses incurred 867,051 570,954
Acquisition expenses 267,234 210,604
Operational expenses 55,311 67,461
Corporate expenses 10,405 15,991
Interest expense 11,912 14,927
Total expenses 1,211,913 879,937
(Loss) income before taxes (350,011) 16,327
Income tax benefit 19,516 8,846
Net (loss) income (330,495) 25,173
Net loss (income) attributable to redeemable noncontrolling interests 46,850 (98,091)
Net loss attributable to RenaissanceRe (283,645) (72,918)
Dividends on preference shares (7,289) (9,056)
Net loss attributable to RenaissanceRe common shareholders $ (290,934) $ (81,974)
Net loss attributable to RenaissanceRe common shareholders per common share – basic $ (5.87) $ (1.89)
Net loss attributable to RenaissanceRe common shareholders per common share – diluted $ (5.87) $ (1.89)
Operating income available to RenaissanceRe common shareholders per common share - diluted (1) $ 0.09 $ 0.76
Average shares outstanding - basic 49,579 43,441
Average shares outstanding - diluted 49,579 43,441
Net claims and claim expense ratio 75.1 % 62.5 %
Underwriting expense ratio 28.0 % 30.5 %
Combined ratio 103.1 % 93.0 %
Return on average common equity - annualized (17.1) % (6.3) %
Operating return on average common equity - annualized (1) 0.3 % 2.6 %

(1)     See Comments on Regulation G for a reconciliation of non-GAAP financial measures.

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
March 31,<br>2021 December 31,<br>2020
Assets (Unaudited) (Audited)
Fixed maturity investments trading, at fair value $ 13,309,234 $ 13,506,503
Short term investments, at fair value 5,091,143 4,993,735
Equity investments trading, at fair value 503,137 702,617
Other investments, at fair value 1,379,056 1,256,948
Investments in other ventures, under equity method 91,362 98,373
Total investments 20,373,932 20,558,176
Cash and cash equivalents 1,286,661 1,736,813
Premiums receivable 3,928,122 2,894,631
Prepaid reinsurance premiums 1,229,716 823,582
Reinsurance recoverable 3,160,667 2,926,010
Accrued investment income 62,573 66,743
Deferred acquisition costs and value of business acquired 786,941 633,521
Receivable for investments sold 841,156 568,293
Other assets 318,249 363,170
Goodwill and other intangible assets 248,080 249,641
Total assets $ 32,236,097 $ 30,820,580
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 10,953,383 $ 10,381,138
Unearned premiums 3,833,155 2,763,599
Debt 1,136,783 1,136,265
Reinsurance balances payable 4,254,645 3,488,352
Payable for investments purchased 1,133,787 1,132,538
Other liabilities 436,437 970,121
Total liabilities 21,748,190 19,872,013
Redeemable noncontrolling interests 3,409,570 3,388,319
Shareholders’ Equity
Preference shares 525,000 525,000
Common shares 49,970 50,811
Additional paid-in capital 1,450,627 1,623,206
Accumulated other comprehensive loss (12,382) (12,642)
Retained earnings 5,065,122 5,373,873
Total shareholders’ equity attributable to RenaissanceRe 7,078,337 7,560,248
Total liabilities, noncontrolling interests and shareholders’ equity $ 32,236,097 $ 30,820,580
Book value per common share $ 131.15 $ 138.46
RenaissanceRe Holdings Ltd.
--- --- --- --- --- --- --- --- --- --- --- ---
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended March 31, 2021
Property Casualty and Specialty Other Total
Gross premiums written $ 1,616,819 $ 1,035,623 $ — $ 2,652,442
Net premiums written $ 1,008,460 $ 815,623 $ — $ 1,824,083
Net premiums earned $ 605,166 $ 548,670 $ — $ 1,153,836
Net claims and claim expenses incurred 498,832 368,219 — 867,051
Acquisition expenses 112,754 154,480 — 267,234
Operational expenses 35,375 19,936 — 55,311
Underwriting (loss) income $ (41,795) $ 6,035 $ — (35,760)
Net investment income 79,804 79,804
Net foreign exchange losses (22,788) (22,788)
Equity in losses of other ventures (5,558) (5,558)
Other income 2,171 2,171
Net realized and unrealized losses on investments (345,563) (345,563)
Corporate expenses (10,405) (10,405)
Interest expense (11,912) (11,912)
Loss before taxes and redeemable noncontrolling interests (350,011)
Income tax benefit 19,516 19,516
Net loss attributable to redeemable noncontrolling interests 46,850 46,850
Dividends on preference shares (7,289) (7,289)
Net loss attributable to RenaissanceRe common shareholders $ (290,934)
Net claims and claim expenses incurred – current accident year $ 503,994 $ 372,089 $ — $ 876,083
Net claims and claim expenses incurred – prior accident years (5,162) (3,870) — (9,032)
Net claims and claim expenses incurred – total $ 498,832 $ 368,219 $ — $ 867,051
Net claims and claim expense ratio – current accident year 83.3 % 67.8 % 75.9 %
Net claims and claim expense ratio – prior accident years (0.9) % (0.7) % (0.8) %
Net claims and claim expense ratio – calendar year 82.4 % 67.1 % 75.1 %
Underwriting expense ratio 24.5 % 31.8 % 28.0 %
Combined ratio 106.9 % 98.9 % 103.1 %
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 144,745 426,209 — 570,954
Acquisition expenses 85,351 125,253 — 210,604
Operational expenses 44,007 23,454 — 67,461
Underwriting income (loss) $ 147,232 $ (83,153) $ — 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 expense 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 available 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 13,901 (1) — 13,900
Net claims and claim expenses incurred – total $ 144,745 $ 426,209 $ — $ 570,954
Net claims and claim expense ratio – current accident 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 %
RenaissanceRe Holdings Ltd.
--- ---
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended
March 31,<br>2021 March 31,<br>2020
Property Segment
Catastrophe $ 1,131,125 $ 936,190
Other property 485,694 284,336
Property segment gross premiums written $ 1,616,819 $ 1,220,526
Casualty and Specialty Segment
General casualty (1) $ 343,170 $ 246,667
Professional liability (2) 314,372 230,487
Financial lines (3) 144,386 147,079
Other (4) 233,695 180,962
Casualty and Specialty segment gross premiums written $ 1,035,623 $ 805,195 (1) Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
--- ---
(2) Includes directors and officers, medical malpractice, and professional indemnity.
(3) Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4) Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.
RenaissanceRe Holdings Ltd.
--- ---
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended
March 31,<br>2021 March 31,<br>2020
Fixed maturity investments trading $ 62,933 $ 73,338
Short term investments 573 12,092
Equity investments trading 1,491 1,551
Other investments
Catastrophe bonds 14,468 14,139
Other 3,801 1,629
Cash and cash equivalents 102 1,504
83,368 104,253
Investment expenses (3,564) (4,780)
Net investment income 79,804 99,473
Net realized and unrealized (losses) gains on:
Fixed maturity investments trading (1) (261,759) 101,221
Equity investments trading (1) (67,922) (151,882)
Other investments
Catastrophe bonds (19,083) (14,352)
Other 3,201 (45,694)
Net realized and unrealized losses on investments (345,563) (110,707)
Total investment result $ (265,759) $ (11,234)
Total investment return - annualized (4.9) % (0.1) %

