10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

OR

o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-14428

RENAISSANCERE HOLDINGS LTD.

(Exact Name Of Registrant As Specified In Its Charter)

Bermuda	98-014-1974
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

Renaissance House, 12 Crow Lane Pembroke, Bermuda	HM 19
(Address of Principal Executive Offices)	(Zip Code)

(441) 295-4513

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes Q  No o

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes Q  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act.

Large accelerated filer Q, Accelerated filer o, Non-accelerated filer o (do not check if a smaller reporting company), Smaller reporting company o, Emerging growth company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes o  No Q

The number of Common Shares, par value US $1.00 per share, outstanding at October 26, 2018 was 40,265,961.

RENAISSANCERE HOLDINGS LTD.

TABLE OF CONTENTS

		Page
	NOTE ON FORWARD-LOOKING STATEMENTS	3
PART I
ITEM 1.	FINANCIAL STATEMENTS
	Consolidated Balance Sheets at September 30, 2018 (unaudited) and December 31, 2017	5
	Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017	6
	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2018 and 2017	7
	Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the nine months ended September 30, 2018 and 2017	8
	Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017	9
	Notes to the Consolidated Financial Statements	10
ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	58
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	94
ITEM 4.	CONTROLS AND PROCEDURES	95
PART II
ITEM 1.	LEGAL PROCEEDINGS	96
ITEM 1A.	RISK FACTORS	96
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	99
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	99
ITEM 4.	MINE SAFETY DISCLOSURES	99
ITEM 5.	OTHER INFORMATION	99
ITEM 6.	EXHIBITS	100
SIGNATURES - RENAISSANCERE HOLDINGS LTD.		101

2

NOTE ON FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Form 10-Q”) of RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may”, “should”, “estimate”, “expect”, “anticipate”, “intend”, “believe”, “predict”, “potential”, or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates. This Form 10-Q also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the reinsurance and insurance industries.

The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:

• the failure to obtain regulatory approvals or satisfy other conditions to completion of the proposed TMR Stock Purchase (as defined herein);

• risks that the TMR Stock Purchase disrupts or distracts from current plans and operations;

• the ability to recognize the benefits of the TMR Stock Purchase;

• the amount of the costs, fees, expenses and charges related to the TMR Stock Purchase;

• the frequency and severity of catastrophic and other events we cover;

• the effectiveness of our claims and claim expense reserving process;

• our ability to maintain our financial strength ratings;  

• the effect of climate change on our business;

• collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain;

• the effects of United States (“U.S.”) tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of our shareholders or investors in our joint ventures or other entities we manage;

• the effect of emerging claims and coverage issues;

• continued soft reinsurance underwriting market conditions;

• our reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of our revenue;

• our exposure to credit loss from counterparties in the normal course of business;

• the effect of continued challenging economic conditions throughout the world;

• a contention by the Internal Revenue Service (the “IRS”) that Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), or any of our other Bermuda subsidiaries, is subject to taxation in the U.S.;

3

• the success of any of our strategic investments or acquisitions, including our ability to manage our operations as our product and geographical diversity increases;

• our ability to retain our key senior officers and to attract or retain the executives and employees necessary to manage our business;

• the performance of our investment portfolio;

• losses we could face from terrorism, political unrest or war;

• the effect of cybersecurity risks, including technology breaches or failure, on our business;

• our ability to successfully implement our business strategies and initiatives;

• our ability to determine the impairments taken on our investments;

• the effects of inflation;

• the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;

• the effect of operational risks, including system or human failures;

• our ability to effectively manage capital on behalf of investors in joint ventures or other entities we manage;

• foreign currency exchange rate fluctuations;

• our ability to raise capital if necessary;

• our ability to comply with covenants in our debt agreements;

• changes to the regulatory systems under which we operate, 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;

• our dependence on the ability of our operating subsidiaries to declare and pay dividends;

• aspects of our corporate structure that may discourage third-party takeovers and other transactions;

• the cyclical nature of the reinsurance and insurance industries;

• adverse legislative developments that reduce the size of the private markets we serve or impede their future growth;

• consolidation of competitors, customers and insurance and reinsurance brokers;

• the effect on our business of the highly competitive nature of our 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 us;

• 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 (the “OECD”) or European Union (“EU”) measures to increase our taxes and reporting requirements;

• the effect of the vote by the U.K. to leave the EU;

• changes in regulatory regimes and accounting rules that may impact financial results irrespective of business operations; and

• our need to make many estimates and judgments in the preparation of our financial statements.

As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, which are discussed in more detail in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2017, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

4

PART I        FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Balance Sheets

(in thousands of United States Dollars, except share and per share amounts)

	September 30, 2018			December 31, 2017
Assets	(Unaudited)			(Audited)
Fixed maturity investments trading, at fair value – amortized cost $7,901,884 at September 30, 2018 (December 31, 2017 – $7,434,870)	$	7,814,779		$	7,426,555
Short term investments, at fair value	2,461,415			991,863
Equity investments trading, at fair value	413,271			388,254
Other investments, at fair value	738,919			594,793
Investments in other ventures, under equity method	117,307			101,974
Total investments	11,545,691			9,503,439
Cash and cash equivalents	453,041			1,361,592
Premiums receivable	1,787,095			1,304,622
Prepaid reinsurance premiums	795,496			533,546
Reinsurance recoverable	1,204,059			1,586,630
Accrued investment income	46,690			42,235
Deferred acquisition costs	497,733			426,551
Receivable for investments sold	406,062			103,145
Other assets	121,724			121,226
Goodwill and other intangible assets	238,803			243,145
Total assets	$	17,096,394		$	15,226,131
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	4,952,498		$	5,080,408
Unearned premiums	2,058,851			1,477,609
Debt	990,749			989,623
Reinsurance balances payable	1,970,913			989,090
Payable for investments purchased	555,556			208,749
Other liabilities	147,328			792,771
Total liabilities	10,675,895			9,538,250
Commitments and Contingencies
Redeemable noncontrolling interests	1,533,978			1,296,506
Shareholders’ Equity
Preference shares: $1.00 par value – 16,010,000 shares issued and outstanding at September 30, 2018 (December 31, 2017 – 16,000,000)	650,000			400,000
Common shares: $1.00 par value – 40,265,961 shares issued and outstanding at September 30, 2018 (December 31, 2017 – 40,023,789)	40,266			40,024
Additional paid-in capital	42,395			37,355
Accumulated other comprehensive (loss) income	(1,483		)	224
Retained earnings	4,155,343			3,913,772
Total shareholders’ equity attributable to RenaissanceRe	4,886,521			4,391,375
Total liabilities, noncontrolling interests and shareholders’ equity	$	17,096,394		$	15,226,131

See accompanying notes to the consolidated financial statements

5

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Operations

For the three and nine months endedSeptember 30, 2018 and 2017

(in thousands of United States Dollars, except per share amounts) (Unaudited)

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Revenues
Gross premiums written	$	625,677		$	640,269		$	2,762,672		$	2,389,774
Net premiums written	$	453,255		$	483,221		$	1,720,808		$	1,583,102
Decrease (increase) in unearned premiums	78,594			64,571			(319,292		)	(287,000		)
Net premiums earned	531,849			547,792			1,401,516			1,296,102
Net investment income	80,696			40,257			208,528			148,745
Net foreign exchange (losses) gains	(4,566		)	(156		)	(11,496		)	11,118
Equity in earnings of other ventures	7,648			1,794			14,331			5,830
Other income	497			2,996			480			7,053
Net realized and unrealized gains (losses) on investments	13,630			42,052			(86,415		)	143,538
Total revenues	629,754			634,735			1,526,944			1,612,386
Expenses
Net claims and claim expenses incurred	410,510			1,221,696			642,380			1,557,364
Acquisition expenses	109,761			76,761			312,524			248,294
Operational expenses	40,593			42,537			119,408			131,586
Corporate expenses	6,841			4,413			21,875			14,335
Interest expense	11,769			11,799			35,304			32,416
Total expenses	579,474			1,357,206			1,131,491			1,983,995
Income (loss) before taxes	50,280			(722,471		)	395,453			(371,609		)
Income tax (expense) benefit	(1,451		)	18,977			(2,550		)	14,739
Net income (loss)	48,829			(703,494		)	392,903			(356,870		)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440		)	204,277			(90,822		)	132,338
Net income (loss) attributable to RenaissanceRe	42,389			(499,217		)	302,081			(224,532		)
Dividends on preference shares	(9,708		)	(5,595		)	(20,899		)	(16,786		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	(504,812	)	$	281,182		$	(241,318	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)
Dividends per common share	$	0.33		$	0.32		$	0.99		$	0.96

See accompanying notes to the consolidated financial statements

6

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

For the three and nine months endedSeptember 30, 2018 and 2017

(in thousands of United States Dollars) (Unaudited)

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Comprehensive income (loss)
Net income (loss)	$	48,829		$	(703,494	)	$	392,903		$	(356,870	)
Change in net unrealized gains on investments	(382		)	300			(1,707		)	(972		)
Comprehensive income (loss)	48,447			(703,194		)	391,196			(357,842		)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440		)	204,277			(90,822		)	132,338
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(6,440		)	204,277			(90,822		)	132,338
Comprehensive income (loss) attributable to RenaissanceRe	$	42,007		$	(498,917	)	$	300,374		$	(225,504	)

See accompanying notes to the consolidated financial statements

7

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

For the nine months endedSeptember 30, 2018 and 2017

(in thousands of United States Dollars) (Unaudited)

	Nine months ended
	September 30, 2018			September 30, 2017
Preference shares
Balance – January 1	$	400,000		$	400,000
Issuance of shares	250,000			—
Balance – September 30	650,000			400,000
Common shares
Balance – January 1	40,024			41,187
Repurchase of shares	—			(1,322		)
Exercise of options and issuance of restricted stock awards	242			164
Balance – September 30	40,266			40,029
Additional paid-in capital
Balance – January 1	37,355			216,558
Repurchase of shares	—			(187,269		)
Offering expenses	(7,883		)	—
Change in redeemable noncontrolling interests	340			(307		)
Exercise of options and issuance of restricted stock awards	12,583			3,870
Balance – September 30	42,395			32,852
Accumulated other comprehensive (loss) income
Balance – January 1	224			1,133
Change in net unrealized gains on investments	(1,707		)	(972		)
Balance – September 30	(1,483		)	161
Retained earnings
Balance – January 1	3,913,772			4,207,699
Cumulative effect of adoption of ASU 2016-09 (Note 2)	—			2,213
Net income (loss)	392,903			(356,870		)
Net (income) loss attributable to redeemable noncontrolling interests	(90,822		)	132,338
Dividends on common shares	(39,611		)	(38,624		)
Dividends on preference shares	(20,899		)	(16,786		)
Balance – September 30	4,155,343			3,929,970
Total shareholders’ equity	$	4,886,521		$	4,403,012

See accompanying notes to the consolidated financial statements

8

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Cash Flows

For the nine months endedSeptember 30, 2018 and 2017

(in thousands of United States Dollars) (Unaudited)

	Nine months ended
	September 30, 2018			September 30, 2017
Cash flows provided by operating activities
Net income (loss)	$	392,903		$	(356,870	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization, accretion and depreciation	30,936			18,586
Equity in undistributed earnings of other ventures	(13,016		)	19,559
Net realized and unrealized losses (gains) on investments	86,415			(143,538		)
Net unrealized gains included in net investment income	(17,778		)	(2,686		)
Change in:
Premiums receivable	(482,473		)	(533,943		)
Prepaid reinsurance premiums	(261,950		)	(194,496		)
Reinsurance recoverable	382,571			(1,308,740		)
Deferred acquisition costs	(71,182		)	(99,589		)
Reserve for claims and claim expenses	(127,910		)	2,344,019
Unearned premiums	581,242			481,496
Reinsurance balances payable	981,823			360,471
Other	(593,055		)	17,433
Net cash provided by operating activities	888,526			601,702
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	8,221,481			7,663,002
Purchases of fixed maturity investments trading	(8,692,688		)	(7,798,285		)
Net sales of equity investments trading	15,490			61,571
Net purchases of short term investments	(1,465,451		)	(146,326		)
Net (purchases) sales of other investments	(130,649		)	5,181
Net purchases of investments in other ventures	(20,952		)	—
Return of investment from investment in other ventures	8,464			20,000
Net cash used in investing activities	(2,064,305		)	(194,857		)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(39,611		)	(38,624		)
Dividends paid – preference shares	(20,899		)	(16,786		)
RenaissanceRe common share repurchases	—			(188,591		)
Issuance of debt, net of expenses	—			295,866
Repayment of debt	—			(250,000		)
Issuance of preference shares, net of expenses	242,371			—
Net third party redeemable noncontrolling interest share transactions	96,021			(44,193		)
Taxes paid on withholding shares	(7,079		)	(13,694		)
Net cash provided by (used in) financing activities	270,803			(256,022		)
Effect of exchange rate changes on foreign currency cash	(3,575		)	9,596
Net (decrease) increase in cash and cash equivalents	(908,551		)	160,419
Cash and cash equivalents, beginning of period	1,361,592			421,157
Cash and cash equivalents, end of period	$	453,041		$	581,576

See accompanying notes to the consolidated financial statements

9

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2018

(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars,

except shares, per share amounts and percentages) (Unaudited)

NOTE 1.ORGANIZATION

This report on Form 10-Q should be read in conjunction with the RenaissanceRe’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2017.

RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries and DaVinciRe (as defined below), the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.

• Renaissance Reinsurance, a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

• Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that provides property, casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas.

• RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in the state of Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled reinsurer, which operates subject to U.S. federal income tax, and RenaissanceRe Syndicate 1458 (“Syndicate 1458”).

• Syndicate 1458 is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member and RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.

• The Company also manages property, casualty and specialty reinsurance business written on behalf of joint ventures, which principally include Top Layer Reinsurance Ltd. (“Top Layer Re”), recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. (“DaVinci”). Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci’s parent, DaVinciRe Holdings Ltd. (“DaVinciRe”), the results of DaVinci and DaVinciRe are consolidated in the Company’s financial statements and all significant intercompany transactions have been eliminated. Redeemable noncontrolling interest - DaVinciRe represents the interests of external parties with respect to the net income and shareholders’ equity of DaVinciRe. Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary of RenaissanceRe, acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation.

• RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted fund, incorporated under the laws of Bermuda. Medici’s objective is to seek to invest substantially all of its assets in various insurance based investment instruments that have returns primarily tied to property catastrophe risk. Third-party investors have subscribed for a portion of the participating, non-voting common shares of Medici. Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of Medici’s parent, RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), the results of Medici and Fund Holdings are consolidated in the Company’s financial statements and all significant inter-company transactions have been eliminated. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders’ equity of Medici.

• Upsilon RFO Re Ltd., formerly known as Upsilon Reinsurance II Ltd. (“Upsilon RFO”), a Bermuda domiciled special purpose insurer (“SPI”), is a managed joint venture formed by the Company primarily to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. Upsilon RFO is considered a variable

10

interest entity (“VIE”) and the Company is considered the primary beneficiary. As a result, Upsilon RFO is consolidated by the Company and all significant inter-company transactions have been eliminated.

• RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted Bermuda segregated accounts company, was formed by the Company to provide a fund structure through which third-party investors can invest in reinsurance risk managed by the Company. As a segregated accounts company, Upsilon Fund is permitted to establish segregated accounts to invest in and hold identified pools of assets and liabilities. Each pool of assets and liabilities in each segregated account is structured to be ring-fenced from any claims from the creditors of Upsilon Fund’s general account and from the creditors of other segregated accounts within Upsilon Fund. Third-party investors purchase redeemable, non-voting preference shares linked to specific segregated accounts of Upsilon Fund and own 100% of these shares. Upsilon Fund is an investment company and is considered a VIE. The Company is not considered the primary beneficiary of Upsilon Fund and, as a result, the Company does not consolidate the financial position and results of operations of Upsilon Fund.

• Effective November 7, 2016, Fibonacci Reinsurance Ltd. ("Fibonacci Re"), a Bermuda-domiciled SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raises capital from third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange. Fibonacci Re is considered a VIE. The Company is not considered the primary beneficiary of Fibonacci Re and, as a result, the Company does not consolidate the financial position and results of operations of Fibonacci Re.

• Effective December 22, 2017, the Company and Reinsurance Group of America, Incorporated closed an initiative (“Langhorne”) to source third party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne Holdings LLC (“Langhorne Holdings”) is a company that owns and manages certain reinsurance entities within Langhorne. Langhorne Partners LLC (“Langhorne Partners”) is the general partner for Langhorne and the entity which manages the third-party investors investing into Langhorne Holdings. The Company concluded that Langhorne Holdings meets the definition of a VIE. The Company is not the primary beneficiary of Langhorne Holdings and as a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company concluded that Langhorne Partners is not a VIE. The Company will account for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.

NOTE 2.SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2017, except as noted below.

BASIS OF PRESENTATION

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.

USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities

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and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

Revenue from Contracts with Customers

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 was to be effective for public business entities in annual and interim periods beginning after December 15, 2016, however in July 2015, the FASB decided to defer by one year the effective dates of ASU 2014-09, and as a result, ASU 2014-09 is effective for public business entities in annual and interim periods beginning after December 15, 2017. ASU 2014-09 notably excludes the accounting for insurance contracts, leases, financial instruments and guarantees. As a result, the Company’s implementation efforts primarily focused on other income and operational expenses on its consolidated statements of operations. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated statements of operations and financial position.

Recognition and Measurement of Financial Assets and Financial Liabilities

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable values by requiring a qualitative assessment to identify impairment, eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liabilities in accordance with the fair value option, requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and clarifies that the reporting organization should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the organization’s other deferred tax assets. ASU 2016-01 is effective for public business entities in annual and interim periods beginning after December 15, 2017. The adoption of ASU 2016-01 did not have a material impact on the Company’s consolidated statements of operations and financial position.

Classification of Certain Cash Receipts and Cash Payments

In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies the classification of receipts and payments in the statement of cash flows. ASU 2016-15 provides guidance related to (1) settlement and payment of zero coupon debt instruments, (2) contingent consideration, (3) proceeds from settlement of insurance claims, (4) proceeds from settlement of corporate and bank owned life insurance policies, (5) distributions from equity method investees, (6) cash receipts from beneficial interests obtained by a transferor, and (7) general guidelines for cash receipts and payments that have more than one aspect of classification. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 resulted in the reclassification of $20.0

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million of cash inflows from cash flows provided by operating activities, to cash flows used in investing activities for the nine months ended September 30, 2017. This amount related to a return of investment associated with the Company’s investment in Top Layer Reinsurance Ltd, recorded under the equity method of accounting.

Improvements to Employee Share-Based Payment Accounting

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 was issued to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and the classification of taxes paid on the statements of cash flows. ASU 2016-09 became effective for the Company in annual and interim periods beginning after December 15, 2016. The cumulative effect of the adoption of ASU 2016-09 was a $2.2 million increase to opening retained earnings as of January 1, 2017.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous guidance. ASU 2016-02 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early application is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 modifies the recognition of credit losses by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is applicable to financial assets such as loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and other financial assets that have the contractual right to receive cash. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Company's invested assets are measured at fair value through net income, and therefore those invested assets would not be impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as reinsurance recoverables, that could be impacted by the adoption of ASU 2016-13. ASU 2016-13 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Intra-Entity Transfers of Assets Other Than Inventory

In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Simplifying the Test for Goodwill Impairment

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). Among other things, ASU 2017-04 requires the following: (1) the elimination of step two of the

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goodwill impairment test; entities will no longer utilize the implied fair value of their assets and liabilities for purposes of testing goodwill for impairment, (2) the quantitative portion of the goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount; an impairment charge is to be recognized for the excess of carrying amount over fair value, but only to the extent of the amount of goodwill allocated to that reporting unit, and (3) foreign currency translation adjustments are not to be allocated to a reporting unit from an entity’s accumulated other comprehensive income; the reporting unit’s carrying amount should include only the currently translated balances of the assets and liabilities assigned to the reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods, or any interim goodwill impairment tests in annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

NOTE 3.INVESTMENTS

Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:

	September 30, 2018		December 31, 2017
U.S. treasuries	$	3,117,911	$	3,168,763
Agencies	143,980		47,646
Municipal	7,061		509,802
Non-U.S. government (Sovereign debt)	254,169		287,660
Non-U.S. government-backed corporate	137,512		163,651
Corporate	2,448,795		2,063,459
Agency mortgage-backed	836,376		500,456
Non-agency mortgage-backed	289,649		300,331
Commercial mortgage-backed	257,434		202,062
Asset-backed	321,892		182,725
Total fixed maturity investments trading	$	7,814,779	$	7,426,555

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

September 30, 2018	Amortized  Cost		Fair Value
Due in less than one year	$	303,364	$	301,817
Due after one through five years	4,759,113		4,694,059
Due after five through ten years	1,029,502		1,020,157
Due after ten years	96,311		93,395
Mortgage-backed	1,390,933		1,383,459
Asset-backed	322,661		321,892
Total	$	7,901,884	$	7,814,779

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Equity Investments Trading

The following table summarizes the fair value of equity investments trading:

	September 30, 2018		December 31, 2017
Financials	$	262,173	$	253,543
Communications and technology	60,235		49,526
Industrial, utilities and energy	34,755		34,325
Consumer	26,649		24,779
Healthcare	25,250		21,364
Basic materials	4,209		4,717
Total	$	413,271	$	388,254

Pledged Investments

At September 30, 2018, $5.1 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities (December 31, 2017 - $4.4 billion). Of this amount, $1.9 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2017 - $1.7 billion).

Reverse Repurchase Agreements

At September 30, 2018, the Company held $92.0 million (December 31, 2017 - $30.0 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.

Net Investment Income

The components of net investment income are as follows:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Fixed maturity investments	$	55,725		$	45,305		$	151,784		$	133,080
Short term investments	9,403			2,771			22,340			7,476
Equity investments	903			930			3,091			2,630
Other investments
Private equity investments	8,723			6,371			12,149			20,784
Other	8,665			(11,491		)	27,346			(4,520		)
Cash and cash equivalents	1,104			352			2,708			836
	84,523			44,238			219,418			160,286
Investment expenses	(3,827		)	(3,981		)	(10,890		)	(11,541		)
Net investment income	$	80,696		$	40,257		$	208,528		$	148,745

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Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Gross realized gains	$	5,229		$	16,343		$	14,945		$	43,053
Gross realized losses	(15,327		)	(6,126		)	(67,699		)	(29,902		)
Net realized (losses) gains on fixed maturity investments	(10,098		)	10,217			(52,754		)	13,151
Net unrealized (losses) gains on fixed maturity investments trading	(8,730		)	5,545			(73,522		)	48,940
Net realized and unrealized gains (losses) on investments-related derivatives	2,563			(4,020		)	(763		)	(4,344		)
Net realized gains on equity investments trading sold during the period	21,259			13,675			21,841			49,736
Net unrealized gains on equity investments trading still held at reporting date	8,636			16,635			18,783			36,055
Net realized and unrealized gains on equity investments trading	29,895			30,310			40,624			85,791
Net realized and unrealized gains (losses) on investments	$	13,630		$	42,052		$	(86,415	)	$	143,538

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NOTE 4.FAIR VALUE MEASUREMENTS

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company to be the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations.

FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:

• Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

• Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

• Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. 

There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.

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Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

At September 30, 2018	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	3,117,911		$	3,117,911	$	—	$	—
Agencies	143,980			—		143,980		—
Municipal	7,061			—		7,061		—
Non-U.S. government (Sovereign debt)	254,169			—		254,169		—
Non-U.S. government-backed corporate	137,512			—		137,512		—
Corporate	2,448,795			—		2,448,795		—
Agency mortgage-backed	836,376			—		836,376		—
Non-agency mortgage-backed	289,649			—		289,649		—
Commercial mortgage-backed	257,434			—		257,434		—
Asset-backed	321,892			—		321,892		—
Total fixed maturity investments	7,814,779			3,117,911		4,696,868		—
Short term investments	2,461,415			—		2,461,415		—
Equity investments trading	413,271			413,271		—		—
Other investments
Catastrophe bonds	525,126			—		525,126		—
Private equity partnerships (1)	185,121			—		—		—
Senior secured bank loan funds (1)	17,057			—		—		—
Hedge funds (1)	11,615			—		—		—
Total other investments	738,919			—		525,126		—
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(8,949		)	—		—		(8,949		)
Derivatives (3)	1,594			249		1,345		—
Total other assets and (liabilities)	(7,355		)	249		1,345		(8,949		)
	$	11,421,029		$	3,531,431	$	7,684,754	$	(8,949	)

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at September 30, 2018 was $5.3 million and $14.2 million of other assets and other liabilities, respectively.

(3) See “Note 13. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

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At December 31, 2017	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	3,168,763		$	3,168,763		$	—	$	—
Agencies	47,646			—			47,646		—
Municipal	509,802			—			509,802		—
Non-U.S. government (Sovereign debt)	287,660			—			287,660		—
Non-U.S. government-backed corporate	163,651			—			163,651		—
Corporate	2,063,459			—			2,063,459		—
Agency mortgage-backed	500,456			—			500,456		—
Non-agency mortgage-backed	300,331			—			300,331		—
Commercial mortgage-backed	202,062			—			202,062		—
Asset-backed	182,725			—			182,725		—
Total fixed maturity investments	7,426,555			3,168,763			4,257,792		—
Short term investments	991,863			—			991,863		—
Equity investments trading	388,254			388,254			—		—
Other investments
Catastrophe bonds	380,475			—			380,475		—
Private equity partnerships (1)	196,220			—			—		—
Senior secured bank loan funds (1)	17,574			—			—		—
Hedge funds (1)	524			—			—		—
Total other investments	594,793			—			380,475		—
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(2,952		)	—			—		(2,952		)
Derivatives (3)	4,636			(45		)	4,681		—
Total other assets and (liabilities)	1,684			(45		)	4,681		(2,952		)
	$	9,403,149		$	3,556,972		$	5,634,811	$	(2,952	)

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at December 31, 2017 was $2.5 million and $5.5 million of other assets and other liabilities, respectively.

(3) See “Note 13. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value

Fixed Maturity Investments

Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, municipal, non-U.S. government, non-U.S. government-backed corporate, corporate, agency mortgage-backed, non-agency mortgage-backed, commercial mortgage-backed and asset-backed.

The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing

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models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third-party data. Securities which are priced by an index provider are generally included in the index.

In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active, non-distressed markets. The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class.

U.S. treasuries

Level 1 - At September 30, 2018, the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average yield to maturity of 2.8% and a weighted average credit quality of AA (December 31, 2017 - 1.9% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Agencies

Level 2 - At September 30, 2018, the Company’s agency fixed maturity investments had a weighted average yield to maturity of 3.1% and a weighted average credit quality of AA (December 31, 2017 - 2.1% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

Municipal

Level 2 - At September 30, 2018, the Company’s municipal fixed maturity investments had a weighted average yield to maturity of 4.0% and a weighted average credit quality of BBB (December 31, 2017 - 2.2% and AA, respectively). The Company’s municipal fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information regarding the security from third-party sources such as trustees, paying agents or issuers. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread over widely accepted market benchmarks.

Non-U.S. government (Sovereign debt)

Level 2 - At September 30, 2018, the Company’s non-U.S. government fixed maturity investments had a weighted average yield to maturity of 2.9% and a weighted average credit quality of AAA (December 31, 2017 - 2.0% and AAA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap

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and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Non-U.S. government-backed corporate

Level 2 - At September 30, 2018, the Company’s non-U.S. government-backed corporate fixed maturity investments had a weighted average yield to maturity of 3.2% and a weighted average credit quality of AA (December 31, 2017 - 2.3% and AA, respectively). Non-U.S. government-backed fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Corporate

Level 2 - At September 30, 2018, the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and had a weighted average yield to maturity of 4.3% and a weighted average credit quality of BBB (December 31, 2017 - 3.8% and BBB, respectively). The Company’s corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate.

Agency mortgage-backed

Level 2 - At September 30, 2018, the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average yield to maturity of 3.7%, a weighted average credit quality of AA and a weighted average life of 8.2 years (December 31, 2017 - 3.0%, AA and 6.4 years, respectively). The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to be announced market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with daily active market quotes.

Non-agency mortgage-backed

Level 2 - The Company’s non-agency mortgage-backed fixed maturity investments include non-agency prime, non-agency Alt-A and other non-agency residential mortgage-backed securities. At September 30, 2018, the Company’s non-agency prime residential mortgage-backed fixed maturity investments had a weighted average yield to maturity of 4.2%, a weighted average credit quality of non-investment grade, and a weighted average life of 5.5 years (December 31, 2017 - 3.7%, BBB and 5.1 years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at September 30, 2018 had a weighted average yield to maturity of 4.1%, a weighted average credit quality of non-investment grade and a weighted average life of 6.3 years (December 31, 2017 - 3.7%, non-investment grade and 6.2 years, respectively). Securities held in these sectors are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable.

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Commercial mortgage-backed

Level 2 - At September 30, 2018, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average yield to maturity of 3.6%, a weighted average credit quality of AAA, and a weighted average life of 5.0 years (December 31, 2017 - 2.9%, AAA and 4.5 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.

Asset-backed

Level 2 - At September 30, 2018, the Company’s asset-backed fixed maturity investments had a weighted average yield to maturity of 3.7%, a weighted average credit quality of AAA and a weighted average life of 3.3 years (December 31, 2017 - 2.8%, AAA and 3.0 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of bank loans, student loans, credit card receivables, auto loans and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector.

Short Term Investments

Level 2 - At September 30, 2018, the Company’s short term investments had a weighted average yield to maturity of 1.8% and a weighted average credit quality of AAA (December 31, 2017 - 1.4% and AAA, respectively). The fair value of the Company’s portfolio of short term investments is generally determined using amortized cost which approximates fair value and, in certain cases, in a manner similar to the Company’s fixed maturity investments noted above.

Equity Investments, Classified as Trading

Level 1 - The fair value of the Company’s portfolio of equity investments, classified as trading is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.

Other investments

Catastrophe bonds

Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.

Other assets and liabilities

Derivatives

Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.

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Level 3 Assets and Liabilities Measured at Fair Value

Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At September 30, 2018	Fair Value (Level 3)			Valuation Technique	Unobservable (U) and Observable (O) Inputs	Low		High		Weighted Average or Actual
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	$	994		Internal valuation model	Bond price (O)	$	101.31	$	111.12	$	106.80
					Liquidity discount (U)	n/a		n/a		1.3		%
Assumed and ceded (re)insurance contracts	(9,943		)	Internal valuation model	Net undiscounted cash flows (U)	n/a		n/a		$	10,180
					Expected loss ratio (U)	n/a		n/a		38.2		%
					Net acquisition expense ratio (O)	n/a		n/a		4.9		%
					Contract period (O)	2.0 years		5.0 years		4.7 years
					Discount rate (U)	n/a		n/a		3.0		%
Total other assets and (liabilities)	$	(8,949	)

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

	Other assets and (liabilities)
Balance - January 1, 2018	$	(2,952	)
Total realized and unrealized gains
Included in other income	2,399
Purchases	(9,379		)
Settlements	983
Balance - September 30, 2018	$	(8,949	)

	Other assets  and (liabilities)
Balance - January 1, 2017	$	(13,004	)
Total realized and unrealized gains
Included in other income	3,525
Purchases	49
Settlements	5,937
Balance - September 30, 2017	$	(3,493	)

Other assets and liabilities

Assumed and ceded (re)insurance contracts

Level 3 - At September 30, 2018, the Company had a $1.0 million net asset related to an assumed reinsurance contract accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on indicative pricing

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obtained from independent brokers and pricing vendors for similarly structured marketable securities. The most significant unobservable inputs include prices for similar marketable securities and a liquidity premium. The Company considers the prices for similar securities to be unobservable, as there is little, if any market activity for these similar assets. In addition, the Company has estimated a liquidity premium that would be required if the Company attempted to effectively exit its position by executing a short sale of these securities. Generally, an increase in the prices for similar marketable securities or a decrease in the liquidity premium would result in an increase in the expected profit and ultimate fair value of this assumed reinsurance contract.

Level 3 - At September 30, 2018, the Company had a $9.9 million net liability related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered an observable input as each is defined in the contract. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company uses various financial instruments in the normal course of its business. The Company’s insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values.

Debt

Included on the Company’s consolidated balance sheet at September 30, 2018 were debt obligations of $990.7 million (December 31, 2017 - $989.6 million). At September 30, 2018, the fair value of the Company’s debt obligations was $980.3 million (December 31, 2017 – $1,018.2 million).

The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations.

The Fair Value Option for Financial Assets and Financial Liabilities

The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value:

	September 30, 2018		December 31, 2017
Other investments	$	738,919	$	594,793
Other assets	$	5,259	$	2,542
Other liabilities	$	14,208	$	5,494

Included in net investment income for the three and nine months endedSeptember 30, 2018 were net unrealized gains of $9.1 million and $17.8 million, respectively, related to the changes in fair value of other investments (2017 – gains of $9.8 million and $2.7 million, respectively). Included in other income for the three and nine months endedSeptember 30, 2018 were net unrealized gains of $Nil and $Nil, respectively, related to the changes in the fair value of other assets and liabilities (2017 - $Nil and $Nil, respectively).

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Measuring the Fair Value of Other Investments Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At September 30, 2018	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private equity partnerships	$	185,121	$	416,847	See below	See below	See below
Senior secured bank loan funds	17,057		20,262		See below	See below	See below
Hedge funds	11,615		—		See below	See below	See below
Total other investments measured using net asset valuations	$	213,793	$	437,109

Private equity partnerships – The Company’s investments in private equity partnerships included alternative asset limited partnerships (or similar corporate structures) that invest in certain private equity asset classes, including U.S. and global leveraged buyouts, mezzanine investments, distressed securities, real estate, and oil, gas and power. The Company generally has no right to redeem its interest in any of these private equity partnerships in advance of dissolution of the applicable private equity partnership. Instead, the nature of these investments is that distributions are received by the Company in connection with the liquidation of the underlying assets of the respective private equity partnership. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 7 to 10 years from inception of the respective limited partnership.

Senior secured bank loan funds – At September 30, 2018, the Company had $17.1 million invested in closed end funds which invest primarily in loans. The Company has no right to redeem its investment in these funds. It is estimated that the majority of the underlying assets in these closed end funds would begin to liquidate over 4 to 5 years from inception of the applicable fund.

Hedge funds – The Company invests in hedge funds that pursue multiple strategies. At September 30, 2018, the Company had $11.6 million of investments in hedge funds that pursue multiple strategies. This included an investment of $11.3 million in a fund primarily focused on global credit opportunities which is redeemable at the option of the shareholder. The remainder of the Company’s hedge fund investments consisted of so called “side pocket” investments which are not redeemable at the option of the shareholder.

NOTE 5.REINSURANCE

The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurer fails to meet its obligations.

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The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Premiums written
Direct	$	74,635		$	64,040		$	250,375		$	205,253
Assumed	551,042			576,229			2,512,297			2,184,521
Ceded	(172,422		)	(157,048		)	(1,041,864		)	(806,672		)
Net premiums written	$	453,255		$	483,221		$	1,720,808		$	1,583,102
Premiums earned
Direct	$	73,356		$	61,908		$	213,292		$	176,433
Assumed	760,920			712,499			1,968,138			1,731,845
Ceded	(302,427		)	(226,615		)	(779,914		)	(612,176		)
Net premiums earned	$	531,849		$	547,792		$	1,401,516		$	1,296,102
Claims and claim expenses
Gross claims and claim expenses incurred	$	514,873		$	2,482,510		$	817,560		$	2,924,217
Claims and claim expenses recovered	(104,363		)	(1,260,814		)	(175,180		)	(1,366,853		)
Net claims and claim expenses incurred	$	410,510		$	1,221,696		$	642,380		$	1,557,364

At September 30, 2018, the Company’s reinsurance recoverable balance was $1.2 billion (December 31, 2017 - $1.6 billion). Of this amount, 52.5% is fully collateralized by our reinsurers, 46.4% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.1% is recoverable from reinsurers rated lower than A- by major rating agencies (December 31, 2017 - 54.5%, 44.5% and 1.0%, respectively). The reinsurers with the three largest balances accounted for 12.2%, 12.0% and 9.2%, respectively, of the Company’s reinsurance recoverable balance at September 30, 2018 (December 31, 2017 - 10.4%, 7.5% and 7.3%, respectively). The valuation allowance recorded against reinsurance recoverable was $6.3 million at September 30, 2018 (December 31, 2017 - $7.0 million). The three largest company-specific components of the valuation allowance represented 19.9%, 19.8% and 18.0%, respectively, of the Company’s total valuation allowance at September 30, 2018 (December 31, 2017 - 11.1%, 9.2% and 8.4%, respectively).

