Renaissancere Holdings Ltd 8-K, filed Oct 25, 2021

Renaissancere Holdings Ltd (RNR)

8-K 2021-10-25 For: 2021-10-25

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Added on April 05, 2026

About this 8-K

Renaissancere Holdings Ltd filed this 8-K on October 25, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			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))


Title of each class	Trading symbol	Name of each exchange on which registered
Common Shares, Par Value $1.00 per share	RNR	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	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share	RNR PRG	New York Stock Exchange


Net Loss Attributable to Common Shareholders per Diluted Common Share: $(9.75) Operating Loss Attributable to Common Shareholders per Diluted Common Share*: $(8.98)
Underwriting Loss $(678.8)M	Fee Income $28.3M	Net Investment Income $78.3M
Change in Book Value per Common Share: (7.5)% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends*: (7.6)%


Consolidated Highlights
	Three months ended September 30,
(in thousands, except per share amounts and percentages)	2021			2020
Gross premiums written	$	1,774,180		$	1,143,058
Underwriting loss	(678,825)			(206,072)
Combined ratio	145.1		%	120.6		%

Net (Loss) income
(Attributable) available to common shareholders	(450,222)			47,799
(Attributable) available to common shareholders per diluted common share	$	(9.75)		$	0.94
Operating (Loss) (1)
(Attributable) to common shareholders	(414,538)			(131,724)
(Attributable) to common shareholders per diluted common share	$	(8.98)		$	(2.64)
Book value per common share	$	128.91		$	135.13
Change in book value per share	(7.5)		%	0.6		%
Tangible book value per common share plus accumulated dividends (1)	$	146.40		$	151.33
Change in tangible book value per common share plus change in accumulated dividends (1)	(7.6)%			1.0%

Return on average common equity - annualized	(28.4)%			2.8%
Operating return on average common equity - annualized (1)	(26.1)%			(7.7)%



Three months ended September 30, 2021	Hurricane Ida		European Floods		Other 2021 Catastrophe Events (1)		Aggregate Losses (2)		Total Q3 2021 Weather-Related Large Losses (3)
(in thousands)
Net claims and claims expenses incurred	$	(784,016)	$	(388,771)	$	(33,951)	$	(65,008)	$	(1,271,746)
Assumed reinstatement premiums earned	157,671		93,914		3,269		—		254,854
Ceded reinstatement premiums earned	(23,318)		(16,690)		—		—		(40,008)
Earned profit commissions	—		8,075		—		—		8,075
Net negative impact on underwriting result	(649,663)		(303,472)		(30,682)		(65,008)		(1,048,825)


Redeemable noncontrolling interest	211,217		95,078		3,371		12,371		322,037
Net negative impact on net loss attributable to RenaissanceRe common shareholders	$	(438,446)	$	(208,394)	$	(27,311)	$	(52,637)	$	(726,788)


Kevin J. O’Donnell, President and Chief Executive Officer, said, “This was another active season for natural catastrophes and while our results for the third quarter reflect this volatility, we have maintained a robust capital position and our business fundamentals remain strong. As we look forward to 2022, our fortress balance sheet provides us with great flexibility to create value for shareholders. We believe we will have ample capacity to renew existing risk and underwrite new opportunities if sufficiently profitable, but are equally motivated to return excess capital to shareholders at what we consider very attractive multiples.”


Three Drivers of Profit: Underwriting, Fee and Investment Income


Property Segment
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2021			2020
Gross premiums written	$	773,692		$	427,765		80.9%
Underwriting loss	(681,929)			(206,625)

Underwriting Ratios
Net claims and claim expense ratio - current accident year	180.0		%	121.9		%	58.1	pts
Net claims and claim expense ratio - prior accident years	(17.9)		%	(7.5)		%	(10.4)	pts
Net claims and claim expense ratio - calendar year	162.1		%	114.4		%	47.7	pts
Underwriting expense ratio	21.4		%	25.6		%	(4.2)	pts
Combined ratio	183.5		%	140.0		%	43.5	pts


Casualty and Specialty Segment
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2021			2020
Gross premiums written	$	1,000,488		$	715,293		39.9%
Underwriting income	3,104			553