(1)    Net realized and unrealized (losses) gains on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized (losses) gains on equity investments trading includes the impact of equity futures.

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

The Company uses “operating income (loss) available (attributable) 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 (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net loss attributable to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe (UK) Limited (“RenaissanceRe UK”), the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from: fluctuations in the fair value of the Company’s fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) 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 attributable to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net loss attributable to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) 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.

Three months ended
(in thousands of United States Dollars, except per share amounts and percentages) March 31,<br>2021 March 31,<br>2020
Net loss attributable to RenaissanceRe common shareholders $ (290,934) $ (81,974)
Adjustment for net realized and unrealized losses on investments, excluding other investments - catastrophe bonds 326,480 96,355
Adjustment for net foreign exchange losses 22,788 5,728
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK 135 4,423
Adjustment for income tax benefit (1) (19,965) (4,141)
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests(2) (34,109) 13,019
Operating income available to RenaissanceRe common shareholders $ 4,395 $ 33,410
Net loss attributable to RenaissanceRe common shareholders per common share - diluted $ (5.87) $ (1.89)
Adjustment for net realized and unrealized losses on investments, excluding other investments - catastrophe bonds 6.59 2.22
Adjustment for net foreign exchange losses 0.46 0.13
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK — 0.10
Adjustment for income tax benefit (1) (0.40) (0.10)
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests(2) (0.69) 0.30
Operating income available to RenaissanceRe common shareholders per common share - diluted $ 0.09 $ 0.76
Return on average common equity - annualized (17.1) % (6.3) %
Adjustment for net realized and unrealized losses on investments, excluding other investments - catastrophe bonds 19.2 % 7.5 %
Adjustment for net foreign exchange losses 1.4 % 0.4 %
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK — % 0.3 %
Adjustment for income tax benefit (1) (1.2) % (0.3) %
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests(2) (2.0) % 1.0 %
Operating return on average common equity - annualized 0.3 % 2.6 %

(1)    Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income 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.

(2)    Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.

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.”

March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Book value per common share $ 131.15 $ 138.46 $ 135.13 $ 134.27 $ 117.15
Adjustment for goodwill and other intangibles (1) (5.42) (5.37) (5.53) (5.56) (6.46)
Tangible book value per common share 125.73 133.09 129.60 128.71 110.69
Adjustment for accumulated dividends 22.44 22.08 21.73 21.38 21.03
Tangible book value per common share plus accumulated dividends $ 148.17 $ 155.17 $ 151.33 $ 150.09 $ 131.72
Quarterly change in book value per common share (5.3) % 2.5 % 0.6 % 14.6 % (2.8) %
Quarterly change in tangible book value per common share plus change in accumulated dividends (5.3) % 3.0 % 1.0 % 16.6 % (2.6) %
Year to date change in book value per common share (5.3) % 14.9 % 12.1 % 11.4 % (2.8) %
Year to date change in tangible book value per common share plus change in accumulated dividends (5.3) % 17.9 % 14.6 % 13.5 % (2.6) %

(1)     At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, goodwill and other intangibles included $22.7 million, $23.0 million, $23.2 million, $23.5 million and $24.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

17

Document

q1financialsupplementcover1.jpg

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

renaissanceresmalla361.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.

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

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

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

i
Financial Highlights
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Highlights
Gross premiums written $ 2,652,442 $ 935,514 $ 1,143,058 $ 1,701,872 $ 2,025,721
Underwriting (loss) income $ (35,760) $ (151,655) $ (206,072) $ 217,137 $ 64,079
Net investment income $ 79,804 $ 81,717 $ 83,543 $ 89,305 $ 99,473
Net realized and unrealized (losses) gains on investments (345,563) 258,745 224,208 448,390 (110,707)
Total investment result $ (265,759) $ 340,462 $ 307,751 $ 537,695 $ (11,234)
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (290,934) $ 189,812 $ 47,799 $ 575,845 $ (81,974)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) $ 4,395 $ (77,122) $ (131,724) $ 190,076 $ 33,410
Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic $ (5.87) $ 3.75 $ 0.94 $ 12.64 $ (1.89)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (5.87) $ 3.74 $ 0.94 $ 12.63 $ (1.89)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) $ 0.09 $ (1.59) $ (2.64) $ 4.06 $ 0.76
Book value per common share $ 131.15 $ 138.46 $ 135.13 $ 134.27 $ 117.15
Tangible book value per common share (1) $ 125.73 $ 133.09 $ 129.60 $ 128.71 $ 110.69
Tangible book value per common share plus accumulated dividends (1) $ 148.17 $ 155.17 $ 151.33 $ 150.09 $ 131.72
Change in tangible book value per common share plus change in accumulated dividends (1) (5.3) % 3.0 % 1.0 % 16.6 % (2.6) %
Financial ratios
Combined ratio 103.1 % 114.7 % 120.6 % 78.5 % 93.0 %
Return on average common equity - annualized (17.1) % 10.9 % 2.8 % 38.5 % (6.3) %
Operating return on average common equity - annualized (1) 0.3 % (4.4) % (7.7) % 12.7 % 2.6 %
Total investment return - annualized (4.9) % 6.6 % 6.2 % 11.8 % (0.1) %