NOTE 6.RESERVE FOR CLAIMS AND CLAIM EXPENSES

The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells. The Company establishes its claims and claim expense reserves by taking claims reported to the Company by insureds and ceding companies, but which have not yet been paid (“case reserves”), adding estimates for the anticipated cost of claims incurred but not yet reported to the Company, or incurred but not enough reported to the Company (collectively referred to as “IBNR”) and, if deemed necessary, adding costs for additional case reserves which represent the Company’s estimates for claims related to specific contracts previously reported to the Company which it believes may not be adequately estimated by the client as of that date, or adequately covered in the application of IBNR.

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The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR:

At September 30, 2018	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	610,932	$	744,391	$	774,220	$	2,129,543
Casualty and Specialty	773,732		102,631		1,940,244		2,816,607
Other	3,240		—		3,108		6,348
Total	$	1,387,904	$	847,022	$	2,717,572	$	4,952,498
At December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Nine months ended September 30,	2018			2017
Net reserves as of January 1	$	3,493,778		$	2,568,730
Net incurred related to:
Current year	839,360			1,561,027
Prior years	(196,980		)	(3,663		)
Total net incurred	642,380			1,557,364
Net paid related to:
Current year	48,075			158,685
Prior years	326,692			396,411
Total net paid	374,767			555,096
Foreign exchange	(12,952		)	33,011
Net reserves as of September 30	3,748,439			3,604,009
Reinsurance recoverable as of September 30	1,204,059			1,588,304
Gross reserves as of September 30	$	4,952,498		$	5,192,313

Prior Year Development of the Reserve for Net Claims and Claim Expenses

The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an insurer’s estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable development is generally reduced by offsetting changes in its reinsurance recoverables, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest for changes in claims and claim expenses that impact DaVinciRe, all of which generally move in the opposite direction to changes in the Company’s ultimate claims and claim expenses.

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The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses:

Nine months ended September 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(172,872	)	$	(16,968	)
Casualty and Specialty	(24,020		)	14,015
Other	(88		)	(710		)
Total favorable development of prior accident years net claims and claim expenses	$	(196,980	)	$	(3,663	)

Changes to prior year estimated claims reserves increased the Company’s net income by $197.0 million during the nine months ended September 30, 2018, (2017 - decreased the Company’s net loss by $3.7 million), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interest - DaVinciRe and income tax.

Property Segment

The following tables detail the development of the Company’s liability for unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Nine months ended September 30,	2018
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2017 Catastrophe Events	$	(151,155	)
Other	(7,313		)
Total large catastrophe events	(158,468		)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(8,722		)
Total small catastrophe events and attritional loss movements	(8,722		)
Total catastrophe and attritional net claims and claim expenses	(167,190		)
Actuarial assumption changes	(5,682		)
Total net favorable development of prior accident years net claims and claim expenses	$	(172,872	)

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in the nine months ended September 30, 2018 of $172.9 million was comprised of net favorable development of $158.5 million related to large catastrophe events, net favorable development of $8.7 million related to small catastrophe events and attritional loss movements and $5.7 million of net favorable development associated with actuarial assumption changes. Included in net favorable development of prior accident years net claims and claim expenses from large events was $151.2 million of net decreases in the estimated ultimate losses associated with Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts (collectively, the “2017 Catastrophe Events”). The Company’s Property segment also experienced net favorable development of $8.7 million associated with a number of other small catastrophe events as well as attritional loss movements related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

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Nine months ended September 30,	2017
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
New Zealand Earthquake (2011)	$	5,807
New Zealand Earthquake (2010)	5,001
April and May U.S. Tornadoes (2011)	(4,163		)
Other	(3,881		)
Total large catastrophe events	2,764
Small catastrophe events and attritional loss movements
Fort McMurray Wildfire (2016)	(6,386		)
Tianjin Explosion (2015)	(4,896		)
Other small catastrophe events and attritional loss movements	(9,293		)
Total small catastrophe events and attritional loss movements	(20,575		)
Total catastrophe and attritional net claims and claim expenses	(17,811		)
Actuarial assumption changes	843
Total net favorable development of prior accident years net claims and claim expenses	$	(16,968	)

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in the nine months ended September 30, 2017 of $17.0 million was principally comprised of net adverse development of $2.8 million related to large catastrophe events, net favorable development of $20.6 million related to small catastrophe events and attritional loss movements and $0.8 million of net adverse development associated with actuarial assumption changes. Included in net adverse development of prior accident years net claims and claim expenses from large events was adverse development of $5.8 million related to the 2011 New Zealand Earthquake and $5.0 million related to the 2010 New Zealand Earthquake due to increases in the estimated expected losses associated with these events. Partially offsetting these events was favorable development of $4.2 million and $3.9 million related to the 2011 April and May U.S. Tornadoes and a number of other events, respectively, due to reductions in the estimated ultimate losses associated with these events. Included in net favorable development of prior accident years net claims and claims expenses from small events was a reduction in the estimated ultimate losses associated with the 2016 Fort McMurray Wildfire of $6.4 million and the 2015 Tianjin Explosion of $4.9 million. In addition, the Company’s Property segment experienced net favorable development of $9.3 million associated with a number of other small catastrophe events and attritional loss movements related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

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Casualty and Specialty Segment

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:

Nine months ended September 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods	$	(16,234	)	$	(17,004	)
Ogden Rate change	—			33,481
Actuarial assumption changes	(7,786		)	(2,462		)
Total (favorable) adverse development of prior accident years net claims and claim expenses	$	(24,020	)	$	14,015

The net favorable development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in the nine months ended September 30, 2018 of $24.0 million was driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses and certain assumption changes across a number of lines of business.

The net adverse development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in the nine months ended September 30, 2017 of $14.0 million was driven by $33.5 million of adverse development associated with the change in the discount rate used to calculate lump sum awards in U.K. bodily injury cases (the “Ogden Rate”), from 2.5%, to minus 0.75%. Notwithstanding the impact of the Ogden Rate change, the Company experienced $17.0 million of net favorable development in the nine months ended September 30, 2017 related to actual reported losses coming in lower than expected on attritional net claims and claim expenses across a number of lines of business and $2.5 million of net favorable development associated with actuarial assumption changes.

NOTE 7.DEBT AND CREDIT FACILITIES

Except as noted below, there have been no material changes to the Company’s debt obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2017.

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:

	September 30, 2018				December 31, 2017
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.450% Senior Notes due 2027	$	282,585	$	295,673	$	294,654	$	295,303
3.700% Senior Notes due 2025	293,559		297,594		302,781		297,318
5.750% Senior Notes due 2020	256,250		249,520		263,750		249,272
4.750% Senior Notes due 2025 (DaVinciRe) (1)	147,924		147,962		157,050		147,730
	$	980,318	$	990,749	$	1,018,235	$	989,623

(1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

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Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:

At September 30, 2018	Issued or Drawn
RenaissanceRe Revolving Credit Facility (1)	$	—
Uncommitted Standby Letter of Credit Facility with Wells Fargo	87,057
Bilateral Letter of Credit Facility with Citibank Europe	180,416
Renaissance Reinsurance FAL Facility	180,000
Total credit facilities in U.S. dollars	$	447,473
Specialty Risks FAL Facility (1)	£	—
Total credit facilities in pound sterling	£	—

(1) At September 30, 2018, no amounts were issued or drawn under these facilities.

National Australia Bank Limited Standby Letter of Credit Agreement

Effective as of March 23, 2018, the Company terminated the Standby Letter of Credit Agreement, dated as of May 19, 2015, among National Australia Bank Limited (“NAB”) and Renaissance Reinsurance, RenaissanceRe Specialty Risks Ltd., DaVinci and Platinum Underwriters Bermuda, Ltd. (collectively, the “NAB Facility Applicants”) (the “NAB Standby Letter of Credit Agreement”). The NAB Standby Letter of Credit Agreement provided for a secured, uncommitted facility under which letters of credit were issued from time to time for the respective accounts of the NAB Facility Applicants in multiple currencies. RenaissanceRe unconditionally guaranteed the payment obligations of the NAB Facility Applicants, other than DaVinci.

NOTE 8.NONCONTROLLING INTERESTS

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

	September 30, 2018		December 31, 2017
Redeemable noncontrolling interest - DaVinciRe	$	1,085,985	$	1,011,659
Redeemable noncontrolling interest - Medici	447,993		284,847
Redeemable noncontrolling interests	$	1,533,978	$	1,296,506

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

	Three months ended					Nine months ended
	September 30, 2018		September 30, 2017			September 30, 2018		September 30, 2017
Redeemable noncontrolling interest - DaVinciRe	$	3,730	$	(195,508	)	$	74,935	$	(127,167	)
Redeemable noncontrolling interest - Medici	2,710		(8,769		)	15,887		(5,171		)
Net income (loss) attributable to redeemable noncontrolling interests	$	6,440	$	(204,277	)	$	90,822	$	(132,338	)

Redeemable Noncontrolling Interest – DaVinciRe

RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of

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DaVinciRe are included in the consolidated financial statements of the Company. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinciRe was 22.1% at September 30, 2018 (December 31, 2017 - 22.1%).

DaVinciRe shareholders are party to a shareholders agreement which provides DaVinciRe shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinciRe of such shareholder’s desire for DaVinciRe to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinciRe’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinciRe’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinciRe before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of January 1 of the following year. The repurchase price is generally subject to a true-up for potential development on outstanding loss reserves after settlement of all claims relating to the applicable years.

2017

During January 2017, DaVinciRe redeemed $75.0 million of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe. In connection with the redemption, DaVinciRe retained a $7.5 million holdback. In addition, RenaissanceRe sold an aggregate of $24.0 million of its shares in DaVinciRe to an existing shareholder and a new shareholder. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 22.6%, effective January 1, 2017.

During July 2017, RenaissanceRe purchased $12.0 million of DaVinciRe’s outstanding shares from an existing third-party shareholder. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 23.5%, effective July 1, 2017.

Effective October 1, 2017, DaVinciRe completed an equity capital raise of $248.6 million from third-party investors and RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $49.7 million of its shares in DaVinciRe to third-party investors. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 22.1%, effective October 1, 2017.

The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time.

The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Beginning balance	$	1,082,425		$	1,019,918		$	1,011,659		$	994,458
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(170		)	(12,068		)	(609		)	(78,870		)
Sale of shares to redeemable noncontrolling interests	—			—			—			23,921
Net income (loss) attributable to redeemable noncontrolling interest	3,730			(195,508		)	74,935			(127,167		)
Ending balance	$	1,085,985		$	812,342		$	1,085,985		$	812,342

Redeemable Noncontrolling Interest - RenaissanceRe Medici Fund Ltd. (“Medici”)

Medici is an exempted company incorporated under the laws of Bermuda and its objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in the consolidated financial statements of the Company. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net

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income attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici.

2017

During 2017, third-party investors subscribed for $149.2 million and redeemed $48.0 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 26.8%, effective at December 31, 2017.

2018

During the nine months ended September 30, 2018, third-party investors subscribed for $199.5 million and redeemed $52.2 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 15.8% at September 30, 2018.

The Company expects its noncontrolling economic ownership in Medici to fluctuate over time.

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Beginning balance	$	411,003		$	222,165		$	284,847		$	181,136
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(8,720		)	(1,400		)	(52,223		)	(27,310		)
Sale of shares to redeemable noncontrolling interests	43,000			9,391			199,482			72,732
Net income (loss) attributable to redeemable noncontrolling interest	2,710			(8,769		)	15,887			(5,171		)
Ending balance	$	447,993		$	221,387		$	447,993		$	221,387

NOTE 9.VARIABLE INTEREST ENTITIES

Upsilon RFO

Upsilon RFO is a managed joint venture and a Bermuda domiciled SPI that was formed by the Company primarily to provide additional capacity to the worldwide aggregate and per-occurrence retrocessional property catastrophe excess of loss market.

The shareholders (other than the Class A shareholder) participate in substantially all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance.

Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO as it has the power over the activities that most significantly impact the economic performance of Upsilon RFO and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon RFO, in accordance with the accounting guidance. As a result, the Company consolidates Upsilon RFO and all significant inter-company transactions have been eliminated. Other than its equity investment in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide.

2017

During 2017, Upsilon RFO returned $84.3 million of capital to its investors, including $33.0 million to the Company. In addition, during 2017, $180.6 million of Upsilon RFO non-voting preference shares were

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issued to existing investors therein, including $27.2 million to the Company, and an existing third-party investor purchased $7.5 million of Upsilon RFO non-voting preference shares from the Company. At December 31, 2017, the Company’s participation in the risks assumed by Upsilon RFO was 20.8%.

2018

During the nine months ended September 30, 2018, $856.7 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $109.8 million to the Company. At September 30, 2018, the Company’s participation in the risks assumed by Upsilon RFO was 14.0%.

Amounts received by the Company prior to December 31, 2017 were included in other liabilities on the Company’s consolidated balance sheet at December 31, 2017, and were also included in other operating cash flows on the Company’s consolidated statements of cash flows for the year ended December 31, 2017. During the nine months ended September 30, 2018, in connection with the issuance of the non-voting preference shares of Upsilon RFO, other liabilities were reduced by this amount, and reinsurance balances payable were increased by an offsetting amount, with corresponding impacts to other operating cash flows and the change in reinsurance balances payable on the Company consolidated statements of cash flows for the nine months ended September 30, 2018.

At September 30, 2018, the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $1.6 billion and $1.6 billion, respectively (December 31, 2017 - $1.2 billion and $1.2 billion, respectively).

Mona Lisa Re Ltd. (“Mona Lisa Re”)

Mona Lisa Re is licensed as a Bermuda domiciled special purpose insurer to provide reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which will be collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors.

Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance were deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes.

The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Mona Lisa Re and concluded it does not have a variable interest in Mona Lisa Re. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. The Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.

At September 30, 2018, the total assets and total liabilities of Mona Lisa Re were $0.1 million and $0.1 million, respectively (December 31, 2017 - $25.9 million and $25.9 million, respectively). On July 6, 2018, all remaining outstanding series of notes issued by Mona Lisa Re were redeemed and the proceeds were returned to the holders of such notes.

The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. Renaissance Reinsurance and DaVinci have together entered into ceded reinsurance contracts with Mona Lisa Re with gross premiums ceded of $0.2 million and $0.2 million, respectively, during the nine months ended September 30, 2018 (2017 - $0.2 million and $0.2 million, respectively). In addition, Renaissance Reinsurance and DaVinci recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $0.2 million and $0.2 million, respectively, during the nine months ended September 30, 2018 (2017 - $4.0 million and $2.8 million, respectively).

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Fibonacci Re

Effective November 7, 2016, Fibonacci Re, a Bermuda-domiciled SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates.

Upon issuance of a series of notes by Fibonacci Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance underlying such series of notes. The outstanding principal amount of each series of notes generally is expected to be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned is expected to be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. RUM receives an origination and structuring fee in connection with the formation and operation of Fibonacci Re.

The Company concluded that Fibonacci Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Fibonacci Re and concluded it is not the primary beneficiary of Fibonacci Re as it does not have power over the activities that most significantly impact the economic performance of Fibonacci Re. As a result, the Company does not consolidate the financial position or results of operations of Fibonacci Re.

The only transactions related to Fibonacci Re that will be recorded in the Company’s consolidated financial statements will be the ceded reinsurance agreements entered into by Renaissance Reinsurance that are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance, and the fair value of the participating notes owned by the Company. Other than its investment in the participating notes of Fibonacci Re, the Company has not provided financial or other support to Fibonacci Re that it was not contractually required to provide.

The fair value of the Company’s investment in the participating notes of Fibonacci Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Fibonacci Re was $8.5 million at September 30, 2018 (December 31, 2017 - $14.1 million).

Renaissance Reinsurance entered into ceded reinsurance contracts with Fibonacci Re with ceded premiums of $9.1 million and ceded premiums earned of $6.8 million during the nine months ended September 30, 2018 (2017 - $9.4 million and $6.2 million, respectively).

Langhorne

Effective December 22, 2017, the Company and Reinsurance Group of America, Incorporated closed Langhorne, an initiative to source third party capital to support reinsurers targeting large in-force life and annuity blocks. In connection with Langhorne, as of September 30, 2018 the Company had invested $1.3 million in Langhorne Holdings (December 31, 2017 - $0.6 million), a company that owns and manages certain reinsurance entities within Langhorne. In addition, as of September 30, 2018 the Company had invested $0.1 million in Langhorne Partners (December 31, 2017 - $Nil), the general partner for Langhorne and the entity which manages the third-party investors investing into Langhorne Holdings.

The Company concluded that Langhorne Holdings meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Langhorne Holdings and concluded it is not the primary beneficiary of Langhorne Holdings, as it does not have power over the activities that most significantly impact the economic performance of Langhorne Holdings. As a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company separately evaluated Langhorne Partners and concluded that it was not a VIE. The Company accounts for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.

The Company anticipates that its absolute investment in Langhorne will increase, perhaps materially, as in-force life and annuity blocks of businesses are written. The Company expects its absolute and relative ownership in Langhorne Partners to remain stable. Other than its current and committed future equity investment in Langhorne, the Company has not provided financial or other support to Langhorne that it was not contractually required to provide.

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NOTE 10.SHAREHOLDERS’ EQUITY

Dividends

The Board of Directors of RenaissanceRe declared dividends, payable to common shareholders of record on each of March 15, 2018, June 15, 2018 and September 14, 2018, of $0.33 per common share, and the Company paid the dividends on March 29, 2018, June 29, 2018 and September 28, 2018, respectively.

The Board of Directors approved the payment of quarterly dividends on the Series C 6.08% Preference Shares, Series E 5.375% Preference Shares and 5.750% Series F Preference Shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates. The amount of the dividend on the Series C 6.08% Preference Shares is an amount per share equal to 6.08% of the liquidation preference per annum (the equivalent to $1.52 per share per annum, or $0.38 per share per quarter). The amount of the dividend on the Series E 5.375% Preference Shares is an amount per share equal to 5.375% of the liquidation preference per annum (the equivalent to $1.34375 per share per annum, or $0.3359375 per share per quarter). The amount of the dividend on the 5.750% Series F Preference Shares is an amount per share equal to 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter).

During the nine months ended September 30, 2018, the Company paid $20.9 million in preference share dividends (2017 - $16.8 million) and $39.6 million in common share dividends (2017 - $38.6 million).

Preference Shares

In June 2018, the Company issued 10,000 shares of its 5.750% Series F Preference Shares, $1.00 par value and liquidation preference $25,000 per share (equivalent to 10,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a 5.750% Series F Preference Share).

The 5.750% Series F Preference Shares have no stated maturity date and may be redeemed at a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share), plus declared and unpaid dividends, at RenaissanceRe’s option on or after June 30, 2023, provided that no redemption may occur prior to June 30, 2028 unless certain redemption requirements are met. In certain circumstances, such as a change in tax law or a capital disqualification event, the Company may redeem the 5.750% Series F Preference Shares prior to June 30, 2023. In addition, the Company may redeem the 5.750% Series F Preference Shares prior to June 30, 2023 at a redemption price of $26,000 per share (equivalent to $26.00 per Depositary Share), plus accrued and unpaid dividends, in certain circumstances where the 5.750% Series F Preference Shares are entitled to vote on an amalgamation, consolidation, merger or other similar corporate transaction, or change in Bermuda law.

Dividends on the 5.750% Series F Preference Shares are payable on a non-cumulative basis, only when, as and if declared by the Board of Directors, at an annual rate of 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). Unless certain dividend payments are made on the 5.750% Series F Preference Shares, RenaissanceRe will be restricted from paying any dividends on and repurchasing its common shares.

Share Repurchases

The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On November 10, 2017, RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of up to $500.0 million. Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the common shares authorized. The Company’s decision to repurchase common shares will

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depend on, among other matters, the market price of the common shares and the capital requirements of the Company. During the nine months endedSeptember 30, 2018, the Company did not repurchase any of its common shares. At September 30, 2018, $500.0 million remained available for repurchase under the share repurchase program.

NOTE 11.EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

	Three months ended						Nine months ended
(common shares in thousands)	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	(504,812	)	$	281,182		$	(241,318	)
Amount allocated to participating common shareholders (1)	(294		)	(116		)	(2,977		)	(344		)
Net income (loss) allocated to RenaissanceRe common shareholders	$	32,387		$	(504,928	)	$	278,205		$	(241,662	)
Denominator:
Denominator for basic income per RenaissanceRe common share - weighted average common shares	39,624			39,591			39,606			39,979
Per common share equivalents of employee stock options and restricted shares	13			—			21			—
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions	39,637			39,591			39,627			39,979
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)

(1) Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors.

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NOTE 12.SEGMENT REPORTING

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit. In addition to its reportable segments, the Company has an Other category, which primarily includes its strategic investments, investments unit, corporate expenses, capital servicing costs, noncontrolling interests and the remnants of its former Bermuda-based insurance operations.

The Company’s Property segment is managed by the Chief Underwriting Officer - Property and the Casualty and Specialty segment is managed by the Chief Underwriting Officer - Casualty and Specialty, each of whom operate under the direction of the Company’s Group Chief Underwriting Officer, who in turn reports to the Company’s President and Chief Executive Officer.

The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:

Three months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	301,413		$	324,264		$	—		$	625,677
Net premiums written	$	232,632		$	220,623		$	—		$	453,255
Net premiums earned	$	293,059		$	238,791		$	(1	)	$	531,849
Net claims and claim expenses incurred	265,857			144,671			(18		)	410,510
Acquisition expenses	45,524			64,238			(1		)	109,761
Operational expenses	25,577			14,976			40			40,593
Underwriting (loss) income	$	(43,899	)	$	14,906		$	(22	)	(29,015		)
Net investment income							80,696			80,696
Net foreign exchange losses							(4,566		)	(4,566		)
Equity in earnings of other ventures							7,648			7,648
Other income							497			497
Net realized and unrealized gains on investments							13,630			13,630
Corporate expenses							(6,841		)	(6,841		)
Interest expense							(11,769		)	(11,769		)
Income before taxes and redeemable noncontrolling interests										50,280
Income tax expense							(1,451		)	(1,451		)
Net income attributable to redeemable noncontrolling interests							(6,440		)	(6,440		)
Dividends on preference shares							(9,708		)	(9,708		)
Net income available to RenaissanceRe common shareholders										$	32,681
Net claims and claim expenses incurred – current accident year	$	268,022		$	151,904		$	—		$	419,926
Net claims and claim expenses incurred – prior accident years	(2,165		)	(7,233		)	(18		)	(9,416		)
Net claims and claim expenses incurred – total	$	265,857		$	144,671		$	(18	)	$	410,510
Net claims and claim expense ratio – current accident year	91.5		%	63.6		%				79.0		%
Net claims and claim expense ratio – prior accident years	(0.8		)%	(3.0		)%				(1.8		)%
Net claims and claim expense ratio – calendar year	90.7		%	60.6		%				77.2		%
Underwriting expense ratio	24.3		%	33.2		%				28.3		%
Combined ratio	115.0		%	93.8		%				105.5		%

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Nine months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,561,008		$	1,201,664		$	—		$	2,762,672
Net premiums written	$	884,541		$	836,267		$	—		$	1,720,808
Net premiums earned	$	722,246		$	679,271		$	(1	)	$	1,401,516
Net claims and claim expenses incurred	222,195			420,273			(88		)	642,380
Acquisition expenses	127,095			185,429			—			312,524
Operational expenses	75,933			43,121			354			119,408
Underwriting income (loss)	$	297,023		$	30,448		$	(267	)	327,204
Net investment income							208,528			208,528
Net foreign exchange losses							(11,496		)	(11,496		)
Equity in earnings of other ventures							14,331			14,331
Other income							480			480
Net realized and unrealized losses on investments							(86,415		)	(86,415		)
Corporate expenses							(21,875		)	(21,875		)
Interest expense							(35,304		)	(35,304		)
Income before taxes and redeemable noncontrolling interests										395,453
Income tax expense							(2,550		)	(2,550		)
Net income attributable to redeemable noncontrolling interests							(90,822		)	(90,822		)
Dividends on preference shares							(20,899		)	(20,899		)
Net income available to RenaissanceRe common shareholders										$	281,182
Net claims and claim expenses incurred – current accident year	$	395,067		$	444,293		$	—		$	839,360
Net claims and claim expenses incurred – prior accident years	(172,872		)	(24,020		)	(88		)	(196,980		)
Net claims and claim expenses incurred – total	$	222,195		$	420,273		$	(88	)	$	642,380
Net claims and claim expense ratio – current accident year	54.7		%	65.4		%				59.9		%
Net claims and claim expense ratio – prior accident years	(23.9		)%	(3.5		)%				(14.1		)%
Net claims and claim expense ratio – calendar year	30.8		%	61.9		%				45.8		%
Underwriting expense ratio	28.1		%	33.6		%				30.9		%
Combined ratio	58.9		%	95.5		%				76.7		%

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Three months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	325,395		$	314,881		$	(7	)	$	640,269
Net premiums written	$	269,393		$	213,835		$	(7	)	$	483,221
Net premiums earned	$	336,838		$	210,961		$	(7	)	$	547,792
Net claims and claim expenses incurred	1,044,418			177,433			(155		)	1,221,696
Acquisition expenses	17,514			59,248			(1		)	76,761
Operational expenses	25,123			17,389			25			42,537
Underwriting (loss) income	$	(750,217	)	$	(43,109	)	$	124		(793,202		)
Net investment income							40,257			40,257
Net foreign exchange losses							(156		)	(156		)
Equity in earnings of other ventures							1,794			1,794
Other income							2,996			2,996
Net realized and unrealized gains on investments							42,052			42,052
Corporate expenses							(4,413		)	(4,413		)
Interest expense							(11,799		)	(11,799		)
Loss before taxes and redeemable noncontrolling interests										(722,471		)
Income tax benefit							18,977			18,977
Net loss attributable to redeemable noncontrolling interests							204,277			204,277
Dividends on preference shares							(5,595		)	(5,595		)
Net loss attributable to RenaissanceRe common shareholders										$	(504,812	)
Net claims and claim expenses incurred – current accident year	$	1,036,586		$	172,675		$	—		$	1,209,261
Net claims and claim expenses incurred – prior accident years	7,832			4,758			(155		)	12,435
Net claims and claim expenses incurred – total	$	1,044,418		$	177,433		$	(155	)	$	1,221,696
Net claims and claim expense ratio – current accident year	307.7		%	81.9		%				220.8		%
Net claims and claim expense ratio – prior accident years	2.4		%	2.2		%				2.2		%
Net claims and claim expense ratio – calendar year	310.1		%	84.1		%				223.0		%
Underwriting expense ratio	12.6		%	36.3		%				21.8		%
Combined ratio	322.7		%	120.4		%				244.8		%

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Nine months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,345,271		$	1,044,510		$	(7	)	$	2,389,774
Net premiums written	$	895,728		$	687,381		$	(7	)	$	1,583,102
Net premiums earned	$	716,024		$	580,085		$	(7	)	$	1,296,102
Net claims and claim expenses incurred	1,116,273			441,801			(710		)	1,557,364
Acquisition expenses	75,117			173,179			(2		)	248,294
Operational expenses	76,841			54,708			37			131,586
Underwriting (loss) income	$	(552,207	)	$	(89,603	)	$	668		(641,142		)
Net investment income							148,745			148,745
Net foreign exchange gains							11,118			11,118
Equity in earnings of other ventures							5,830			5,830
Other income							7,053			7,053
Net realized and unrealized gains on investments							143,538			143,538
Corporate expenses							(14,335		)	(14,335		)
Interest expense							(32,416		)	(32,416		)
Loss before taxes and redeemable noncontrolling interests										(371,609		)
Income tax benefit							14,739			14,739
Net loss attributable to RenaissanceRe common shareholders							132,338			132,338
Dividends on preference shares							(16,786		)	(16,786		)
Net loss attributable to RenaissanceRe common shareholders										$	(241,318	)
Net claims and claim expenses incurred – current accident year	$	1,133,241		$	427,786		$	—		$	1,561,027
Net claims and claim expenses incurred – prior accident years	(16,968		)	14,015			(710		)	(3,663		)
Net claims and claim expenses incurred – total	$	1,116,273		$	441,801		$	(710	)	$	1,557,364
Net claims and claim expense ratio – current accident year	158.3		%	73.7		%				120.4		%
Net claims and claim expense ratio – prior accident years	(2.4		)%	2.5		%				(0.2		)%
Net claims and claim expense ratio – calendar year	155.9		%	76.2		%				120.2		%
Underwriting expense ratio	21.2		%	39.2		%				29.3		%
Combined ratio	177.1		%	115.4		%				149.5		%

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NOTE 13.DERIVATIVE INSTRUMENTS

From time to time, the Company may enter into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and speculation. The Company’s derivative instruments can be exchange traded or over-the-counter, with over-the-counter derivatives generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event a party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities.

The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:

	Derivative Assets
At September 30, 2018	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Interest rate futures	$	438	184		$	254	Other assets	$	—	$	254
Interest rate swaps	782		—		782		Other assets	—		782
Foreign currency forward contracts (1)	6,547		—		6,547		Other assets	—		6,547
Foreign currency forward contracts (2)	1,416		40		1,376		Other assets	—		1,376
Credit default swaps	277		—		277		Other assets	—		277
Total	$	9,460	$	224	$	9,236		$	—	$	9,236
	Derivative Liabilities
At September 30, 2018	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Interest rate futures	$	189	184		$	5	Other liabilities	$	5	$	—
Interest rate swaps	232		—		232		Other liabilities	232		—
Foreign currency forward contracts (1)	7,272		504		6,768		Other liabilities	—		6,768
Foreign currency forward contracts (2)	663		40		623		Other liabilities	—		623
Credit default swaps	14		—		14		Other liabilities	—		14
Total	$	8,370	$	728	$	7,642		$	237	$	7,405

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

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	Derivative Assets
At December 31, 2017	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Interest rate futures	$	684	524		$	160	Other assets	$	—	$	160
Interest rate swaps	424		—		424		Other assets	—		424
Foreign currency forward contracts (1)	3,865		358		3,507		Other assets	—		3,507
Foreign currency forward contracts (2)	39		11		28		Other assets	—		28
Credit default swaps	1,518		—		1,518		Other assets	—		1,518
Total	$	6,530	$	893	$	5,637		$	—	$	5,637
	Derivative Liabilities
At December 31, 2017	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Interest rate futures	$	729	524		$	205	Other liabilities	$	205	$	—
Foreign currency forward contracts (1)	670		—		670		Other liabilities	—		670
Foreign currency forward contracts (2)	115		11		104		Other liabilities	—		104
Credit default swaps	22		—		22		Other liabilities	22		—
Total	$	1,536	$	535	$	1,001		$	227	$	774

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

Refer to “Note 3. Investments” for information on reverse repurchase agreements.

43

The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:

	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Three months ended September 30,		2018			2017
Interest rate futures	Net realized and unrealized gains (losses) on investments	$	2,760		$	(3,016	)
Interest rate swaps	Net realized and unrealized gains (losses) on investments	(6		)	271
Foreign currency forward contracts (1)	Net foreign exchange (losses) gains	(2,596		)	2,056
Foreign currency forward contracts (2)	Net foreign exchange (losses) gains	650			(40		)
Credit default swaps	Net realized and unrealized gains (losses) on investments	(191		)	(1,275		)
Total		$	617		$	(2,004	)
	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Nine months ended September 30,		2018			2017
Interest rate futures	Net realized and unrealized gains (losses) on investments	$	336		$	(4,064	)
Interest rate swaps	Net realized and unrealized gains (losses) on investments	129			271
Foreign currency forward contracts (1)	Net foreign exchange (losses) gains	(2,227		)	8,339
Foreign currency forward contracts (2)	Net foreign exchange (losses) gains	1,302			(940		)
Credit default swaps	Net realized and unrealized gains (losses) on investments	(1,228		)	(551		)
Total		$	(1,688	)	$	3,055

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at September 30, 2018.

Interest Rate Derivatives

The Company uses interest rate futures and swaps within its portfolio of fixed maturity investments to manage its exposure to interest rate risk, which may result in increasing or decreasing its exposure to this risk.

Interest Rate Futures

The fair value of interest rate futures is determined using exchange traded prices. At September 30, 2018, the Company had $1.6 billion of notional long positions and $699.0 million of notional short positions of primarily Eurodollar, U.S. treasury and non-U.S. dollar futures contracts (December 31, 2017 - $1.5 billion and $801.1 million, respectively).

Interest Rate Swaps

The fair value of interest rate swaps is determined using the relevant exchange traded price where available or a discounted cash flow model based on the terms of the contract and inputs, including, where applicable, observable yield curves. At September 30, 2018, the Company had $62.6 million of notional positions paying a fixed rate and $29.5 million receiving a fixed rate denominated in U.S. dollars (December 31, 2017 - $40.3 million and $Nil, respectively).

44

Foreign Currency Derivatives

The Company’s functional currency is the U.S. dollar. The Company writes a portion of its business in currencies other than U.S. dollars and may, from time to time, experience foreign exchange gains and losses in the Company’s consolidated financial statements. All changes in exchange rates, with the exception of non-monetary assets and liabilities, are recognized in the Company’s consolidated statements of operations.

Underwriting Operations Related Foreign Currency Contracts

The Company’s foreign currency policy with regard to its underwriting operations is generally to hold foreign currency assets, including cash, investments and receivables that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances payable. When necessary, the Company may use foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with its underwriting operations. The fair value of the Company’s underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At September 30, 2018, the Company had outstanding underwriting related foreign currency contracts of $354.4 million in notional long positions and $536.4 million in notional short positions, denominated in U.S. dollars (December 31, 2017 - $215.4 million and $44.2 million, respectively).

Investment Portfolio Related Foreign Currency Forward Contracts

The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At September 30, 2018, the Company had outstanding investment portfolio related foreign currency contracts of $109.0 million in notional long positions and $62.4 million in notional short positions, denominated in U.S. dollars (December 31, 2017 - $16.6 million and $5.1 million, respectively).

Credit Derivatives

The Company’s exposure to credit risk is primarily due to its fixed maturity investments, short term investments, premiums receivable and reinsurance recoverable. From time to time, the Company may purchase credit derivatives to hedge its exposures in the insurance industry, and to assist in managing the credit risk associated with ceded reinsurance. The Company also employs credit derivatives in its investment portfolio to either assume credit risk or hedge its credit exposure. The fair value of credit derivatives is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit derivatives can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At September 30, 2018, the Company had outstanding credit derivatives of $1.0 million in notional positions to hedge credit risk and $109.7 million in notional positions to assume credit risk, denominated in U.S. dollars (December 31, 2017 - $1.0 million and $18.8 million, respectively).

NOTE 14.COMMITMENTS, CONTINGENCIES AND OTHER ITEMS

There are no material changes from the commitments and contingencies previously disclosed in the Company’s Form 10-K for the year ended December 31, 2017.

Legal Proceedings

The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company’s industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising

45

from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, involving or arising out of claims on policies issued by the Company’s subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in its loss and loss expense reserves. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company’s ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process, contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate accordingly. Currently, the Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its financial condition, business or operations.

46

NOTE 15.CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES

The following tables present condensed consolidating balance sheets at September 30, 2018 and December 31, 2017, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2018 and 2017, and condensed consolidating statements of cash flows for the nine months ended September 30, 2018. Each of RenRe North America Holdings Inc. and RenaissanceRe Finance, Inc. is a 100% owned subsidiary of RenaissanceRe. On June 1, 2017, the notes issued by Platinum Underwriters Finance, Inc. (“Platinum Finance”) matured and the Company repaid the aggregate principal amount plus applicable accrued interest in full. Platinum Finance was subsequently dissolved on November 30, 2017. Prior to the liquidation of Platinum Finance, it was a 100% owned subsidiary of RenaissanceRe. For additional information related to the terms of the Company’s outstanding debt securities, see “Note 9. Debt and Credit Facilities” in the “Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2017 and “Note 7. Debt and Credit Facilities” in the “Notes to Consolidated Financial Statements” included herein.