Underwriting Ratios
Net claims and claim expense ratio - current accident year	69.0		%	75.7		%	(6.7)	pts
Net claims and claim expense ratio - prior accident years	(0.2)		%	(3.1)		%	2.9	pts
Net claims and claim expense ratio - calendar year	68.8		%	72.6		%	(3.8)	pts
Underwriting expense ratio	30.8		%	27.3		%	3.5	pts
Combined ratio	99.6		%	99.9		%	(0.3)	pts


Fee Income
	Three months ended September 30,				Q/Q Change
(in thousands, except percentages)	2021		2020
Total management fee income	$	23,854	$	30,465	$	(6,611)
Total performance fee income (loss) (1)	4,481		(12,081)		16,562
Total fee income	$	28,335	$	18,384	$	9,951


Investment Results
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2021			2020

Net investment income	$	78,267		$	83,543		$	(5,276)
Net realized and unrealized (losses) gains on investments	(42,071)			224,208			(266,279)
Total investment result	36,196			307,751			(271,555)
Total investment return - annualized	0.7		%	6.2		%	(5.5)		pts


INVESTOR CONTACT: RenaissanceRe Holdings Ltd. Keith McCue Senior Vice President, Finance & Investor Relations (441) 239-4830			MEDIA CONTACT: RenaissanceRe Holdings Ltd. Keil Gunther Senior Vice President, Head of Global Marketing & Client Communication (441) 239-4932 or Kekst CNC Dawn Dover (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						Nine months ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Revenues
Gross premiums written	$	1,774,180		$	1,143,058		$	6,520,780		$	4,870,651
Net premiums written	$	1,486,440		$	899,411		$	4,822,815		$	3,350,022
Decrease (increase) in unearned premiums	19,825			100,772			(969,924)			(426,645)
Net premiums earned	1,506,265			1,000,183			3,852,891			2,923,377
Net investment income	78,267			83,543			238,996			272,321
Net foreign exchange (losses) gains	(4,755)			17,426			(24,309)			4,503
Equity in earnings of other ventures	5,305			5,457			8,479			19,062
Other income (loss)	1,692			1,476			4,449			(4,161)
Net realized and unrealized (losses) gains on investments	(42,071)			224,208			(196,616)			561,891



Total revenues	1,544,703			1,332,293			3,883,890			3,776,993
Expenses
Net claims and claim expenses incurred	1,798,045			942,030			3,185,117			2,023,256
Acquisition expenses	328,048			215,180			880,872			659,394
Operational expenses	58,997			49,045			172,511			165,583
Corporate expenses	10,196			48,050			30,726			75,939
Interest expense	11,919			11,843			35,664			38,612
Total expenses	2,207,205			1,266,148			4,304,890			2,962,784
(Loss) income before taxes	(662,502)			66,145			(421,000)			814,209
Income tax benefit (expense)	23,630			8,244			29,284			(12,785)


Net (loss) income	(638,872)			74,389			(391,716)			801,424
Net loss (income) attributable to redeemable noncontrolling interests	198,495			(19,301)			131,801			(236,120)
Net (loss) income attributable to RenaissanceRe	(440,377)			55,088			(259,915)			565,304
Dividends on preference shares	(9,845)			(7,289)			(24,423)			(23,634)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(450,222)		$	47,799		$	(284,338)		$	541,670



Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – basic	$	(9.75)		$	0.94		$	(5.94)		$	11.60


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted	$	(9.75)		$	0.94		$	(5.94)		$	11.58
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(8.98)		$	(2.64)		$	(2.77)		$	1.84

Average shares outstanding - basic	46,223			50,009			47,988			46,130
Average shares outstanding - diluted	46,223			50,094			47,988			46,200

Net claims and claim expense ratio	119.4		%	94.2		%	82.7		%	69.2		%
Underwriting expense ratio	25.7		%	26.4		%	27.3		%	28.2		%
Combined ratio	145.1		%	120.6		%	110.0		%	97.4		%

Return on average common equity - annualized	(28.4)		%	2.8		%	(5.8)		%	12.0		%
Operating return on average common equity - annualized (1)	(26.1)		%	(7.7)		%	(2.7)		%	2.0		%


RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)

	September 30, 2021		December 31, 2020
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value	$	13,839,248	$	13,506,503