(1)    See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Revenues
Gross premiums written $ 2,652,442 $ 935,514 $ 1,143,058 $ 1,701,872 $ 2,025,721
Net premiums written $ 1,824,083 $ 746,311 $ 899,411 $ 1,180,803 $ 1,269,808
(Increase) decrease in unearned premiums (670,247) 282,774 100,772 (170,707) (356,710)
Net premiums earned 1,153,836 1,029,085 1,000,183 1,010,096 913,098
Net investment income 79,804 81,717 83,543 89,305 99,473
Net foreign exchange (losses) gains (22,788) 23,270 17,426 (7,195) (5,728)
Equity in (losses) earnings of other ventures (5,558) (1,868) 5,457 9,041 4,564
Other income (loss) 2,171 4,374 1,476 (1,201) (4,436)
Net realized and unrealized (losses) gains on investments (345,563) 258,745 224,208 448,390 (110,707)
Total revenues 861,902 1,395,323 1,332,293 1,548,436 896,264
Expenses
Net claims and claim expenses incurred 867,051 901,353 942,030 510,272 570,954
Acquisition expenses 267,234 238,283 215,180 233,610 210,604
Operational expenses 55,311 41,104 49,045 49,077 67,461
Corporate expenses 10,405 21,031 48,050 11,898 15,991
Interest expense 11,912 11,841 11,843 11,842 14,927
Total expenses 1,211,913 1,213,612 1,266,148 816,699 879,937
(Loss) income before taxes (350,011) 181,711 66,145 731,737 16,327
Income tax benefit (expense) 19,516 9,923 8,244 (29,875) 8,846
Net (loss) income (330,495) 191,634 74,389 701,862 25,173
Net loss (income) attributable to redeemable noncontrolling interests 46,850 5,467 (19,301) (118,728) (98,091)
Net (loss) income attributable to RenaissanceRe (283,645) 197,101 55,088 583,134 (72,918)
Dividends on preference shares (7,289) (7,289) (7,289) (7,289) (9,056)
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (290,934) $ 189,812 $ 47,799 $ 575,845 $ (81,974)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic $ (5.87) $ 3.75 $ 0.94 $ 12.64 $ (1.89)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (5.87) $ 3.74 $ 0.94 $ 12.63 $ (1.89)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) $ 0.09 $ (1.59) $ (2.64) $ 4.06 $ 0.76
Return on average common equity - annualized (17.1) % 10.9 % 2.8 % 38.5 % (6.3) %
Operating return on average common equity - annualized (1) 0.3 % (4.4) % (7.7) % 12.7 % 2.6 %
Summary Consolidated Financial Statements
--- --- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Assets
Fixed maturity investments trading, at fair value $ 13,309,234 $ 13,506,503 $ 13,391,318 $ 12,495,135 $ 11,045,801
Short term investments, at fair value 5,091,143 4,993,735 5,158,961 5,570,804 5,263,242
Equity investments trading, at fair value 503,137 702,617 547,381 470,087 360,444
Other investments, at fair value 1,379,056 1,256,948 1,122,683 1,093,338 1,058,714
Investments in other ventures, under equity method 91,362 98,373 98,990 94,285 90,396
Total investments 20,373,932 20,558,176 20,319,333 19,723,649 17,818,597
Cash and cash equivalents 1,286,661 1,736,813 1,287,378 1,185,844 896,216
Premiums receivable 3,928,122 2,894,631 3,337,120 3,519,965 3,105,441
Prepaid reinsurance premiums 1,229,716 823,582 1,082,270 1,266,203 1,151,926
Reinsurance recoverable 3,160,667 2,926,010 2,883,808 2,774,358 2,765,583
Accrued investment income 62,573 66,743 71,947 70,004 73,496
Deferred acquisition costs and value of business acquired 786,941 633,521 697,346 734,286 739,875
Receivable for investments sold 841,156 568,293 752,936 648,458 341,786
Other assets 318,249 363,170 306,265 298,396 312,523
Goodwill and other intangibles 248,080 249,641 257,437 258,591 260,076
Total assets $ 32,236,097 $ 30,820,580 $ 30,995,840 $ 30,479,754 $ 27,465,519
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses $ 10,953,383 $ 10,381,138 $ 9,900,615 $ 9,365,469 $ 9,406,707
Unearned premiums 3,833,155 2,763,599 3,276,156 3,549,641 3,245,914
Debt 1,136,783 1,136,265 1,135,740 1,135,216 1,134,695
Reinsurance balances payable 4,254,645 3,488,352 3,915,804 4,094,027 3,775,375
Payable for investments purchased 1,133,787 1,132,538 1,597,893 1,259,116 636,136
Other liabilities 436,437 970,121 391,494 342,014 351,320
Total liabilities 21,748,190 19,872,013 20,217,702 19,745,483 18,550,147
Redeemable noncontrolling interests 3,409,570 3,388,319 3,387,317 3,387,099 3,231,846
Shareholders' Equity
Preference shares 525,000 525,000 525,000 525,000 525,000
Common shares 49,970 50,811 50,810 50,811 44,034
Additional paid-in capital 1,450,627 1,623,206 1,615,328 1,602,738 502,608
Accumulated other comprehensive loss (12,382) (12,642) (2,083) (3,066) (1,664)
Retained earnings 5,065,122 5,373,873 5,201,766 5,171,689 4,613,548
Total shareholders' equity attributable to RenaissanceRe 7,078,337 7,560,248 7,390,821 7,347,172 5,683,526
Total liabilities, noncontrolling interests and shareholders' equity $ 32,236,097 $ 30,820,580 $ 30,995,840 $ 30,479,754 $ 27,465,519
Book value per common share $ 131.15 $ 138.46 $ 135.13 $ 134.27 $ 117.15
Underwriting and Reserves
--- --- --- --- --- --- ---
Consolidated Segment Underwriting Results
Three months ended March 31, 2021
Property Casualty and Specialty Total
Gross premiums written $ 1,616,819 $ 1,035,623 $ 2,652,442
Net premiums written $ 1,008,460 $ 815,623 $ 1,824,083
Net premiums earned $ 605,166 $ 548,670 $ 1,153,836
Net claims and claim expenses incurred 498,832 368,219 867,051
Acquisition expenses 112,754 154,480 267,234
Operational expenses 35,375 19,936 55,311
Underwriting (loss) income $ (41,795) $ 6,035 $ (35,760)
Net claims and claim expenses incurred - current accident year $ 503,994 $ 372,089 $ 876,083
Net claims and claim expenses incurred - prior accident years (5,162) (3,870) (9,032)
Net claims and claim expenses incurred - total $ 498,832 $ 368,219 $ 867,051
Net claims and claim expense ratio - current accident year 83.3 % 67.8 % 75.9 %
Net claims and claim expense ratio - prior accident years (0.9) % (0.7) % (0.8) %
Net claims and claim expense ratio - calendar year 82.4 % 67.1 % 75.1 %
Underwriting expense ratio 24.5 % 31.8 % 28.0 %
Combined ratio 106.9 % 98.9 % 103.1 %
Three months ended March 31, 2020
Property Casualty and Specialty 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 144,745 426,209 570,954
Acquisition expenses 85,351 125,253 210,604
Operational expenses 44,007 23,454 67,461
Underwriting income (loss) $ 147,232 $ (83,153) $ 64,079
Net claims and claim expenses incurred - current accident year $ 130,844 $ 426,210 $ 557,054
Net claims and claim expenses incurred - prior accident years 13,901 (1) 13,900
Net claims and claim expenses incurred - total $ 144,745 $ 426,209 $ 570,954
Net claims and claim expense ratio - current accident 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 %
Underwriting and Reserves
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Segment Underwriting Results
Three months ended
Property Segment March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Gross premiums written $ 1,616,819 $ 308,315 $ 427,765 $ 1,042,536 $ 1,220,526
Net premiums written $ 1,008,460 $ 279,773 $ 378,708 $ 704,138 $ 674,581