Condensed Consolidating Balance Sheet at September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)		Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Assets
Total investments	$	36,092	$	110,117	$	15,504	$	11,383,978	$	—		$	11,545,691
Cash and cash equivalents	3,734		56		4,372		444,879		—			453,041
Investments in subsidiaries	4,544,513		57,082		1,235,547		—		(5,837,142		)	—
Due from subsidiaries and affiliates	101,372		101,579		—		—		(202,951		)	—
Premiums receivable	—		—		—		1,787,095		—			1,787,095
Prepaid reinsurance premiums	—		—		—		795,496		—			795,496
Reinsurance recoverable	—		—		—		1,204,059		—			1,204,059
Accrued investment income	—		241		20		46,429		—			46,690
Deferred acquisition costs	—		—		—		497,733		—			497,733
Receivable for investments sold	30		1		6		406,025		—			406,062
Other assets	450,161		19,771		367,408		84,974		(800,590		)	121,724
Goodwill and other intangible assets	121,560		—		—		117,243		—			238,803
Total assets	$	5,257,462	$	288,847	$	1,622,857	$	16,767,911	$	(6,840,683	)	$	17,096,394
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	4,952,498	$	—		$	4,952,498
Unearned premiums	—		—		—		2,058,851		—			2,058,851
Debt	352,000		—		842,786		147,963		(352,000		)	990,749
Amounts due to subsidiaries and affiliates	6,132		144		129,056		—		(135,332		)	—
Reinsurance balances payable	—		—		—		1,970,913		—			1,970,913
Payable for investments purchased	—		17		—		555,539		—			555,556
Other liabilities	12,809		773		9,179		134,181		(9,614		)	147,328
Total liabilities	370,941		934		981,021		9,819,945		(496,946		)	10,675,895
Redeemable noncontrolling interests	—		—		—		1,533,978		—			1,533,978
Shareholders’ Equity
Total shareholders’ equity	4,886,521		287,913		641,836		5,413,988		(6,343,737		)	4,886,521
Total liabilities, noncontrolling interests and shareholders’ equity	$	5,257,462	$	288,847	$	1,622,857	$	16,767,911	$	(6,840,683	)	$	17,096,394

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

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Condensed Consolidating Balance Sheet at December 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)		Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Assets
Total investments	$	225,266	$	129,732	$	31,255	$	9,117,186	$	—		$	9,503,439
Cash and cash equivalents	14,656		139		1,469		1,345,328		—			1,361,592
Investments in subsidiaries	4,105,760		36,140		1,141,733		—		(5,283,633		)	—
Due from subsidiaries and affiliates	4,602		91,891		—		—		(96,493		)	—
Premiums receivable	—		—		—		1,304,622		—			1,304,622
Prepaid reinsurance premiums	—		—		—		533,546		—			533,546
Reinsurance recoverable	—		—		—		1,586,630		—			1,586,630
Accrued investment income	405		428		82		41,320		—			42,235
Deferred acquisition costs	—		—		—		426,551		—			426,551
Receivable for investments sold	135		51		8		102,951		—			103,145
Other assets	433,468		21,342		430,481		76,703		(840,768		)	121,226
Goodwill and other intangible assets	124,960		—		—		118,185		—			243,145
Total assets	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	5,080,408	$	—		$	5,080,408
Unearned premiums	—		—		—		1,477,609		—			1,477,609
Debt	417,000		—		841,892		147,731		(417,000		)	989,623
Amounts due to subsidiaries and affiliates	82,579		54		92,794		—		(175,427		)	—
Reinsurance balances payable	—		—		—		989,090		—			989,090
Payable for investments purchased	—		—		—		208,749		—			208,749
Other liabilities	18,298		1,053		14,117		764,432		(5,129		)	792,771
Total liabilities	517,877		1,107		948,803		8,668,019		(597,556		)	9,538,250
Redeemable noncontrolling interests	—		—		—		1,296,506		—			1,296,506
Shareholders’ Equity
Total shareholders’ equity	4,391,375		278,616		656,225		4,688,497		(5,623,338		)	4,391,375
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

48

Condensed Consolidating Statement of Operations for the three months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	531,849		$	—		$	531,849
Net investment income	6,542			539			1,541			80,472			(8,398		)	80,696
Net foreign exchange gains (losses)	3			—			—			(4,569		)	—			(4,566		)
Equity in earnings of other ventures	—			—			290			7,358			—			7,648
Other income	—			—			—			497			—			497
Net realized and unrealized (losses) gains on investments	(176		)	4,479			(73		)	9,400			—			13,630
Total revenues	6,369			5,018			1,758			625,007			(8,398		)	629,754
Expenses
Net claims and claim expenses incurred	—			—			—			410,510			—			410,510
Acquisition expenses	—			—			—			109,761			—			109,761
Operational expenses	3,570			29			7,493			42,682			(13,181		)	40,593
Corporate expenses	3,778			—			—			3,063			—			6,841
Interest expense	1,478			—			9,257			2,512			(1,478		)	11,769
Total expenses	8,826			29			16,750			568,528			(14,659		)	579,474
(Loss) income before equity in net income of subsidiaries and taxes	(2,457		)	4,989			(14,992		)	56,479			6,261			50,280
Equity in net income of subsidiaries	45,130			2,735			11,666			—			(59,531		)	—
Income (loss) before taxes	42,673			7,724			(3,326		)	56,479			(53,270		)	50,280
Income tax (expense) benefit	(284		)	(1,026		)	1,840			(1,981		)	—			(1,451		)
Net income (loss)	42,389			6,698			(1,486		)	54,498			(53,270		)	48,829
Net income attributable to redeemable noncontrolling interests	—			—			—			(6,440		)	—			(6,440		)
Net income (loss) attributable to RenaissanceRe	42,389			6,698			(1,486		)	48,058			(53,270		)	42,389
Dividends on preference shares	(9,708		)	—			—			—			—			(9,708		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	6,698		$	(1,486	)	$	48,058		$	(53,270	)	$	32,681

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Comprehensive income (loss)
Net income (loss)	$	42,389	$	6,698	$	(1,486	)	$	54,498		$	(53,270	)	$	48,829
Change in net unrealized gains on investments	—		—		—			(382		)	—			(382		)
Comprehensive income (loss)	42,389		6,698		(1,486		)	54,116			(53,270		)	48,447
Net income attributable to redeemable noncontrolling interests	—		—		—			(6,440		)	—			(6,440		)
Comprehensive income attributable to redeemable noncontrolling interests	—		—		—			(6,440		)	—			(6,440		)
Comprehensive income (loss) attributable to RenaissanceRe	$	42,389	$	6,698	$	(1,486	)	$	47,676		$	(53,270	)	$	42,007

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

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Condensed Consolidating Statement of Operations for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	1,401,516		$	—		$	1,401,516
Net investment income	18,504			1,629			3,981			208,034			(23,620		)	208,528
Net foreign exchange losses	(1		)	—			—			(11,495		)	—			(11,496		)
Equity in earnings of other ventures	—			—			2,045			12,286			—			14,331
Other income	—			—			—			480			—			480
Net realized and unrealized (losses) gains on investments	(821		)	4,906			(399		)	(90,101		)	—			(86,415		)
Total revenues	17,682			6,535			5,627			1,520,720			(23,620		)	1,526,944
Expenses
Net claims and claim expenses incurred	—			—			—			642,380			—			642,380
Acquisition expenses	—			—			—			312,524			—			312,524
Operational expenses	7,551			60			26,737			113,721			(28,661		)	119,408
Corporate expenses	12,498			—			7			9,370			—			21,875
Interest expense	3,694			—			27,763			7,541			(3,694		)	35,304
Total expenses	23,743			60			54,507			1,085,536			(32,355		)	1,131,491
(Loss) income before equity in net income of subsidiaries and taxes	(6,061		)	6,475			(48,880		)	435,184			8,735			395,453
Equity in net income of subsidiaries	310,081			4,285			29,005			—			(343,371		)	—
Income (loss) before taxes	304,020			10,760			(19,875		)	435,184			(334,636		)	395,453
Income tax (expense) benefit	(1,939		)	(1,273		)	5,677			(5,015		)	—			(2,550		)
Net income (loss)	302,081			9,487			(14,198		)	430,169			(334,636		)	392,903
Net income attributable to redeemable noncontrolling interests	—			—			—			(90,822		)	—			(90,822		)
Net income (loss) attributable to RenaissanceRe	302,081			9,487			(14,198		)	339,347			(334,636		)	302,081
Dividends on preference shares	(20,899		)	—			—			—			—			(20,899		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	281,182		$	9,487		$	(14,198	)	$	339,347		$	(334,636	)	$	281,182

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Comprehensive income (loss)
Net income (loss)	$	302,081	$	9,487	$	(14,198	)	$	430,169		$	(334,636	)	$	392,903
Change in net unrealized gains on investments	—		—		—			(1,707		)	—			(1,707		)
Comprehensive income (loss)	302,081		9,487		(14,198		)	428,462			(334,636		)	391,196
Net income attributable to redeemable noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income attributable to noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income (loss) attributable to RenaissanceRe	$	302,081	$	9,487	$	(14,198	)	$	337,640		$	(334,636	)	$	300,374

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

50

Condensed Consolidating Statement of Operations for the three months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	547,792		$	—		$	547,792
Net investment income (loss)	5,725			544			(3		)	1,335			39,342			(6,686		)	40,257
Net foreign exchange losses	—			—			—			—			(156		)	—			(156		)
Equity in earnings of other ventures	—			—			—			38			1,756			—			1,794
Other income	1			—			—			—			2,995			—			2,996
Net realized and unrealized gains on investments	110			2,186			—			51			39,705			—			42,052
Total revenues	5,836			2,730			(3		)	1,424			631,434			(6,686		)	634,735
Expenses
Net claims and claim expenses incurred	—			—			—			—			1,221,696			—			1,221,696
Acquisition expenses	—			—			—			—			76,761			—			76,761
Operational expenses	2,910			17			1			6,266			37,752			(4,409		)	42,537
Corporate expenses	4,634			—			—			—			(221		)	—			4,413
Interest expense	183			—			—			9,258			2,541			(183		)	11,799
Total expenses	7,727			17			1			15,524			1,338,529			(4,592		)	1,357,206
(Loss) income before equity in net (loss) income of subsidiaries and taxes	(1,891		)	2,713			(4		)	(14,100		)	(707,095		)	(2,094		)	(722,471		)
(Loss) equity in net (loss) income of subsidiaries	(499,408		)	928			—			(16,352		)	—			514,832			—
(Loss) income before taxes	(501,299		)	3,641			(4		)	(30,452		)	(707,095		)	512,738			(722,471		)
Income tax benefit (expense)	2,082			(890		)	29			3,307			14,449			—			18,977
Net (loss) income	(499,217		)	2,751			25			(27,145		)	(692,646		)	512,738			(703,494		)
Net loss attributable to redeemable noncontrolling interests	—			—			—			—			204,277			—			204,277
Net (loss) income attributable to RenaissanceRe	(499,217		)	2,751			25			(27,145		)	(488,369		)	512,738			(499,217		)
Dividends on preference shares	(5,595		)	—			—			—			—			—			(5,595		)
Net (loss) income (attributable) available attributable to RenaissanceRe common shareholders	$	(504,812	)	$	2,751		$	25		$	(27,145	)	$	(488,369	)	$	512,738		$	(504,812	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

51

Condensed Consolidating Statement of Comprehensive (Loss) Income for the three months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)		RenaissanceRe Consolidated
Comprehensive (loss) income
Net (loss) income	$	(499,217	)	$	2,751	$	25	$	(27,145	)	$	(692,646	)	$	512,738	$	(703,494	)
Change in net unrealized gains on investments	—			—		—		—			300			—		300
Comprehensive (loss) income	(499,217		)	2,751		25		(27,145		)	(692,346		)	512,738		(703,194		)
Net loss attributable to redeemable noncontrolling interests	—			—		—		—			204,277			—		204,277
Comprehensive loss attributable to redeemable noncontrolling interests	—			—		—		—			204,277			—		204,277
Comprehensive (loss) income attributable to RenaissanceRe	$	(499,217	)	$	2,751	$	25	$	(27,145	)	$	(488,069	)	$	512,738	$	(498,917	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

52

Condensed Consolidating Statement of Operations for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	1,296,102		$	—		$	1,296,102
Net investment income	16,466			1,436			1,373			1,843			146,816			(19,189		)	148,745
Net foreign exchange (losses) gains	(1		)	—			—			—			11,119			—			11,118
Equity in (losses) earnings of other ventures	—			—			—			(412		)	6,242			—			5,830
Other income	—			—			—			—			7,053			—			7,053
Net realized and unrealized gains (losses) on investments	155			6,528			4,916			(217		)	132,156			—			143,538
Total revenues	16,620			7,964			6,289			1,214			1,599,488			(19,189		)	1,612,386
Expenses
Net claims and claim expenses incurred	—			—			—			—			1,557,364			—			1,557,364
Acquisition expenses	—			—			—			—			248,294			—			248,294
Operational expenses	9,398			57			86			20,892			116,212			(15,059		)	131,586
Corporate expenses	14,640			—			—			—			(305		)	—			14,335
Interest expense	464			—			2,461			22,401			7,554			(464		)	32,416
Total expenses	24,502			57			2,547			43,293			1,929,119			(15,523		)	1,983,995
(Loss) income before equity in net (loss) income of subsidiaries and taxes	(7,882		)	7,907			3,742			(42,079		)	(329,631		)	(3,666		)	(371,609		)
Equity in net (loss) income of subsidiaries	(219,309		)	3,234			28,028			20,584			—			167,463			—
(Loss) income before taxes	(227,191		)	11,141			31,770			(21,495		)	(329,631		)	163,797			(371,609		)
Income tax benefit (expense)	2,659			(2,572		)	(1,175		)	9,281			6,546			—			14,739
Net (loss) income	(224,532		)	8,569			30,595			(12,214		)	(323,085		)	163,797			(356,870		)
Net loss attributable to redeemable noncontrolling interests	—			—			—			—			132,338			—			132,338
Net (loss) income attributable to RenaissanceRe	(224,532		)	8,569			30,595			(12,214		)	(190,747		)	163,797			(224,532		)
Dividends on preference shares	(16,786		)	—			—			—			—			—			(16,786		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(241,318	)	$	8,569		$	30,595		$	(12,214	)	$	(190,747	)	$	163,797		$	(241,318	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

53

Condensed Consolidating Statement of Comprehensive (Loss) Income for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)		RenaissanceRe Consolidated
Comprehensive (loss) income
Net (loss) income	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(323,085	)	$	163,797	$	(356,870	)
Change in net unrealized gains on investments	—			—		—		—			(972		)	—		(972		)
Comprehensive (loss) income	(224,532		)	8,569		30,595		(12,214		)	(324,057		)	163,797		(357,842		)
Net loss attributable to redeemable noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive loss attributable to noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive (loss) income attributable to RenaissanceRe	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(191,719	)	$	163,797	$	(225,504	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

54

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(5,869	)	$	1,496		$	16,194		$	876,705		$	888,526
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	384,818			91,118			45,459			7,700,086			8,221,481
Purchases of fixed maturity investments trading	(281,994		)	(65,988		)	(20,806		)	(8,323,900		)	(8,692,688		)
Net (purchases) sales of equity investments trading	—			(624		)	—			16,114			15,490
Net sales (purchases) of short term investments	85,598			360			(9,206		)	(1,542,203		)	(1,465,451		)
Net purchases of other investments	—			—			—			(130,649		)	(130,649		)
Net purchases of investments in other ventures	—			—			—			(20,952		)	(20,952		)
Return of investment from investments in other ventures	—			—			—			8,464			8,464
Dividends and return of capital from subsidiaries	511,098			—			—			(511,098		)	—
Contributions to subsidiaries	(686,106		)	(16,847		)	(65,000		)	767,953			—
Due (from) to subsidiary	(193,249		)	(9,598		)	36,262			166,585			—
Net cash used in investing activities	(179,835		)	(1,579		)	(13,291		)	(1,869,600		)	(2,064,305		)
Cash flows provided by financing activities
Dividends paid – RenaissanceRe common shares	(39,611		)	—			—			—			(39,611		)
Dividends paid – preference shares	(20,899		)	—			—			—			(20,899		)
Issuance of preference shares, net of expenses	242,371			—			—			—			242,371
Net third party redeemable noncontrolling interest share transactions	—			—			—			96,021			96,021
Taxes paid on withholding shares	(7,079		)	—			—			—			(7,079		)
Net cash provided by financing activities	174,782			—			—			96,021			270,803
Effect of exchange rate changes on foreign currency cash	—			—			—			(3,575		)	(3,575		)
Net (decrease) increase in cash and cash equivalents	(10,922		)	(83		)	2,903			(900,449		)	(908,551		)
Cash and cash equivalents, beginning of period	14,656			139			1,469			1,345,328			1,361,592
Cash and cash equivalents, end of period	$	3,734		$	56		$	4,372		$	444,879		$	453,041

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

55

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(6,870	)	$	(8,209	)	$	(2,262	)	$	(343,093	)	$	962,136		$	601,702
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	106,761			74,455			289,741			279,830			6,912,215			7,663,002
Purchases of fixed maturity investments trading	(118,402		)	(69,168		)	(143,991		)	(270,785		)	(7,195,939		)	(7,798,285		)
Net (purchases) sales of equity investments trading	—			(1,708		)	85,324			—			(22,045		)	61,571
Net sales (purchases) of short term investments	205,864			(4,495		)	41,299			(305		)	(388,689		)	(146,326		)
Net sales of other investments	—			—			—			—			5,181			5,181
Return of investment from investment in other ventures	—			—			—			—			20,000			20,000
Dividends and return of capital from subsidiaries	285,515			9,175			—			41,866			(336,556		)	—
Contributions to subsidiaries	(500,000		)	—			(26,649		)	(9,175		)	535,824			—
Due (from) to subsidiaries	290,130			14			(123		)	4,062			(294,083		)	—
Net cash provided by (used in) investing activities	269,868			8,273			245,601			45,493			(764,092		)	(194,857		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(38,624		)	—			—			—			—			(38,624		)
Dividends paid – preference shares	(16,786		)	—			—			—			—			(16,786		)
RenaissanceRe common share repurchases	(188,591		)	—			—			—			—			(188,591		)
Repayment of debt	—			—			(250,000		)	—			—			(250,000		)
Issuance of debt, net of expenses	—			—			—			295,866			—			295,866
Net third party redeemable noncontrolling interest share transactions	—			—			—			—			(44,193		)	(44,193		)
Taxes paid on withholding shares	(13,694		)	—			—			—			—			(13,694		)
Net cash (used in) provided by financing activities	(257,695		)	—			(250,000		)	295,866			(44,193		)	(256,022		)
Effect of exchange rate changes on foreign currency cash	—			—			—			—			9,596			9,596
Net increase (decrease) in cash and cash equivalents	5,303			64			(6,661		)	(1,734		)	163,447			160,419
Cash and cash equivalents, beginning of period	7,067			162			6,671			9,397			397,860			421,157
Cash and cash equivalents, end of period	$	12,370		$	226		$	10		$	7,663		$	561,307		$	581,576

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

56

NOTE 16.SUBSEQUENT EVENTS

Acquisition of Tokio Millennium Re

On October 30, 2018, the Company announced it had entered into a Stock Purchase Agreement by and among the Company, Tokio Marine & Nichido Fire Insurance Co. Ltd. and, with respect to certain sections only, Tokio Marine Holdings, Inc. (the “TMR Stock Purchase Agreement”), pursuant to which the Company has agreed, subject to the terms and conditions therein, to cause its wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited to purchase all of the share capital of Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited, together with their respective subsidiaries (the “TMR Group Entities”). This transaction is expected to close in the first half of 2019, subject to the closing conditions set forth in the TMR Stock Purchase Agreement, including receipt of required regulatory approvals.

State Farm Stock Purchase

On October 30, 2018, the Company also announced entry into an Investment Agreement by and between the Company and State Farm Mutual Automobile Insurance Company (“State Farm”), pursuant to which State Farm has agreed, subject to the terms and conditions therein, to purchase 1,947,496 Common Shares of the Company in exchange for $250.0 million in a private placement. This transaction is expected to close in the fourth quarter of 2018, subject to the expiration of the waiting period under the Hart-Scott-Rodino Act.

Investment in Catalina Holdings (Bermuda) Ltd (“Catalina”)

In January 2018, the Company announced it had signed a definitive agreement to acquire a minority shareholding in Catalina, subject to regulatory approval and other closing conditions. On October 10, 2018, the Company closed on its investment and became a minority shareholder alongside Catalina’s management.

Hurricane Michael

The Company currently estimates, on a preliminary basis, that losses from Hurricane Michael will have an estimated net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders of approximately $100.0 million on its fourth quarter 2018 results of operations.

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest. The Company’s estimate of Hurricane Michael’s impact on the financial results is based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques.

Meaningful uncertainty regarding the estimates and the nature and extent of the losses from the Hurricane Michael remains, driven by the magnitude and recent occurrence, 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. Accordingly, the Company’s actual net negative impact from this event may vary from these preliminary estimates, perhaps materially. Updated estimates related to this event will be reflected in RenaissanceRe’s fourth quarter 2018 results of operations, when reported, and changes in these estimates will be recorded in the period in which they occur.

57

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2018 and 2017, respectively, as well as our liquidity and capital resources at September 30, 2018. This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this filing and the audited consolidated financial statements and notes thereto contained in our Form 10-K for the fiscal year ended December 31, 2017. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.”

In this Form 10-Q, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise.

All dollar amounts referred to in this Form 10-Q are in U.S. dollars unless otherwise indicated.

Due to rounding, numbers presented in the tables included in this Form 10-Q may not add up precisely to the totals provided.

OVERVIEW

RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, we have offices in Bermuda, Ireland, Singapore, Switzerland, the United Kingdom and the United States. Our operating subsidiaries include Renaissance Reinsurance, RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance U.S., Renaissance Reinsurance of Europe Unlimited Company (“Renaissance Reinsurance of Europe”) and Syndicate 1458. We also underwrite reinsurance on behalf of joint ventures, including Top Layer Re, Upsilon RFO, Fibonacci Re and DaVinci. In addition, through Medici, we invest in various insurance based investment instruments that have returns primarily tied to property catastrophe risk.

We aspire to be the world’s best underwriter by matching well-structured risks with efficient sources of capital and our mission is to produce superior returns for our shareholders over the long term. We seek to accomplish these goals by being a trusted, long-term partner to our customers for assessing and managing risk, delivering responsive and innovative solutions, leveraging our core capabilities of risk assessment and information management, investing in these core capabilities in order to serve our customers across the cycles that have historically characterized our markets and keeping our promises. Our strategy focuses on superior risk selection, superior customer relationships and superior capital management. We provide value to our customers and joint venture partners in the form of financial security, innovative products, and responsive service. We are known as a leader in paying valid claims promptly. We principally measure our financial success through long-term growth in tangible book value per common share plus the change in accumulated dividends, which we believe is the most appropriate measure of our financial performance and in respect of which we believe we have delivered superior performance over time.

Our core products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries, with whom we seek to cultivate strong long-term relationships. We believe we have been one of the world’s leading providers of catastrophe reinsurance since our founding. In recent years, through the strategic execution of a number of initiatives, we have expanded our casualty and specialty platform and products and believe we are a leader in certain casualty and specialty lines of business. We have determined our business consists of the following reportable segments: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of our operating subsidiaries and certain joint ventures managed by our ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of our operating subsidiaries and certain joint ventures managed by our ventures unit.

To best serve our clients in the places they do business, we have operating subsidiaries, joint ventures and underwriting platforms around the world, including DaVinci, Renaissance Reinsurance, Top Layer Re, Fibonacci Re and Upsilon RFO in Bermuda, Renaissance Reinsurance U.S. in the U.S., and Syndicate 1458 in the United Kingdom (the “U.K.”). We write property and casualty and specialty reinsurance through

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our wholly owned operating subsidiaries, joint ventures and Syndicate 1458 and certain insurance products primarily through Syndicate 1458. Although each underwriting platform may write any or all of our classes of business, our Bermuda platform has traditionally written, and continues to write, the preponderance of our property business and our U.S. platform and Syndicate 1458 write a significant portion of our casualty and specialty business. Syndicate 1458 provides us with access to Lloyd’s extensive distribution network and worldwide licenses and also writes business through delegated authority arrangements. The underwriting results of our operating subsidiaries and underwriting platforms are included in our Property and Casualty and Specialty segment results as appropriate.

Since a meaningful portion of the reinsurance and insurance we write provides protection from damages relating to natural and man-made catastrophes, our results depend to a large extent on the frequency and severity of such catastrophic events, and the coverages we offer to customers affected by these events. We are exposed to significant losses from these catastrophic events and other exposures we cover. Accordingly, we expect a significant degree of volatility in our financial results and our financial results may vary significantly from quarter-to-quarter and from year-to-year, based on the level of insured catastrophic losses occurring around the world. We view our increased exposure to casualty and specialty lines of business as an efficient use of capital given these risks are generally less correlated with our property lines of business. This has allowed us to bring additional capacity to our clients, across a wider range of product offerings, while continuing to be good stewards of our shareholders’ capital.

We continually explore appropriate and efficient ways to address the risk needs of our clients and the impact of various regulatory and legislative changes on our operations. We have created and managed, and continue to manage, multiple capital vehicles across a number of jurisdictions and may create additional risk bearing vehicles or enter into additional jurisdictions in the future. In addition, our differentiated strategy and capability position us to pursue bespoke or large solutions for clients, which may be non-recurring. This, and other factors including the timing of contract inception, could result in significant volatility of premiums in both our Property and Casualty and Specialty segments. As our product and geographical diversity increases, we may be exposed to new risks, uncertainties and sources of volatility.

Our revenues are principally derived from three sources: (1) net premiums earned from the reinsurance and insurance policies we sell; (2) net investment income and realized and unrealized gains from the investment of our capital funds and the investment of the cash we receive on the policies which we sell; and (3) fees and other income received from our joint ventures, advisory services and various other items.

Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs which typically represent a percentage of the premiums we write; (3) operating expenses which primarily consist of personnel expenses, rent and other operating expenses; (4) corporate expenses which include certain executive, legal and consulting expenses, costs for research and development, transaction and integration-related expenses, and other miscellaneous costs, including those associated with operating as a publicly traded company; (5) redeemable noncontrolling interests, which represent the interests of third parties with respect to the net income of DaVinciRe and Medici; and (6) interest and dividend costs related to our debt and preference shares. We are also subject to taxes in certain jurisdictions in which we operate. Since the majority of our income is currently earned in Bermuda, which does not have a corporate income tax, the tax impact to our operations has historically been minimal, notwithstanding the impact of the write-down of a portion of our deferred tax asset in the fourth quarter of 2017 associated with the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017 (the "Tax Bill"), which was enacted on December 22, 2017. In the future, our net tax exposure may increase as our operations expand geographically, or as a result of adverse tax developments.

The underwriting results of an insurance or reinsurance company are discussed frequently by reference to its net claims and claim expense ratio, underwriting expense ratio, and combined ratio. The net claims and claim expense ratio is calculated by dividing net claims and claim expenses incurred by net premiums earned. The underwriting expense ratio is calculated by dividing underwriting expenses (acquisition expenses and operational expenses) by net premiums earned. The combined ratio is the sum of the net claims and claim expense ratio and the underwriting expense ratio. A combined ratio below 100% indicates profitable underwriting prior to the consideration of investment income. A combined ratio over 100% indicates unprofitable underwriting prior to the consideration of investment income. We also discuss our net claims and claim expense ratio on a current accident year basis and a prior accident years basis. The

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current accident year net claims and claim expense ratio is calculated by taking current accident year net claims and claim expenses incurred, divided by net premiums earned. The prior accident years net claims and claim expense ratio is calculated by taking prior accident years net claims and claim expenses incurred, divided by net premiums earned.

Segments

Our reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of our operating subsidiaries and certain joint ventures managed by our ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of our operating subsidiaries and certain joint ventures managed by our ventures unit. In addition to our two reportable segments, we have an Other category, which primarily includes our strategic investments, investments unit, corporate expenses, capital servicing costs, noncontrolling interests and the remnants of our former Bermuda-based insurance operations.

Ventures

We pursue a number of other opportunities through our ventures unit, which has responsibility for creating and managing our joint ventures, executing customized reinsurance transactions to assume or cede risk and managing certain investments directed at classes of risk other than catastrophe reinsurance.

New Business

From time to time we consider diversification into new ventures, either through organic growth, the formation of new joint ventures, or the acquisition of or the investment in other companies or books of business of other companies. This potential diversification includes opportunities to write targeted, additional classes of risk-exposed business, both directly for our own account and through new joint venture opportunities. We also regularly evaluate potential strategic opportunities we believe might utilize our skills, capabilities, proprietary technology and relationships to support possible expansion into further risk-related coverages, services and products. Generally, we focus on underwriting or trading risks where we believe reasonably sufficient data is available and our analytical abilities provide us with a competitive advantage, in order for us to seek to model estimated probabilities of losses and returns in respect of our then current portfolio of risks.

We regularly review potential strategic transactions that might improve our portfolio of business, enhance or focus our strategies, expand our distribution or capabilities, or provide other benefits. In evaluating potential new ventures or investments, we generally seek an attractive estimated return on equity, the ability to develop or capitalize on a competitive advantage, and opportunities which we believe will not detract from our core operations. We believe that our ability to attract investment and operational opportunities is supported by our strong reputation and financial resources, and by the capabilities and track record of our ventures unit.

Acquisition of Tokio Millennium Re

On October 30, 2018, we announced that we entered into the TMR Stock Purchase Agreement, pursuant to which we agreed, subject to the terms and conditions therein, to cause our wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited to purchase all of the share capital of the TMR Group Entities (the “TMR Stock Purchase”). The TMR Stock Purchase is expected to close in the first half of 2019, subject to the closing conditions set forth in the TMR Stock Purchase Agreement, including receipt of required regulatory approvals. The TMR Group Entities comprise the treaty reinsurance business of Tokio Marine Holdings, Inc., including its third party capital management fronting business. If consummated, the transaction would add a large portfolio of reinsurance risk to our own portfolio, currently representing approximately $1.3 billion of incremental reinsurance premium. Following the closing, we anticipate re-underwriting this portfolio over time, and currently estimate that, in light of our existing risk appetite, we will target approximately $700.0 million of gross reinsurance premiums. We will continue to evaluate the TMR Group Entities’ operations in the period prior to closing, and it is possible that our analysis or views will evolve. We cannot assure you that the current cedents or other business partners of the TMR Group Entities will renew their business with us, and renewal of the current TMR Group Entities portfolio is not a condition to closing of the TMR Stock Purchase. Moreover, in the near to medium term we expect

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operational expenses to increase as we undertake the process of integrating the TMR Group Entities and their operations into our own after the closing.

State Farm Stock Purchase

On October 30, 2018, we also announced that we entered into an Investment Agreement with State Farm, pursuant to which State Farm has agreed, subject to the terms and conditions therein, to purchase 1,947,496 Common Shares of the Company in exchange for $250.0 million in a private placement (the “State Farm Stock Purchase”). The State Farm Stock Purchase is expected to close in the fourth quarter of 2018, subject to the expiration of the waiting period under the Hart-Scott-Rodino Act.

SUMMARY OF CRITICAL ACCOUNTING ESTIMATES

The Company’s critical accounting estimates include “Claims and Claim Expense Reserves”, “Premiums and Related Expenses”, “Reinsurance Recoverables”, “Fair Value Measurements and Impairments” and “Income Taxes”, and are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the year ended December 31, 2017. There have been no material changes to our critical accounting estimates as disclosed in our Form 10-K for the year ended December 31, 2017.

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SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the third quarter of 2018, compared to the third quarter of 2017.

Three months ended September 30,	2018			2017			Change
(in thousands, except per share amounts and percentages)
Statement of operations highlights
Gross premiums written	$	625,677		$	640,269		$	(14,592	)
Net premiums written	$	453,255		$	483,221		$	(29,966	)
Net premiums earned	$	531,849		$	547,792		$	(15,943	)
Net claims and claim expenses incurred	410,510			1,221,696			(811,186		)
Acquisition expenses	109,761			76,761			33,000
Operational expenses	40,593			42,537			(1,944		)
Underwriting loss	$	(29,015	)	$	(793,202	)	$	764,187
Net investment income	$	80,696		$	40,257		$	40,439
Net realized and unrealized gains on investments	13,630			42,052			(28,422		)
Total investment result	$	94,326		$	82,309		$	12,017
Net income (loss)	$	48,829		$	(703,494	)	$	752,323
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	(504,812	)	$	537,493
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	0.82		$	(12.75	)	$	13.57
Dividends per common share	$	0.33		$	0.32		$	0.01
Key ratios
Net claims and claim expense ratio – current accident year	79.0		%	220.8		%	(141.8		)%
Net claims and claim expense ratio – prior accident years	(1.8		)%	2.2		%	(4.0		)%
Net claims and claim expense ratio – calendar year	77.2		%	223.0		%	(145.8		)%
Underwriting expense ratio	28.3		%	21.8		%	6.5		%
Combined ratio	105.5		%	244.8		%	(139.3		)%
Return on average common equity - annualized	3.1		%	(47.2		)%	50.3		%
Book value	September 30, 2018			June 30, 2018			Change
Book value per common share	$	105.21		$	104.56		$	0.65
Accumulated dividends per common share	18.99			18.66			0.33
Book value per common share plus accumulated dividends	$	124.20		$	123.22		$	0.98
Change in book value per common share plus change in accumulated dividends	0.9		%

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Net income available to RenaissanceRe common shareholders was $32.7 million in the third quarter of 2018, compared to a net loss attributable to RenaissanceRe common shareholders of $504.8 million in the third quarter of 2017, an increase of $537.5 million. As a result of our net income available to RenaissanceRe common shareholders in the third quarter of 2018, we generated an annualized return on average common equity of 3.1% and our book value per common share increased from $104.56 at June 30, 2018 to $105.21 at September 30, 2018, a 0.9%increase, after considering the change in accumulated dividends paid to our common shareholders.

The most significant events affecting our financial performance during the third quarter of 2018, on a comparative basis to the third quarter of 2017, include:

• Impact of Catastrophe Events - we had a net negative impact on our net income available to RenaissanceRe common shareholders of $151.9 million from Typhoons Jebi, Mangkut and Trami, Hurricane Florence and the wildfires in California during the third quarter of 2018 (collectively, the “Q3 2018 Catastrophe Events”), compared to a net negative impact of $615.1 million associated with Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake and certain losses associated with aggregate loss contracts (collectively referred to as the “Q3 2017 Large Loss Events”) recorded in the third quarter of 2017;

• Underwriting Results - we incurred an underwriting loss of $29.0 million and a combined ratio of 105.5% in the third quarter of 2018, compared to an underwriting loss of $793.2 million and a combined ratio of 244.8% in the third quarter of 2017. Our underwriting loss in the third quarter of 2018 was comprised of an underwriting loss of $43.9 million in our Property segment, partially offset by underwriting income of $14.9 million in our Casualty and Specialty segment. Principally impacting our underwriting results in the third quarter of 2018 were the Q3 2018 Catastrophe Events, which resulted in an underwriting loss of $178.0 million and added 34.4 percentage points to the combined ratio. In comparison, the third quarter of 2017 underwriting loss included the impacts of the Q3 2017 Large Loss Events, which resulted in an underwriting loss of $838.7 million and added 156.0 percentage points to the combined ratio in the third quarter of 2017;

• Gross Premiums Written - our gross premiums written decreased by $14.6 million, or 2.3%, to $625.7 million, in the third quarter of 2018, compared to the third quarter of 2017, driven by a decrease of $24.0 million in the Property segment, partially offset by an increase of $9.4 million in the Casualty and Specialty segment. Included in gross premiums written in the third quarter of 2018 was $16.9 million of reinstatement premiums written associated with the Q3 2018 Catastrophe Events, and $102.3 million of gross premiums written associated with the large, non-recurring reinsurance transactions noted below, each within our Property segment. Included in gross premiums written in the third quarter of 2017 was $169.8 million of reinstatement premiums written associated with the Q3 2017 Large Loss Events;

• Non-recurring Reinsurance Transactions - our net premiums earned and net income available to RenaissanceRe common shareholders increased by $54.2 million and $41.9 million, respectively, from certain large, non-recurring reinsurance transactions, which are reflected in the Property segment. While we expect these transactions to be non-recurring, we believe this reflects our differentiated strategy, our capability to provide bespoke or large solutions for our clients and our continued focus on serving our clients with unique coverages;

• Investment Results - our total investment result, which includes the sum of net investment income and net realized and unrealized gains and losses on investments, was a gain of $94.3 million in the third quarter of 2018, compared to $82.3 million in the third quarter of 2017, an increase of $12.0 million. The increase in the total investment result was principally due to an increase in net investment income, which was partially offset by lower realized and unrealized gains on investments. The increase in net investment income was principally driven by higher average invested assets and higher interest rates within our fixed maturity and short term investments portfolios, combined with higher returns in our catastrophe bond portfolio included in other investments. Conversely, net realized and unrealized gains were lower in the third quarter of 2018, compared to the third quarter of 2017, as a result of the higher interest rates experienced during the current quarter, generating both realized and unrealized losses in our fixed maturity investments portfolio; and

• Net Income Attributable to Redeemable Noncontrolling Interests - our net income attributable to redeemable noncontrolling interests was $6.4 million in the third quarter of 2018, compared to a net loss attributable to noncontrolling interests of $204.3 million in the third quarter of 2017. The improvement was principally due to DaVinciRe generating underwriting income in the third quarter of

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2018, compared to significant underwriting losses in the third quarter of 2017 driven by the Q3 2017 Large Loss Events. Our ownership in DaVinciRe was 22.1% at September 30, 2018, compared to 23.5% at September 30, 2017.