Short term investments, at fair value	4,667,273		4,993,735
Equity investments trading, at fair value	527,839		702,617
Other investments, at fair value	1,738,737		1,256,948
Investments in other ventures, under equity method	93,344		98,373
Total investments	20,866,441		20,558,176
Cash and cash equivalents	1,440,734		1,736,813
Premiums receivable	4,141,899		2,894,631
Prepaid reinsurance premiums	1,137,556		823,582
Reinsurance recoverable	4,192,758		2,926,010
Accrued investment income	55,620		66,743
Deferred acquisition costs and value of business acquired	893,265		633,521
Receivable for investments sold	322,553		568,293
Other assets	240,491		363,170
Goodwill and other intangible assets	245,015		249,641

Total assets	$	33,536,332	$	30,820,580
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	13,233,244	$	10,381,138
Unearned premiums	4,039,546		2,763,599
Debt	1,137,829		1,136,265
Reinsurance balances payable	3,964,137		3,488,352
Payable for investments purchased	718,099		1,132,538
Other liabilities	235,665		970,121

Total liabilities	23,328,520		19,872,013
Redeemable noncontrolling interests	3,458,298		3,388,319
Shareholders’ Equity
Preference shares	750,000		525,000
Common shares	46,540		50,811
Additional paid-in capital	927,862		1,623,206
Accumulated other comprehensive loss	(12,709)		(12,642)
Retained earnings	5,037,821		5,373,873
Total shareholders’ equity attributable to RenaissanceRe	6,749,514		7,560,248


Total liabilities, noncontrolling interests and shareholders’ equity	$	33,536,332	$	30,820,580

Book value per common share	$	128.91	$	138.46


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Three months ended September 30, 2021
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	773,692		$	1,000,488		$	—	$	1,774,180
Net premiums written	$	681,095		$	805,345		$	—	$	1,486,440
Net premiums earned	$	816,376		$	689,889		$	—	$	1,506,265
Net claims and claim expenses incurred	1,323,678			474,367			—		1,798,045
Acquisition expenses	134,179			193,869			—		328,048
Operational expenses	40,448			18,549			—		58,997
Underwriting (loss) income	$	(681,929)		$	3,104		$	—	(678,825)
Net investment income							78,267		78,267
Net foreign exchange loss							(4,755)		(4,755)
Equity in earnings of other ventures							5,305		5,305
Other income							1,692		1,692
Net realized and unrealized loss on investments							(42,071)		(42,071)

Corporate expenses							(10,196)		(10,196)
Interest expense							(11,919)		(11,919)
Loss before taxes and redeemable noncontrolling interests									(662,502)
Income tax benefit							23,630		23,630

Net loss attributable to redeemable noncontrolling interests							198,495		198,495
Dividends on preference shares							(9,845)		(9,845)
Net loss attributable to RenaissanceRe common shareholders									$	(450,222)

Net claims and claim expenses incurred – current accident year	$	1,469,613		$	476,082		$	—	$	1,945,695
Net claims and claim expenses incurred – prior accident years	(145,935)			(1,715)			—		(147,650)
Net claims and claim expenses incurred – total	$	1,323,678		$	474,367		$	—	$	1,798,045

Net claims and claim expense ratio – current accident year	180.0		%	69.0		%			129.2		%
Net claims and claim expense ratio – prior accident years	(17.9)		%	(0.2)		%			(9.8)		%
Net claims and claim expense ratio – calendar year	162.1		%	68.8		%			119.4		%
Underwriting expense ratio	21.4		%	30.8		%			25.7		%
Combined ratio	183.5		%	99.6		%			145.1		%

	Three months ended September 30, 2020
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	427,765		$	715,293		$	—	$	1,143,058
Net premiums written	$	378,708		$	520,703		$	—	$	899,411
Net premiums earned	$	516,623		$	483,560		$	—	$	1,000,183
Net claims and claim expenses incurred	590,978			351,052			—		942,030
Acquisition expenses	98,545			116,636			—		215,180
Operational expenses	33,725			15,319			—		49,045
Underwriting (loss) income	$	(206,625)		$	553		$	—	(206,072)
Net investment income							83,543		83,543
Net foreign exchange gains							17,426		17,426
Equity in earnings of other ventures							5,457		5,457
Other income							1,476		1,476
Net realized and unrealized gains on investments							224,208		224,208