Net premiums earned $ 605,166 $ 507,141 $ 516,623 $ 491,116 $ 421,335
Net claims and claim expenses incurred 498,832 536,218 590,979 164,005 144,745
Acquisition expenses 112,754 75,032 98,545 94,772 85,351
Operational expenses 35,375 26,160 33,724 31,656 44,007
Underwriting (loss) income $ (41,795) $ (130,269) $ (206,625) $ 200,683 $ 147,232
Net claims and claim expenses incurred - current accident year $ 503,994 $ 661,711 $ 629,827 $ 170,614 $ 130,844
Net claims and claim expenses incurred - prior accident years (5,162) (125,493) (38,848) (6,608) 13,901
Net claims and claim expenses incurred - total $ 498,832 $ 536,218 $ 590,979 $ 164,006 $ 144,745
Net claims and claim expense ratio - current accident year 83.3 % 130.4 % 121.9 % 34.7 % 31.1 %
Net claims and claim expense ratio - prior accident years (0.9) % (24.7) % (7.5) % (1.3) % 3.3 %
Net claims and claim expense ratio - calendar year 82.4 % 105.7 % 114.4 % 33.4 % 34.4 %
Underwriting expense ratio 24.5 % 20.0 % 25.6 % 25.7 % 30.7 %
Combined ratio 106.9 % 125.7 % 140.0 % 59.1 % 65.1 %
Three months ended
Casualty and Specialty Segment March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Gross premiums written $ 1,035,623 $ 627,199 $ 715,293 $ 659,336 $ 805,195
Net premiums written $ 815,623 $ 466,538 $ 520,703 $ 476,665 $ 595,227
Net premiums earned $ 548,670 $ 521,944 $ 483,560 $ 518,980 $ 491,763
Net claims and claim expenses incurred 368,219 365,135 351,052 346,266 426,209
Acquisition expenses 154,480 163,251 116,636 138,837 125,253
Operational expenses 19,936 14,945 15,319 17,422 23,454
Underwriting income (loss) $ 6,035 $ (21,387) $ 553 $ 16,455 $ (83,153)
Net claims and claim expenses incurred - current accident year $ 372,089 $ 368,071 $ 366,080 $ 355,064 $ 426,210
Net claims and claim expenses incurred - prior accident years (3,870) (2,936) (15,028) (8,798) (1)
Net claims and claim expenses incurred - total $ 368,219 $ 365,135 $ 351,052 $ 346,266 $ 426,209
Net claims and claim expense ratio - current accident year 67.8 % 70.5 % 75.7 % 68.4 % 86.7 %
Net claims and claim expense ratio - prior accident years (0.7) % (0.5) % (3.1) % (1.7) % — %
Net claims and claim expense ratio - calendar year 67.1 % 70.0 % 72.6 % 66.7 % 86.7 %
Underwriting expense ratio 31.8 % 34.1 % 27.3 % 30.1 % 30.2 %
Combined ratio 98.9 % 104.1 % 99.9 % 96.8 % 116.9 %
Underwriting and Reserves
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended March 31, 2021 Three months ended March 31, 2020
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 1,131,125 $ 485,694 $ 1,616,819 $ 936,190 $ 284,336 $ 1,220,526
Net premiums written $ 660,120 $ 348,340 $ 1,008,460 $ 477,457 $ 197,124 $ 674,581
Net premiums earned $ 340,980 $ 264,186 $ 605,166 $ 220,655 $ 200,680 $ 421,335
Net claims and claim expenses incurred 334,011 164,821 498,832 (2,201) 146,946 144,745
Acquisition expenses 41,378 71,376 112,754 28,707 56,644 85,351
Operational expenses 28,366 7,009 35,375 35,545 8,462 44,007
Underwriting (loss) income $ (62,775) $ 20,980 $ (41,795) $ 158,604 $ (11,372) $ 147,232
Net claims and claim expenses incurred - current accident year $ 338,475 $ 165,519 $ 503,994 $ 23,382 $ 107,462 $ 130,844
Net claims and claim expenses incurred - prior accident years (4,464) (698) (5,162) (25,583) 39,484 13,901
Net claims and claim expenses incurred - total $ 334,011 $ 164,821 $ 498,832 $ (2,201) $ 146,946 $ 144,745
Net claims and claim expense ratio - current accident year 99.3 % 62.7 % 83.3 % 10.6 % 53.5 % 31.1 %
Net claims and claim expense ratio - prior accident years (1.3) % (0.3) % (0.9) % (11.6) % 19.7 % 3.3 %
Net claims and claim expense ratio - calendar year 98.0 % 62.4 % 82.4 % (1.0) % 73.2 % 34.4 %
Underwriting expense ratio 20.4 % 29.7 % 24.5 % 29.1 % 32.5 % 30.7 %
Combined ratio 118.4 % 92.1 % 106.9 % 28.1 % 105.7 % 65.1 %
Underwriting and Reserves
--- --- --- --- --- --- --- --- --- --- ---
Gross Premiums Written
Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Property Segment
Catastrophe $ 1,131,125 $ 59,120 $ 179,689 $ 711,786 $ 936,190
Other property 485,694 249,195 248,076 330,750 284,336
Property segment gross premiums written $ 1,616,819 $ 308,315 $ 427,765 $ 1,042,536 $ 1,220,526
Casualty and Specialty Segment
General casualty (1) $ 343,170 $ 190,996 $ 260,265 $ 206,666 $ 246,667
Professional liability (2) 314,372 207,437 175,459 222,737 230,487
Financial lines (3) 144,386 122,023 143,455 101,635 147,079
Other (4) 233,695 106,743 136,114 128,298 180,962
Casualty and Specialty segment gross premiums written $ 1,035,623 $ 627,199 $ 715,293 $ 659,336 $ 805,195 (1) Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
--- ---
(2) Includes directors and officers, medical malpractice, and professional indemnity.
(3) Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4) Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.
Underwriting and Reserves
--- --- --- --- --- --- --- --- ---
Reserves for Claims and Claim Expenses
Case Reserves Additional Case Reserves IBNR Total
March 31, 2021
Property $ 1,292,683 $ 1,333,734 $ 2,145,953 $ 4,772,370
Casualty and Specialty 1,801,362 147,822 4,231,829 6,181,013
Total $ 3,094,045 $ 1,481,556 $ 6,377,782 $ 10,953,383
December 31, 2020
Property $ 1,127,909 $ 1,617,003 $ 1,627,541 $ 4,372,453
Casualty and Specialty 1,651,150 133,843 4,223,692 6,008,685
Total $ 2,779,059 $ 1,750,846 $ 5,851,233 $ 10,381,138
September 30, 2020
Property $ 1,037,858 $ 1,752,260 $ 1,238,478 $ 4,028,596
Casualty and Specialty 1,625,554 123,001 4,123,464 5,872,019
Total $ 2,663,412 $ 1,875,261 $ 5,361,942 $ 9,900,615
June 30, 2020
Property $ 1,095,843 $ 1,650,244 $ 842,395 $ 3,588,482
Casualty and Specialty 1,682,299 127,588 3,967,100 5,776,987
Total $ 2,778,142 $ 1,777,832 $ 4,809,495 $ 9,365,469
March 31, 2020
Property $ 1,096,170 $ 1,707,754 $ 958,827 $ 3,762,751
Casualty and Specialty 1,644,402 105,505 3,894,049 5,643,956
Total $ 2,740,572 $ 1,813,259 $ 4,852,876 $ 9,406,707
Underwriting and Reserves
--- --- --- --- --- --- --- --- --- --- --- --- ---
Paid to Incurred Analysis
Three months ended March 31, 2021 Three months ended March 31, 2020
Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period $ 10,381,138 $ 2,926,010 $ 7,455,128 $ 9,384,349 $ 2,791,297 $ 6,593,052
Incurred claims and claim expenses
Current year 1,221,981 345,898 876,083 790,010 232,956 557,054
Prior years 28,265 37,297 (9,032) (42,295) (56,195) 13,900
Total incurred claims and claim expenses 1,250,246 383,195 867,051 747,715 176,761 570,954
Paid claims and claim expenses
Current year 18,069 3,318 14,751 34,310 3,109 31,201
Prior years 622,819 136,331 486,488 635,378 199,092 436,286
Total paid claims and claim expenses 640,888 139,649 501,239 669,688 202,201 467,487
Foreign exchange (1) (37,113) (8,889) (28,224) (55,669) (274) (55,395)
Reserve for claims and claim expenses, end of period $ 10,953,383 $ 3,160,667 $ 7,792,716 $ 9,406,707 $ 2,765,583 $ 6,641,124