Net Negative Impact

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest. Our estimates of net negative impact are based on a review of our potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques. Our actual net negative impact, both individually and in the aggregate, will 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 the losses, associated with the Q3 2018 Catastrophe Events, driven by the magnitude and recent occurrence of each 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.

The financial data below provides additional information detailing the net negative impact of the Q3 2018 Catastrophe Events on our consolidated financial statements in the third quarter of 2018.

Three months ended September 30, 2018	Typhoon Jebi			Hurricane Florence			Other Q3 2018 Catastrophe Events (1)			Total Q3 2018 Catastrophe Events
(in thousands, except percentages)
Net claims and claims expenses incurred	$	(90,228	)	$	(74,040	)	$	(32,763	)	$	(197,031	)
Assumed reinstatement premiums earned	6,997			9,067			866			16,930
Ceded reinstatement premiums earned	—			(112		)	—			(112		)
Lost profit commissions	1,973			313			(109		)	2,177
Net negative impact on underwriting result	(81,258		)	(64,772		)	(32,006		)	(178,036		)
Redeemable noncontrolling interest - DaVinciRe	13,507			8,593			3,987			26,087
Net negative impact on net income available to RenaissanceRe common shareholders	$	(67,751	)	$	(56,179	)	$	(28,019	)	$	(151,949	)
Percentage point impact on consolidated combined ratio	15.5			12.3			6.1			34.4
Net negative impact on Property segment underwriting result	$	(80,258	)	$	(64,772	)	$	(32,006	)	$	(177,036	)
Net negative impact on Casualty and Specialty segment underwriting result	(1,000		)	—			—			(1,000		)
Net negative impact on underwriting result	$	(81,258	)	$	(64,772	)	$	(32,006	)	$	(178,036	)

(1) Other Q3 2018 Catastrophe Events includes Typhoons Mangkhut and Trami and the wildfires in California during the third quarter of 2018.

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The financial data below provides additional information detailing the net negative impact of the Q3 2017 Large Loss Events on our consolidated financial statements in the third quarter of 2017.

Three months ended September 30, 2017	Q3 2017 Large Loss Events
(in thousands, except percentages)
Net claims and claim expenses incurred	$	(1,009,270	)
Reinstatement premiums earned	169,773
Ceded reinstatement premiums earned	(28,805		)
Earned profit commissions	29,638
Net negative impact on underwriting result	(838,664		)
Redeemable noncontrolling interest - DaVinciRe	223,559
Net negative impact on net loss attributable to RenaissanceRe common shareholders	$	(615,105	)
Percentage point impact on consolidated combined ratio	156.0
Net negative impact on Property segment underwriting result	$	(808,648	)
Net negative impact on Casualty and Specialty segment underwriting result	(30,016		)
Net negative impact on underwriting result	$	(838,664	)

Underwriting Results by Segment

Property

Below is a summary of the underwriting results and ratios for our Property segment:

Three months ended September 30,	2018			2017			Change
(in thousands, except percentages)
Gross premiums written	$	301,413		$	325,395		$	(23,982	)
Net premiums written	$	232,632		$	269,393		$	(36,761	)
Net premiums earned	$	293,059		$	336,838		$	(43,779	)
Net claims and claim expenses incurred	265,857			1,044,418			(778,561		)
Acquisition expenses	45,524			17,514			28,010
Operational expenses	25,577			25,123			454
Underwriting loss	$	(43,899	)	$	(750,217	)	$	706,318
Net claims and claim expenses incurred – current accident year	$	268,022		$	1,036,586		$	(768,564	)
Net claims and claim expenses incurred – prior accident years	(2,165		)	7,832			(9,997		)
Net claims and claim expenses incurred – total	$	265,857		$	1,044,418		$	(778,561	)
Net claims and claim expense ratio – current accident year	91.5		%	307.7		%	(216.2		)%
Net claims and claim expense ratio – prior accident years	(0.8		)%	2.4		%	(3.2		)%
Net claims and claim expense ratio – calendar year	90.7		%	310.1		%	(219.4		)%
Underwriting expense ratio	24.3		%	12.6		%	11.7		%
Combined ratio	115.0		%	322.7		%	(207.7		)%

Property Gross Premiums Written

In the third quarter of 2018, our Property segment gross premiums written decreased by $24.0 million, or 7.4%, to $301.4 million, compared to $325.4 million in the third quarter of 2017.

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Gross premiums written in the catastrophe class of business were $212.3 million in the third quarter of 2018, a decrease of $31.2 million, or 12.8%, compared to the third quarter of 2017. Included in the catastrophe class of business in the third quarter of 2018 was $102.3 million of gross premiums written associated with the large, non-recurring reinsurance transactions noted above and $16.8 million of reinstatement premiums written associated with the Q3 2018 Catastrophe Events, as compared to the third quarter of 2017 which included $162.2 million of reinstatement premiums written associated with the Q3 2017 Large Loss Events. Excluding the reinstatement premiums written in each period associated with the respective catastrophe events, gross premiums written in the catastrophe class of business would have increased by $114.3 million, or 140.6%, which was primarily a result of expanded participation on existing transactions and certain new transactions we believe have comparably attractive risk-return attributes, including the large, non-recurring reinsurance transactions noted above.

Gross premiums written in the other property class of business were $89.1 million in the third quarter of 2018, an increase of $7.2 million, or 8.8%, compared to the third quarter of 2017. The increase in gross premiums written in the other property class of business was primarily driven by growth in the Lloyd’s underwriting platform, both from existing relationships and through new opportunities.

Property Ceded Premiums Written

Three months ended September 30,	2018		2017		Change
(in thousands)
Ceded premiums written - Property	$	68,781	$	56,002	$	12,779

Ceded premiums written in our Property segment were $68.8 million in the third quarter of 2018, an increase of $12.8 million, or 22.8%, compared to the third quarter of 2017. The increase was principally due to additional purchases of retrocessional reinsurance as part of the management of our risk portfolio.

Due to the potential volatility of the reinsurance contracts which we sell, we purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio. To the extent that appropriately priced coverage is available, we anticipate continued use of retrocessional reinsurance to reduce the impact of large losses on our financial results and to manage our portfolio of risk; however, the buying of ceded reinsurance in our Property segment is based on market opportunities and is not based on placing a specific reinsurance program each year. In addition, in future periods we may utilize the growing market for insurance-linked securities to expand our purchases of retrocessional reinsurance if we find the pricing and terms of such coverages attractive.

Property Underwriting Results

Our Property segment incurred an underwriting loss of $43.9 million in the third quarter of 2018, compared to an underwriting loss of $750.2 million in the third quarter of 2017. In the third quarter of 2018, our Property segment generated a net claims and claim expense ratio of 90.7%, an underwriting expense ratio of 24.3% and a combined ratio of 115.0%, compared to 310.1%, 12.6% and 322.7%, respectively, in the third quarter of 2017.

Principally impacting the Property segment underwriting result and combined ratio in the third quarter of 2018 were the Q3 2018 Catastrophe Events, which resulted in a net negative impact on the underwriting result of $177.0 million and added 63.2 percentage points to the combined ratio. In addition, the underwriting result in the third quarter of 2018 was positively impacted by $52.9 million of underwriting income associated with the large, non-recurring reinsurance transactions noted above. In comparison, the third quarter of 2017 was impacted by the Q3 2017 Large Loss Events which resulted in a net negative impact on the underwriting result of $808.6 million and added 252.0 percentage points to the Property segment combined ratio.

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Casualty and Specialty Segment

Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:

Three months ended September 30,	2018			2017			Change
(in thousands, except percentages)
Gross premiums written	$	324,264		$	314,881		$	9,383
Net premiums written	$	220,623		$	213,835		$	6,788
Net premiums earned	$	238,791		$	210,961		$	27,830
Net claims and claim expenses incurred	144,671			177,433			(32,762		)
Acquisition expenses	64,238			59,248			4,990
Operational expenses	14,976			17,389			(2,413		)
Underwriting income (loss)	$	14,906		$	(43,109	)	$	58,015
Net claims and claim expenses incurred – current accident year	$	151,904		$	172,675		$	(20,771	)
Net claims and claim expenses incurred – prior accident years	(7,233		)	4,758			(11,991		)
Net claims and claim expenses incurred – total	$	144,671		$	177,433		$	(32,762	)
Net claims and claim expense ratio – current accident year	63.6		%	81.9		%	(18.3		)%
Net claims and claim expense ratio – prior accident years	(3.0		)%	2.2		%	(5.2		)%
Net claims and claim expense ratio – calendar year	60.6		%	84.1		%	(23.5		)%
Underwriting expense ratio	33.2		%	36.3		%	(3.1		)%
Combined ratio	93.8		%	120.4		%	(26.6		)%

Casualty and Specialty Gross Premiums Written

In the third quarter of 2018, our Casualty and Specialty segment gross premiums written increased by $9.4 million, or 3.0%, to $324.3 million, compared to $314.9 million in the third quarter of 2017. The $9.4 millionincrease was principally due to continued and selective growth from new business opportunities within certain classes of business.

Casualty and Specialty Ceded Premiums Written

Three months ended September 30,	2018		2017		Change
(in thousands)
Ceded premiums written - Casualty and Specialty	$	103,641	$	101,046	$	2,595

Ceded premiums written in our Casualty and Specialty segment were $103.6 million in the third quarter of 2018, compared to $101.0 million in the third quarter of 2017, an increase of $2.6 million, primarily as a result of increased gross premiums written subject to our retrocessional quota share reinsurance programs.

Casualty and Specialty Underwriting Results

Our Casualty and Specialty segment generated underwriting income of $14.9 million and had a combined ratio of 93.8% in the third quarter of 2018, compared to an underwriting loss of $43.1 million and a combined ratio of 120.4%, in the third quarter of 2017. The improvement in the Casualty and Specialty segment combined ratio was principally driven by a 23.5 percentage point decrease in the net claims and claim expense ratio, primarily the result of significant net claims and claim expenses associated with the Q3 2017 Large Loss Events in the third quarter of 2017. In addition, the Casualty and Specialty segment was favorably impacted by a 3.1 percentage point decrease in the underwriting expense ratio, as a result of decreases in both the net acquisition ratio and operating expense ratio due to the combination of improved operating leverage and lower operating expenses.

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During the third quarter of 2018, the Casualty and Specialty segment experienced net favorable development on prior accident years net claims and claim expenses of $7.2 million, or 3.0 percentage points, compared to net adverse development on prior accident years net claims and claim expenses of $4.8 million, or 2.2 percentage points, in the third quarter of 2017. The net favorable development during the third quarter of 2018 was principally driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses across a number of lines of business.

Net Investment Income

Three months ended September 30,	2018			2017			Change
(in thousands)
Fixed maturity investments	$	55,725		$	45,305		$	10,420
Short term investments	9,403			2,771			6,632
Equity investments trading	903			930			(27		)
Other investments
Private equity investments	8,723			6,371			2,352
Other	8,665			(11,491		)	20,156
Cash and cash equivalents	1,104			352			752
	84,523			44,238			40,285
Investment expenses	(3,827		)	(3,981		)	154
Net investment income	$	80,696		$	40,257		$	40,439

Net investment income was $80.7 million in the third quarter of 2018, compared to $40.3 million in the third quarter of 2017, an increase of $40.4 million, principally driven by higher average invested assets and higher interest rates within our fixed maturity and short term investments portfolios, combined with higher returns in the catastrophe bond portfolio included in other investments.

Our private equity and other investment portfolios are accounted for at fair value with the change in fair value recorded in net investment income, which included net unrealized gains of $9.1 million in the third quarter of 2018, compared to unrealized losses of $9.8 million in the third quarter of 2017.

Net Realized and Unrealized Gains on Investments

Three months ended September 30,	2018			2017			Change
(in thousands)
Gross realized gains	$	5,229		$	16,343		$	(11,114	)
Gross realized losses	(15,327		)	(6,126		)	(9,201		)
Net realized (losses) gains on fixed maturity investments	(10,098		)	10,217			(20,315		)
Net unrealized (losses) gains on fixed maturity investments trading	(8,730		)	5,545			(14,275		)
Net realized and unrealized gains (losses) on investments-related derivatives	2,563			(4,020		)	6,583
Net realized gains on equity investments trading	21,259			13,675			7,584
Net unrealized gains on equity investments trading	8,636			16,635			(7,999		)
Net realized and unrealized gains on investments	$	13,630		$	42,052		$	(28,422	)

An important element of our investment strategy is to seek to preserve capital and provide us with a high level of liquidity. A large majority of our investments are invested in the fixed income markets and, therefore, our realized and unrealized holding gains and losses on investments are highly correlated to fluctuations in interest rates. Therefore, as interest rates decline, we will tend to have realized and unrealized gains from our investment portfolio, and as interest rates rise, we will tend to have realized and unrealized losses from our investment portfolio.

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Net realized and unrealized gains on investments were $13.6 million in the third quarter of 2018, compared to net realized and unrealized gains of $42.1 million in the third quarter of 2017, a decrease of $28.4 million. Principally impacting our net realized and unrealized gains on investments were net realized and unrealized losses on our portfolio of fixed maturity investments trading of $18.8 million during the third quarter of 2018, compared to net realized and unrealized gains of $15.8 million in the third quarter of 2017, a decrease of $34.6 million. This decrease was primarily driven by an upward shift in the interest rate yield curve during the third quarter of 2018, compared to a tightening of credit spreads and a less significant increase in interest rates in the third quarter of 2017.

Net Foreign Exchange Losses

Three months ended September 30,	2018			2017			Change
(in thousands)
Net foreign exchange losses	$	(4,566	)	$	(156	)	$	(4,410	)

Our functional currency is the U.S. dollar. We routinely write a portion of our business in currencies other than U.S. dollars and invest a portion of our cash and investment portfolio in those currencies. As a result, we may experience foreign exchange gains and losses in our consolidated financial statements. All changes in exchange rates are recognized in our consolidated statements of operations. We are primarily impacted by the foreign currency risk exposures associated with our underwriting operations and investment portfolio, and may, from time to time, enter into foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities.

Equity in Earnings of Other Ventures

Three months ended September 30,	2018		2017			Change
(in thousands)
Tower Hill Companies	$	4,629	$	(383	)	$	5,012
Top Layer Re	2,170		2,722			(552		)
Other	849		(545		)	1,394
Total equity in earnings of other ventures	$	7,648	$	1,794		$	5,854

Equity in earnings of other ventures primarily represents our pro-rata share of the net income (loss) from our investments in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Select Insurance Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc. and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”) and Top Layer Re, and, except for Top Layer Re, is recorded one quarter in arrears. The carrying value of these investments on our consolidated balance sheets, individually or in the aggregate, may differ from the realized value we may ultimately attain, perhaps significantly so.

Equity in earnings of other ventures was $7.6 million in the third quarter of 2018, compared to $1.8 million in the third quarter of 2017, an increase of $5.9 million, principally driven by improved profitability of the Tower Hill Companies.

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Other Income

Three months ended September 30,	2018			2017		Change
(in thousands)
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits	$	543		$	2,793	$	(2,250	)
Other items	(46		)	203		(249		)
Total other income	$	497		$	2,996	$	(2,499	)

In the third quarter of 2018, we generated other income of $0.5 million, compared to $3.0 million in the third quarter of 2017, a decrease of $2.5 million, principally driven by our assumed and ceded reinsurance contracts accounted for as derivatives and deposits.

Corporate Expenses

Three months ended September 30,	2018		2017		Change
(in thousands)
Corporate expenses	$	6,841	$	4,413	$	2,428

Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, impairment charges related to goodwill and other intangible assets, and other miscellaneous costs, including those associated with operating as a publicly traded company. Corporate expenses increased to $6.8 million in the third quarter of 2018, compared to $4.4 million in the third quarter of 2017, principally as a result of changes in the allocation of operating and corporate expenses to better reflect the nature of those expenses.

Income Tax (Expense) Benefit

Three months ended September 30,	2018			2017		Change
(in thousands)
Income tax (expense) benefit	$	(1,451	)	$	18,977	$	(20,428	)

We are subject to income taxes in certain jurisdictions in which we operate; however, since the majority of our income is generally earned in Bermuda, which does not have a corporate income tax, the tax impact to our operations has historically been minimal.

We recognized an income tax expense of $1.5 million in the third quarter of 2018, compared to an income tax benefit of $19.0 million in the third quarter of 2017. The income tax benefit recorded in the third quarter of 2017 was principally driven by the underwriting losses associated with the Q3 2017 Large Loss Events.

Net (Income) Loss Attributable to Redeemable Noncontrolling Interests

Three months ended September 30,	2018			2017		Change
(in thousands)
Net (income) loss attributable to redeemable noncontrolling interests	$	(6,440	)	$	204,277	$	(210,717	)

Our net income attributable to redeemable noncontrolling interests was $6.4 million in the third quarter of 2018, compared to a net loss attributable to redeemable noncontrolling interests of $204.3 million in the third quarter of 2017, a change of $210.7 million, principally due to DaVinciRe generating underwriting income in the third quarter of 2018, compared to significant underwriting losses in the third quarter of 2017 driven by the Q3 2017 Large Loss Events. Our ownership in DaVinciRe was 22.1% at September 30, 2018, compared to 23.5% at September 30, 2017. We expect our noncontrolling economic ownership in DaVinciRe to fluctuate over time.

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SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017.

Nine months ended September 30,	2018			2017			Change
(in thousands, except per share amounts and percentages)
Statement of operations highlights
Gross premiums written	$	2,762,672		$	2,389,774		$	372,898
Net premiums written	$	1,720,808		$	1,583,102		$	137,706
Net premiums earned	$	1,401,516		$	1,296,102		$	105,414
Net claims and claim expenses incurred	642,380			1,557,364			(914,984		)
Acquisition expenses	312,524			248,294			64,230
Operational expenses	119,408			131,586			(12,178		)
Underwriting income (loss)	$	327,204		$	(641,142	)	$	968,346
Net investment income	$	208,528		$	148,745		$	59,783
Net realized and unrealized (losses) gains on investments	(86,415		)	143,538			(229,953		)
Total investment result	$	122,113		$	292,283		$	(170,170	)
Net income (loss)	$	392,903		$	(356,870	)	$	749,773
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	281,182		$	(241,318	)	$	522,500
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	7.02		$	(6.04	)	$	13.06
Dividends per common share	$	0.99		$	0.96		$	0.03
Key ratios
Net claims and claim expense ratio – current accident year	59.9		%	120.4		%	(60.5		)%
Net claims and claim expense ratio – prior accident years	(14.1		)%	(0.2		)%	(13.9		)%
Net claims and claim expense ratio – calendar year	45.8		%	120.2		%	(74.4		)%
Underwriting expense ratio	30.9		%	29.3		%	1.6		%
Combined ratio	76.7		%	149.5		%	(72.8		)%
Return on average common equity - annualized	9.1		%	(7.4		)%	16.5		%
Book value	September 30, 2018			December 31, 2017			Change
Book value per common share	$	105.21		$	99.72		$	5.49
Accumulated dividends per common share	18.99			18.00			0.99
Book value per common share plus accumulated dividends	$	124.20		$	117.72		$	6.48
Change in book value per common share plus change in accumulated dividends	6.5		%

Net income available to RenaissanceRe common shareholders was $281.2 million in the nine months ended September 30, 2018, compared to net loss attributable to RenaissanceRe common shareholders of $241.3 million in the nine months ended September 30, 2017, an increase of $522.5 million. As a result of our net income available to RenaissanceRe common shareholders in the nine months ended September 30, 2018, we generated an annualized return on average common equity of 9.1% and our book value per common share increased from $99.72 at December 31, 2017 to $105.21 at September 30, 2018, a 6.5%increase, after considering the change in accumulated dividends paid to our common shareholders.

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The most significant events affecting our financial performance during the nine months ended September 30, 2018, on a comparative basis to the nine months ended September 30, 2017, include:

• Impact of Catastrophe Events - we had a net negative impact on our net income available to RenaissanceRe common shareholders of $151.9 million from the Q3 2018 Catastrophe Events was partially offset by a net positive impact of $110.4 million resulting from decreases in the estimates of the net negative impact of the 2017 Catastrophe Events, compared to a net negative impact of $615.1 million associated with the Q3 2017 Large Loss Events recorded in the nine months ended September 30, 2017;

• Underwriting Results - we generated underwriting income of $327.2 million and had a combined ratio of 76.7% in the nine months ended September 30, 2018, compared to an underwriting loss of $641.1 million and a combined ratio of 149.5%, in the nine months ended September 30, 2017. Our underwriting income in the nine months ended September 30, 2018 was comprised of $297.0 million of underwriting income in our Property segment and $30.4 million of underwriting income in our Casualty and Specialty segment.

Included in our underwriting result is the net negative impact associated with the Q3 2018 Catastrophe Events of $178.0 million, partially offset by the net positive impact of a decrease in the estimate of the net negative impact on the underwriting result from the 2017 Catastrophe Events of $127.7 million during the nine months ended September 30, 2018, which collectively, increased the combined ratio by 3.5 percentage points, principally within our Property segment. In comparison, in the nine months ended September 30, 2017 the underwriting result experienced a net negative impact of $838.7 million, or an increase in the combined ratio of 66.6 percentage points, associated with the Q3 2017 Large Loss Events;

• Non-recurring Reinsurance Transactions - our results for the nine months ended September 30, 2018 include certain large, non-recurring reinsurance transactions, which are reflected in our Property segment and increased net premiums earned by $54.2 million and net income available to RenaissanceRe common shareholders by $41.9 million. While we expect these transactions to be non-recurring, we believe this reflects our differentiated strategy, our capability to provide bespoke or large solutions for our clients and our continued focus on serving our clients with unique coverages;

• Gross Premiums Written - our gross premiums written increased by $372.9 million, or 15.6%, to $2.8 billion, in the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017, driven primarily by increases of $215.7 million in the Property segment and $157.2 million in the Casualty and Specialty segment. Included in gross premiums written in the nine months ended September 30, 2018 was 16.9 million of reinstatement premiums written associated with the Q3 2018 Catastrophe Events, and $102.3 million of gross premiums written associated with the large, non-recurring reinsurance transactions noted above, each principally within our Property segment. Included in the gross premiums written in the nine months ended September 30, 2017 was $169.8 million of reinstatement premiums written associated with the Q3 2017 Large Loss Events;

• Investment Results - our total investment result, which includes the sum of net investment income and net realized and unrealized gains and losses on investments, was a gain of $122.1 million in the nine months ended September 30, 2018, compared to a gain of $292.3 million in the nine months ended September 30, 2017, a decrease of $170.2 million. Impacting the investment result were net realized and unrealized losses on our fixed maturity investments trading, partially offset by higher net investment income from our portfolios of fixed maturity investments trading and short term investments, primarily driven by higher average invested assets and the impact of interest rate increases during recent periods. In addition, we experienced higher returns in our catastrophe bond portfolio included in other investments; and

• Net Income Attributable to Redeemable Noncontrolling Interests - our net income attributable to redeemable noncontrolling interests was $90.8 million in the nine months ended September 30, 2018, compared to a net loss attributable to redeemable noncontrolling interests of $132.3 million in the nine months ended September 30, 2017. The increase was principally due to improved underwriting results in DaVinciRe. Our ownership in DaVinciRe was 22.1% at September 30, 2018, compared to 23.5% at September 30, 2017.

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Net Negative Impact

The financial data below provides additional information detailing the net negative impact of the Q3 2018 Catastrophe Events and the net positive impact of decreases in our estimates of the net negative impact of the 2017 Catastrophe Events on our consolidated financial statements in the nine months ended September 30, 2018.

Nine months ended September 30, 2018	Typhoon Jebi			Hurricane Florence			Other Q3 2018 Catastrophe Events (1)			Total Q3 2018 Catastrophe Events			Change in Estimates of the 2017 Catastrophe Events (2)			Total
(in thousands, except percentages)
(Increase) decrease in net claims and claims expenses incurred	$	(90,228	)	$	(74,040	)	$	(32,763	)	$	(197,031	)	$	158,461		$	(38,570	)
Assumed reinstatement premiums earned	6,997			9,067			866			16,930			(24,976		)	(8,046		)
Ceded reinstatement premiums earned	—			(112		)	—			(112		)	758			646
Lost (earned) profit commissions	1,973			313			(109		)	2,177			(6,577		)	(4,400		)
Net (negative) positive impact on underwriting result	(81,258		)	(64,772		)	(32,006		)	(178,036		)	127,666			(50,370		)
Redeemable noncontrolling interest - DaVinciRe	13,507			8,593			3,987			26,087			(17,284		)	8,803
Net (negative) positive impact on net income available to RenaissanceRe common shareholders	$	(67,751	)	$	(56,179	)	$	(28,019	)	$	(151,949	)	$	110,382		$	(41,567	)
Percentage point impact on consolidated combined ratio	6.0			4.8			2.3			13.2			(9.3		)	3.5
Net (negative) positive impact on Property segment underwriting result	$	(80,258	)	$	(64,772	)	$	(32,006	)	$	(177,036	)	$	120,895		$	(56,141	)
Net (negative) positive impact on Casualty and Specialty segment underwriting result	(1,000		)	—			—			(1,000		)	6,771			5,771
Net (negative) positive impact on underwriting result	$	(81,258	)	$	(64,772	)	$	(32,006	)	$	(178,036	)	$	127,666		$	(50,370	)

(1) Other Q3 2018 Catastrophe Events includes Typhoons Mangkhut and Trami and the wildfires in California during the third quarter of 2018.

(2) An initial estimate of the net negative impact of the 2017 Catastrophe Events was recorded in our consolidated financial statements during 2017. The amounts noted in the table above reflect changes in the estimates of the net negative impact of the 2017 Catastrophe Events recorded in the nine months ended September 30, 2018.

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The financial data below provides additional details regarding the net negative impact of the Q3 2017 Large Loss Events on our consolidated financial statements in the nine months ended September 30, 2017.

Nine months ended September 30, 2017	Q3 2017 Large Loss Events
(in thousands, except percentages)
Net claims and claim expenses incurred	$	(1,009,270	)
Reinstatement premiums earned	169,773
Ceded reinstatement premiums earned	(28,805		)
Earned profit commissions	29,638
Net negative impact on underwriting result	(838,664		)
Redeemable noncontrolling interest - DaVinciRe	223,559
Net negative impact on net loss attributable to RenaissanceRe common shareholders	$	(615,105	)
Percentage point impact on consolidated combined ratio	66.6
Net negative impact on Property segment underwriting result	$	(808,648	)
Net negative impact on Casualty and Specialty segment underwriting result	(30,016		)
Net negative impact on underwriting result	$	(838,664	)

Underwriting Results by Segment

Property Segment

Below is a summary of the underwriting results and ratios for our Property segment:

Nine months ended September 30,	2018			2017			Change
(in thousands, except percentages)
Gross premiums written	$	1,561,008		$	1,345,271		$	215,737
Net premiums written	$	884,541		$	895,728		$	(11,187	)
Net premiums earned	$	722,246		$	716,024		$	6,222
Net claims and claim expenses incurred	222,195			1,116,273			(894,078		)
Acquisition expenses	127,095			75,117			51,978
Operational expenses	75,933			76,841			(908		)
Underwriting income (loss)	$	297,023		$	(552,207	)	$	849,230
Net claims and claim expenses incurred – current accident year	$	395,067		$	1,133,241		$	(738,174	)
Net claims and claim expenses incurred – prior accident years	(172,872		)	(16,968		)	(155,904		)
Net claims and claim expenses incurred – total	$	222,195		$	1,116,273		$	(894,078	)
Net claims and claim expense ratio – current accident year	54.7		%	158.3		%	(103.6		)%
Net claims and claim expense ratio – prior accident years	(23.9		)%	(2.4		)%	(21.5		)%
Net claims and claim expense ratio – calendar year	30.8		%	155.9		%	(125.1		)%
Underwriting expense ratio	28.1		%	21.2		%	6.9		%
Combined ratio	58.9		%	177.1		%	(118.2		)%

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Property Gross Premiums Written

In the nine months ended September 30, 2018, our Property segment gross premiums written increased by $215.7 million, or 16.0%, to $1.6 billion, compared to $1.3 billion in the nine months ended September 30, 2017.

Gross premiums written in the catastrophe class of business were $1.2 billion in the nine months ended September 30, 2018, an increase of $170.9 million, or 16.0%, compared to the nine months ended September 30, 2017. Included in the catastrophe class of business in the nine months ended September 30, 2018 is $102.3 million of gross premiums written associated with the large, non-recurring reinsurance transactions noted above and 7.4 million of negative reinstatement premiums written associated with the Q3 2018 Catastrophe Events and 2017 Catastrophe Events. In comparison, the nine months ended September 30, 2017 included $162.2 million of reinstatement premiums written associated with the Q3 2017 Large Loss Events. Excluding the reinstatement premiums written in each period associated with the respective catastrophe events, gross premiums written in the catastrophe class of business would have increased $340.5 million, or 37.5%, which was primarily a result of expanded participation on existing transactions and certain new transactions we believe have comparably attractive risk-return attributes, including the large, non-recurring reinsurance transactions noted above.

Gross premiums written in the other property class of business were $320.6 million in the nine months ended September 30, 2018, an increase of $44.8 million, or 16.2%, compared to the nine months ended September 30, 2017. The increase in gross premiums written in the other property class of business was primarily driven by growth across our underwriting platforms, both from existing relationships and through new opportunities we believe have comparably attractive risk-return attributes.

Property Ceded Premiums Written

Nine months ended September 30,	2018		2017		Change
(in thousands)
Ceded premiums written - Property	$	676,467	$	449,543	$	226,924

Ceded premiums written in our Property segment increased by $226.9 million, to $676.5 million, in the nine months ended September 30, 2018, compared to $449.5 million in the nine months ended September 30, 2017. The increase in ceded premiums written was principally due to a significant portion of the increase in gross premiums written in the catastrophe class of business noted above being ceded through our managed joint venture, Upsilon RFO, combined with increased purchases of retrocessional reinsurance as part of the management of our risk portfolio.

Property Underwriting Results

Our Property segment generated underwriting income of $297.0 million in the nine months ended September 30, 2018, compared to an underwriting loss of $552.2 million in the nine months ended September 30, 2017, an improvement of $849.2 million. In the nine months ended September 30, 2018, our Property segment generated a net claims and claim expense ratio of 30.8%, an underwriting expense ratio of 28.1% and a combined ratio of 58.9%, compared to 155.9%, 21.2% and 177.1%, respectively, in the nine months ended September 30, 2017.

Principally impacting the Property segment underwriting result and combined ratio in the nine months ended September 30, 2018 were the Q3 2018 Catastrophe Events, which resulted in a net negative impact on the underwriting result of $177.0 million, and a corresponding increase in the combined ratio of 27.6 percentage points. This was partially offset by a net positive impact on the underwriting result of $120.9 million, and a corresponding decrease in the combined ratio of 17.5 percentage points, resulting from a decrease in the estimates of the net negative impact on the underwriting result of the 2017 Catastrophe Events. In comparison, the nine months ended September 30, 2017 were impacted by the Q3 2017 Large Loss Events which resulted in a net negative impact on the underwriting result of $808.6 million and added 139.3 percentage points to the Property segment combined ratio.

Primarily as a result of the decreases in the estimates of the net negative impact of the 2017 Catastrophe Events noted above, the Property segment experienced net favorable development on prior accident years

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net claims and claim expenses of $172.9 million, or 23.9 percentage points, during the nine months ended September 30, 2018, compared to $17.0 million, or 2.4 percentage points, in the nine months ended September 30, 2017. See “Note 6. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional information related to the development of prior accident years net claims and claim expenses.

Casualty and Specialty Segment

Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:

Nine months ended September 30,	2018			2017			Change
(in thousands, except percentages)
Gross premiums written	$	1,201,664		$	1,044,510		$	157,154
Net premiums written	$	836,267		$	687,381		$	148,886
Net premiums earned	$	679,271		$	580,085		$	99,186
Net claims and claim expenses incurred	420,273			441,801			(21,528		)
Acquisition expenses	185,429			173,179			12,250
Operational expenses	43,121			54,708			(11,587		)
Underwriting income (loss)	$	30,448		$	(89,603	)	$	120,051
Net claims and claim expenses incurred – current accident year	$	444,293		$	427,786		$	16,507
Net claims and claim expenses incurred – prior accident years	(24,020		)	14,015			(38,035		)
Net claims and claim expenses incurred – total	$	420,273		$	441,801		$	(21,528	)
Net claims and claim expense ratio – current accident year	65.4		%	73.7		%	(8.3		)%
Net claims and claim expense ratio – prior accident years	(3.5		)%	2.5		%	(6.0		)%
Net claims and claim expense ratio – calendar year	61.9		%	76.2		%	(14.3		)%
Underwriting expense ratio	33.6		%	39.2		%	(5.6		)%
Combined ratio	95.5		%	115.4		%	(19.9		)%

Casualty and Specialty Gross Premiums Written

In the nine months ended September 30, 2018, our Casualty and Specialty segment gross premiums written increased by $157.2 million, or 15.0%, to $1.2 billion, compared to $1.0 billion in the nine months ended September 30, 2017. The increase was principally due to selective growth from new business opportunities across various classes of business in our Casualty and Specialty segment. Much of this growth is a result of our differentiated strategy to provide bespoke customer solutions, which may be non-recurring.

Casualty and Specialty Ceded Premiums Written

Nine months ended September 30,	2018		2017		Change
(in thousands)
Ceded premiums written - Casualty and Specialty	$	365,397	$	357,129	$	8,268

Ceded premiums written in our Casualty and Specialty segment increased by $8.3 million, to $365.4 million, in the nine months ended September 30, 2018, compared to $357.1 million in the nine months ended September 30, 2017, primarily resulting from increases in gross premiums written subject to our retrocessional quota share reinsurance programs utilized as part of the management of our risk portfolio.

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Casualty and Specialty Underwriting Results

Our Casualty and Specialty segment generated underwriting income of $30.4 million in the nine months ended September 30, 2018, compared to an underwriting loss of $89.6 million in the nine months ended September 30, 2017. In the nine months ended September 30, 2018, our Casualty and Specialty segment generated a net claims and claim expense ratio of 61.9%, an underwriting expense ratio of 33.6% and a combined ratio of 95.5%, compared to 76.2%, 39.2% and 115.4%, respectively, in the nine months ended September 30, 2017.

The decrease in our Casualty and Specialty segment’s combined ratio was driven by decreases of 14.3 percentage points and 5.6 percentage points in the net claims and claim expense ratio and underwriting expense ratio, respectively, in the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017.

The decrease in our Casualty and Specialty segment net claims and claim expense ratio was due to significant net claims and claim expenses associated with the Q3 2017 Large Loss Events in the nine months ended September 30, 2017, as well as net favorable development on prior accident years net claims and claim expenses of $24.0 million, or 3.5 percentage points, during the nine months ended September 30, 2018, compared to net adverse development of $14.0 million, or 2.5 percentage points, in the nine months ended September 30, 2017. The net favorable development during the nine months ended September 30, 2018 was principally driven by reported losses coming in lower than expected compared to the nine months ended September 30, 2017 which experienced adverse development associated with the decrease in the Ogden Rate during the period. See “Note 6. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional information related to the development of prior accident years net claims and claim expenses.

The underwriting expense ratio in our Casualty and Specialty segment decreased5.6 percentage points to 33.6% in the nine months ended September 30, 2018, compared to 39.2% in the nine months ended September 30, 2017, due to a decrease in both the net acquisition ratio and the operating expense ratio, with the latter being due to the combination of both improved operating leverage and lower operating expenses.

Net Investment Income

Nine months ended September 30,	2018			2017			Change
(in thousands)
Fixed maturity investments	$	151,784		$	133,080		$	18,704
Short term investments	22,340			7,476			14,864
Equity investments trading	3,091			2,630			461
Other investments
Private equity investments	12,149			20,784			(8,635		)
Other	27,346			(4,520		)	31,866
Cash and cash equivalents	2,708			836			1,872
	219,418			160,286			59,132
Investment expenses	(10,890		)	(11,541		)	651
Net investment income	$	208,528		$	148,745		$	59,783

Net investment income was $208.5 million in the nine months ended September 30, 2018, compared to $148.7 million in the nine months ended September 30, 2017, an increase of $59.8 million. Impacting our net investment income for the nine months ended September 30, 2018 were higher average invested assets in our fixed maturity and short term investment portfolios, combined with the impact of interest rate increases during recent periods. In addition, our catastrophe bonds, which are included in other investments, experienced an increase in net investment income as these investments were less impacted by the catastrophe events in the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017. Partially offsetting these items were lower returns in our portfolio of private equity investments in the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017.