Corporate expenses							(48,050)		(48,050)
Interest expense							(11,843)		(11,843)
Income before taxes and redeemable noncontrolling interests									66,145
Income tax benefit							8,244		8,244
Net income attributable to redeemable noncontrolling interests							(19,301)		(19,301)
Dividends on preference shares							(7,289)		(7,289)
Net income available to RenaissanceRe common shareholders									$	47,799

Net claims and claim expenses incurred – current accident year	$	629,827		$	366,080		$	—	$	995,907
Net claims and claim expenses incurred – prior accident years	(38,849)			(15,028)			—		(53,877)
Net claims and claim expenses incurred – total	$	590,978		$	351,052		$	—	$	942,030

Net claims and claim expense ratio – current accident year	121.9		%	75.7		%			99.6		%
Net claims and claim expense ratio – prior accident years	(7.5)		%	(3.1)		%			(5.4)		%
Net claims and claim expense ratio – calendar year	114.4		%	72.6		%			94.2		%
Underwriting expense ratio	25.6		%	27.3		%			26.4		%
Combined ratio	140.0		%	99.9		%			120.6		%


Conference Call Details and Additional Information


(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.


Comments on Regulation G


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)

	Three months ended		Nine months ended
	September 30, 2021			September 30, 2020		September 30, 2021		September 30, 2020
Property Segment
Catastrophe	$	335,493		$	179,689	$	2,227,941	$	1,827,665
Other property	438,199			248,076		1,346,126		863,162
Property segment gross premiums written	$	773,692		$	427,765	$	3,574,067	$	2,690,827

Casualty and Specialty Segment
General casualty (1)	$	346,754		$	260,265	$	976,610	$	713,598
Professional liability (2)	329,848			175,459		950,607		628,683
Financial lines (3)	128,586			143,455		359,147		392,169
Other (4)	195,300			136,114		660,349		445,374
Casualty and Specialty segment gross premiums written	$	1,000,488		$	715,293	$	2,946,713	$	2,179,824


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)

	Three months ended						Nine months ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Fixed maturity investments trading	$	56,825		$	68,022		$	179,268		$	211,303
Short term investments	514			1,611			1,869			19,752
Equity investments trading	1,823			1,559			4,940			4,776
Other investments
Catastrophe bonds	17,184			13,626			48,333			41,284
Other	7,571			2,598			20,711			5,334
Cash and cash equivalents	(38)			441			223			2,782
	83,879			87,857			255,344			285,231
Investment expenses	(5,612)			(4,314)			(16,348)			(12,910)
Net investment income	78,267			83,543			238,996			272,321





Net realized and unrealized (losses) gains on:
Fixed maturity investments trading, net of investments-related derivatives (1)	(31,424)			78,348			(205,336)			502,280



Equity investments trading, net of investments-related derivatives (1)	(21,680)			119,622			(24,036)			81,246
Other investments
Catastrophe bonds	(5,994)			12,611			(25,075)			2,711
Other	17,027			13,627			57,831			(24,346)
Net realized and unrealized (losses) gains on investments	(42,071)			224,208			(196,616)			561,891




Total investment result	$	36,196		$	307,751		$	42,380		$	834,212

Total investment return - annualized	0.7		%	6.2		%	0.3		%	5.8		%


	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Book value per common share	$	128.91		$	139.35		$	131.15		$	138.46		$	135.13
Adjustment for goodwill and other intangibles (1)	(5.67)			(5.60)			(5.42)			(5.37)			(5.53)
Tangible book value per common share	123.24			133.75			125.73			133.09			129.60
Adjustment for accumulated dividends	23.16			22.80			22.44			22.08			21.73
Tangible book value per common share plus accumulated dividends	$	146.40		$	156.55		$	148.17		$	155.17		$	151.33

Quarterly change in book value per common share	(7.5)		%	6.3		%	(5.3)		%	2.5		%	0.6		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	(7.6)		%	6.7		%	(5.3)		%	3.0		%	1.0		%
Year to date change in book value per common share	(6.9)		%	0.6		%	(5.3)		%	14.9		%	12.1		%
Year to date change in tangible book value per common share plus change in accumulated dividends	(6.6)		%	1.0		%	(5.3)		%	17.9		%	14.6		%


		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	5
b.	Segment Underwriting Results	6
c.	Property Segment - Catastrophe and Other Property Underwriting Results	7
d.	Gross Premiums Written	8
e.	Reserves for Claims and Claim Expenses	9
f.	Paid to Incurred Analysis	10