(1)    Reflects the impact of the foreign exchange revaluation of the net reserve for claims and claim expenses denominated in non-U.S. dollars as at the balance sheet date.

Managed Joint Ventures and Fee Income
Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.

Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Management fee income
Joint ventures $ 11,128 $ 8,458 $ 13,070 $ 12,190 $ 11,781
Structured reinsurance products and other 8,774 8,830 8,785 8,739 8,597
Managed funds 8,622 9,490 8,610 6,508 6,418
Total management fee income 28,524 26,778 30,465 27,437 26,796
Performance fee income (loss)
Joint ventures 1,556 (1,984) (1,842) 6,165 7,828
Structured reinsurance products and other (1,293) 1,570 (10,414) 7,994 8,375
Managed funds (4,798) 9,542 175 3,914 2,363
Total performance fee (loss) income (1) (4,535) 9,128 (12,081) 18,073 18,566
Total fee income $ 23,989 $ 35,906 $ 18,384 $ 45,510 $ 45,362

(1)     Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

Managed Joint Ventures and Fee Income
Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the "Consolidated Managed Joint Ventures"), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company's consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company's consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:

Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Redeemable noncontrolling interest - DaVinciRe $ 39,934 $ 32,993 $ 26,616 $ (88,374) $ (84,906)
Redeemable noncontrolling interest - Medici 13,443 (13,534) (33,963) (13,151) 4,678
Redeemable noncontrolling interest - Vermeer (6,527) (13,992) (11,954) (17,203) (17,863)
Net loss (income) attributable to redeemable noncontrolling interests (1) $ 46,850 $ 5,467 $ (19,301) $ (118,728) $ (98,091)

(1) A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:

March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Redeemable noncontrolling interest - DaVinciRe $ 1,555,714 $ 1,560,693 $ 1,594,683 $ 1,621,300 $ 1,533,085
Redeemable noncontrolling interest - Medici 737,702 717,999 696,999 682,118 677,283
Redeemable noncontrolling interest - Vermeer 1,116,154 1,109,627 1,095,635 1,083,681 1,021,478
Redeemable noncontrolling interests $ 3,409,570 $ 3,388,319 $ 3,387,317 $ 3,387,099 $ 3,231,846

A summary of the redeemable noncontrolling economic ownership of third parties in the Consolidated Managed Joint Ventures is set forth below:

March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
DaVinciRe 71.3 % 78.6 % 78.6 % 78.6 % 78.6 %
Medici 84.6 % 84.3 % 88.5 % 88.6 % 88.8 %
Vermeer 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Managed Joint Ventures and Fee Income
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Revenues
Gross premiums written $ 342,033 $ 21,996 $ 77,866 $ 222,306 $ 255,640
Net premiums written $ 315,476 $ 22,266 $ 78,025 $ 177,116 $ 241,641
(Increase) decrease in unearned premiums (154,894) 120,081 62,486 (58,172) (135,933)
Net premiums earned 160,582 142,347 140,511 118,944 105,708
Net investment income 8,261 8,848 9,339 11,557 15,087
Net foreign exchange (losses) gains (590) 149 (511) 8 (1,180)
Net realized and unrealized (losses) gains on investments (26,798) 3,436 5,439 34,674 18,529
Total revenues 141,455 154,780 154,778 165,183 138,144
Expenses
Net claims and claim expenses incurred 167,543 184,787 171,271 9,829 (13,726)
Acquisition expenses 16,317 3,138 2,384 29,208 30,112
Operational and corporate expenses 11,706 6,955 13,123 11,862 11,889
Interest expense 1,858 1,859 1,859 1,859 1,858
Total expenses 197,424 196,739 188,637 52,758 30,133
(Loss) income before taxes (55,969) (41,959) (33,859) 112,425 108,011
Income tax (expense) benefit — (12) — (2) 2
Net (loss) income (attributable) available to DaVinciRe common shareholders $ (55,969) $ (41,971) $ (33,859) $ 112,423 $ 108,013
Net claims and claim expenses incurred - current accident year $ 181,716 $ 209,903 $ 196,188 $ 14,728 $ 4,967
Net claims and claim expenses incurred - prior accident years (14,173) (25,116) (24,917) (4,899) (18,693)
Net claims and claim expenses incurred - total $ 167,543 $ 184,787 $ 171,271 $ 9,829 $ (13,726)
Net claims and claim expense ratio - current accident year 113.2 % 147.5 % 139.6 % 12.4 % 4.7 %
Net claims and claim expense ratio - prior accident years (8.9) % (17.7) % (17.7) % (4.1) % (17.7) %
Net claims and claim expense ratio - calendar year 104.3 % 129.8 % 121.9 % 8.3 % (13.0) %
Underwriting expense ratio 17.5 % 7.1 % 11.0 % 34.5 % 39.7 %
Combined ratio 121.8 % 136.9 % 132.9 % 42.8 % 26.7 %
RenaissanceRe Holdings Ltd.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
Total Investment Result
Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Fixed maturity investments trading $ 62,933 $ 66,912 $ 68,022 $ 69,943 $ 73,338
Short term investments 573 1,047 1,611 6,049 12,092
Equity investments trading 1,491 1,628 1,559 1,666 1,551
Other investments
Catastrophe bonds 14,468 13,500 13,626 13,519 14,139
Other 3,801 4,083 2,598 1,107 1,629
Cash and cash equivalents 102 192 441 837 1,504
83,368 87,362 87,857 93,121 104,253
Investment expenses (3,564) (5,645) (4,314) (3,816) (4,780)
Net investment income 79,804 81,717 83,543 89,305 99,473
Net realized and unrealized (losses) gains on:
Fixed maturity investments trading (1) (261,759) 90,132 78,348 322,711 101,221
Equity investments trading (1) (67,922) 154,306 119,622 113,506 (151,882)
Other investments
Catastrophe bonds (19,083) (9,742) 12,611 4,452 (14,352)
Other 3,201 24,049 13,627 7,721 (45,694)
Net realized and unrealized (losses) gains on investments (345,563) 258,745 224,208 448,390 (110,707)
Total investment result $ (265,759) $ 340,462 $ 307,751 $ 537,695 $ (11,234)
Total investment return - annualized (4.9) % 6.6 % 6.2 % 11.8 % (0.1) %

(1)    Net realized and unrealized (losses) gains on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized (losses) gains on equity investments trading includes the impact of equity futures.