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Our private equity and other investment portfolios are accounted for at fair value with the change in fair value recorded in net investment income, which included net unrealized gains of $17.8 million in the nine months ended September 30, 2018, compared to $2.7 million in the nine months ended September 30, 2017.

Net Realized and Unrealized (Losses) Gains on Investments

Nine months ended September 30,	2018			2017			Change
(in thousands)
Gross realized gains	$	14,945		$	43,053		$	(28,108	)
Gross realized losses	(67,699		)	(29,902		)	(37,797		)
Net realized (losses) gains on fixed maturity investments	(52,754		)	13,151			(65,905		)
Net unrealized (losses) gains on fixed maturity investments trading	(73,522		)	48,940			(122,462		)
Net realized and unrealized losses on investments-related derivatives	(763		)	(4,344		)	3,581
Net realized gains on equity investments trading	21,841			49,736			(27,895		)
Net unrealized gains on equity investments trading	18,783			36,055			(17,272		)
Net realized and unrealized (losses) gains on investments	$	(86,415	)	$	143,538		$	(229,953	)

Net realized and unrealized losses on investments were $86.4 million in the nine months ended September 30, 2018, compared to net realized and unrealized gains of $143.5 million in the nine months ended September 30, 2017, a decrease of $230.0 million. Principally impacting our net realized and unrealized losses on investments in the nine months ended September 30, 2018 were:

• net realized and unrealized losses on our fixed maturity investments trading of $126.3 million in the nine months ended September 30, 2018, compared to net realized and unrealized gains of $62.1 million in the nine months ended September 30, 2017, a decrease of $188.4 million, principally driven by an upward shift in the interest rate yield curve during the nine months ended September 30, 2018, compared to a tightening of credit spreads and a decrease in interest rates at the longer end of the yield curve in the nine months ended September 30, 2017; and

• net realized and unrealized gains on equity investments trading of $40.6 million in the nine months ended September 30, 2018, compared to $85.8 million in the nine months ended September 30, 2017, a decrease of $45.2 million, principally driven by lower returns on certain of our larger equity positions during the nine months ended September 30, 2018.

Net Foreign Exchange (Losses) Gains

Nine months ended September 30,	2018			2017		Change
(in thousands)
Net foreign exchange (losses) gains	$	(11,496	)	$	11,118	$	(22,614	)

Our functional currency is the U.S. dollar. We routinely write a portion of our business in currencies other than U.S. dollars and invest a portion of our cash and investment portfolio in those currencies. As a result, we may experience foreign exchange gains and losses in our consolidated financial statements. All changes in exchange rates are recognized in our consolidated statements of operations. We are primarily impacted by the foreign currency risk exposures associated with our underwriting operations and investment portfolio, and may, from time to time, enter into foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities.

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Equity in Earnings of Other Ventures

Nine months ended September 30,	2018			2017			Change
(in thousands)
Tower Hill Companies	$	8,274		$	(1,235	)	$	9,509
Top Layer Re	6,202			7,864			(1,662		)
Other	(145		)	(799		)	654
Total equity in earnings of other ventures	$	14,331		$	5,830		$	8,501

Equity in earnings of other ventures was $14.3 million in the nine months ended September 30, 2018, compared to $5.8 million in the nine months ended September 30, 2017, an increase of $8.5 million, principally driven by improved profitability of the Tower Hill Companies.

Other Income

Nine months ended September 30,	2018			2017			Change
(in thousands)
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits	$	(193	)	$	7,425		(7,618		)
Other	673			(372		)	1,045
Total other income	$	480		$	7,053		$	(6,573	)

In the nine months ended September 30, 2018, we generated other income of $0.5 million, compared to $7.1 million in the nine months ended September 30, 2017, a decrease of $6.6 million, driven by our assumed and ceded reinsurance contracts accounted for as derivatives and deposits.

Corporate Expenses

Nine months ended September 30,	2018		2017		Change
(in thousands)
Corporate expenses	$	21,875	$	14,335	$	7,540

Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, impairment charges related to goodwill and other intangible assets, and other miscellaneous costs, including those associated with operating as a publicly traded company. Corporate expenses increased$7.5 million, to $21.9 million, in the nine months ended September 30, 2018, compared to $14.3 million in the nine months ended September 30, 2017, principally as a result of changes in the allocation of operating and corporate expenses to better reflect the nature of those expenses.

Income Tax (Expense) Benefit

Nine months ended September 30,	2018			2017		Change
(in thousands)
Income tax (expense) benefit	$	(2,550	)	$	14,739	$	(17,289	)

In the nine months ended September 30, 2018, we recognized an income tax expense of $2.6 million, compared to an income tax benefit of $14.7 million in the nine months ended September 30, 2017. The income tax benefit in the nine months ended September 30, 2017 was principally driven by pre-tax losses in in our U.S.-based operations associated with the Q3 2017 Large Loss Events the nine months ended September 30, 2017, in addition to a lower federal tax rate in the nine months ended September 30, 2018.

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Net (Income) Loss Attributable to Redeemable Noncontrolling Interests

Nine months ended September 30,	2018			2017		Change
(in thousands)
Net (income) loss attributable to redeemable noncontrolling interests	$	(90,822	)	$	132,338	$	(223,160	)

Our net income attributable to redeemable noncontrolling interests was $90.8 million in the nine months ended September 30, 2018, compared to a net loss attributable to redeemable noncontrolling interests of $132.3 million in the nine months ended September 30, 2017, a change of $223.2 million, principally due to DaVinciRe generating underwriting income in the nine months ended September 30, 2018, compared to significant underwriting losses in the nine months ended September 30, 2017 driven by the Q3 2017 Large Loss Events. Our ownership of DaVinciRe was 22.1% at September 30, 2018, compared to 23.5% at September 30, 2017. We expect our noncontrolling economic ownership in DaVinciRe to fluctuate over time.

LIQUIDITY AND CAPITAL RESOURCES

Financial Condition

RenaissanceRe is a holding company, and we therefore rely on dividends from our subsidiaries and investment income to make principal and interest payments on our debt and to make dividend payments to our preference and common shareholders. The payment of dividends by our subsidiaries is, under certain circumstances, limited by the applicable laws and regulations in the various jurisdictions in which our subsidiaries operate, including Bermuda, the U.S., the U.K. and Ireland. For example, insurance laws require our insurance subsidiaries to maintain certain measures of solvency and liquidity. The regulations governing our and our principal operating subsidiaries’ ability to pay dividends are discussed in detail in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources, Financial Condition” of our Form 10-K for the year ended December 31, 2017.

In the aggregate, our principal operating subsidiaries have historically produced sufficient cash flows to meet their expected claims payments and operational expenses and to provide dividend payments to us. Our subsidiaries also maintain a concentration of investments in high quality liquid securities, which management believes will provide additional liquidity for extraordinary claims payments should the need arise. See “Capital Resources” section below. In 2017 we experienced significant losses from the 2017 Catastrophe Events. As we would expect following events of this magnitude, it was necessary for RenaissanceRe to contribute capital to certain of its principal operating subsidiaries to ensure they were able to maintain levels of capital adequacy and liquidity in compliance with various laws and regulations, support rating agency capital requirements, pay valid claims quickly and be adequately capitalized to pursue business opportunities as they arise. We believe RenaissanceRe and our principal operating subsidiaries continue to be adequately capitalized following the events noted above.

Dividends and return of capital by our principal operating subsidiaries to RenaissanceRe, net of capital contributions by RenaissanceRe to our principal operating subsidiaries, were $130.0 million during the nine months ended September 30, 2018 (2017 - $112.3 million).

Group Supervision

The Bermuda Monetary Authority (“BMA”) is our group supervisor. Under the Insurance Act 1978, amendments thereto and related regulations of Bermuda (collectively, the “Insurance Act”), we are required to maintain capital at a level equal to our enhanced capital requirement (“ECR”), which is established by reference to the Bermuda Solvency Capital Requirement (the “BSCR”) model. The BSCR is a mathematical model designed to give the BMA robust methods for determining an insurer’s capital adequacy. Underlying the BSCR is the belief that all insurers should operate on an ongoing basis with a view to maintaining their capital at a prudent level in excess of the minimum solvency margin otherwise prescribed under the Insurance Act. At September 30, 2018, we believe the statutory capital and surplus of our group exceeded the minimum amount required to be maintained under Bermuda law. Our 2017 group BSCR was filed with

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the BMA in advance of the May 31, 2018 filing deadline, and we exceeded the minimum amount required to be maintained under Bermuda law.

Class 3A, 3B and 4 insurers and insurance groups are also required to prepare and publish a financial condition report (“FCR”). The FCR provides, among other things, details of measures governing the business operations, corporate governance framework and solvency and financial performance of the insurer or insurance group. We received approval from the BMA to file a consolidated group FCR, inclusive of our Bermuda-domiciled insurance subsidiaries and Top Layer Re. Our most recent FCR is available on our website.

Bermuda Subsidiaries

Bermuda regulations require BMA approval for any reduction of capital in excess of 15% of statutory capital, as defined in the Insurance Act. The Insurance Act also requires the Bermuda insurance subsidiaries of RenaissanceRe to maintain certain measures of solvency and liquidity. At September 30, 2018, we believe the statutory capital and surplus of our Bermuda insurance subsidiaries exceeded the minimum amount required to be maintained under Bermuda law.

Under the Insurance Act, RenaissanceRe Specialty U.S. is defined as a Class 3B insurer, and Renaissance Reinsurance and DaVinci are classified as Class 4 insurers, and must each maintain capital at a level equal to an ECR which is established by reference to the BSCR model. The 2017 BSCR for Renaissance Reinsurance, RenaissanceRe Specialty U.S. and DaVinci was filed with the BMA on or before the April 30, 2018 filing deadline, and each company exceeded the minimum amount required to be maintained under Bermuda law. In addition, audited annual financial statements prepared in accordance with GAAP for each of Renaissance Reinsurance, RenaissanceRe Specialty U.S. and DaVinci are filed prior to April 30 of each year with the BMA and are available free of charge on the BMA’s website.

U.K. Subsidiaries

Underwriting capacity, or stamp capacity, of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as Funds at Lloyd’s (“FAL”). The amount of FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model. In addition, if the FAL are not sufficient to cover all losses, the Lloyd’s Central Fund provides an additional level of security for policyholders.

At September 30, 2018, the FAL required to support the underwriting activities at Lloyd’s through Syndicate 1458 was £385.9 million (December 31, 2017 - £405.8 million). Actual FAL posted for Syndicate 1458 at September 30, 2018 by RenaissanceRe CCL was £403.0 million, supported by a $180.0 million letter of credit and a $344.0 million deposit of cash and fixed maturity securities (December 31, 2017 - $180.0 million and $347.3 million, respectively). See “Note 7. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements” for additional information related to this letter of credit facility.

U.S. Subsidiaries

Renaissance Reinsurance U.S. is domiciled in Maryland, which has adopted the NAIC's model law that uses a risk-based capital ("RBC") model to monitor and regulate the solvency of licensed life, health, and property and casualty insurance and reinsurance companies. The RBC calculation is used to measure an insurer's capital adequacy with respect to: the risk characteristics of the insurer's premiums written and net claims and claim expenses, rate of growth and quality of assets, among other measures. At September 30, 2018, we believe the statutory capital and surplus of Renaissance Reinsurance U.S. exceeded the minimum capital adequacy level required to be maintained under U.S. law.

Renaissance Reinsurance U.S. is subject to certain restrictions on its ability to pay dividends pursuant to Maryland law, including making appropriate filings with and obtaining certain approvals from its regulator. During 2018, Renaissance Reinsurance U.S. has an ordinary dividend capacity of $24.1 million (2017 - $25.4 million).

Top Layer Re

Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital below a specified level.

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Liquidity and Cash Flows

Holding Company Liquidity

As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own and its assets consist primarily of investments in subsidiaries, and, to a degree, cash and securities in amounts which fluctuate over time. Accordingly, RenaissanceRe’s future cash flows largely depend on the availability of dividends or other statutorily permissible payments from our subsidiaries. As discussed above, the ability to pay such dividends is limited by the applicable laws and regulations in the various jurisdictions in which our subsidiaries operate.

RenaissanceRe’s principal uses of liquidity are: (1) common share related transactions including dividend payments to our common shareholders and common share repurchases, (2) preference share related transactions including dividend payments to our preference shareholders and preference share redemptions, (3) interest and principal payments on debt, (4) capital investments in our subsidiaries, (5) acquisition of new or existing companies or businesses and (6) certain corporate and operating expenses.

We attempt to structure our organization in a way that facilitates efficient capital movements between RenaissanceRe and our operating subsidiaries and to ensure that adequate liquidity is available when required, giving consideration to applicable laws and regulations, and the domiciliary location of sources of liquidity and related obligations.

Sources of Liquidity

Historically, cash receipts from operations, consisting of premiums and investment income, have provided sufficient funds to pay losses and operating expenses of our subsidiaries and to fund dividends to RenaissanceRe. The premiums received by our operating subsidiaries are generally received months or even years before losses are paid under the policies related to such premiums. Premiums and acquisition expenses generally are received within the first two years of inception of a contract while operating expenses are generally paid within a year of being incurred. It generally takes much longer for claims and claims expenses to be reported and ultimately settled, requiring the establishment of reserves for claims and claim expenses. Therefore, the amount of claims paid in any one year is not necessarily related to the amount of net claims incurred in that year, as reported in the consolidated statement of operations.

While we expect that our liquidity needs will continue to be met by our cash receipts from operations, as a result of the combination of current market conditions, lower than usual investment yields, and the nature of our business where a large portion of the coverages we provide can produce losses of high severity and low frequency, future cash flows from operating activities cannot be accurately predicted and may fluctuate significantly between individual quarters and years. In addition, due to the magnitude and complexity of certain large loss events, meaningful uncertainty remains regarding losses from these events and our actual ultimate net losses from these events may vary materially from preliminary estimates, which would impact our cash flows from operations.

Our “shelf” registration statement on Form S-3 under the Securities Act allows for the public offering of various types of securities, including common shares, preference shares and debt securities, and thus provides a source of liquidity. Because we are a “well-known seasoned issuer” as defined by the rules promulgated under the Securities Act, we are also eligible to file additional automatically effective registration statements on Form S-3 in the future for the potential offering and sale of an unlimited amount of debt and equity securities.

In addition, we maintain letter of credit facilities which provide liquidity. Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources, Capital Resources” in our Form 10-K for the year ended December 31, 2017 and “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Capital Resources” in our Form 10-Q for the nine months ended September 30, 2018 for details of these facilities.

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Cash Flows

Nine months ended September 30,	2018			2017
(in thousands)
Net cash provided by operating activities	$	888,526		$	601,702
Net cash used in investing activities	(2,064,305		)	(194,857		)
Net cash provided by (used in) financing activities	270,803			(256,022		)
Effect of exchange rate changes on foreign currency cash	(3,575		)	9,596
Net (decrease) increase in cash and cash equivalents	(908,551		)	160,419
Cash and cash equivalents, beginning of period	1,361,592			421,157
Cash and cash equivalents, end of period	$	453,041		$	581,576

2018

During the nine months ended September 30, 2018, our cash and cash equivalents decreased by $908.6 million, to $453.0 million at September 30, 2018, compared to $1.4 billion at December 31, 2017.

Cash flows provided by operating activities. Cash flows provided by operating activities during the nine months ended September 30, 2018 were $888.5 million, compared to $601.7 million during the nine months ended September 30, 2017. Cash flows provided by operating activities during the nine months ended September 30, 2018 were primarily the result of certain adjustments to reconcile our net income of $392.9 million to net cash provided by operating activities, including:

• an increase in reinsurance balances payable of $981.8 million principally driven by the issuance of non-voting preference shares to investors in Upsilon RFO, following capital being deployed in the vehicle, which are accounted for as prospective reinsurance and included in reinsurance balances payable on our consolidated balance sheet. See “Note 9. Variable Interest Entities” for additional information related to Upsilon RFO’s non-voting preference shares;

• an increase in unearned premiums of $581.2 million due to the timing of renewals;

• a decrease in reinsurance recoverable of $382.6 million due to receipt of these balances in connection with the 2017 Catastrophe Events;

• net realized and unrealized losses on investments of $86.4 million principally related to our portfolio of fixed maturity investments which experienced an upward shift in the interest rate yield curve during the nine months ended September 30, 2018; partially offset by

• increases in premiums receivable and deferred acquisition costs of $482.5 million and $71.2 million, respectively, due to the timing of payments of our gross premiums written and amortization of deferred acquisition costs, respectively;

• a decrease in other operating cash flows of $593.1 million primarily reflecting subscriptions received in advance of the issuance of Upsilon RFO’s non-voting preference shares effective January 1, 2018, which were recorded in other liabilities at December 31, 2017. During the nine months ended September 30, 2018, in connection with the issuance of the non-voting preference shares of Upsilon RFO, other liabilities were reduced by the subscriptions received in advance, and reinsurance balances payable were increased by an offsetting amount, with corresponding impacts to other operating cash flows and the change in reinsurance balances payable on our consolidated statements of cash flows for the nine months ended September 30, 2018, as discussed above. See “Note 9. Variable Interest Entities” for additional information related to Upsilon RFO’s non-voting preference shares;

• an increase of $262.0 million in our prepaid reinsurance premiums due to ceded premiums written associated renewals in the nine months ended September 30, 2018; and

• a decrease in our reserve for claims and claim expenses of $127.9 million as a result of claims and claims expenses incurred of $817.6 million during the nine months ended September 30, 2018,

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more than offset by claims payments of $932.5 million, largely associated with the 2017 Catastrophe Events.

Cash flows used in investing activities. During the nine months ended September 30, 2018, our cash flows used in investing activities were $2.1 billion, principally reflecting net purchases of short term, fixed maturity and other investments of $1.5 billion, $471.2 million and $130.6 million, respectively. The net purchase of short term and fixed maturity investments was funded in part by the capital received from investors in Upsilon RFO, as discussed above, and the proceeds from the issuance of our 5.750% Series F Preference Shares, as discussed below. In addition, we increased our allocation to other investments during the nine months ended September 30, 2018.

Cash flows provided by financing activities. Our cash flows provided by financing activities in the nine months ended September 30, 2018 were $270.8 million, and were principally the result of:

• net inflows of $242.4 million associated with the issuance of $250.0 million of Depositary Shares (each representing a 1/1000th interest in a share of our 5.750% Series F Preference Shares), net of underwriting discount;

• net inflows of $96.0 million related to a net contribution of capital from third-party shareholders, principally in Medici; partially offset by

• dividends paid on our common and preference shares of $39.6 million and $20.9 million, respectively.

2017

During the first nine months of 2017, our cash and cash equivalents increased $160.4 million, to $581.6 million at September 30, 2017, compared to $421.2 million at December 31, 2016.

Cash flows provided by operating activities. Cash flows provided by operating activities during the first nine months of 2017 were $601.7 million, compared to cash flows provided by operating activities of $380.4 million during the first nine months of 2016. Cash flows provided by operating activities during the first nine months of 2017 were primarily the result of certain adjustments to reconcile our net loss of $356.9 million to net cash provided by operating activities, including:

• an increase in our reserve for claims and claim expenses of $2.3 billion as a result of claims and claims expenses incurred of $2.9 billion, partially offset by claims payments of $613.3 million, each largely driven by the Q3 2017 Large Loss Events;

• an increase in unearned premiums of $481.5 million due to the timing of renewals and a $360.5 million increase in reinsurance balances payable due to the timing of payments of our premiums ceded;

• a corresponding increase of $1.3 billion in our reinsurance recoverable given the increase in net claims and claim expenses noted above and recoverables associated with the Q3 2017 Large Loss Events;

• decreases in premiums receivable and deferred acquisition costs of $533.9 million and $99.6 million, respectively, due to the timing of payments of our gross premiums written and amortization of of deferred acquisition costs, respectively; and

• an increase of $194.5 million in our prepaid reinsurance premiums due to ceded premiums written associated renewals in the first nine months of 2017.

Cash flows used in investing activities. During the first nine months of 2017, our cash flows used in investing activities were $194.9 million, principally reflecting net purchases of fixed maturity investments and short term investments of $135.3 million and $146.3 million, respectively, partially offset by net sales of equity investments trading of $61.6 million.

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Cash flows used in financing activities. Our cash flows used in financing activities in the first nine months of 2017 were $256.0 million, and were principally the result of:

• the repayment in full at maturity of the aggregate principal amount of $250.0 million of our Series B 7.50% Senior Notes due 2017 assumed in connection with the acquisition of Platinum and originally issued by Platinum Underwriters Finance, Inc.;

• the settlement of $188.6 million of common share repurchases;

• dividends paid on our common and preferred shares of $38.6 million and $16.8 million, respectively; and

• net outflows of $44.2 million related to a net return of capital to third-party shareholders, principally in DaVinciRe and Medici; partially offset by

• net inflows of $295.9 million associated with the issuance of $300.0 million of our 3.450% Senior Notes due July 1, 2027, net of underwriting discount.

Capital Resources

In the normal course of our operations, we may from time to evaluate additional share or debt issuances given prevailing market conditions and capital management strategies, including for our operating subsidiaries and joint ventures. In addition, we enter into agreements with financial institutions to obtain letter of credit facilities for the benefit of our operating subsidiaries in their reinsurance and insurance business.

Our total shareholders’ equity attributable to RenaissanceRe and debt is as follows:

	At September 30, 2018		At December 31, 2017		Change
(in thousands)
Common shareholders’ equity	$	4,236,521	$	3,991,375	$	245,146
Preference shares	650,000		400,000		250,000
Total shareholders’ equity attributable to RenaissanceRe	4,886,521		4,391,375		495,146
3.450% Senior Notes due 2027	295,673		295,303		370
3.700% Senior Notes due 2025	297,594		297,318		276
5.750% Senior Notes due 2020	249,520		249,272		248
4.750% Senior Notes due 2025 (DaVinciRe) (1)	147,962		147,730		232
Total debt	$	990,749	$	989,623	$	1,126
Total shareholders’ equity attributable to RenaissanceRe and debt	$	5,877,270	$	5,380,998	$	496,272

(1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

During the nine months ended September 30, 2018, our total shareholders’ equity attributable to RenaissanceRe and debt increased by $496.3 million, to $5.9 billion.

Our shareholders’ equity attributable to RenaissanceRe increased$495.1 million during the nine months ended September 30, 2018 principally as a result of:

• our comprehensive income attributable to RenaissanceRe of $300.4 million; and

• raising $250.0 million from the issuance of 10,000,000 Depositary Shares (each representing a 1/1,000th interest in a share of our 5.750% Series F Preference Shares); and partially offset by

• $39.6 million and $20.9 million of dividends on our common and preference shares, respectively.

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Credit Facilities

The outstanding amounts drawn under each of our significant credit facilities is set forth below:

At September 30, 2018	Issued or Drawn
RenaissanceRe Revolving Credit Facility (1)	$	—
Uncommitted Standby Letter of Credit Facility with Wells Fargo	87,057
Bilateral Letter of Credit Facility with Citibank Europe	180,416
Renaissance Reinsurance FAL Facility	180,000
Total credit facilities in U.S. dollars	$	447,473
Specialty Risks FAL Facility (1)	£	—
Total credit facilities in pound sterling	£	—

(1) At September 30, 2018, no amounts were issued or drawn under these facilities.

Effective as of March 23, 2018, we terminated the NAB Standby Letter of Credit Agreement, which provided for a secured, uncommitted facility under which letters of credit were issued from time to time for the respective accounts of the NAB Facility Applicants in multiple currencies. We determined that the NAB Standby Letter of Credit Agreement, which had originally been entered into to support certain reinsurance obligations, was no longer needed as we maintain sufficient capacity under our continuing credit facilities to meet our estimated future needs.

There have been no other material changes to our credit facilities as disclosed in our Form 10-K for the year ended December 31, 2017.

For additional information related to the terms of our debt and significant credit facilities, see “Note 7. Debt and Credit Facilities” in our “Notes to Consolidated Financial Statements” and “Note 9. Debt and Credit Facilities” in our “Notes to Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2017. Refer to “Note 12. Shareholders’ Equity” in our “Notes to Consolidated Financial Statements” in our Form 10-K for additional information related to our common and preference shares.

Multi-Beneficiary Reinsurance Trusts

Assets held under trust at September 30, 2018 with respect to our multi-beneficiary reinsurance trusts totaled $1.2 billion and $377.2 million for Renaissance Reinsurance and DaVinci, respectively (December 31, 2017 - $1.2 billion and $377.0 million, respectively), compared to the minimum amount required under U.S. state regulations of $934.3 million and $251.2 million, respectively, at September 30, 2018 (December 31, 2017 - $1.1 billion and $326.9 million, respectively).

Multi-Beneficiary Reduced Collateral Reinsurance Trusts

Assets held under trust at September 30, 2018 with respect to our multi-beneficiary reduced collateral reinsurance trusts totaled $49.4 million and $62.1 million for Renaissance Reinsurance and DaVinci, respectively (December 31, 2017 - $49.4 million and $62.0 million, respectively), compared to the minimum amount required under U.S. state regulations of $33.1 million and $29.0 million, respectively (December 31, 2017 - $39.7 million and $46.0 million, respectively).

Redeemable Noncontrolling Interest – DaVinciRe

Our noncontrolling economic ownership in DaVinciRe was 22.1% at September 30, 2018 (December 31, 2017 - 22.1%). See “Note 8. Noncontrolling Interests” in our “Notes to Consolidated Financial Statements” for additional information related to DaVinciRe.

Ratings

Financial strength ratings are important to the competitive position of reinsurance and insurance companies. We have received high claims-paying and financial strength ratings from A.M. Best Company, Inc. (“A.M. Best”), Standard and Poor’s Rating Services (“S&P”), Moody’s Investors Service (“Moody’s”) and Fitch Ratings Ltd.

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(“Fitch”). These ratings represent independent opinions of an insurer’s financial strength, operating performance and ability to meet policyholder obligations, and are not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold any of our securities. Rating organizations continually review the financial positions of our principal operating subsidiaries and joint ventures and ratings may be revised or revoked by the agencies which issue them.

The ratings of our principal operating subsidiaries and joint ventures and the Enterprise Risk Management rating of RenaissanceRe as of October 26, 2018 are presented below.

	A.M. Best	S&P	Moody’s	Fitch
Renaissance Reinsurance (1)	A+	A+	A1	A+
DaVinci (1)	A	A+	A3	—
Renaissance Reinsurance U.S. (1)	A+	A+	—	—
RenaissanceRe Specialty U.S. (1)	A+	A+	—	—
Renaissance Reinsurance of Europe (1)	A+	A+	—	—
Top Layer Re (1)	A+	AA	—	—
Syndicate 1458	—	—	—	—
Lloyd’s Overall Market Rating (2)	A	A+	—	AA-
RenaissanceRe (3)	Very Strong	Very Strong	—	—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for the companies set forth in the table above reflect the insurer's financial strength rating and, in addition to the insurer's financial strength rating, the S&P ratings reflect the insurer's issuer credit rating.

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent Syndicate 1458's financial strength rating.

(3) The A.M. Best rating for RenaissanceRe refers to the Enterprise Risk Management ("ERM") A.M. Best score within A.M. Best’s credit ratings methodology. The S&P rating for RenaissanceRe represents the rating on its ERM practices.

On February 28, 2018, S&P lowered the financial strength ratings of Renaissance Reinsurance, DaVinci, Renaissance Reinsurance of Europe, Renaissance Reinsurance U.S. and RenaissanceRe Specialty U.S to “A+” with a stable outlook from “AA-“ with a negative outlook. S&P attributed the downgrade to negative market pressures despite the Company’s strong market position. The “A” range (“A+”,”A”, “A-“), which is the third highest rating assigned by S&P, indicates that S&P believes the insurers have strong capacity to meet their respective financial commitments but they are somewhat more susceptible to adverse effects or changes in circumstances and economic conditions than insurers rated higher. S&P assigns an issuer credit rating to an entity which is an opinion on the creditworthiness of the obligor with respect to a specific financial obligation.

On March 1, 2018, A.M. Best upgraded the financial strength ratings of Renaissance Reinsurance U.S. and RenaissanceRe Specialty U.S. to “A+” from “A”. The outlook for these ratings is stable. A.M. Best also revised the outlooks to stable from negative for Renaissance Reinsurance, Renaissance Reinsurance of Europe and RenaissanceRe. “A+” is the second highest designation of A.M. Best’s sixteen rating levels. “A+” rated insurance companies are defined as “Superior” companies and are considered by A.M. Best to have a very strong ability to meet their obligations to policyholders.

As of October 26, 2018, there were no other material changes to our ratings as disclosed in our Form 10-K for the year ended December 31, 2017.

Reserve for Claims and Claim Expenses

We believe the most significant accounting judgment made by management is our estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts we sell. We establish our claims and claim expense reserves by taking claims reported to us by insureds and ceding companies, but which have not yet been paid (“case reserves”), adding IBNR and, if deemed necessary, adding costs for additional case reserves. Additional case reserves represent our estimates for claims related to specific contracts previously reported to us which we believe may not be adequately estimated by the client as of that date, or adequately covered in the application of IBNR.

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Our reserving techniques, assumptions and processes differ among our Property and Casualty and Specialty segments. Refer to “Note 6. Reserve for Claims and Claim Expenses” in our “Notes to Consolidated Financial Statements” included herein for more information on prior year development of the reserve for claims and claim expenses and analysis of our incurred and paid claims development for each of our Property and Casualty and Specialty segments. Refer to “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2017 for more information on the risks we insure and reinsure, the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, prior year development of the reserve for claims and claim expenses, analysis of our incurred and paid claims development and claims duration information for each of our Property and Casualty and Specialty segments. In addition, refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Summary of Critical Accounting Estimates, Claims and Claim Expense Reserves” in our Form 10-K for the year ended December 31, 2017 for more information on our current estimates versus our initial estimates of our claims reserves, and sensitivity analysis for each of our Property and Casualty and Specialty segments.

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Investments

The table below shows our invested assets:

	September 30, 2018				December 31, 2017				Change
(in thousands, except percentages)
U.S. treasuries	$	3,117,911	27.0	%	$	3,168,763	33.3	%	$	(50,852	)
Agencies	143,980		1.2	%	47,646		0.5	%	96,334
Municipal	7,061		0.1	%	509,802		5.4	%	(502,741		)
Non-U.S. government (Sovereign debt)	254,169		2.2	%	287,660		3.0	%	(33,491		)
Non-U.S. government-backed corporate	137,512		1.2	%	163,651		1.7	%	(26,139		)
Corporate	2,448,795		21.2	%	2,063,459		21.7	%	385,336
Agency mortgage-backed	836,376		7.2	%	500,456		5.3	%	335,920
Non-agency mortgage-backed	289,649		2.5	%	300,331		3.1	%	(10,682		)
Commercial mortgage-backed	257,434		2.2	%	202,062		2.1	%	55,372
Asset-backed	321,892		2.9	%	182,725		2.0	%	139,167
Total fixed maturity investments, at fair value	7,814,779		67.7	%	7,426,555		78.1	%	388,224
Short term investments, at fair value	2,461,415		21.3	%	991,863		10.4	%	1,469,552
Equity investments trading, at fair value	413,271		3.6	%	388,254		4.1	%	25,017
Other investments, at fair value	738,919		6.4	%	594,793		6.3	%	144,126
Total managed investment portfolio	11,428,384		99.0	%	9,401,465		98.9	%	2,026,919
Investments in other ventures, under equity method	117,307		1.0	%	101,974		1.1	%	15,333
Total investments	$	11,545,691	100.0	%	$	9,503,439	100.0	%	$	2,042,252

At September 30, 2018, we held investments totaling $11.5 billion, compared to $9.5 billion at December 31, 2017. Our investment guidelines stress preservation of capital, market liquidity, and diversification of risk. Notwithstanding the foregoing, our investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities. In addition to the information presented above and below, refer to “Note 3. Investments” and “Note 4. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information regarding our investments and the fair value of measurement of our investments, respectively.

As the reinsurance coverages we sell include substantial protection for damages resulting from natural and man-made catastrophes, as well as for potentially large casualty and specialty exposures, we expect from time to time to become liable for substantial claim payments on short notice. Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large majority of our investment portfolio consists of highly rated fixed income securities, including U.S. treasuries, agencies, municipals, highly rated sovereign and supranational securities, high-grade corporate securities and mortgage-backed and asset-backed securities. During the second quarter of 2018, we reduced our allocation to municipal fixed maturity investments and invested the proceeds in certain other sectors of fixed maturity and short term investments that we believe will provide a higher net after-tax yield to maturity, however, we cannot assure you of this. We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments trading and an allocation to other investments (including catastrophe bonds, private equity partnerships, senior secured bank loan funds, hedge funds, and other investments). At September 30, 2018, our portfolio of equity investments trading totaled $413.3 million, or 3.6%, of our total investments (December 31, 2017 - $388.3 million or 4.1%). Our portfolio of other investments totaled $738.9 million, or 6.4%, of our total investments at September 30, 2018 (December 31, 2017 - $594.8 million or 6.3%).

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Other Investments

The table below shows our portfolio of other investments:

	September 30, 2018		December 31, 2017		Change
(in thousands)
Catastrophe bonds	$	525,126	$	380,475	$	144,651
Private equity partnerships	185,121		196,220		(11,099		)
Senior secured bank loan funds	17,057		17,574		(517		)
Hedge funds	11,615		524		11,091
Total other investments	$	738,919	$	594,793	$	144,126

We account for our other investments at fair value in accordance with FASB ASC Topic Financial Instruments. The fair value of certain of our fund investments, which principally include private equity funds, senior secured bank loan funds and hedge funds, is recorded on our consolidated balance sheet in other investments, and is generally established on the basis of the net valuation criteria established by the managers of such investments, if applicable. The net valuation criteria established by the managers of such investments is established in accordance with the governing documents of such investments. Many of our fund investments are subject to restrictions on redemptions and sales which are determined by the governing documents and limit our ability to liquidate these investments in the short term.

Some of our fund managers and fund administrators are unable to provide final fund valuations as of our current reporting date. We typically experience a reporting lag to receive a final net asset value report of one month for our hedge funds and senior secured bank loan funds and three months for private equity funds, although we have occasionally experienced delays of up to six months at year end, as the private equity funds typically complete their year-end audits before releasing their final net asset value statements.

In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, we estimate the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, and the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which we estimate the return for the current period, all information available to us is utilized. This principally includes using preliminary estimates reported to us by our fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to us with respect to the underlying investments, reviewing various indices for similar investments or asset classes, and estimating returns based on the results of similar types of investments for which we have obtained reported results, or other valuation methods, where possible. Actual final fund valuations may differ, perhaps materially so, from our estimates and these differences are recorded in our consolidated statement of operations in the period in which they are reported to us as a change in estimate. Included in net investment income for the nine months ended September 30, 2018 is income of $0.3 million (2017 - income of $1.9 million) representing the change in estimate during the period related to the difference between our estimated net investment income due to the lag in reporting discussed above and the actual amount as reported in the final net asset values provided by our fund managers.

Our estimate of the fair value of catastrophe bonds is based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications. Refer to “Note 4. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information regarding the fair value of measurement of our investments.

We have committed capital to private equity partnerships, other investments and investments in other ventures of $1.1 billion, of which $608.6 million has been contributed at September 30, 2018. Our remaining commitments to these investments at September 30, 2018 totaled $485.7 million. In the future, we may enter into additional commitments in respect of private equity partnerships or individual portfolio company investment opportunities.

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EFFECTS OF INFLATION

The potential exists, after a catastrophe loss, for the development of inflationary pressures in a local economy. We consider the anticipated effects on us in our catastrophe loss models. Our estimates of the potential effects of inflation are also considered in pricing and in estimating reserves for unpaid claims and claim expenses. In addition, it is possible that the risk of general economic inflation has increased which could, among other things, cause claims and claim expenses to increase and also impact the performance of our investment portfolio. The actual effects of this potential increase in inflation on our results cannot be accurately known until, among other items, claims are ultimately settled. The onset, duration and severity of an inflationary period cannot be estimated with precision.

OFF-BALANCE SHEET AND SPECIAL PURPOSE ENTITY ARRANGEMENTS

At September 30, 2018, we had not entered into any off-balance sheet arrangements, as defined in Item 303(a)(4) of Regulation S-K.

CONTRACTUAL OBLIGATIONS

In the normal course of business, we are party to a variety of contractual obligations as summarized in our Form 10-K for the year ended December 31, 2017. We consider these contractual obligations when assessing our liquidity requirements. As of September 30, 2018, there were no material changes in our contractual obligations as disclosed in the table of contractual obligations, and related footnotes, included in our Form 10-K for the year ended December 31, 2017.