Managed Joint Ventures and Fee Income
a.	Fee Income	11
b.	Noncontrolling Interests	12
c.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	13

Investments
a.	Total Investment Result	14
b.	Investment Portfolio - Composition	15
c.	Investment Portfolio - Fixed Maturity Investments	16
d.	Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating	17
e.	Retained Investment Information	18

Other Items
a.	Earnings per Share	19

Comments on Regulation G		20



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2021
	Property			Casualty and Specialty			Total
Gross premiums written	$	3,574,067		$	2,946,713		$	6,520,780
Net premiums written	$	2,492,890		$	2,329,925		$	4,822,815
Net premiums earned	$	1,981,939		$	1,870,952		$	3,852,891
Net claims and claim expenses incurred	1,919,660			1,265,457			3,185,117
Acquisition expenses	356,171			524,701			880,872
Operational expenses	114,710			57,801			172,511
Underwriting (loss) income	$	(408,602)		$	22,993		$	(385,609)

Net claims and claim expenses incurred - current accident year	$	2,121,740		$	1,272,088		$	3,393,828
Net claims and claim expenses incurred - prior accident years	(202,080)			(6,631)			(208,711)
Net claims and claim expenses incurred - total	$	1,919,660		$	1,265,457		$	3,185,117

Net claims and claim expense ratio - current accident year	107.1		%	68.0		%	88.1		%
Net claims and claim expense ratio - prior accident years	(10.2)		%	(0.4)		%	(5.4)		%
Net claims and claim expense ratio - calendar year	96.9		%	67.6		%	82.7		%
Underwriting expense ratio	23.7		%	31.2		%	27.3		%
Combined ratio	120.6		%	98.8		%	110.0		%

	Nine months ended September 30, 2020
	Property			Casualty and Specialty			Total
Gross premiums written	$	2,690,827		$	2,179,824		$	4,870,651
Net premiums written	$	1,757,427		$	1,592,595		$	3,350,022
Net premiums earned	$	1,429,074		$	1,494,303		$	2,923,377
Net claims and claim expenses incurred	899,729			1,123,527			2,023,256
Acquisition expenses	278,668			380,726			659,394
Operational expenses	109,388			56,195			165,583
Underwriting income (loss)	$	141,289		$	(66,145)		$	75,144

Net claims and claim expenses incurred - current accident year	$	931,285		$	1,147,354		$	2,078,639
Net claims and claim expenses incurred - prior accident years	(31,556)			(23,827)			(55,383)
Net claims and claim expenses incurred - total	$	899,729		$	1,123,527		$	2,023,256

Net claims and claim expense ratio - current accident year	65.2		%	76.8		%	71.1		%
Net claims and claim expense ratio - prior accident years	(2.2)		%	(1.6)		%	(1.9)		%
Net claims and claim expense ratio - calendar year	63.0		%	75.2		%	69.2		%
Underwriting expense ratio	27.1		%	29.2		%	28.2		%
Combined ratio	90.1		%	104.4		%	97.4		%



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2021
Property	$	1,265,040	$	1,319,022	$	4,005,279	$	6,589,341
Casualty and Specialty	1,768,649		151,263		4,723,991		6,643,903

Total	$	3,033,689	$	1,470,285	$	8,729,270	$	13,233,244

June 30, 2021
Property	$	1,383,754	$	1,513,549	$	1,773,492	$	4,670,795
Casualty and Specialty	1,727,051		133,041		4,413,855		6,273,947

Total	$	3,110,805	$	1,646,590	$	6,187,347	$	10,944,742

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


	Three months ended												Twelve months ended
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		March 31, 2020		2020		2019
Management fee income
Joint ventures	$	8,602	$	14,741	$	11,128	$	8,458	$	13,070	$	11,781	$	45,499	$	42,546
Structured reinsurance products and other	8,646		8,677		8,774		8,830		8,785		8,597		34,951		35,238
Managed funds	6,606		8,552		8,622		9,490		8,610		6,418		31,026		18,636
Total management fee income	23,854		31,970		28,524		26,778		30,465		26,796		111,476		96,420

Performance fee income (loss)
Joint ventures	2,980		7,347		1,556		(1,984)		(1,842)		7,828		10,167		9,660
Structured reinsurance products and other	1,237		2,581		(1,293)		1,570		(10,414)		8,375		7,525		7,693
Managed funds	264		4,259		(4,798)		9,542		175		2,363		15,994		420
Total performance fee income (loss) (1)	4,481		14,187		(4,535)		9,128		(12,081)		18,566		33,686		17,773