Investments
Investment Portfolio - Composition
Type of Investment March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
U.S. treasuries $ 5,107,878 25.1 % $ 4,960,409 24.1 % $ 4,350,971 21.4 % $ 4,258,675 21.6 % $ 3,915,130 22.0 %
Agencies 227,184 1.1 % 368,032 1.8 % 437,681 2.1 % 505,038 2.6 % 537,490 3.1 %
Non-U.S. government 518,162 2.5 % 491,531 2.4 % 568,960 2.8 % 584,206 3.0 % 635,282 3.6 %
Non-U.S. government-backed corporate 335,662 1.6 % 338,014 1.6 % 401,449 2.0 % 314,833 1.6 % 283,577 1.6 %
Corporate 4,289,072 21.1 % 4,261,025 20.7 % 4,655,765 22.9 % 4,428,553 22.5 % 3,259,780 18.3 %
Agency mortgage-backed 957,563 4.7 % 1,113,792 5.4 % 1,086,474 5.3 % 985,851 5.0 % 1,056,272 5.9 %
Non-agency mortgage-backed 272,529 1.3 % 291,444 1.4 % 293,953 1.4 % 276,300 1.4 % 275,026 1.6 %
Commercial mortgage-backed 713,044 3.5 % 791,272 3.8 % 788,995 3.9 % 591,238 3.0 % 540,502 3.0 %
Asset-backed 888,140 4.4 % 890,984 4.3 % 807,070 4.0 % 550,441 2.8 % 542,742 3.1 %
Total fixed maturity investments, at fair value 13,309,234 65.3 % 13,506,503 65.5 % 13,391,318 65.8 % 12,495,135 63.5 % 11,045,801 62.2 %
Short term investments, at fair value 5,091,143 25.0 % 4,993,735 24.3 % 5,158,961 25.4 % 5,570,804 28.2 % 5,263,242 29.4 %
Total consolidated fixed maturity and short term investments, at fair value 18,400,377 90.3 % 18,500,238 89.8 % 18,550,279 91.2 % 18,065,939 91.7 % 16,309,043 91.6 %
Equity investments trading, at fair value 503,137 2.5 % 702,617 3.4 % 547,381 2.7 % 470,087 2.4 % 360,444 2.0 %
Other investments, at fair value 1,379,056 6.8 % 1,256,948 6.2 % 1,122,683 5.5 % 1,093,338 5.5 % 1,058,714 5.9 %
Total managed investment portfolio 20,282,570 99.6 % 20,459,803 99.4 % 20,220,343 99.4 % 19,629,364 99.6 % 17,728,201 99.5 %
Investments in other ventures, under equity method 91,362 0.4 % 98,373 0.6 % 98,990 0.6 % 94,285 0.4 % 90,396 0.5 %
Total investments $ 20,373,932 100.0 % $ 20,558,176 100.0 % $ 20,319,333 100.0 % $ 19,723,649 100.0 % $ 17,818,597 100.0 %
Investments
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio - Fixed Maturity Investments
Credit Quality of Fixed Maturity Investments March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
AAA $ 1,859,370 14.0 % $ 1,915,147 14.2 % $ 1,972,894 14.7 % $ 1,392,417 11.1 % $ 1,590,824 14.4 %
AA 7,022,443 52.8 % 7,210,622 53.4 % 6,721,098 50.2 % 6,670,927 53.4 % 6,212,689 56.3 %
A 1,504,569 11.3 % 1,485,463 11.0 % 1,777,861 13.3 % 1,864,066 14.9 % 1,491,504 13.5 %
BBB 1,509,280 11.3 % 1,538,681 11.4 % 1,648,049 12.3 % 1,433,297 11.5 % 915,375 8.3 %
Non-investment grade and not rated 1,413,572 10.6 % 1,356,590 10.0 % 1,271,416 9.5 % 1,134,428 9.1 % 835,409 7.5 %
Total fixed maturity investments, at fair value $ 13,309,234 100.0 % $ 13,506,503 100.0 % $ 13,391,318 100.0 % $ 12,495,135 100.0 % $ 11,045,801 100.0 %
Maturity Profile of Fixed Maturity Investments
Due in less than one year $ 572,443 4.3 % $ 637,418 4.7 % $ 621,610 4.6 % $ 638,686 5.1 % $ 723,397 6.5 %
Due after one through five years 5,569,638 41.9 % 5,391,122 39.9 % 5,749,128 43.0 % 5,513,103 44.1 % 5,039,456 45.7 %
Due after five through ten years 3,786,423 28.4 % 3,806,564 28.2 % 3,374,898 25.2 % 3,312,749 26.6 % 2,612,031 23.7 %
Due after ten years 549,453 4.1 % 583,908 4.3 % 669,190 5.0 % 626,768 5.0 % 256,375 2.3 %
Mortgage-backed securities 1,943,137 14.6 % 2,196,507 16.3 % 2,169,422 16.2 % 1,853,388 14.8 % 1,871,800 16.9 %
Asset-backed securities 888,140 6.7 % 890,984 6.6 % 807,070 6.0 % 550,441 4.4 % 542,742 4.9 %
Total fixed maturity investments, at fair value $ 13,309,234 100.0 % $ 13,506,503 100.0 % $ 13,391,318 100.0 % $ 12,495,135 100.0 % $ 11,045,801 100.0 %
Investments
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
Credit Rating (1)
March 31, 2021 Amortized<br>Cost Fair Value Weighted Average Yield to Maturity AAA AA A BBB Non-<br>Investment<br>Grade Not Rated
Short term investments $ 5,091,143 $ 5,091,143 0.1 % $ 5,070,274 $ 4,686 $ 11,169 $ 2,135 $ 2,703 $ 176
100.0 % 99.6 % 0.1 % 0.2 % — % 0.1 % — %
Fixed maturity investments
U.S. treasuries 5,134,561 5,107,878 0.7 % — 5,107,878 — — — —
Agencies
Fannie Mae and Freddie Mac 66,016 63,787 1.3 % — 63,787 — — — —
Other agencies 165,843 163,397 1.5 % — 163,397 — — — —
Total agencies 231,859 227,184 1.4 % — 227,184 — — — —
Non-U.S. government 522,411 518,162 1.0 % 327,980 149,009 17,524 22,068 1,581 —
Non-U.S. government-backed corporate 337,967 335,662 1.2 % 135,942 173,922 10,848 7,338 5,644 1,968
Corporate 4,225,023 4,289,072 2.5 % 76,940 161,869 1,446,018 1,410,658 1,137,879 55,708
Mortgage-backed
Residential mortgage-backed
Agency securities 955,262 957,563 1.7 % — 957,563 — — — —
Non-agency securities 267,591 272,529 3.0 % 64,642 13,424 2,520 7,170 133,512 51,261
Total residential mortgage-backed 1,222,853 1,230,092 2.0 % 64,642 970,987 2,520 7,170 133,512 51,261
Commercial mortgage-backed 699,472 713,044 1.8 % 557,036 120,566 5,392 24,347 2,528 3,175
Total mortgage-backed 1,922,325 1,943,136 1.9 % 621,678 1,091,553 7,912 31,517 136,040 54,436
Asset-backed
Collateralized loan obligations 795,020 797,409 1.8 % 612,855 108,905 20,395 37,644 7,993 9,617
Other 89,819 90,731 0.8 % 83,975 2,123 1,872 55 1,279 1,427
Total asset-backed 884,839 888,140 1.7 % 696,830 111,028 22,267 37,699 9,272 11,044
Total securitized assets 2,807,164 2,831,276 1.8 % 1,318,508 1,202,581 30,179 69,216 145,312 65,480
Total fixed maturity investments 13,258,985 13,309,234 1.6 % 1,859,370 7,022,443 1,504,569 1,509,280 1,290,416 123,156
100.0 % 14.0 % 52.8 % 11.3 % 11.3 % 9.7 % 0.9 %
Total consolidated fixed maturity and short term investments, at fair value $ 18,350,128 $ 18,400,377 1.2 % $ 6,929,644 $ 7,027,129 $ 1,515,738 $ 1,511,415 $ 1,293,119 $ 123,332
100.0 % 37.8 % 38.2 % 8.2 % 8.2 % 7.0 % 0.7 %

(1) The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P"). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

Investments
Retained Investment Information

“Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures.

Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Total investment result
Net investment income $ 79,804 $ 81,717 $ 83,543 $ 89,305 $ 99,473
Net realized and unrealized (losses) gains on investments (345,563) 258,745 224,208 448,390 (110,707)
Total investment result $ (265,759) $ 340,462 $ 307,751 $ 537,695 $ (11,234)
Retained total investment result (1)
Retained net investment income $ 62,598 $ 64,250 $ 64,971 $ 67,189 $ 72,603
Retained net realized and unrealized (losses) gains on investments (318,688) 258,293 201,699 418,046 (113,261)
Retained total investment result $ (256,090) $ 322,543 $ 266,670 $ 485,235 $ (40,658)

(1)    Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

“Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures.

March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value $ 18,400,377 $ 18,500,238 $ 18,550,279 $ 18,065,939 $ 16,309,043
Weighted average yield to maturity of fixed maturity and short term investments 1.2 % 0.9 % 1.0 % 1.1 % 1.5 %
Average duration of fixed maturities and short term investments, in years 2.9 2.9 2.9 2.9 2.8
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value $ 12,736,000 $ 13,219,754 $ 13,046,376 $ 12,703,423 $ 11,124,214
Weighted average yield to maturity of retained fixed maturity and short term investments 1.5 % 1.2 % 1.3 % 1.4 % 1.9 %
Average duration of retained fixed maturities and short term investments, in years 3.7 3.6 3.7 3.7 3.5

(1)    Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.

(2)    Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

Other Items
Earnings per Share
Three months ended
(common shares in thousands) March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (290,934) $ 189,812 $ 47,799 $ 575,845 $ (81,974)
Amount allocated to participating common shareholders (1) (129) (2,285) (582) (7,593) (146)
Net (loss) income allocated to RenaissanceRe common shareholders $ (291,063) $ 187,527 $ 47,217 $ 568,252 $ (82,120)
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares 49,579 50,022 50,009 44,939 43,441
Per common share equivalents of non-vested shares — 89 85 64 —
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions 49,579 50,111 50,094 45,003 43,441
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic $ (5.87) $ 3.75 $ 0.94 $ 12.64 $ (1.89)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted $ (5.87) $ 3.74 $ 0.94 $ 12.63 $ (1.89)

(1)    Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.

Comments on Regulation G

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

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

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

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

(1)    Included in the three months ended September 30, 2020 is the loss on sale of RenaissanceRe UK of $30.2 million.

(2)    Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(3)    Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.

Comments on Regulation G

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

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to "tangible book value per common share'" and "tangible book value per common share plus accumulated dividends."

March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Book value per common share $ 131.15 $ 138.46 $ 135.13 $ 134.27 $ 117.15
Adjustment for goodwill and other intangibles (1) (5.42) (5.37) (5.53) (5.56) (6.46)
Tangible book value per common share 125.73 133.09 129.60 128.71 110.69
Adjustment for accumulated dividends 22.44 22.08 21.73 21.38 21.03
Tangible book value per common share plus accumulated dividends $ 148.17 $ 155.17 $ 151.33 $ 150.09 $ 131.72
Quarterly change in book value per common share (5.3) % 2.5 % 0.6 % 14.6 % (2.8) %
Quarterly change in tangible book value per common share plus change in accumulated dividends (5.3) % 3.0 % 1.0 % 16.6 % (2.6) %
Year to date change in book value per common share (5.3) % 14.9 % 12.1 % 11.4 % (2.8) %
Year to date change in tangible book value per common share plus change in accumulated dividends (5.3) % 17.9 % 14.6 % 13.5 % (2.6) %

(1)     At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, goodwill and other intangibles included $22.7 million, $23.0 million, $23.2 million, $23.5 million and $24.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

Comments on Regulation G

Retained Total Investment Result

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

Three months ended
March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Net investment income $ 79,804 $ 81,717 $ 83,543 $ 89,305 99,473
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures (17,206) (17,467) (18,572) (22,116) $ (26,870)
Retained net investment income 62,598 64,250 64,971 67,189 72,603
Net realized and unrealized (losses) gains on investments (345,563) 258,745 224,208 448,390 (110,707)
Adjustment for net realized and unrealized (gains) losses on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures 26,875 (452) (22,509) (30,344) (2,554)
Retained net realized and unrealized (losses) gains on investments (318,688) 258,293 201,699 418,046 (113,261)
Total investment result (265,759) 340,462 307,751 537,695 (11,234)
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures 9,669 (17,919) (41,081) (52,460) (29,424)
Retained total investment result $ (256,090) $ 322,543 $ 266,670 $ 485,235 $ (40,658)
Comments on Regulation G
---

Retained Fixed Maturity and Short Term Investments, at Fair Value

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

March 31,<br>2021 December 31,<br>2020 September 30,<br>2020 June 30,<br>2020 March 31,<br>2020
Fixed maturity investments, at fair value $ 13,309,234 $ 13,506,503 $ 13,391,318 $ 12,495,135 $ 11,045,801
Short term investments, at fair value 5,091,143 4,993,735 5,158,961 5,570,804 5,263,242
Total consolidated fixed maturity and short term investments, at fair value $ 18,400,377 $ 18,500,238 $ 18,550,279 $ 18,065,939 $ 16,309,043
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures (5,664,377) (5,280,484) (5,503,903) (5,362,516) (5,184,829)
Retained fixed maturity and short term investments, at fair value $ 12,736,000 $ 13,219,754 $ 13,046,376 $ 12,703,423 $ 11,124,214
23
---

Report a Problem

Category
Description
Email (optional, for follow-up)