CURRENT OUTLOOK

Property Exposed Market Developments

In the third quarter of 2018, the insurance and reinsurance markets were impacted by large loss events including Typhoons Jebi, Mangkut and Trami, Hurricane Florence and wildfires in California, and Hurricane Michael is expected to impact the markets’ fourth quarter results. These events follow the occurrence of Hurricanes Harvey, Irma and Maria, and the Mexico City Earthquake in the third quarter of 2017, and the wildfires in many areas of the state of California in the fourth quarter of 2017. Given the nature and breadth of these events, the associated losses affected an unusually large number of regions, and, accordingly, insureds, reinsurance lines and reinsurers. In addition, the ultimate scale of the losses, loss estimation, length of payout periods, social inflation risk and other factors continue to be uncertain for these loss events, both for the individual events and in the aggregate.

Partly as a result of the 2017 Catastrophe Events, industry conditions improved broadly in respect of the January 2018 renewal season, albeit at the lower end of our expectations, facilitating growth in existing operations and presenting opportunities to deploy additional third party capital. The June 2018 renewal season was also somewhat favorable compared to prior periods, again at the lower end of reported market expectations, reflecting improved market conditions and other market dynamics that are driving demand for complex, holistic product coverages, for which we believe we have competitive advantages. Generally, loss affected programs and lines have seen the most improvement in terms and conditions, but other property-exposed coverages have also exhibited beneficial changes. We believe it is possible that the Q3 2018 Catastrophe Events may contribute to overall market dynamics that could sustain the positive rate impacts that were seen following the 2017 Catastrophe Events, or could forestall negative trends. However, at this time we cannot know with certainty whether any such positive developments will transpire or be sustained, or the degree to which we will continue to benefit from them.

We expect that reinsurance demand for many coverages and solutions will continue to lag the pace of growth in available capital and we believe we are well positioned to benefit from these developments as shown, for example, in our efforts to optimize our gross-to-net portfolio. However, as capital supply from traditional market participants and alternative capital providers grows, it will continue to impact the markets in which we participate. Over the near term, we anticipate the market will be characterized by an ample supply of capital, including third party capital, and relatively flat demand, notwithstanding the significant impacts of the 2017 Catastrophe Events, the Q3 2018 Catastrophe Events and Hurricane Michael.

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Furthermore, cedants in many of the key markets we serve are large and increasingly sophisticated. They may be able to manage large and growing retentions, access risk transfer capital in expanding forms, and may seek to focus their reinsurance relationships on a core group of well-capitalized, highly-rated reinsurers who can provide a complete product suite as well as value-added service. While we believe we are well positioned to compete for business we find attractive, these dynamics may limit the degree to which the market sustains favorable improvements in the near-term or continue to introduce or exacerbate long-term challenges in our markets.

Casualty and Specialty Exposed Market Developments

The markets in which our Casualty and Specialty segment operate have generally experienced favorable rate trends and stable terms and conditions in 2018 to date. While favorable conditions have been most observable for accounts that exhibited elevated loss emergence or underlying rate deterioration, we estimate that the favorable market trends have extended more broadly. We continue to expect casualty insurance and reinsurance capacity to remain generally abundant during 2018, but believe casualty and specialty market trends and industry loss events in recent periods contributed to the discipline impacting certain programs and lines. Overall, we estimate that the market will be characterized by ample capacity. In the near term, we believe the pricing trends exhibited during the year are likely to continue, with terms and conditions for loss-affected lines of business continuing to show moderate improvement and other areas of the casualty and specialty market potentially maintaining less pronounced but positive adjustments. Moreover, we believe that pockets of casualty and specialty lines may provide attractive opportunities for stronger or well-positioned reinsurers and that we are well positioned to compete for business that we find attractive given our strong ratings, expanded product offerings, and increased U.S. market presence, such as the large, bespoke coverages we have structured and provided for the California wildfire liability market. We plan to continue to seek unique or differentiated opportunities to provide coverage on large programs open only to us or select markets. However, these opportunities arise sporadically, and we cannot assure that we will retain these programs or obtain new programs of this nature in the future.

Relatedly, specific renewal terms vary widely by insured account and our ability to shape our portfolio to improve its risk and return characteristics as estimated by us is subject to a range of competitive and commercial factors. We cannot assure you that these positive dynamics will be sustained, or that we will participate fully in improving terms. We intend to seek to maintain strong underwriting discipline and, in light of prevailing market conditions, cannot provide assurance that we will succeed in growing or maintaining our current combined in-force book of business.

General Economic Conditions

Underlying economic conditions in several of the key markets we serve have remained generally stable or improved in 2018 to date, with our core markets, including the U.S., experiencing moderate economic growth amidst increases in prevailing interest rates. This economic growth contributes positively to demand for our coverages and services, particularly in jurisdictions with high insurance penetration and the potential for risk concentration.

We continue to believe that meaningful risk remains for political and economic uncertainty, economic weakness or adverse disruptions in general economic and financial market conditions. Moreover, any future economic growth may be at a comparatively suppressed rate for a relatively extended period of time. Declining or weak economic conditions could reduce demand for the products sold by us or our customers, impact the risk-adjusted attractiveness and absolute returns and yields of our investment portfolio, or weaken our overall ability to write business at risk-adequate rates. Persistent low levels of economic activity could also adversely impact other areas of our financial performance, by contributing to unforeseen premium adjustments, mid-term policy cancellations or commutations or asset devaluation, among other things. In addition, it is possible that increasing uncertainties related to cross-border trade will diminish economic growth for specific sectors which drive the insurance market disproportionately. Our specialty and casualty reinsurance and Lloyd’s portfolios in particular could be exposed to risks arising from economic weakness or dislocations, including with respect to a potential increase of claims in directors and officers, errors and omissions, surety, casualty clash and other lines of business. In addition, we believe our consolidated credit risk, reflecting our counterparty dealings with customers, agents, brokers, retrocessionaires, capital providers and parties associated with our investment portfolio, among others, is

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likely to be higher during a period of economic weakness. Any of the foregoing or other outcomes of a period of economic weakness could adversely impact our financial position or results of operations.

The sustained environment of low interest rates in recent years lowered the yields at which we invest our assets relative to longer-term historical levels. More recently, we have seen increases in interest rates, and as we invest cash from new premiums written or reinvest the proceeds of invested assets that mature or that we choose to sell, the yield on our portfolio may be favorably impacted by the increasing interest rate environment. However, such an increase in prevailing interest rates could contribute to higher realized and unrealized losses associated with our currently invested assets in the near term. While it is possible yields will improve in future periods, we are unable to predict with certainty when conditions will substantially improve, or the pace of any such improvement.

We continue to monitor the risk that our principal markets will experience increased inflationary conditions and believe this risk is increasing. Inflationary conditions would cause costs related to our claims and claim expenses to increase and impact the performance of our investment portfolio, among other things. The onset, duration and severity of an inflationary period cannot be estimated with precision.

Legislative and Regulatory Update

The Tax Bill was signed into law on December 22, 2017. The Tax Bill amends a range of U.S. federal tax rules applicable to individuals, businesses and international taxation, including, among other things, altering the current taxation of insurance premiums ceded from a United States domestic corporation to any non-U.S. affiliate. The Tax Bill and future regulatory actions pertaining to it could adversely impact the insurance and reinsurance industry and our own results of operations by increasing taxation of certain activities and structures in our industry. We are unable to predict all of the ultimate impacts of the Tax Bill and other proposed tax reform regulations and legislation on our business and results of operations. While we continue to estimate that the near term economic impact of the Tax Bill to us will be minimal, uncertainty regarding the impact of the Tax Bill remains, as a result of factors including future regulatory and rulemaking processes, the prospects of additional corrective or supplemental legislation, potential trade or other litigation and other factors. Further, it is possible that other legislation could be introduced and enacted in the future that would have an adverse impact on us.

In prior Congressional sessions, Congress has considered a range of potential legislation which would, if enacted, provide for matters such as the creation of (i) a federal reinsurance catastrophe fund; (ii) a federal consortium to facilitate qualifying state residual markets and catastrophe funds in securing reinsurance; and (iii) a federal bond guarantee program for state catastrophe funds in qualifying state residual markets. In April 2016, H.R.4947, the Natural Disaster Reinsurance Act of 2016, which would create a federal reinsurance program to cover any losses insured or reinsured by eligible state programs arising from natural catastrophes, including losses from floods, earthquakes, tropical storms, tornadoes, volcanic eruption and winter storms, was introduced. If enacted, this bill, or legislation similar to any of these proposals, would, we believe, likely contribute to the growth of state entities offering below-market priced insurance and reinsurance in a manner adverse to us and market participants more generally. Such legislation could also encourage cessation, or even reversal, of reforms and stabilization initiatives that have been enacted in the state of Florida and other catastrophe-exposed states in recent years. While we believe such legislation will continue to be vigorously opposed, if adopted these bills would likely diminish the role of private market catastrophe reinsurers and could adversely impact our financial results, perhaps materially.

In June 2012, Congress passed the Biggert-Waters Bill, which provided for a five-year renewal of the National Flood Insurance Program (the “NFIP”) and, among other things, authorized the Federal Emergency Management Agency (“FEMA”) to carry out initiatives to determine the capacity of private insurers, reinsurers, and financial markets to assume a greater portion of the flood risk exposure in the U.S., and to assess the capacity of the private reinsurance market to assume some of the program’s risk. In January 2017, FEMA announced that, acting under authority contemplated by the Biggert-Waters Bill, it had secured reinsurance protection for the NFIP for the 2017 year indemnifying FEMA for flood claims on an occurrence basis; the layer is structured to cover 26% of losses between $4 billion and $8 billion. In January 2018, FEMA announced that it renewed and expanded its reinsurance program which for the 2018 coverage year protects for 18.6% of NFIP losses between $4 billion and $6 billion, and 54.3% of losses between $6 billion and $8 billion. It is possible this program will continue and potentially expand in future

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periods and may encourage other U.S. federal programs to explore private market risk transfer initiatives; however, we cannot assure you that any such developments will in fact occur, or that if they do transpire we will succeed in participating.

The statutory authorization for the operation and continuation of the NFIP has expired and received a series of short term extensions. Most recently, in July 2018, the program received a temporary reauthorization until November 2018. Legislative language under consideration in the House of Representatives would clarify that flood insurance provided by private firms satisfies the requirement that homeowners maintain flood coverage on mortgaged properties that are backed by a federal guarantee and located in a flood zone. Draft language also would direct FEMA to consider policy holders who discontinue an NFIP policy and then later return to the NFIP as having continuous coverage if they can demonstrate that a flood insurance policy from a private firm was maintained throughout the interim period. If ultimately approved by the full Congress, we believe that such legislation could incrementally contribute to the growth of private residential flood opportunities and the financial stabilization of the NFIP. However, reauthorization of the NFIP remains subject to meaningful uncertainty; and whether a successful reauthorization would continue market-enhancing reforms is significantly uncertain. It is not certain what form of accompanying legislation, if any, will be introduced in the Senate. Accordingly, we cannot assure you that legislation to reform the NFIP will indeed be enacted or that the private market for residential flood protection will be enhanced if it is.

In recent years, market conditions for insurance in the state of Florida have been significantly impacted by the increasingly prevalent utilization of a practice referred to as “assignment of benefits,” or “AOB”. We currently estimate that the impacts of AOB will contribute adversely to the ultimate economic losses borne by the insurance market in light of recent large Florida loss events, including Hurricane Michael, perhaps significantly. An AOB is an instrument executed by a primary policyholder that is deemed to permit certain third parties, such as water extraction companies, roofers, or plumbers, to “stand in the shoes” of the insured and seek direct payments from the policyholder’s insurance company. According to the Florida Office of Insurance Regulation (the “OIR”), while there were 405 AOB lawsuits across Florida in 2006, that number rose to 28,200 in 2016. Moreover, according to the OIR, claims with an AOB have a much higher degree of severity than claims without one. For example, in 2018 the OIR estimated that between 2015 and 2017, the frequency of water claims rose by 44% and the severity of water claims rose by 18%. While we cannot precisely estimate the adverse impact AOB practices will have in respect of this year’s large losses, we do believe that usage of AOBs contributes significantly to loss trends in Florida. Accordingly, these ongoing challenges relating to abuse of AOB has impacted our own risk selection criteria with respect to Florida exposures, reducing the number of programs we believe are submitted at attractive risk-adjusted terms. While both private companies and the OIR are exploring non-statutory means to mitigate these issues, legislative reforms proposed over the last several years have not been enacted. A continuation of these trends could weaken or potentially impair primary insurance companies, reduce demand for reinsurance and discourage the strengthening of the private insurance market that we believe had otherwise been evident in Florida. Such trends would adversely impact the Florida market and many of the companies we seek to serve.

ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are principally exposed to four types of market risk: interest rate risk, foreign currency risk, credit risk, and equity price risk. Our investment guidelines permit, subject to approval, investments in derivative instruments such as futures, options, foreign currency forward contracts and swap agreements, which may be used to assume risks or for hedging purposes.

There were no material changes to these market risks, as disclosed in “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk,” in our Form 10-K for the year ended December 31, 2017, during the nine months ended September 30, 2018. See “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk,” in our Form 10-K for the year ended December 31, 2017 for a discussion of our exposure to these risks.

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ITEM 4.        CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures: Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(b) and 15d-15(b) of the Exchange Act, as of the end of the period covered by this report. Based upon that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, at September 30, 2018, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in Company reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting: There were no changes in our internal control over financial reporting during the quarter ended September 30, 2018, which were identified in connection with our evaluation required pursuant to Rules 13a-15 or 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II        OTHER INFORMATION

ITEM 1.       LEGAL PROCEEDINGS

There have been no material changes to the legal proceedings previously disclosed in our Form 10-K for the year ended December 31, 2017.

ITEM 1A.        RISK FACTORS

Other than as noted below, there have been no material changes to the risk factors previously disclosed in our Form 10-K for the year ended December 31, 2017.

Risks Related to the TMR Stock Purchase

Failure to complete the TMR Stock Purchase could negatively impact our future business and financial results, and could adversely impact our ability to execute our strategy.

The TMR Stock Purchase Agreement contains a number of conditions precedent that must be satisfied or waived prior to the completion of the TMR Stock Purchase. There are no assurances that all of the conditions to the TMR Stock Purchase will be so satisfied or waived. If the conditions to the TMR Stock Purchase are not satisfied or waived, then we may be unable to complete the TMR Stock Purchase.

Additionally, in approving the TMR Stock Purchase Agreement and the transactions contemplated thereby, our board of directors considered a number of factors and potential benefits, including its belief that the TMR Stock Purchase will further our strategy to produce superior returns for our shareholders over the long-term by pursuing market leadership in segments where leadership is derived from superior underwriting. If the TMR Stock Purchase is not completed, neither we nor our shareholders will realize these and other anticipated benefits of the TMR Stock Purchase. Moreover, we would have nevertheless incurred substantial fees and costs, such as legal, accounting and financial advisor fees, and the loss of management time and resources.

The TMR Group Entities will be exposed to underwriting and other business risks during the period that the TMR Group Entities’ business continues to be operated independently from us.

Until completion of the TMR Stock Purchase, we and the TMR Group Entities will operate independently from one another in accordance with each of our distinct underwriting guidelines, investment policies, referral processes, authority levels and risk management policies and practices. As a result, during this period, the TMR Group Entities may assume risks that we would not have assumed for ourselves, accept premiums that, in our judgment, do not adequately compensate it for the risks assumed, make investment decisions that would not adhere to our investment policies or otherwise make business decisions or take on exposure that, while consistent with the TMR Group Entities’ general business approach and practices, are not the same as ours. While the TMR Stock Purchase Agreement contains various negative and affirmative covenants and affords informational reporting to us, we cannot assure you such mechanisms will suffice to prohibit actions which could diminish the value of the TMR Group Entities. Significant delays in completing the TMR Stock Purchase will materially increase the risk that the TMR Group Entities will operate their business in a manner that differs from how the business would have been conducted by us.

Risks Related to RenaissanceRe Following the TMR Stock Purchase

The integration of RenaissanceRe and the TMR Group Entities following the TMR Stock Purchase may present significant challenges and costs.

We may face significant challenges, including technical, accounting and other challenges, in combining our operations and the TMR Group Entities’. We entered into the Stock Purchase Agreement because we believe that the TMR Stock Purchase will be beneficial to us and our shareholders and accelerate our existing strategy. Achieving the anticipated benefits of the TMR Stock Purchase will depend in part upon whether we will be successful in integrating the TMR Group Entities’ businesses in a timely and efficient manner. We may not be able to accomplish this integration process smoothly or successfully, and we may incur unanticipated costs in connection with obtaining regulatory consents and approvals required to complete the TMR Stock Purchase, which could also adversely affect our ability to integrate the operations

96

of the TMR Group Entities’ into RenaissanceRe or could reduce the anticipated benefits of the TMR Stock Purchase.

Any of the following items could adversely affect the combined company’s ability to maintain relationships with customers, brokers, employees and other constituencies or our ability to achieve the anticipated benefits of the TMR Stock Purchase or could otherwise adversely affect our business and financial results after the TMR Stock Purchase:

• delays in the integration of management teams, strategies, operations, products and services;

• diversion of the attention of management as a result of the TMR Stock Purchase;

• differences in business backgrounds, corporate cultures and management philosophies that may delay successful integration;

• the inability to retain key employees;

• the inability to establish and maintain integrated risk management systems, underwriting methodologies and controls, which could give rise to excess accumulation or aggregation of risks, underreporting or underrepresentation of exposures or other adverse consequences;

• the inability to create and enforce uniform financial, compliance and operating controls, procedures, policies and information systems;

• complexities associated with managing the TMR Group Entities’ operating units as a component of RenaissanceRe, including the challenge of integrating complex systems, technology, networks and other assets of the TMR Group Entities into those of RenaissanceRe in a seamless manner that minimizes any adverse impact on customers, brokers, employees and other constituencies;

• potential unknown liabilities and unforeseen increased expenses or delays associated with the TMR Stock Purchase, including one-time cash costs to integrate the TMR Group Entities beyond current estimates; and

• the disruption of, or the loss of momentum in, the combined company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies.

In addition, we will incur integration and restructuring costs following the completion of the TMR Stock Purchase as we integrate the businesses of the TMR Group Entities. Although we expect that the realization of efficiencies related to the integration of the businesses will offset incremental transaction, integration and restructuring costs over time, we cannot give any assurance that this net benefit will be achieved at any time in the future.

Our future results will suffer if we do not effectively manage our expanded operations following the TMR Stock Purchase.

Following completion of the TMR Stock Purchase, we may continue to expand our operations and our future success depends, in part, upon our ability to manage our expansion opportunities, which pose numerous risks and uncertainties, including the need to integrate the operations and business of the TMR Group Entities into our existing business in an efficient and timely manner, to combine systems and management controls and to integrate relationships with customers, vendors and business partners.

The market price of our common shares may decline in the future as a result of the sale of shares issued to Tokio Marine & Nichido Fire Insurance Co., Ltd. (“TMNF”) and State Farm in connection with the TMR Stock Purchase and the State Farm Stock Purchase or due to other factors.

We will issue $250.0 million of our common shares to State Farm in connection with the State Farm Stock Purchase, and anticipate issuing approximately $250.0 million of our common shares to TMNF in connection with the TMR Stock Purchase. Following a 12-month “lock-up” period, each of TMNF and State Farm may seek to sell our common shares delivered to them. Our current shareholders may also seek to sell our common shares held by them following, or in anticipation of, consummation of the TMR Stock Purchase and the State Farm Stock Purchase, or in reaction to these announcements or the consummation of these transactions. These sales (or the perception that these sales may occur), coupled with the increase in the outstanding number of our common shares, may affect the market for, and the market price of, our common shares in an adverse manner.

97

The market price of our common shares may also decline in the future as a result of the TMR Stock Purchase for a number of other reasons, including:

• the unsuccessful integration of the TMR Group Entities into RenaissanceRe;

• our failure to achieve the anticipated benefits of the TMR Stock Purchase, including financial results, as rapidly as or to the extent anticipated;

• decreases in our financial results before or after the closing of the TMR Stock Purchase;

• as described below, any failure to maintain our financial strength, claims-paying and enterprise-wide risk management ratings as a result of the TMR Stock Purchase; or

• general market or economic conditions unrelated to our performance.

These factors are, to some extent, beyond our control.

The completion of the TMR Stock Purchase and the post-acquisition integration process may subject us to liabilities that currently cannot be estimated.

We have incurred significant transaction and integration costs in connection with our planned acquisition of the TMR Group Entities, and, if we succeed in consummating the TMR Stock Purchase, we will incur additional costs and expenses. These costs relate to matters including investment banking fees; legal, actuarial and other professional fees; employee severance and sign-on costs, regulatory filing fees; and a range of other matters.  Moreover, the TMR Stock Purchase and post-merger integration process may give rise to unexpected liabilities and costs, including financing costs and costs associated with the defense and resolution of possible litigation or other claims.  Unexpected delays in completing the TMR Stock Purchase or in connection with the post-acquisition integration process may significantly increase our aggregate related costs and expenses.

Following the TMR Stock Purchase, we will become subject to certain laws and regulations applicable to the TMR Group Entities’ business to which we would not otherwise have been subject.

The TMR Group Entities are subject to the requirements of certain regulatory agencies and bodies, to which our operations are not currently subject. Following the TMR Stock Purchase, the operations of the TMR Group Entities will continue as part of the surviving company and, accordingly, we will become subject to the laws and regulations applicable to such operations. It is difficult to predict or quantify the additional costs to us that may result from complying with the additive regulatory requirements imposed by the regulatory agencies with oversight authority over the operations to be acquired in the TMR Stock Purchase.

The TMR Group Entities’ counterparties to contracts and arrangements may acquire certain rights upon the TMR Stock Purchase, which could negatively affect us following the TMR Stock Purchase.

In analyzing the value of the TMR Group Entities, we ascribed meaningful value to the revenue streams and renewal prospects of certain of the TMR Group Entities’ in-force portfolio of business. The TMR Group Entities and its operating subsidiaries are parties to numerous contracts, agreements, licenses, permits, authorizations and other arrangements that contain provisions giving counterparties certain rights (including, in some cases, termination rights) upon a “change in control” of the TMR Group Entities or their subsidiaries. The definition of “change in control” varies from contract to contract, ranging from a narrow to a broad definition, and in some cases, the “change in control” provisions may be implicated by the TMR Stock Purchase. If such “change in control” provisions are triggered as a result of the TMR Stock Purchase, a wide range of consequences may result, including the possibility that cedents will have the right to cancel and commute a contract, or the requirement that the TMR Group Entities return unearned premiums, net of commissions, or post certain collateral requirements.

Whether a counterparty would have any of these or other rights in connection with the TMR Stock Purchase depends upon the language of its agreement with the TMR Group Entities or its applicable subsidiaries. Whether a counterparty exercises any cancellation rights it has would depend on, among other factors, such counterparty’s views with respect to our business reputation and financial strength following the TMR Stock Purchase, the extent to which such counterparty currently has reinsurance coverage with our affiliates, prevailing market conditions, the pricing and availability of replacement reinsurance coverage and our ratings following the TMR Stock Purchase. We cannot currently predict the extent to which such cancellation rights would be triggered or exercised, if at all.

98

In addition to the fact that a significant portion of the TMR Group Entities’ in-force reinsurance contracts that we seek to retain contain special termination provisions that may be triggered following a change in control, many of these reinsurance contracts, as well as most of our reinsurance and insurance contracts, renew annually, and so whether or not they may be terminated following the TMR Stock Purchase, reinsurance cedents or policyholders may choose not to renew these contracts with us following the TMR Stock Purchase.

Termination of in-force contracts or failure to renew reinsurance or insurance agreements and policies by contractual counterparties could adversely affect the benefits to be received by us from the TMR Group Entities’ contractual arrangements. If the benefits from these arrangements are less than expected, including as a result of these arrangements being terminated, determined to be unenforceable, in whole or in part, or the counterparties to such arrangements failing to satisfy their obligations thereunder, the benefits of the TMR Stock Purchase to us may be significantly less than anticipated.

ITEM 2.        UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Our share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On November 10, 2017, our Board of Directors approved a renewal of our authorized share repurchase program to an aggregate amount of up to $500.0 million. Unless terminated earlier by our Board of Directors, the program will expire when we have repurchased the full value of the shares authorized. The table below details the repurchases that were made under the program during the third quarter of 2018, and also includes other shares purchased, which represents common shares surrendered by employees in respect of withholding tax obligations on the vesting of restricted stock, or in lieu of cash payments for the exercise price of employee stock options.

	Total shares purchased			Other shares purchased			Shares purchased under publicly announced repurchase program			Dollar maximum amount still available under repurchase program
	Shares purchased	Average price per share		Shares purchased	Average price per share		Shares purchased	Average price per share
										(in thousands)
Beginning dollar amount available to be repurchased										$	500,000
July 1 - 31, 2018	—	$	—	—	$	—	—	$	—	—
August 1 - 31, 2018	—	$	—	—	$	—	—	$	—	—
September 1 - 30, 2018	—	$	—	—	$	—	—	$	—	—
Total	—	$	—	—	$	—	—	$	—	$	500,000

During the nine months ended September 30, 2018, we did not repurchase any of our common shares in open market transactions under our share repurchase program. In the future, we may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans.

ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.        MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.        OTHER INFORMATION

None.

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ITEM 6.    EXHIBITS

31.1 Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

31.2 Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

32.1 Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Linkbase Document

100

SIGNATURES

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

RENAISSANCERE HOLDINGS LTD.

Date: October 31, 2018 /s/ Robert Qutub

Robert Qutub

Executive Vice President and Chief Financial Officer

(Principal Financial Officer and Duly Authorized Officer)

Date: October 31, 2018 /s/ James C. Fraser

James C. Fraser

Senior Vice President and Chief Accounting Officer

(Principal Accounting Officer)

101

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Kevin J. O'Donnell, certify that:

1. I have reviewed this Form 10-Q of RenaissanceRe Holdings Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	October 31, 2018	/s/ Kevin J. O'Donnell
		Kevin J. O'Donnell
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Robert Qutub, certify that:

1. I have reviewed this Form 10-Q of RenaissanceRe Holdings Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	October 31, 2018	/s/ Robert Qutub
		Robert Qutub
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q of RenaissanceRe Holdings Ltd. (the “Company”) for the quarter endedSeptember 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin J. O'Donnell, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Kevin J. O'Donnell

Kevin J. O'Donnell

Chief Executive Officer

October 31, 2018

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q of RenaissanceRe Holdings Ltd. (the “Company”) for the quarter endedSeptember 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Qutub, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert Qutub

Robert Qutub

Chief Financial Officer

October 31, 2018

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 26, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	RENAISSANCERE HOLDINGS LTD.
Trading Symbol	RNR
Entity Central Index Key	0000913144
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		40,265,961

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Fixed maturity investments trading, at fair value – amortized cost $7,901,884 at September 30, 2018 (December 31, 2017 – $7,434,870)	$ 7,814,779	$ 7,426,555
Short term investments, at fair value	2,461,415	991,863
Equity investments trading, at fair value	413,271	388,254
Other investments, at fair value	738,919	594,793
Investments in other ventures, under equity method	117,307	101,974
Total investments	11,545,691	9,503,439
Cash and cash equivalents	453,041	1,361,592
Premiums receivable	1,787,095	1,304,622
Prepaid reinsurance premiums	795,496	533,546
Reinsurance recoverable	1,204,059	1,586,630
Accrued investment income	46,690	42,235
Deferred acquisition costs	497,733	426,551
Receivable for investments sold	406,062	103,145
Other assets	121,724	121,226
Goodwill and other intangible assets	238,803	243,145
Total assets	17,096,394	15,226,131
Liabilities
Reserve for claims and claim expenses	4,952,498	5,080,408
Unearned premiums	2,058,851	1,477,609
Debt	990,749	989,623
Reinsurance balances payable	1,970,913	989,090
Payable for investments purchased	555,556	208,749
Other liabilities	147,328	792,771
Total liabilities	10,675,895	9,538,250
Commitments and Contingencies
Redeemable noncontrolling interests	1,533,978	1,296,506
Shareholders’ Equity
Preference shares: $1.00 par value – 16,010,000 shares issued and outstanding at September 30, 2018 (December 31, 2017 – 16,000,000)	650,000	400,000
Common shares: $1.00 par value – 40,265,961 shares issued and outstanding at September 30, 2018 (December 31, 2017 – 40,023,789)	40,266	40,024
Additional paid-in capital	42,395	37,355
Accumulated other comprehensive (loss) income	(1,483)	224
Retained earnings	4,155,343	3,913,772
Total shareholders’ equity attributable to RenaissanceRe	4,886,521	4,391,375
Total liabilities, noncontrolling interests and shareholders’ equity	$ 17,096,394	$ 15,226,131

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Fixed maturity investments trading, amortized cost	$ 7,901,884	$ 7,434,870
Preference shares, par value (In dollars per share)	$ 1	$ 1
Preference shares, shares issued (In shares)	16,010,000	16,000,000
Preference shares, shares outstanding (In shares)	16,010,000	16,000,000
Common shares, par value (In dollars per share)	$ 1	$ 1
Common shares, Shares issued (In shares)	40,265,961	40,023,789
Common shares, shares outstanding (In shares)	40,265,961	40,023,789

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Gross premiums written	$ 625,677	$ 640,269	$ 2,762,672	$ 2,389,774
Net premiums written	453,255	483,221	1,720,808	1,583,102
Decrease (increase) in unearned premiums	78,594	64,571	(319,292)	(287,000)
Net premiums earned	531,849	547,792	1,401,516	1,296,102
Net investment income	80,696	40,257	208,528	148,745
Net foreign exchange (losses) gains	(4,566)	(156)	(11,496)	11,118
Equity in earnings of other ventures	7,648	1,794	14,331	5,830
Other income	497	2,996	480	7,053
Net realized and unrealized gains (losses) on investments	13,630	42,052	(86,415)	143,538
Total revenues	629,754	634,735	1,526,944	1,612,386
Expenses
Net claims and claim expenses incurred	410,510	1,221,696	642,380	1,557,364
Acquisition expenses	109,761	76,761	312,524	248,294
Operational expenses	40,593	42,537	119,408	131,586
Corporate expenses	6,841	4,413	21,875	14,335
Interest expense	11,769	11,799	35,304	32,416
Total expenses	579,474	1,357,206	1,131,491	1,983,995
Income (loss) before taxes	50,280	(722,471)	395,453	(371,609)
Income tax (expense) benefit	(1,451)	18,977	(2,550)	14,739
Net income (loss)	48,829	(703,494)	392,903	(356,870)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Net income (loss) attributable to RenaissanceRe	42,389	(499,217)	302,081	(224,532)
Dividends on preference shares	(9,708)	(5,595)	(20,899)	(16,786)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$ 32,681	$ (504,812)	$ 281,182	$ (241,318)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (in dollars per share)	$ 0.82	$ (12.75)	$ 7.02	$ (6.04)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (in dollars per share)	0.82	(12.75)	7.02	(6.04)
Dividends per common share	$ 0.33	$ 0.32	$ 0.99	$ 0.96

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Comprehensive income (loss)
Net income (loss)	$ 48,829	$ (703,494)	$ 392,903	$ (356,870)
Change in net unrealized gains on investments	(382)	300	(1,707)	(972)
Comprehensive income (loss)	48,447	(703,194)	391,196	(357,842)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Comprehensive income (loss) attributable to RenaissanceRe	$ 42,007	$ (498,917)	$ 300,374	$ (225,504)

XML

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Preference shares	Common shares	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings
Beginning balance - January 1 at Dec. 31, 2016		$ 400,000	$ 41,187	$ 216,558	$ 1,133	$ 4,207,699
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares		0
Repurchase of shares			(1,322)	(187,269)
Offering expenses				0
Exercise of options and issuance of restricted stock awards			164	3,870
Change in redeemable noncontrolling interests				(307)
Change in net unrealized gains on investments					(972)
Cumulative effect of adoption of ASU 2016-09 (Note 2)						2,213
Net income (loss)	$ (224,532)					(356,870)
Net (income) loss attributable to redeemable noncontrolling interests	132,338					132,338
Dividends on common shares						(38,624)
Dividends on preference shares	(16,786)					(16,786)
Ending balance - September 30 at Sep. 30, 2017	4,403,012	400,000	40,029	32,852	161	3,929,970
Beginning balance - January 1 at Dec. 31, 2017	4,391,375	400,000	40,024	37,355	224	3,913,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares		250,000
Repurchase of shares			0	0
Offering expenses				(7,883)
Exercise of options and issuance of restricted stock awards			242	12,583
Change in redeemable noncontrolling interests				340
Change in net unrealized gains on investments					(1,707)
Cumulative effect of adoption of ASU 2016-09 (Note 2)						0
Net income (loss)	302,081					392,903
Net (income) loss attributable to redeemable noncontrolling interests	(90,822)					(90,822)
Dividends on common shares						(39,611)
Dividends on preference shares	(20,899)					(20,899)
Ending balance - September 30 at Sep. 30, 2018	$ 4,886,521	$ 650,000	$ 40,266	$ 42,395	$ (1,483)	$ 4,155,343

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows provided by operating activities
Net income (loss)	$ 392,903	$ (356,870)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization, accretion and depreciation	30,936	18,586
Equity in undistributed earnings of other ventures	(13,016)	19,559
Net realized and unrealized losses (gains) on investments	86,415	(143,538)
Net unrealized gains included in net investment income	(17,778)	(2,686)
Change in:
Premiums receivable	(482,473)	(533,943)
Prepaid reinsurance premiums	(261,950)	(194,496)
Reinsurance recoverable	382,571	(1,308,740)
Deferred acquisition costs	(71,182)	(99,589)
Reserve for claims and claim expenses	(127,910)	2,344,019
Unearned premiums	581,242	481,496
Reinsurance balances payable	981,823	360,471
Other	(593,055)	17,433
Net cash provided by operating activities	888,526	601,702
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	8,221,481	7,663,002
Purchases of fixed maturity investments trading	(8,692,688)	(7,798,285)
Net sales of equity investments trading	15,490	61,571
Net purchases of short term investments	(1,465,451)	(146,326)
Net (purchases) sales of other investments	(130,649)	5,181
Net purchases of investments in other ventures	(20,952)	0
Return of investment from investment in other ventures	8,464	20,000
Net cash used in investing activities	(2,064,305)	(194,857)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(39,611)	(38,624)
Dividends paid – preference shares	(20,899)	(16,786)
RenaissanceRe common share repurchases	0	(188,591)
Issuance of debt, net of expenses	0	295,866
Repayment of debt	0	(250,000)
Issuance of preference shares, net of expenses	242,371	0
Net third party redeemable noncontrolling interest share transactions	96,021	(44,193)
Taxes paid on withholding shares	(7,079)	(13,694)
Net cash provided by (used in) financing activities	270,803	(256,022)
Effect of exchange rate changes on foreign currency cash	(3,575)	9,596
Net (decrease) increase in cash and cash equivalents	(908,551)	160,419
Cash and cash equivalents, beginning of period	1,361,592	421,157
Cash and cash equivalents, end of period	$ 453,041	$ 581,576

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Organization

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

ORGANIZATION

This report on Form 10-Q should be read in conjunction with the RenaissanceRe’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2017.

RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries and DaVinciRe (as defined below), the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.

• Renaissance Reinsurance, a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

• Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that provides property, casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas.

• RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in the state of Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled reinsurer, which operates subject to U.S. federal income tax, and RenaissanceRe Syndicate 1458 (“Syndicate 1458”).

• Syndicate 1458 is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member and RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.

• The Company also manages property, casualty and specialty reinsurance business written on behalf of joint ventures, which principally include Top Layer Reinsurance Ltd. (“Top Layer Re”), recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. (“DaVinci”). Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci’s parent, DaVinciRe Holdings Ltd. (“DaVinciRe”), the results of DaVinci and DaVinciRe are consolidated in the Company’s financial statements and all significant intercompany transactions have been eliminated. Redeemable noncontrolling interest - DaVinciRe represents the interests of external parties with respect to the net income and shareholders’ equity of DaVinciRe. Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary of RenaissanceRe, acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation.

• RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted fund, incorporated under the laws of Bermuda. Medici’s objective is to seek to invest substantially all of its assets in various insurance based investment instruments that have returns primarily tied to property catastrophe risk. Third-party investors have subscribed for a portion of the participating, non-voting common shares of Medici. Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of Medici’s parent, RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), the results of Medici and Fund Holdings are consolidated in the Company’s financial statements and all significant inter-company transactions have been eliminated. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders’ equity of Medici.

• Upsilon RFO Re Ltd., formerly known as Upsilon Reinsurance II Ltd. (“Upsilon RFO”), a Bermuda domiciled special purpose insurer (“SPI”), is a managed joint venture formed by the Company primarily to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. Upsilon RFO is considered a variable interest entity (“VIE”) and the Company is considered the primary beneficiary. As a result, Upsilon RFO is consolidated by the Company and all significant inter-company transactions have been eliminated.

• RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted Bermuda segregated accounts company, was formed by the Company to provide a fund structure through which third-party investors can invest in reinsurance risk managed by the Company. As a segregated accounts company, Upsilon Fund is permitted to establish segregated accounts to invest in and hold identified pools of assets and liabilities. Each pool of assets and liabilities in each segregated account is structured to be ring-fenced from any claims from the creditors of Upsilon Fund’s general account and from the creditors of other segregated accounts within Upsilon Fund. Third-party investors purchase redeemable, non-voting preference shares linked to specific segregated accounts of Upsilon Fund and own 100% of these shares. Upsilon Fund is an investment company and is considered a VIE. The Company is not considered the primary beneficiary of Upsilon Fund and, as a result, the Company does not consolidate the financial position and results of operations of Upsilon Fund.

• Effective November 7, 2016, Fibonacci Reinsurance Ltd. ("Fibonacci Re"), a Bermuda-domiciled SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raises capital from third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange. Fibonacci Re is considered a VIE. The Company is not considered the primary beneficiary of Fibonacci Re and, as a result, the Company does not consolidate the financial position and results of operations of Fibonacci Re.

• Effective December 22, 2017, the Company and Reinsurance Group of America, Incorporated closed an initiative (“Langhorne”) to source third party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne Holdings LLC (“Langhorne Holdings”) is a company that owns and manages certain reinsurance entities within Langhorne. Langhorne Partners LLC (“Langhorne Partners”) is the general partner for Langhorne and the entity which manages the third-party investors investing into Langhorne Holdings. The Company concluded that Langhorne Holdings meets the definition of a VIE. The Company is not the primary beneficiary of Langhorne Holdings and as a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company concluded that Langhorne Partners is not a VIE. The Company will account for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2017, except as noted below.

BASIS OF PRESENTATION

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.

USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

Revenue from Contracts with Customers

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 was to be effective for public business entities in annual and interim periods beginning after December 15, 2016, however in July 2015, the FASB decided to defer by one year the effective dates of ASU 2014-09, and as a result, ASU 2014-09 is effective for public business entities in annual and interim periods beginning after December 15, 2017. ASU 2014-09 notably excludes the accounting for insurance contracts, leases, financial instruments and guarantees. As a result, the Company’s implementation efforts primarily focused on other income and operational expenses on its consolidated statements of operations. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated statements of operations and financial position.

Recognition and Measurement of Financial Assets and Financial Liabilities

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable values by requiring a qualitative assessment to identify impairment, eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liabilities in accordance with the fair value option, requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and clarifies that the reporting organization should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the organization’s other deferred tax assets. ASU 2016-01 is effective for public business entities in annual and interim periods beginning after December 15, 2017. The adoption of ASU 2016-01 did not have a material impact on the Company’s consolidated statements of operations and financial position.

Classification of Certain Cash Receipts and Cash Payments

In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies the classification of receipts and payments in the statement of cash flows. ASU 2016-15 provides guidance related to (1) settlement and payment of zero coupon debt instruments, (2) contingent consideration, (3) proceeds from settlement of insurance claims, (4) proceeds from settlement of corporate and bank owned life insurance policies, (5) distributions from equity method investees, (6) cash receipts from beneficial interests obtained by a transferor, and (7) general guidelines for cash receipts and payments that have more than one aspect of classification. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 resulted in the reclassification of $20.0 million of cash inflows from cash flows provided by operating activities, to cash flows used in investing activities for the nine months ended September 30, 2017. This amount related to a return of investment associated with the Company’s investment in Top Layer Reinsurance Ltd, recorded under the equity method of accounting.

Improvements to Employee Share-Based Payment Accounting

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 was issued to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and the classification of taxes paid on the statements of cash flows. ASU 2016-09 became effective for the Company in annual and interim periods beginning after December 15, 2016. The cumulative effect of the adoption of ASU 2016-09 was a $2.2 million increase to opening retained earnings as of January 1, 2017.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous guidance. ASU 2016-02 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early application is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 modifies the recognition of credit losses by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is applicable to financial assets such as loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and other financial assets that have the contractual right to receive cash. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Company's invested assets are measured at fair value through net income, and therefore those invested assets would not be impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as reinsurance recoverables, that could be impacted by the adoption of ASU 2016-13. ASU 2016-13 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Intra-Entity Transfers of Assets Other Than Inventory

In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Simplifying the Test for Goodwill Impairment

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). Among other things, ASU 2017-04 requires the following: (1) the elimination of step two of the goodwill impairment test; entities will no longer utilize the implied fair value of their assets and liabilities for purposes of testing goodwill for impairment, (2) the quantitative portion of the goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount; an impairment charge is to be recognized for the excess of carrying amount over fair value, but only to the extent of the amount of goodwill allocated to that reporting unit, and (3) foreign currency translation adjustments are not to be allocated to a reporting unit from an entity’s accumulated other comprehensive income; the reporting unit’s carrying amount should include only the currently translated balances of the assets and liabilities assigned to the reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods, or any interim goodwill impairment tests in annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

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Investments

9 Months Ended

Sep. 30, 2018

Investments [Abstract]

Investments

INVESTMENTS

Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:

	September 30, 2018		December 31, 2017
U.S. treasuries	$	3,117,911	$	3,168,763
Agencies	143,980		47,646
Municipal	7,061		509,802
Non-U.S. government (Sovereign debt)	254,169		287,660
Non-U.S. government-backed corporate	137,512		163,651
Corporate	2,448,795		2,063,459
Agency mortgage-backed	836,376		500,456
Non-agency mortgage-backed	289,649		300,331
Commercial mortgage-backed	257,434		202,062
Asset-backed	321,892		182,725
Total fixed maturity investments trading	$	7,814,779	$	7,426,555

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

September 30, 2018	Amortized  Cost		Fair Value
Due in less than one year	$	303,364	$	301,817
Due after one through five years	4,759,113		4,694,059
Due after five through ten years	1,029,502		1,020,157
Due after ten years	96,311		93,395
Mortgage-backed	1,390,933		1,383,459
Asset-backed	322,661		321,892
Total	$	7,901,884	$	7,814,779

Equity Investments Trading

The following table summarizes the fair value of equity investments trading:

	September 30, 2018		December 31, 2017
Financials	$	262,173	$	253,543
Communications and technology	60,235		49,526
Industrial, utilities and energy	34,755		34,325
Consumer	26,649		24,779
Healthcare	25,250		21,364
Basic materials	4,209		4,717
Total	$	413,271	$	388,254

Pledged Investments

At September 30, 2018, $5.1 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities (December 31, 2017 - $4.4 billion). Of this amount, $1.9 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2017 - $1.7 billion).

Reverse Repurchase Agreements

At September 30, 2018, the Company held $92.0 million (December 31, 2017 - $30.0 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.

Net Investment Income

The components of net investment income are as follows:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Fixed maturity investments	$	55,725		$	45,305		$	151,784		$	133,080
Short term investments	9,403			2,771			22,340			7,476
Equity investments	903			930			3,091			2,630
Other investments
Private equity investments	8,723			6,371			12,149			20,784
Other	8,665			(11,491		)	27,346			(4,520		)
Cash and cash equivalents	1,104			352			2,708			836
	84,523			44,238			219,418			160,286
Investment expenses	(3,827		)	(3,981		)	(10,890		)	(11,541		)
Net investment income	$	80,696		$	40,257		$	208,528		$	148,745

Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Gross realized gains	$	5,229		$	16,343		$	14,945		$	43,053
Gross realized losses	(15,327		)	(6,126		)	(67,699		)	(29,902		)
Net realized (losses) gains on fixed maturity investments	(10,098		)	10,217			(52,754		)	13,151
Net unrealized (losses) gains on fixed maturity investments trading	(8,730		)	5,545			(73,522		)	48,940
Net realized and unrealized gains (losses) on investments-related derivatives	2,563			(4,020		)	(763		)	(4,344		)
Net realized gains on equity investments trading sold during the period	21,259			13,675			21,841			49,736
Net unrealized gains on equity investments trading still held at reporting date	8,636			16,635			18,783			36,055
Net realized and unrealized gains on equity investments trading	29,895			30,310			40,624			85,791
Net realized and unrealized gains (losses) on investments	$	13,630		$	42,052		$	(86,415	)	$	143,538

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Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company to be the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations.

FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:

• Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

• Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

• Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. 

There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

At September 30, 2018	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	3,117,911		$	3,117,911	$	—	$	—
Agencies	143,980			—		143,980		—
Municipal	7,061			—		7,061		—
Non-U.S. government (Sovereign debt)	254,169			—		254,169		—
Non-U.S. government-backed corporate	137,512			—		137,512		—
Corporate	2,448,795			—		2,448,795		—
Agency mortgage-backed	836,376			—		836,376		—
Non-agency mortgage-backed	289,649			—		289,649		—
Commercial mortgage-backed	257,434			—		257,434		—
Asset-backed	321,892			—		321,892		—
Total fixed maturity investments	7,814,779			3,117,911		4,696,868		—
Short term investments	2,461,415			—		2,461,415		—
Equity investments trading	413,271			413,271		—		—
Other investments
Catastrophe bonds	525,126			—		525,126		—
Private equity partnerships (1)	185,121			—		—		—
Senior secured bank loan funds (1)	17,057			—		—		—
Hedge funds (1)	11,615			—		—		—
Total other investments	738,919			—		525,126		—
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(8,949		)	—		—		(8,949		)
Derivatives (3)	1,594			249		1,345		—
Total other assets and (liabilities)	(7,355		)	249		1,345		(8,949		)
	$	11,421,029		$	3,531,431	$	7,684,754	$	(8,949	)

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at September 30, 2018 was $5.3 million and $14.2 million of other assets and other liabilities, respectively.

(3) See “Note 13. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

At December 31, 2017	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	3,168,763		$	3,168,763		$	—	$	—
Agencies	47,646			—			47,646		—
Municipal	509,802			—			509,802		—
Non-U.S. government (Sovereign debt)	287,660			—			287,660		—
Non-U.S. government-backed corporate	163,651			—			163,651		—
Corporate	2,063,459			—			2,063,459		—
Agency mortgage-backed	500,456			—			500,456		—
Non-agency mortgage-backed	300,331			—			300,331		—
Commercial mortgage-backed	202,062			—			202,062		—
Asset-backed	182,725			—			182,725		—
Total fixed maturity investments	7,426,555			3,168,763			4,257,792		—
Short term investments	991,863			—			991,863		—
Equity investments trading	388,254			388,254			—		—
Other investments
Catastrophe bonds	380,475			—			380,475		—
Private equity partnerships (1)	196,220			—			—		—
Senior secured bank loan funds (1)	17,574			—			—		—
Hedge funds (1)	524			—			—		—
Total other investments	594,793			—			380,475		—
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(2,952		)	—			—		(2,952		)
Derivatives (3)	4,636			(45		)	4,681		—
Total other assets and (liabilities)	1,684			(45		)	4,681		(2,952		)
	$	9,403,149		$	3,556,972		$	5,634,811	$	(2,952	)

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at December 31, 2017 was $2.5 million and $5.5 million of other assets and other liabilities, respectively.

(3) See “Note 13. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value

Fixed Maturity Investments

Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, municipal, non-U.S. government, non-U.S. government-backed corporate, corporate, agency mortgage-backed, non-agency mortgage-backed, commercial mortgage-backed and asset-backed.

The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third-party data. Securities which are priced by an index provider are generally included in the index.

In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active, non-distressed markets. The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class.

U.S. treasuries

Level 1 - At September 30, 2018, the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average yield to maturity of 2.8% and a weighted average credit quality of AA (December 31, 2017 - 1.9% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Agencies

Level 2 - At September 30, 2018, the Company’s agency fixed maturity investments had a weighted average yield to maturity of 3.1% and a weighted average credit quality of AA (December 31, 2017 - 2.1% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

Municipal

Level 2 - At September 30, 2018, the Company’s municipal fixed maturity investments had a weighted average yield to maturity of 4.0% and a weighted average credit quality of BBB (December 31, 2017 - 2.2% and AA, respectively). The Company’s municipal fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information regarding the security from third-party sources such as trustees, paying agents or issuers. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread over widely accepted market benchmarks.

Non-U.S. government (Sovereign debt)

Level 2 - At September 30, 2018, the Company’s non-U.S. government fixed maturity investments had a weighted average yield to maturity of 2.9% and a weighted average credit quality of AAA (December 31, 2017 - 2.0% and AAA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Non-U.S. government-backed corporate

Level 2 - At September 30, 2018, the Company’s non-U.S. government-backed corporate fixed maturity investments had a weighted average yield to maturity of 3.2% and a weighted average credit quality of AA (December 31, 2017 - 2.3% and AA, respectively). Non-U.S. government-backed fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Corporate

Level 2 - At September 30, 2018, the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and had a weighted average yield to maturity of 4.3% and a weighted average credit quality of BBB (December 31, 2017 - 3.8% and BBB, respectively). The Company’s corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate.

Agency mortgage-backed

Level 2 - At September 30, 2018, the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average yield to maturity of 3.7%, a weighted average credit quality of AA and a weighted average life of 8.2 years (December 31, 2017 - 3.0%, AA and 6.4 years, respectively). The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to be announced market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with daily active market quotes.

Non-agency mortgage-backed

Level 2 - The Company’s non-agency mortgage-backed fixed maturity investments include non-agency prime, non-agency Alt-A and other non-agency residential mortgage-backed securities. At September 30, 2018, the Company’s non-agency prime residential mortgage-backed fixed maturity investments had a weighted average yield to maturity of 4.2%, a weighted average credit quality of non-investment grade, and a weighted average life of 5.5 years (December 31, 2017 - 3.7%, BBB and 5.1 years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at September 30, 2018 had a weighted average yield to maturity of 4.1%, a weighted average credit quality of non-investment grade and a weighted average life of 6.3 years (December 31, 2017 - 3.7%, non-investment grade and 6.2 years, respectively). Securities held in these sectors are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable.

Commercial mortgage-backed

Level 2 - At September 30, 2018, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average yield to maturity of 3.6%, a weighted average credit quality of AAA, and a weighted average life of 5.0 years (December 31, 2017 - 2.9%, AAA and 4.5 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.

Asset-backed

Level 2 - At September 30, 2018, the Company’s asset-backed fixed maturity investments had a weighted average yield to maturity of 3.7%, a weighted average credit quality of AAA and a weighted average life of 3.3 years (December 31, 2017 - 2.8%, AAA and 3.0 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of bank loans, student loans, credit card receivables, auto loans and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector.

Short Term Investments

Level 2 - At September 30, 2018, the Company’s short term investments had a weighted average yield to maturity of 1.8% and a weighted average credit quality of AAA (December 31, 2017 - 1.4% and AAA, respectively). The fair value of the Company’s portfolio of short term investments is generally determined using amortized cost which approximates fair value and, in certain cases, in a manner similar to the Company’s fixed maturity investments noted above.

Equity Investments, Classified as Trading

Level 1 - The fair value of the Company’s portfolio of equity investments, classified as trading is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.

Other investments

Catastrophe bonds

Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.

Other assets and liabilities

Derivatives

Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.

Level 3 Assets and Liabilities Measured at Fair Value

Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At September 30, 2018	Fair Value (Level 3)			Valuation Technique	Unobservable (U) and Observable (O) Inputs	Low		High		Weighted Average or Actual
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	$	994		Internal valuation model	Bond price (O)	$	101.31	$	111.12	$	106.80
					Liquidity discount (U)	n/a		n/a		1.3		%
Assumed and ceded (re)insurance contracts	(9,943		)	Internal valuation model	Net undiscounted cash flows (U)	n/a		n/a		$	10,180
					Expected loss ratio (U)	n/a		n/a		38.2		%
					Net acquisition expense ratio (O)	n/a		n/a		4.9		%
					Contract period (O)	2.0 years		5.0 years		4.7 years
					Discount rate (U)	n/a		n/a		3.0		%
Total other assets and (liabilities)	$	(8,949	)

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

	Other assets and (liabilities)
Balance - January 1, 2018	$	(2,952	)
Total realized and unrealized gains
Included in other income	2,399
Purchases	(9,379		)
Settlements	983
Balance - September 30, 2018	$	(8,949	)

	Other assets  and (liabilities)
Balance - January 1, 2017	$	(13,004	)
Total realized and unrealized gains
Included in other income	3,525
Purchases	49
Settlements	5,937
Balance - September 30, 2017	$	(3,493	)

Other assets and liabilities

Assumed and ceded (re)insurance contracts

Level 3 - At September 30, 2018, the Company had a $1.0 million net asset related to an assumed reinsurance contract accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on indicative pricing obtained from independent brokers and pricing vendors for similarly structured marketable securities. The most significant unobservable inputs include prices for similar marketable securities and a liquidity premium. The Company considers the prices for similar securities to be unobservable, as there is little, if any market activity for these similar assets. In addition, the Company has estimated a liquidity premium that would be required if the Company attempted to effectively exit its position by executing a short sale of these securities. Generally, an increase in the prices for similar marketable securities or a decrease in the liquidity premium would result in an increase in the expected profit and ultimate fair value of this assumed reinsurance contract.

Level 3 - At September 30, 2018, the Company had a $9.9 million net liability related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered an observable input as each is defined in the contract. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company uses various financial instruments in the normal course of its business. The Company’s insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values.

Debt

Included on the Company’s consolidated balance sheet at September 30, 2018 were debt obligations of $990.7 million (December 31, 2017 - $989.6 million). At September 30, 2018, the fair value of the Company’s debt obligations was $980.3 million (December 31, 2017 – $1,018.2 million).

The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations.

The Fair Value Option for Financial Assets and Financial Liabilities

The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value:

	September 30, 2018		December 31, 2017
Other investments	$	738,919	$	594,793
Other assets	$	5,259	$	2,542
Other liabilities	$	14,208	$	5,494

Included in net investment income for the three and nine months endedSeptember 30, 2018 were net unrealized gains of $9.1 million and $17.8 million, respectively, related to the changes in fair value of other investments (2017 – gains of $9.8 million and $2.7 million, respectively). Included in other income for the three and nine months endedSeptember 30, 2018 were net unrealized gains of $Nil and $Nil, respectively, related to the changes in the fair value of other assets and liabilities (2017 - $Nil and $Nil, respectively).

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At September 30, 2018	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private equity partnerships	$	185,121	$	416,847	See below	See below	See below
Senior secured bank loan funds	17,057		20,262		See below	See below	See below
Hedge funds	11,615		—		See below	See below	See below
Total other investments measured using net asset valuations	$	213,793	$	437,109

Private equity partnerships – The Company’s investments in private equity partnerships included alternative asset limited partnerships (or similar corporate structures) that invest in certain private equity asset classes, including U.S. and global leveraged buyouts, mezzanine investments, distressed securities, real estate, and oil, gas and power. The Company generally has no right to redeem its interest in any of these private equity partnerships in advance of dissolution of the applicable private equity partnership. Instead, the nature of these investments is that distributions are received by the Company in connection with the liquidation of the underlying assets of the respective private equity partnership. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 7 to 10 years from inception of the respective limited partnership.

Senior secured bank loan funds – At September 30, 2018, the Company had $17.1 million invested in closed end funds which invest primarily in loans. The Company has no right to redeem its investment in these funds. It is estimated that the majority of the underlying assets in these closed end funds would begin to liquidate over 4 to 5 years from inception of the applicable fund.

Hedge funds – The Company invests in hedge funds that pursue multiple strategies. At September 30, 2018, the Company had $11.6 million of investments in hedge funds that pursue multiple strategies. This included an investment of $11.3 million in a fund primarily focused on global credit opportunities which is redeemable at the option of the shareholder. The remainder of the Company’s hedge fund investments consisted of so called “side pocket” investments which are not redeemable at the option of the shareholder.

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Reinsurance

9 Months Ended

Sep. 30, 2018

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Reinsurance

REINSURANCE

The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurer fails to meet its obligations.

The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Premiums written
Direct	$	74,635		$	64,040		$	250,375		$	205,253
Assumed	551,042			576,229			2,512,297			2,184,521
Ceded	(172,422		)	(157,048		)	(1,041,864		)	(806,672		)
Net premiums written	$	453,255		$	483,221		$	1,720,808		$	1,583,102
Premiums earned
Direct	$	73,356		$	61,908		$	213,292		$	176,433
Assumed	760,920			712,499			1,968,138			1,731,845
Ceded	(302,427		)	(226,615		)	(779,914		)	(612,176		)
Net premiums earned	$	531,849		$	547,792		$	1,401,516		$	1,296,102
Claims and claim expenses
Gross claims and claim expenses incurred	$	514,873		$	2,482,510		$	817,560		$	2,924,217
Claims and claim expenses recovered	(104,363		)	(1,260,814		)	(175,180		)	(1,366,853		)
Net claims and claim expenses incurred	$	410,510		$	1,221,696		$	642,380		$	1,557,364

At September 30, 2018, the Company’s reinsurance recoverable balance was $1.2 billion (December 31, 2017 - $1.6 billion). Of this amount, 52.5% is fully collateralized by our reinsurers, 46.4% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.1% is recoverable from reinsurers rated lower than A- by major rating agencies (December 31, 2017 - 54.5%, 44.5% and 1.0%, respectively). The reinsurers with the three largest balances accounted for 12.2%, 12.0% and 9.2%, respectively, of the Company’s reinsurance recoverable balance at September 30, 2018 (December 31, 2017 - 10.4%, 7.5% and 7.3%, respectively). The valuation allowance recorded against reinsurance recoverable was $6.3 million at September 30, 2018 (December 31, 2017 - $7.0 million). The three largest company-specific components of the valuation allowance represented 19.9%, 19.8% and 18.0%, respectively, of the Company’s total valuation allowance at September 30, 2018 (December 31, 2017 - 11.1%, 9.2% and 8.4%, respectively).

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Reserve for Claims and Claim Expenses

9 Months Ended

Sep. 30, 2018

Insurance Loss Reserves [Abstract]

Reserve for Claims and Claim Expenses

RESERVE FOR CLAIMS AND CLAIM EXPENSES

The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells. The Company establishes its claims and claim expense reserves by taking claims reported to the Company by insureds and ceding companies, but which have not yet been paid (“case reserves”), adding estimates for the anticipated cost of claims incurred but not yet reported to the Company, or incurred but not enough reported to the Company (collectively referred to as “IBNR”) and, if deemed necessary, adding costs for additional case reserves which represent the Company’s estimates for claims related to specific contracts previously reported to the Company which it believes may not be adequately estimated by the client as of that date, or adequately covered in the application of IBNR.

The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR:

At September 30, 2018	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	610,932	$	744,391	$	774,220	$	2,129,543
Casualty and Specialty	773,732		102,631		1,940,244		2,816,607
Other	3,240		—		3,108		6,348
Total	$	1,387,904	$	847,022	$	2,717,572	$	4,952,498
At December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Nine months ended September 30,	2018			2017
Net reserves as of January 1	$	3,493,778		$	2,568,730
Net incurred related to:
Current year	839,360			1,561,027
Prior years	(196,980		)	(3,663		)
Total net incurred	642,380			1,557,364
Net paid related to:
Current year	48,075			158,685
Prior years	326,692			396,411
Total net paid	374,767			555,096
Foreign exchange	(12,952		)	33,011
Net reserves as of September 30	3,748,439			3,604,009
Reinsurance recoverable as of September 30	1,204,059			1,588,304
Gross reserves as of September 30	$	4,952,498		$	5,192,313

Prior Year Development of the Reserve for Net Claims and Claim Expenses

The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an insurer’s estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable development is generally reduced by offsetting changes in its reinsurance recoverables, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest for changes in claims and claim expenses that impact DaVinciRe, all of which generally move in the opposite direction to changes in the Company’s ultimate claims and claim expenses.

The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses:

Nine months ended September 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(172,872	)	$	(16,968	)
Casualty and Specialty	(24,020		)	14,015
Other	(88		)	(710		)
Total favorable development of prior accident years net claims and claim expenses	$	(196,980	)	$	(3,663	)

Changes to prior year estimated claims reserves increased the Company’s net income by $197.0 million during the nine months ended September 30, 2018, (2017 - decreased the Company’s net loss by $3.7 million), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interest - DaVinciRe and income tax.

Property Segment

The following tables detail the development of the Company’s liability for unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Nine months ended September 30,	2018
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2017 Catastrophe Events	$	(151,155	)
Other	(7,313		)
Total large catastrophe events	(158,468		)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(8,722		)
Total small catastrophe events and attritional loss movements	(8,722		)
Total catastrophe and attritional net claims and claim expenses	(167,190		)
Actuarial assumption changes	(5,682		)
Total net favorable development of prior accident years net claims and claim expenses	$	(172,872	)

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in the nine months ended September 30, 2018 of $172.9 million was comprised of net favorable development of $158.5 million related to large catastrophe events, net favorable development of $8.7 million related to small catastrophe events and attritional loss movements and $5.7 million of net favorable development associated with actuarial assumption changes. Included in net favorable development of prior accident years net claims and claim expenses from large events was $151.2 million of net decreases in the estimated ultimate losses associated with Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts (collectively, the “2017 Catastrophe Events”). The Company’s Property segment also experienced net favorable development of $8.7 million associated with a number of other small catastrophe events as well as attritional loss movements related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Nine months ended September 30,	2017
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
New Zealand Earthquake (2011)	$	5,807
New Zealand Earthquake (2010)	5,001
April and May U.S. Tornadoes (2011)	(4,163		)
Other	(3,881		)
Total large catastrophe events	2,764
Small catastrophe events and attritional loss movements
Fort McMurray Wildfire (2016)	(6,386		)
Tianjin Explosion (2015)	(4,896		)
Other small catastrophe events and attritional loss movements	(9,293		)
Total small catastrophe events and attritional loss movements	(20,575		)
Total catastrophe and attritional net claims and claim expenses	(17,811		)
Actuarial assumption changes	843
Total net favorable development of prior accident years net claims and claim expenses	$	(16,968	)

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in the nine months ended September 30, 2017 of $17.0 million was principally comprised of net adverse development of $2.8 million related to large catastrophe events, net favorable development of $20.6 million related to small catastrophe events and attritional loss movements and $0.8 million of net adverse development associated with actuarial assumption changes. Included in net adverse development of prior accident years net claims and claim expenses from large events was adverse development of $5.8 million related to the 2011 New Zealand Earthquake and $5.0 million related to the 2010 New Zealand Earthquake due to increases in the estimated expected losses associated with these events. Partially offsetting these events was favorable development of $4.2 million and $3.9 million related to the 2011 April and May U.S. Tornadoes and a number of other events, respectively, due to reductions in the estimated ultimate losses associated with these events. Included in net favorable development of prior accident years net claims and claims expenses from small events was a reduction in the estimated ultimate losses associated with the 2016 Fort McMurray Wildfire of $6.4 million and the 2015 Tianjin Explosion of $4.9 million. In addition, the Company’s Property segment experienced net favorable development of $9.3 million associated with a number of other small catastrophe events and attritional loss movements related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Casualty and Specialty Segment

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:

Nine months ended September 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods	$	(16,234	)	$	(17,004	)
Ogden Rate change	—			33,481
Actuarial assumption changes	(7,786		)	(2,462		)
Total (favorable) adverse development of prior accident years net claims and claim expenses	$	(24,020	)	$	14,015

The net favorable development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in the nine months ended September 30, 2018 of $24.0 million was driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses and certain assumption changes across a number of lines of business.

The net adverse development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in the nine months ended September 30, 2017 of $14.0 million was driven by $33.5 million of adverse development associated with the change in the discount rate used to calculate lump sum awards in U.K. bodily injury cases (the “Ogden Rate”), from 2.5%, to minus 0.75%. Notwithstanding the impact of the Ogden Rate change, the Company experienced $17.0 million of net favorable development in the nine months ended September 30, 2017 related to actual reported losses coming in lower than expected on attritional net claims and claim expenses across a number of lines of business and $2.5 million of net favorable development associated with actuarial assumption changes.

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Debt and Credit Facilities

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt and Credit Facilities

DEBT AND CREDIT FACILITIES

Except as noted below, there have been no material changes to the Company’s debt obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2017.

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:

	September 30, 2018				December 31, 2017
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.450% Senior Notes due 2027	$	282,585	$	295,673	$	294,654	$	295,303
3.700% Senior Notes due 2025	293,559		297,594		302,781		297,318
5.750% Senior Notes due 2020	256,250		249,520		263,750		249,272
4.750% Senior Notes due 2025 (DaVinciRe) (1)	147,924		147,962		157,050		147,730
	$	980,318	$	990,749	$	1,018,235	$	989,623

(1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:

At September 30, 2018	Issued or Drawn
RenaissanceRe Revolving Credit Facility (1)	$	—
Uncommitted Standby Letter of Credit Facility with Wells Fargo	87,057
Bilateral Letter of Credit Facility with Citibank Europe	180,416
Renaissance Reinsurance FAL Facility	180,000
Total credit facilities in U.S. dollars	$	447,473
Specialty Risks FAL Facility (1)	£	—
Total credit facilities in pound sterling	£	—

(1) At September 30, 2018, no amounts were issued or drawn under these facilities.

National Australia Bank Limited Standby Letter of Credit Agreement

Effective as of March 23, 2018, the Company terminated the Standby Letter of Credit Agreement, dated as of May 19, 2015, among National Australia Bank Limited (“NAB”) and Renaissance Reinsurance, RenaissanceRe Specialty Risks Ltd., DaVinci and Platinum Underwriters Bermuda, Ltd. (collectively, the “NAB Facility Applicants”) (the “NAB Standby Letter of Credit Agreement”). The NAB Standby Letter of Credit Agreement provided for a secured, uncommitted facility under which letters of credit were issued from time to time for the respective accounts of the NAB Facility Applicants in multiple currencies. RenaissanceRe unconditionally guaranteed the payment obligations of the NAB Facility Applicants, other than DaVinci.

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Noncontrolling Interests

9 Months Ended

Sep. 30, 2018

Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract]

Noncontrolling Interests

NONCONTROLLING INTERESTS

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

	September 30, 2018		December 31, 2017
Redeemable noncontrolling interest - DaVinciRe	$	1,085,985	$	1,011,659
Redeemable noncontrolling interest - Medici	447,993		284,847
Redeemable noncontrolling interests	$	1,533,978	$	1,296,506

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

	Three months ended					Nine months ended
	September 30, 2018		September 30, 2017			September 30, 2018		September 30, 2017
Redeemable noncontrolling interest - DaVinciRe	$	3,730	$	(195,508	)	$	74,935	$	(127,167	)
Redeemable noncontrolling interest - Medici	2,710		(8,769		)	15,887		(5,171		)
Net income (loss) attributable to redeemable noncontrolling interests	$	6,440	$	(204,277	)	$	90,822	$	(132,338	)

Redeemable Noncontrolling Interest – DaVinciRe

RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of the Company. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinciRe was 22.1% at September 30, 2018 (December 31, 2017 - 22.1%).

DaVinciRe shareholders are party to a shareholders agreement which provides DaVinciRe shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinciRe of such shareholder’s desire for DaVinciRe to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinciRe’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinciRe’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinciRe before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of January 1 of the following year. The repurchase price is generally subject to a true-up for potential development on outstanding loss reserves after settlement of all claims relating to the applicable years.

2017

During January 2017, DaVinciRe redeemed $75.0 million of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe. In connection with the redemption, DaVinciRe retained a $7.5 million holdback. In addition, RenaissanceRe sold an aggregate of $24.0 million of its shares in DaVinciRe to an existing shareholder and a new shareholder. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 22.6%, effective January 1, 2017.

During July 2017, RenaissanceRe purchased $12.0 million of DaVinciRe’s outstanding shares from an existing third-party shareholder. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 23.5%, effective July 1, 2017.

Effective October 1, 2017, DaVinciRe completed an equity capital raise of $248.6 million from third-party investors and RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $49.7 million of its shares in DaVinciRe to third-party investors. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 22.1%, effective October 1, 2017.

The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time.

The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Beginning balance	$	1,082,425		$	1,019,918		$	1,011,659		$	994,458
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(170		)	(12,068		)	(609		)	(78,870		)
Sale of shares to redeemable noncontrolling interests	—			—			—			23,921
Net income (loss) attributable to redeemable noncontrolling interest	3,730			(195,508		)	74,935			(127,167		)
Ending balance	$	1,085,985		$	812,342		$	1,085,985		$	812,342

Redeemable Noncontrolling Interest - RenaissanceRe Medici Fund Ltd. (“Medici”)

Medici is an exempted company incorporated under the laws of Bermuda and its objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in the consolidated financial statements of the Company. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici.

2017

During 2017, third-party investors subscribed for $149.2 million and redeemed $48.0 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 26.8%, effective at December 31, 2017.

2018

During the nine months ended September 30, 2018, third-party investors subscribed for $199.5 million and redeemed $52.2 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 15.8% at September 30, 2018.

The Company expects its noncontrolling economic ownership in Medici to fluctuate over time.

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Beginning balance	$	411,003		$	222,165		$	284,847		$	181,136
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(8,720		)	(1,400		)	(52,223		)	(27,310		)
Sale of shares to redeemable noncontrolling interests	43,000			9,391			199,482			72,732
Net income (loss) attributable to redeemable noncontrolling interest	2,710			(8,769		)	15,887			(5,171		)
Ending balance	$	447,993		$	221,387		$	447,993		$	221,387

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Variable Interest Entities

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

Upsilon RFO

Upsilon RFO is a managed joint venture and a Bermuda domiciled SPI that was formed by the Company primarily to provide additional capacity to the worldwide aggregate and per-occurrence retrocessional property catastrophe excess of loss market.

The shareholders (other than the Class A shareholder) participate in substantially all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance.

Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO as it has the power over the activities that most significantly impact the economic performance of Upsilon RFO and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon RFO, in accordance with the accounting guidance. As a result, the Company consolidates Upsilon RFO and all significant inter-company transactions have been eliminated. Other than its equity investment in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide.

2017

During 2017, Upsilon RFO returned $84.3 million of capital to its investors, including $33.0 million to the Company. In addition, during 2017, $180.6 million of Upsilon RFO non-voting preference shares were issued to existing investors therein, including $27.2 million to the Company, and an existing third-party investor purchased $7.5 million of Upsilon RFO non-voting preference shares from the Company. At December 31, 2017, the Company’s participation in the risks assumed by Upsilon RFO was 20.8%.

2018

During the nine months ended September 30, 2018, $856.7 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $109.8 million to the Company. At September 30, 2018, the Company’s participation in the risks assumed by Upsilon RFO was 14.0%.

Amounts received by the Company prior to December 31, 2017 were included in other liabilities on the Company’s consolidated balance sheet at December 31, 2017, and were also included in other operating cash flows on the Company’s consolidated statements of cash flows for the year ended December 31, 2017. During the nine months ended September 30, 2018, in connection with the issuance of the non-voting preference shares of Upsilon RFO, other liabilities were reduced by this amount, and reinsurance balances payable were increased by an offsetting amount, with corresponding impacts to other operating cash flows and the change in reinsurance balances payable on the Company consolidated statements of cash flows for the nine months ended September 30, 2018.

At September 30, 2018, the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $1.6 billion and $1.6 billion, respectively (December 31, 2017 - $1.2 billion and $1.2 billion, respectively).

Mona Lisa Re Ltd. (“Mona Lisa Re”)

Mona Lisa Re is licensed as a Bermuda domiciled special purpose insurer to provide reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which will be collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors.

Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance were deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes.

The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Mona Lisa Re and concluded it does not have a variable interest in Mona Lisa Re. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. The Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.

At September 30, 2018, the total assets and total liabilities of Mona Lisa Re were $0.1 million and $0.1 million, respectively (December 31, 2017 - $25.9 million and $25.9 million, respectively). On July 6, 2018, all remaining outstanding series of notes issued by Mona Lisa Re were redeemed and the proceeds were returned to the holders of such notes.

The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. Renaissance Reinsurance and DaVinci have together entered into ceded reinsurance contracts with Mona Lisa Re with gross premiums ceded of $0.2 million and $0.2 million, respectively, during the nine months ended September 30, 2018 (2017 - $0.2 million and $0.2 million, respectively). In addition, Renaissance Reinsurance and DaVinci recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $0.2 million and $0.2 million, respectively, during the nine months ended September 30, 2018 (2017 - $4.0 million and $2.8 million, respectively).

Fibonacci Re

Effective November 7, 2016, Fibonacci Re, a Bermuda-domiciled SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates.

Upon issuance of a series of notes by Fibonacci Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance underlying such series of notes. The outstanding principal amount of each series of notes generally is expected to be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned is expected to be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. RUM receives an origination and structuring fee in connection with the formation and operation of Fibonacci Re.