Total fee income	$	28,335	$	46,157	$	23,989	$	35,906	$	18,384	$	45,362	$	145,162	$	114,193



	Three months ended												Twelve months ended
Fee income contributing to:	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		March 31, 2020		2020		2019
Underwriting income (loss) (1)	19,444		19,239		10,530		36,100		13,372		19,894		87,764		60,046
Earnings from equity method investments (2)	17		17		16		(4)		11		24		70		105
Redeemable noncontrolling interest (3)	8,874		26,901		13,443		(190)		5,001		25,592		57,328		54,042
Total fee income	$	28,335	$	46,157	$	23,989	$	35,906	$	18,384	$	45,510	$	145,162	$	114,193



Investments
Investment Portfolio - Composition

Type of Investment	September 30, 2021				June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020
U.S. treasuries	$	6,730,967	32.3	%	$	6,327,895	31.5	%	$	5,107,878	25.1	%	$	4,960,409	24.1	%	$	4,350,971	21.4	%
Agencies	297,057		1.4	%	325,051		1.6	%	227,184		1.1	%	368,032		1.8	%	437,681		2.1	%

Non-U.S. government	495,243		2.4	%	508,320		2.5	%	518,162		2.5	%	491,531		2.4	%	568,960		2.8	%

Non-U.S. government-backed corporate	409,322		2.0	%	396,966		2.0	%	335,662		1.6	%	338,014		1.6	%	401,449		2.0	%
Corporate	3,346,556		16.0	%	3,387,433		16.9	%	4,289,072		21.1	%	4,261,025		20.7	%	4,655,765		22.9	%
Agency mortgage-backed	754,118		3.6	%	703,757		3.5	%	957,563		4.7	%	1,113,792		5.4	%	1,086,474		5.3	%
Non-agency mortgage-backed	243,654		1.2	%	260,432		1.3	%	272,529		1.3	%	291,444		1.4	%	293,953		1.4	%
Commercial mortgage-backed	621,153		3.0	%	588,262		2.9	%	713,044		3.5	%	791,272		3.8	%	788,995		3.9	%
Asset-backed	941,178		4.5	%	920,273		4.6	%	888,140		4.4	%	890,984		4.3	%	807,070		4.0	%
Total fixed maturity investments, at fair value	13,839,248		66.4	%	13,418,389		66.8	%	13,309,234		65.3	%	13,506,503		65.5	%	13,391,318		65.8	%
Short term investments, at fair value	4,667,273		22.4	%	4,392,652		21.9	%	5,091,143		25.0	%	4,993,735		24.3	%	5,158,961		25.4	%
Total consolidated fixed maturity and short term investments, at fair value	18,506,521		88.8	%	17,811,041		88.7	%	18,400,377		90.3	%	18,500,238		89.8	%	18,550,279		91.2	%
Equity investments trading, at fair value	527,839		2.5	%	577,090		2.9	%	503,137		2.5	%	702,617		3.4	%	547,381		2.7	%
Other investments, at fair value	1,738,737		8.4	%	1,585,036		8.0	%	1,379,056		6.8	%	1,256,948		6.2	%	1,122,683		5.5	%
Total managed investment portfolio	20,773,097		99.7	%	19,973,167		99.6	%	20,282,570		99.6	%	20,459,803		99.4	%	20,220,343		99.4	%
Investments in other ventures, under equity method	93,344		0.3	%	91,938		0.4	%	91,362		0.4	%	98,373		0.6	%	98,990		0.6	%
Total investments	$	20,866,441	100.0	%	$	20,065,105	100.0	%	$	20,373,932	100.0	%	$	20,558,176	100.0	%	$	20,319,333	100.0	%


Investments
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	September 30, 2021				June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020
AAA	$	1,825,727	13.2	%	$	1,793,720	13.4	%	$	1,859,370	14.0	%	$	1,915,147	14.2	%	$	1,972,894	14.7	%
AA	8,449,810		61.0	%	7,982,119		59.5	%	7,022,443		52.8	%	7,210,622		53.4	%	6,721,098		50.2	%
A	1,063,127		7.7	%	1,060,647		7.9	%	1,504,569		11.3	%	1,485,463		11.0	%	1,777,861		13.3	%
BBB	1,133,307		8.2	%	1,171,756		8.7	%	1,509,280		11.3	%	1,538,681		11.4	%	1,648,049		12.3	%
Non-investment grade and not rated	1,367,277		9.9	%	1,410,147		10.5	%	1,413,572		10.6	%	1,356,590		10.0	%	1,271,416		9.5	%
Total fixed maturity investments, at fair value	$	13,839,248	100.0	%	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%	$	13,391,318	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	388,647	2.8	%	$	365,154	2.7	%	$	572,443	4.3	%	$	637,418	4.7	%	$	621,610	4.6	%
Due after one through five years	6,540,886		47.3	%	6,191,724		46.1	%	5,569,638		41.9	%	5,391,122		39.9	%	5,749,128		43.0	%
Due after five through ten years	4,003,465		28.9	%	4,060,205		30.3	%	3,786,423		28.4	%	3,806,564		28.2	%	3,374,898		25.2	%
Due after ten years	346,146		2.5	%	328,582		2.4	%	549,453		4.1	%	583,908		4.3	%	669,190		5.0	%
Mortgage-backed securities	1,618,926		11.7	%	1,552,451		11.6	%	1,943,137		14.6	%	2,196,507		16.3	%	2,169,422		16.2	%
Asset-backed securities	941,178		6.8	%	920,273		6.9	%	888,140		6.7	%	890,984		6.6	%	807,070		6.0	%
Total fixed maturity investments, at fair value	$	13,839,248	100.0	%	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%	$	13,391,318	100.0	%



Investments
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

						Credit Rating (1)
September 30, 2021	Amortized Cost		Fair Value			Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	4,667,273	$	4,667,273		—	%	$	4,633,010		$	22,466		$	10,187		$	126		$	982		$	502
			100.0		%			99.3		%	0.5		%	0.2		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	6,747,505		6,730,967			0.8	%	—			6,730,967			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	4,505		4,448			0.9	%	—			4,448			—			—			—			—
Other agencies	293,207		292,609			1.0	%	56,457			236,152			—			—			—			—
Total agencies	297,712		297,057			1.0	%	56,457			240,600			—			—			—			—

Non-U.S. government	495,511		495,243			0.9	%	301,919			161,306			14,768			15,929			1,321			—

Non-U.S. government-backed corporate	409,225		409,322			1.2	%	174,855			205,620			14,878			5,163			8,806			—
Corporate	3,293,126		3,346,556			2.5	%	38,536			112,002			997,291			1,051,412			1,113,510			33,805
Mortgage-backed
Residential mortgage-backed
Agency securities	753,063		754,118			1.8	%	—			754,118			—			—			—			—
Non-agency securities	239,999		243,654			2.9	%	49,218			14,088			1,943			6,320			119,314			52,771


Total residential mortgage-backed	993,062		997,772			2.0	%	49,218			768,206			1,943			6,320			119,314			52,771
Commercial mortgage-backed	610,098		621,153			1.6	%	462,978			119,414			5,731			18,351			2,548			12,131
Total mortgage-backed	1,603,160		1,618,925			1.9	%	512,196			887,620			7,674			24,671			121,862			64,902
Asset-backed
Collateralized loan obligations	837,744		838,694			1.6	%	650,780			110,164			22,255			35,504			14,814			5,177



Other	101,890		102,484			0.9	%	90,984			1,531			6,261			628			1,770			1,310
Total asset-backed	939,634		941,178			1.6	%	741,764			111,695			28,516			36,132			16,584			6,487
Total securitized assets	2,542,794		2,560,103			1.8	%	1,253,960			999,315			36,190			60,803			138,446			71,389
Total fixed maturity investments	13,785,873		13,839,248			1.4	%	1,825,727			8,449,810			1,063,127			1,133,307			1,262,083			105,194
			100.0		%			13.2		%	61.0		%	7.7		%	8.2		%	9.1		%	0.8		%
Total consolidated fixed maturity and short term investments, at fair value	$	18,453,146	$	18,506,521		1.1	%	$	6,458,737		$	8,472,276		$	1,073,314		$	1,133,433		$	1,263,065		$	105,696
			100.0		%			34.9		%	45.8		%	5.8		%	6.1		%	6.8		%	0.6		%