The Company concluded that Fibonacci Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Fibonacci Re and concluded it is not the primary beneficiary of Fibonacci Re as it does not have power over the activities that most significantly impact the economic performance of Fibonacci Re. As a result, the Company does not consolidate the financial position or results of operations of Fibonacci Re.

The only transactions related to Fibonacci Re that will be recorded in the Company’s consolidated financial statements will be the ceded reinsurance agreements entered into by Renaissance Reinsurance that are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance, and the fair value of the participating notes owned by the Company. Other than its investment in the participating notes of Fibonacci Re, the Company has not provided financial or other support to Fibonacci Re that it was not contractually required to provide.

The fair value of the Company’s investment in the participating notes of Fibonacci Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Fibonacci Re was $8.5 million at September 30, 2018 (December 31, 2017 - $14.1 million).

Renaissance Reinsurance entered into ceded reinsurance contracts with Fibonacci Re with ceded premiums of $9.1 million and ceded premiums earned of $6.8 million during the nine months ended September 30, 2018 (2017 - $9.4 million and $6.2 million, respectively).

Langhorne

Effective December 22, 2017, the Company and Reinsurance Group of America, Incorporated closed Langhorne, an initiative to source third party capital to support reinsurers targeting large in-force life and annuity blocks. In connection with Langhorne, as of September 30, 2018 the Company had invested $1.3 million in Langhorne Holdings (December 31, 2017 - $0.6 million), a company that owns and manages certain reinsurance entities within Langhorne. In addition, as of September 30, 2018 the Company had invested $0.1 million in Langhorne Partners (December 31, 2017 - $Nil), the general partner for Langhorne and the entity which manages the third-party investors investing into Langhorne Holdings.

The Company concluded that Langhorne Holdings meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Langhorne Holdings and concluded it is not the primary beneficiary of Langhorne Holdings, as it does not have power over the activities that most significantly impact the economic performance of Langhorne Holdings. As a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company separately evaluated Langhorne Partners and concluded that it was not a VIE. The Company accounts for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.

The Company anticipates that its absolute investment in Langhorne will increase, perhaps materially, as in-force life and annuity blocks of businesses are written. The Company expects its absolute and relative ownership in Langhorne Partners to remain stable. Other than its current and committed future equity investment in Langhorne, the Company has not provided financial or other support to Langhorne that it was not contractually required to provide.

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Shareholders' Equity

9 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Dividends

The Board of Directors of RenaissanceRe declared dividends, payable to common shareholders of record on each of March 15, 2018, June 15, 2018 and September 14, 2018, of $0.33 per common share, and the Company paid the dividends on March 29, 2018, June 29, 2018 and September 28, 2018, respectively.

The Board of Directors approved the payment of quarterly dividends on the Series C 6.08% Preference Shares, Series E 5.375% Preference Shares and 5.750% Series F Preference Shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates. The amount of the dividend on the Series C 6.08% Preference Shares is an amount per share equal to 6.08% of the liquidation preference per annum (the equivalent to $1.52 per share per annum, or $0.38 per share per quarter). The amount of the dividend on the Series E 5.375% Preference Shares is an amount per share equal to 5.375% of the liquidation preference per annum (the equivalent to $1.34375 per share per annum, or $0.3359375 per share per quarter). The amount of the dividend on the 5.750% Series F Preference Shares is an amount per share equal to 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter).

During the nine months ended September 30, 2018, the Company paid $20.9 million in preference share dividends (2017 - $16.8 million) and $39.6 million in common share dividends (2017 - $38.6 million).

Preference Shares

In June 2018, the Company issued 10,000 shares of its 5.750% Series F Preference Shares, $1.00 par value and liquidation preference $25,000 per share (equivalent to 10,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a 5.750% Series F Preference Share).

The 5.750% Series F Preference Shares have no stated maturity date and may be redeemed at a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share), plus declared and unpaid dividends, at RenaissanceRe’s option on or after June 30, 2023, provided that no redemption may occur prior to June 30, 2028 unless certain redemption requirements are met. In certain circumstances, such as a change in tax law or a capital disqualification event, the Company may redeem the 5.750% Series F Preference Shares prior to June 30, 2023. In addition, the Company may redeem the 5.750% Series F Preference Shares prior to June 30, 2023 at a redemption price of $26,000 per share (equivalent to $26.00 per Depositary Share), plus accrued and unpaid dividends, in certain circumstances where the 5.750% Series F Preference Shares are entitled to vote on an amalgamation, consolidation, merger or other similar corporate transaction, or change in Bermuda law.

Dividends on the 5.750% Series F Preference Shares are payable on a non-cumulative basis, only when, as and if declared by the Board of Directors, at an annual rate of 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). Unless certain dividend payments are made on the 5.750% Series F Preference Shares, RenaissanceRe will be restricted from paying any dividends on and repurchasing its common shares.

Share Repurchases

The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On November 10, 2017, RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of up to $500.0 million. Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the common shares authorized. The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company. During the nine months endedSeptember 30, 2018, the Company did not repurchase any of its common shares. At September 30, 2018, $500.0 million remained available for repurchase under the share repurchase program.

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Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

	Three months ended						Nine months ended
(common shares in thousands)	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	(504,812	)	$	281,182		$	(241,318	)
Amount allocated to participating common shareholders (1)	(294		)	(116		)	(2,977		)	(344		)
Net income (loss) allocated to RenaissanceRe common shareholders	$	32,387		$	(504,928	)	$	278,205		$	(241,662	)
Denominator:
Denominator for basic income per RenaissanceRe common share - weighted average common shares	39,624			39,591			39,606			39,979
Per common share equivalents of employee stock options and restricted shares	13			—			21			—
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions	39,637			39,591			39,627			39,979
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)

(1) Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors.

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Segment Reporting

9 Months Ended

Sep. 30, 2018

Segment Reporting, Measurement Disclosures [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit. In addition to its reportable segments, the Company has an Other category, which primarily includes its strategic investments, investments unit, corporate expenses, capital servicing costs, noncontrolling interests and the remnants of its former Bermuda-based insurance operations.

The Company’s Property segment is managed by the Chief Underwriting Officer - Property and the Casualty and Specialty segment is managed by the Chief Underwriting Officer - Casualty and Specialty, each of whom operate under the direction of the Company’s Group Chief Underwriting Officer, who in turn reports to the Company’s President and Chief Executive Officer.

The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:

Three months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	301,413		$	324,264		$	—		$	625,677
Net premiums written	$	232,632		$	220,623		$	—		$	453,255
Net premiums earned	$	293,059		$	238,791		$	(1	)	$	531,849
Net claims and claim expenses incurred	265,857			144,671			(18		)	410,510
Acquisition expenses	45,524			64,238			(1		)	109,761
Operational expenses	25,577			14,976			40			40,593
Underwriting (loss) income	$	(43,899	)	$	14,906		$	(22	)	(29,015		)
Net investment income							80,696			80,696
Net foreign exchange losses							(4,566		)	(4,566		)
Equity in earnings of other ventures							7,648			7,648
Other income							497			497
Net realized and unrealized gains on investments							13,630			13,630
Corporate expenses							(6,841		)	(6,841		)
Interest expense							(11,769		)	(11,769		)
Income before taxes and redeemable noncontrolling interests										50,280
Income tax expense							(1,451		)	(1,451		)
Net income attributable to redeemable noncontrolling interests							(6,440		)	(6,440		)
Dividends on preference shares							(9,708		)	(9,708		)
Net income available to RenaissanceRe common shareholders										$	32,681
Net claims and claim expenses incurred – current accident year	$	268,022		$	151,904		$	—		$	419,926
Net claims and claim expenses incurred – prior accident years	(2,165		)	(7,233		)	(18		)	(9,416		)
Net claims and claim expenses incurred – total	$	265,857		$	144,671		$	(18	)	$	410,510
Net claims and claim expense ratio – current accident year	91.5		%	63.6		%				79.0		%
Net claims and claim expense ratio – prior accident years	(0.8		)%	(3.0		)%				(1.8		)%
Net claims and claim expense ratio – calendar year	90.7		%	60.6		%				77.2		%
Underwriting expense ratio	24.3		%	33.2		%				28.3		%
Combined ratio	115.0		%	93.8		%				105.5		%

Nine months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,561,008		$	1,201,664		$	—		$	2,762,672
Net premiums written	$	884,541		$	836,267		$	—		$	1,720,808
Net premiums earned	$	722,246		$	679,271		$	(1	)	$	1,401,516
Net claims and claim expenses incurred	222,195			420,273			(88		)	642,380
Acquisition expenses	127,095			185,429			—			312,524
Operational expenses	75,933			43,121			354			119,408
Underwriting income (loss)	$	297,023		$	30,448		$	(267	)	327,204
Net investment income							208,528			208,528
Net foreign exchange losses							(11,496		)	(11,496		)
Equity in earnings of other ventures							14,331			14,331
Other income							480			480
Net realized and unrealized losses on investments							(86,415		)	(86,415		)
Corporate expenses							(21,875		)	(21,875		)
Interest expense							(35,304		)	(35,304		)
Income before taxes and redeemable noncontrolling interests										395,453
Income tax expense							(2,550		)	(2,550		)
Net income attributable to redeemable noncontrolling interests							(90,822		)	(90,822		)
Dividends on preference shares							(20,899		)	(20,899		)
Net income available to RenaissanceRe common shareholders										$	281,182
Net claims and claim expenses incurred – current accident year	$	395,067		$	444,293		$	—		$	839,360
Net claims and claim expenses incurred – prior accident years	(172,872		)	(24,020		)	(88		)	(196,980		)
Net claims and claim expenses incurred – total	$	222,195		$	420,273		$	(88	)	$	642,380
Net claims and claim expense ratio – current accident year	54.7		%	65.4		%				59.9		%
Net claims and claim expense ratio – prior accident years	(23.9		)%	(3.5		)%				(14.1		)%
Net claims and claim expense ratio – calendar year	30.8		%	61.9		%				45.8		%
Underwriting expense ratio	28.1		%	33.6		%				30.9		%
Combined ratio	58.9		%	95.5		%				76.7		%

Three months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	325,395		$	314,881		$	(7	)	$	640,269
Net premiums written	$	269,393		$	213,835		$	(7	)	$	483,221
Net premiums earned	$	336,838		$	210,961		$	(7	)	$	547,792
Net claims and claim expenses incurred	1,044,418			177,433			(155		)	1,221,696
Acquisition expenses	17,514			59,248			(1		)	76,761
Operational expenses	25,123			17,389			25			42,537
Underwriting (loss) income	$	(750,217	)	$	(43,109	)	$	124		(793,202		)
Net investment income							40,257			40,257
Net foreign exchange losses							(156		)	(156		)
Equity in earnings of other ventures							1,794			1,794
Other income							2,996			2,996
Net realized and unrealized gains on investments							42,052			42,052
Corporate expenses							(4,413		)	(4,413		)
Interest expense							(11,799		)	(11,799		)
Loss before taxes and redeemable noncontrolling interests										(722,471		)
Income tax benefit							18,977			18,977
Net loss attributable to redeemable noncontrolling interests							204,277			204,277
Dividends on preference shares							(5,595		)	(5,595		)
Net loss attributable to RenaissanceRe common shareholders										$	(504,812	)
Net claims and claim expenses incurred – current accident year	$	1,036,586		$	172,675		$	—		$	1,209,261
Net claims and claim expenses incurred – prior accident years	7,832			4,758			(155		)	12,435
Net claims and claim expenses incurred – total	$	1,044,418		$	177,433		$	(155	)	$	1,221,696
Net claims and claim expense ratio – current accident year	307.7		%	81.9		%				220.8		%
Net claims and claim expense ratio – prior accident years	2.4		%	2.2		%				2.2		%
Net claims and claim expense ratio – calendar year	310.1		%	84.1		%				223.0		%
Underwriting expense ratio	12.6		%	36.3		%				21.8		%
Combined ratio	322.7		%	120.4		%				244.8		%

Nine months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,345,271		$	1,044,510		$	(7	)	$	2,389,774
Net premiums written	$	895,728		$	687,381		$	(7	)	$	1,583,102
Net premiums earned	$	716,024		$	580,085		$	(7	)	$	1,296,102
Net claims and claim expenses incurred	1,116,273			441,801			(710		)	1,557,364
Acquisition expenses	75,117			173,179			(2		)	248,294
Operational expenses	76,841			54,708			37			131,586
Underwriting (loss) income	$	(552,207	)	$	(89,603	)	$	668		(641,142		)
Net investment income							148,745			148,745
Net foreign exchange gains							11,118			11,118
Equity in earnings of other ventures							5,830			5,830
Other income							7,053			7,053
Net realized and unrealized gains on investments							143,538			143,538
Corporate expenses							(14,335		)	(14,335		)
Interest expense							(32,416		)	(32,416		)
Loss before taxes and redeemable noncontrolling interests										(371,609		)
Income tax benefit							14,739			14,739
Net loss attributable to RenaissanceRe common shareholders							132,338			132,338
Dividends on preference shares							(16,786		)	(16,786		)
Net loss attributable to RenaissanceRe common shareholders										$	(241,318	)
Net claims and claim expenses incurred – current accident year	$	1,133,241		$	427,786		$	—		$	1,561,027
Net claims and claim expenses incurred – prior accident years	(16,968		)	14,015			(710		)	(3,663		)
Net claims and claim expenses incurred – total	$	1,116,273		$	441,801		$	(710	)	$	1,557,364
Net claims and claim expense ratio – current accident year	158.3		%	73.7		%				120.4		%
Net claims and claim expense ratio – prior accident years	(2.4		)%	2.5		%				(0.2		)%
Net claims and claim expense ratio – calendar year	155.9		%	76.2		%				120.2		%
Underwriting expense ratio	21.2		%	39.2		%				29.3		%
Combined ratio	177.1		%	115.4		%				149.5		%

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Derivative Instruments

9 Months Ended

Sep. 30, 2018

Summary of Derivative Instruments [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

From time to time, the Company may enter into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and speculation. The Company’s derivative instruments can be exchange traded or over-the-counter, with over-the-counter derivatives generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event a party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities.

The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:

	Derivative Assets
At September 30, 2018	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Interest rate futures	$	438	184		$	254	Other assets	$	—	$	254
Interest rate swaps	782		—		782		Other assets	—		782
Foreign currency forward contracts (1)	6,547		—		6,547		Other assets	—		6,547
Foreign currency forward contracts (2)	1,416		40		1,376		Other assets	—		1,376
Credit default swaps	277		—		277		Other assets	—		277
Total	$	9,460	$	224	$	9,236		$	—	$	9,236
	Derivative Liabilities
At September 30, 2018	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Interest rate futures	$	189	184		$	5	Other liabilities	$	5	$	—
Interest rate swaps	232		—		232		Other liabilities	232		—
Foreign currency forward contracts (1)	7,272		504		6,768		Other liabilities	—		6,768
Foreign currency forward contracts (2)	663		40		623		Other liabilities	—		623
Credit default swaps	14		—		14		Other liabilities	—		14
Total	$	8,370	$	728	$	7,642		$	237	$	7,405

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

	Derivative Assets
At December 31, 2017	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Interest rate futures	$	684	524		$	160	Other assets	$	—	$	160
Interest rate swaps	424		—		424		Other assets	—		424
Foreign currency forward contracts (1)	3,865		358		3,507		Other assets	—		3,507
Foreign currency forward contracts (2)	39		11		28		Other assets	—		28
Credit default swaps	1,518		—		1,518		Other assets	—		1,518
Total	$	6,530	$	893	$	5,637		$	—	$	5,637
	Derivative Liabilities
At December 31, 2017	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Interest rate futures	$	729	524		$	205	Other liabilities	$	205	$	—
Foreign currency forward contracts (1)	670		—		670		Other liabilities	—		670
Foreign currency forward contracts (2)	115		11		104		Other liabilities	—		104
Credit default swaps	22		—		22		Other liabilities	22		—
Total	$	1,536	$	535	$	1,001		$	227	$	774

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

Refer to “Note 3. Investments” for information on reverse repurchase agreements.

The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:

	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Three months ended September 30,		2018			2017
Interest rate futures	Net realized and unrealized gains (losses) on investments	$	2,760		$	(3,016	)
Interest rate swaps	Net realized and unrealized gains (losses) on investments	(6		)	271
Foreign currency forward contracts (1)	Net foreign exchange (losses) gains	(2,596		)	2,056
Foreign currency forward contracts (2)	Net foreign exchange (losses) gains	650			(40		)
Credit default swaps	Net realized and unrealized gains (losses) on investments	(191		)	(1,275		)
Total		$	617		$	(2,004	)
	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Nine months ended September 30,		2018			2017
Interest rate futures	Net realized and unrealized gains (losses) on investments	$	336		$	(4,064	)
Interest rate swaps	Net realized and unrealized gains (losses) on investments	129			271
Foreign currency forward contracts (1)	Net foreign exchange (losses) gains	(2,227		)	8,339
Foreign currency forward contracts (2)	Net foreign exchange (losses) gains	1,302			(940		)
Credit default swaps	Net realized and unrealized gains (losses) on investments	(1,228		)	(551		)
Total		$	(1,688	)	$	3,055

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at September 30, 2018.

Interest Rate Derivatives

The Company uses interest rate futures and swaps within its portfolio of fixed maturity investments to manage its exposure to interest rate risk, which may result in increasing or decreasing its exposure to this risk.

Interest Rate Futures

The fair value of interest rate futures is determined using exchange traded prices. At September 30, 2018, the Company had $1.6 billion of notional long positions and $699.0 million of notional short positions of primarily Eurodollar, U.S. treasury and non-U.S. dollar futures contracts (December 31, 2017 - $1.5 billion and $801.1 million, respectively).

Interest Rate Swaps

The fair value of interest rate swaps is determined using the relevant exchange traded price where available or a discounted cash flow model based on the terms of the contract and inputs, including, where applicable, observable yield curves. At September 30, 2018, the Company had $62.6 million of notional positions paying a fixed rate and $29.5 million receiving a fixed rate denominated in U.S. dollars (December 31, 2017 - $40.3 million and $Nil, respectively).

Foreign Currency Derivatives

The Company’s functional currency is the U.S. dollar. The Company writes a portion of its business in currencies other than U.S. dollars and may, from time to time, experience foreign exchange gains and losses in the Company’s consolidated financial statements. All changes in exchange rates, with the exception of non-monetary assets and liabilities, are recognized in the Company’s consolidated statements of operations.

Underwriting Operations Related Foreign Currency Contracts

The Company’s foreign currency policy with regard to its underwriting operations is generally to hold foreign currency assets, including cash, investments and receivables that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances payable. When necessary, the Company may use foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with its underwriting operations. The fair value of the Company’s underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At September 30, 2018, the Company had outstanding underwriting related foreign currency contracts of $354.4 million in notional long positions and $536.4 million in notional short positions, denominated in U.S. dollars (December 31, 2017 - $215.4 million and $44.2 million, respectively).

Investment Portfolio Related Foreign Currency Forward Contracts

The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At September 30, 2018, the Company had outstanding investment portfolio related foreign currency contracts of $109.0 million in notional long positions and $62.4 million in notional short positions, denominated in U.S. dollars (December 31, 2017 - $16.6 million and $5.1 million, respectively).

Credit Derivatives

The Company’s exposure to credit risk is primarily due to its fixed maturity investments, short term investments, premiums receivable and reinsurance recoverable. From time to time, the Company may purchase credit derivatives to hedge its exposures in the insurance industry, and to assist in managing the credit risk associated with ceded reinsurance. The Company also employs credit derivatives in its investment portfolio to either assume credit risk or hedge its credit exposure. The fair value of credit derivatives is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit derivatives can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At September 30, 2018, the Company had outstanding credit derivatives of $1.0 million in notional positions to hedge credit risk and $109.7 million in notional positions to assume credit risk, denominated in U.S. dollars (December 31, 2017 - $1.0 million and $18.8 million, respectively).

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Commitments, Contingencies and Other Items

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Other Items

COMMITMENTS, CONTINGENCIES AND OTHER ITEMS

There are no material changes from the commitments and contingencies previously disclosed in the Company’s Form 10-K for the year ended December 31, 2017.

Legal Proceedings

The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company’s industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, involving or arising out of claims on policies issued by the Company’s subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in its loss and loss expense reserves. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company’s ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process, contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate accordingly. Currently, the Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its financial condition, business or operations.

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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries

9 Months Ended

Sep. 30, 2018

Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]

Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries

CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES

The following tables present condensed consolidating balance sheets at September 30, 2018 and December 31, 2017, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2018 and 2017, and condensed consolidating statements of cash flows for the nine months ended September 30, 2018. Each of RenRe North America Holdings Inc. and RenaissanceRe Finance, Inc. is a 100% owned subsidiary of RenaissanceRe. On June 1, 2017, the notes issued by Platinum Underwriters Finance, Inc. (“Platinum Finance”) matured and the Company repaid the aggregate principal amount plus applicable accrued interest in full. Platinum Finance was subsequently dissolved on November 30, 2017. Prior to the liquidation of Platinum Finance, it was a 100% owned subsidiary of RenaissanceRe. For additional information related to the terms of the Company’s outstanding debt securities, see “Note 9. Debt and Credit Facilities” in the “Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2017 and “Note 7. Debt and Credit Facilities” in the “Notes to Consolidated Financial Statements” included herein.

Condensed Consolidating Balance Sheet at September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)		Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Assets
Total investments	$	36,092	$	110,117	$	15,504	$	11,383,978	$	—		$	11,545,691
Cash and cash equivalents	3,734		56		4,372		444,879		—			453,041
Investments in subsidiaries	4,544,513		57,082		1,235,547		—		(5,837,142		)	—
Due from subsidiaries and affiliates	101,372		101,579		—		—		(202,951		)	—
Premiums receivable	—		—		—		1,787,095		—			1,787,095
Prepaid reinsurance premiums	—		—		—		795,496		—			795,496
Reinsurance recoverable	—		—		—		1,204,059		—			1,204,059
Accrued investment income	—		241		20		46,429		—			46,690
Deferred acquisition costs	—		—		—		497,733		—			497,733
Receivable for investments sold	30		1		6		406,025		—			406,062
Other assets	450,161		19,771		367,408		84,974		(800,590		)	121,724
Goodwill and other intangible assets	121,560		—		—		117,243		—			238,803
Total assets	$	5,257,462	$	288,847	$	1,622,857	$	16,767,911	$	(6,840,683	)	$	17,096,394
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	4,952,498	$	—		$	4,952,498
Unearned premiums	—		—		—		2,058,851		—			2,058,851
Debt	352,000		—		842,786		147,963		(352,000		)	990,749
Amounts due to subsidiaries and affiliates	6,132		144		129,056		—		(135,332		)	—
Reinsurance balances payable	—		—		—		1,970,913		—			1,970,913
Payable for investments purchased	—		17		—		555,539		—			555,556
Other liabilities	12,809		773		9,179		134,181		(9,614		)	147,328
Total liabilities	370,941		934		981,021		9,819,945		(496,946		)	10,675,895
Redeemable noncontrolling interests	—		—		—		1,533,978		—			1,533,978
Shareholders’ Equity
Total shareholders’ equity	4,886,521		287,913		641,836		5,413,988		(6,343,737		)	4,886,521
Total liabilities, noncontrolling interests and shareholders’ equity	$	5,257,462	$	288,847	$	1,622,857	$	16,767,911	$	(6,840,683	)	$	17,096,394

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Balance Sheet at December 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)		Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Assets
Total investments	$	225,266	$	129,732	$	31,255	$	9,117,186	$	—		$	9,503,439
Cash and cash equivalents	14,656		139		1,469		1,345,328		—			1,361,592
Investments in subsidiaries	4,105,760		36,140		1,141,733		—		(5,283,633		)	—
Due from subsidiaries and affiliates	4,602		91,891		—		—		(96,493		)	—
Premiums receivable	—		—		—		1,304,622		—			1,304,622
Prepaid reinsurance premiums	—		—		—		533,546		—			533,546
Reinsurance recoverable	—		—		—		1,586,630		—			1,586,630
Accrued investment income	405		428		82		41,320		—			42,235
Deferred acquisition costs	—		—		—		426,551		—			426,551
Receivable for investments sold	135		51		8		102,951		—			103,145
Other assets	433,468		21,342		430,481		76,703		(840,768		)	121,226
Goodwill and other intangible assets	124,960		—		—		118,185		—			243,145
Total assets	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	5,080,408	$	—		$	5,080,408
Unearned premiums	—		—		—		1,477,609		—			1,477,609
Debt	417,000		—		841,892		147,731		(417,000		)	989,623
Amounts due to subsidiaries and affiliates	82,579		54		92,794		—		(175,427		)	—
Reinsurance balances payable	—		—		—		989,090		—			989,090
Payable for investments purchased	—		—		—		208,749		—			208,749
Other liabilities	18,298		1,053		14,117		764,432		(5,129		)	792,771
Total liabilities	517,877		1,107		948,803		8,668,019		(597,556		)	9,538,250
Redeemable noncontrolling interests	—		—		—		1,296,506		—			1,296,506
Shareholders’ Equity
Total shareholders’ equity	4,391,375		278,616		656,225		4,688,497		(5,623,338		)	4,391,375
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations for the three months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	531,849		$	—		$	531,849
Net investment income	6,542			539			1,541			80,472			(8,398		)	80,696
Net foreign exchange gains (losses)	3			—			—			(4,569		)	—			(4,566		)
Equity in earnings of other ventures	—			—			290			7,358			—			7,648
Other income	—			—			—			497			—			497
Net realized and unrealized (losses) gains on investments	(176		)	4,479			(73		)	9,400			—			13,630
Total revenues	6,369			5,018			1,758			625,007			(8,398		)	629,754
Expenses
Net claims and claim expenses incurred	—			—			—			410,510			—			410,510
Acquisition expenses	—			—			—			109,761			—			109,761
Operational expenses	3,570			29			7,493			42,682			(13,181		)	40,593
Corporate expenses	3,778			—			—			3,063			—			6,841
Interest expense	1,478			—			9,257			2,512			(1,478		)	11,769
Total expenses	8,826			29			16,750			568,528			(14,659		)	579,474
(Loss) income before equity in net income of subsidiaries and taxes	(2,457		)	4,989			(14,992		)	56,479			6,261			50,280
Equity in net income of subsidiaries	45,130			2,735			11,666			—			(59,531		)	—
Income (loss) before taxes	42,673			7,724			(3,326		)	56,479			(53,270		)	50,280
Income tax (expense) benefit	(284		)	(1,026		)	1,840			(1,981		)	—			(1,451		)
Net income (loss)	42,389			6,698			(1,486		)	54,498			(53,270		)	48,829
Net income attributable to redeemable noncontrolling interests	—			—			—			(6,440		)	—			(6,440		)
Net income (loss) attributable to RenaissanceRe	42,389			6,698			(1,486		)	48,058			(53,270		)	42,389
Dividends on preference shares	(9,708		)	—			—			—			—			(9,708		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	6,698		$	(1,486	)	$	48,058		$	(53,270	)	$	32,681

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Comprehensive income (loss)
Net income (loss)	$	42,389	$	6,698	$	(1,486	)	$	54,498		$	(53,270	)	$	48,829
Change in net unrealized gains on investments	—		—		—			(382		)	—			(382		)
Comprehensive income (loss)	42,389		6,698		(1,486		)	54,116			(53,270		)	48,447
Net income attributable to redeemable noncontrolling interests	—		—		—			(6,440		)	—			(6,440		)
Comprehensive income attributable to redeemable noncontrolling interests	—		—		—			(6,440		)	—			(6,440		)
Comprehensive income (loss) attributable to RenaissanceRe	$	42,389	$	6,698	$	(1,486	)	$	47,676		$	(53,270	)	$	42,007

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	1,401,516		$	—		$	1,401,516
Net investment income	18,504			1,629			3,981			208,034			(23,620		)	208,528
Net foreign exchange losses	(1		)	—			—			(11,495		)	—			(11,496		)
Equity in earnings of other ventures	—			—			2,045			12,286			—			14,331
Other income	—			—			—			480			—			480
Net realized and unrealized (losses) gains on investments	(821		)	4,906			(399		)	(90,101		)	—			(86,415		)
Total revenues	17,682			6,535			5,627			1,520,720			(23,620		)	1,526,944
Expenses
Net claims and claim expenses incurred	—			—			—			642,380			—			642,380
Acquisition expenses	—			—			—			312,524			—			312,524
Operational expenses	7,551			60			26,737			113,721			(28,661		)	119,408
Corporate expenses	12,498			—			7			9,370			—			21,875
Interest expense	3,694			—			27,763			7,541			(3,694		)	35,304
Total expenses	23,743			60			54,507			1,085,536			(32,355		)	1,131,491
(Loss) income before equity in net income of subsidiaries and taxes	(6,061		)	6,475			(48,880		)	435,184			8,735			395,453
Equity in net income of subsidiaries	310,081			4,285			29,005			—			(343,371		)	—
Income (loss) before taxes	304,020			10,760			(19,875		)	435,184			(334,636		)	395,453
Income tax (expense) benefit	(1,939		)	(1,273		)	5,677			(5,015		)	—			(2,550		)
Net income (loss)	302,081			9,487			(14,198		)	430,169			(334,636		)	392,903
Net income attributable to redeemable noncontrolling interests	—			—			—			(90,822		)	—			(90,822		)
Net income (loss) attributable to RenaissanceRe	302,081			9,487			(14,198		)	339,347			(334,636		)	302,081
Dividends on preference shares	(20,899		)	—			—			—			—			(20,899		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	281,182		$	9,487		$	(14,198	)	$	339,347		$	(334,636	)	$	281,182

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Comprehensive income (loss)
Net income (loss)	$	302,081	$	9,487	$	(14,198	)	$	430,169		$	(334,636	)	$	392,903
Change in net unrealized gains on investments	—		—		—			(1,707		)	—			(1,707		)
Comprehensive income (loss)	302,081		9,487		(14,198		)	428,462			(334,636		)	391,196
Net income attributable to redeemable noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income attributable to noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income (loss) attributable to RenaissanceRe	$	302,081	$	9,487	$	(14,198	)	$	337,640		$	(334,636	)	$	300,374

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations for the three months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	547,792		$	—		$	547,792
Net investment income (loss)	5,725			544			(3		)	1,335			39,342			(6,686		)	40,257
Net foreign exchange losses	—			—			—			—			(156		)	—			(156		)
Equity in earnings of other ventures	—			—			—			38			1,756			—			1,794
Other income	1			—			—			—			2,995			—			2,996
Net realized and unrealized gains on investments	110			2,186			—			51			39,705			—			42,052
Total revenues	5,836			2,730			(3		)	1,424			631,434			(6,686		)	634,735
Expenses
Net claims and claim expenses incurred	—			—			—			—			1,221,696			—			1,221,696
Acquisition expenses	—			—			—			—			76,761			—			76,761
Operational expenses	2,910			17			1			6,266			37,752			(4,409		)	42,537
Corporate expenses	4,634			—			—			—			(221		)	—			4,413
Interest expense	183			—			—			9,258			2,541			(183		)	11,799
Total expenses	7,727			17			1			15,524			1,338,529			(4,592		)	1,357,206
(Loss) income before equity in net (loss) income of subsidiaries and taxes	(1,891		)	2,713			(4		)	(14,100		)	(707,095		)	(2,094		)	(722,471		)
(Loss) equity in net (loss) income of subsidiaries	(499,408		)	928			—			(16,352		)	—			514,832			—
(Loss) income before taxes	(501,299		)	3,641			(4		)	(30,452		)	(707,095		)	512,738			(722,471		)
Income tax benefit (expense)	2,082			(890		)	29			3,307			14,449			—			18,977
Net (loss) income	(499,217		)	2,751			25			(27,145		)	(692,646		)	512,738			(703,494		)
Net loss attributable to redeemable noncontrolling interests	—			—			—			—			204,277			—			204,277
Net (loss) income attributable to RenaissanceRe	(499,217		)	2,751			25			(27,145		)	(488,369		)	512,738			(499,217		)
Dividends on preference shares	(5,595		)	—			—			—			—			—			(5,595		)
Net (loss) income (attributable) available attributable to RenaissanceRe common shareholders	$	(504,812	)	$	2,751		$	25		$	(27,145	)	$	(488,369	)	$	512,738		$	(504,812	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive (Loss) Income for the three months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)		RenaissanceRe Consolidated
Comprehensive (loss) income
Net (loss) income	$	(499,217	)	$	2,751	$	25	$	(27,145	)	$	(692,646	)	$	512,738	$	(703,494	)
Change in net unrealized gains on investments	—			—		—		—			300			—		300
Comprehensive (loss) income	(499,217		)	2,751		25		(27,145		)	(692,346		)	512,738		(703,194		)
Net loss attributable to redeemable noncontrolling interests	—			—		—		—			204,277			—		204,277
Comprehensive loss attributable to redeemable noncontrolling interests	—			—		—		—			204,277			—		204,277
Comprehensive (loss) income attributable to RenaissanceRe	$	(499,217	)	$	2,751	$	25	$	(27,145	)	$	(488,069	)	$	512,738	$	(498,917	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	1,296,102		$	—		$	1,296,102
Net investment income	16,466			1,436			1,373			1,843			146,816			(19,189		)	148,745
Net foreign exchange (losses) gains	(1		)	—			—			—			11,119			—			11,118
Equity in (losses) earnings of other ventures	—			—			—			(412		)	6,242			—			5,830
Other income	—			—			—			—			7,053			—			7,053
Net realized and unrealized gains (losses) on investments	155			6,528			4,916			(217		)	132,156			—			143,538
Total revenues	16,620			7,964			6,289			1,214			1,599,488			(19,189		)	1,612,386
Expenses
Net claims and claim expenses incurred	—			—			—			—			1,557,364			—			1,557,364
Acquisition expenses	—			—			—			—			248,294			—			248,294
Operational expenses	9,398			57			86			20,892			116,212			(15,059		)	131,586
Corporate expenses	14,640			—			—			—			(305		)	—			14,335
Interest expense	464			—			2,461			22,401			7,554			(464		)	32,416
Total expenses	24,502			57			2,547			43,293			1,929,119			(15,523		)	1,983,995
(Loss) income before equity in net (loss) income of subsidiaries and taxes	(7,882		)	7,907			3,742			(42,079		)	(329,631		)	(3,666		)	(371,609		)
Equity in net (loss) income of subsidiaries	(219,309		)	3,234			28,028			20,584			—			167,463			—
(Loss) income before taxes	(227,191		)	11,141			31,770			(21,495		)	(329,631		)	163,797			(371,609		)
Income tax benefit (expense)	2,659			(2,572		)	(1,175		)	9,281			6,546			—			14,739
Net (loss) income	(224,532		)	8,569			30,595			(12,214		)	(323,085		)	163,797			(356,870		)
Net loss attributable to redeemable noncontrolling interests	—			—			—			—			132,338			—			132,338
Net (loss) income attributable to RenaissanceRe	(224,532		)	8,569			30,595			(12,214		)	(190,747		)	163,797			(224,532		)
Dividends on preference shares	(16,786		)	—			—			—			—			—			(16,786		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(241,318	)	$	8,569		$	30,595		$	(12,214	)	$	(190,747	)	$	163,797		$	(241,318	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive (Loss) Income for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)		RenaissanceRe Consolidated
Comprehensive (loss) income
Net (loss) income	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(323,085	)	$	163,797	$	(356,870	)
Change in net unrealized gains on investments	—			—		—		—			(972		)	—		(972		)
Comprehensive (loss) income	(224,532		)	8,569		30,595		(12,214		)	(324,057		)	163,797		(357,842		)
Net loss attributable to redeemable noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive loss attributable to noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive (loss) income attributable to RenaissanceRe	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(191,719	)	$	163,797	$	(225,504	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(5,869	)	$	1,496		$	16,194		$	876,705		$	888,526
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	384,818			91,118			45,459			7,700,086			8,221,481
Purchases of fixed maturity investments trading	(281,994		)	(65,988		)	(20,806		)	(8,323,900		)	(8,692,688		)
Net (purchases) sales of equity investments trading	—			(624		)	—			16,114			15,490
Net sales (purchases) of short term investments	85,598			360			(9,206		)	(1,542,203		)	(1,465,451		)
Net purchases of other investments	—			—			—			(130,649		)	(130,649		)
Net purchases of investments in other ventures	—			—			—			(20,952		)	(20,952		)
Return of investment from investments in other ventures	—			—			—			8,464			8,464
Dividends and return of capital from subsidiaries	511,098			—			—			(511,098		)	—
Contributions to subsidiaries	(686,106		)	(16,847		)	(65,000		)	767,953			—
Due (from) to subsidiary	(193,249		)	(9,598		)	36,262			166,585			—
Net cash used in investing activities	(179,835		)	(1,579		)	(13,291		)	(1,869,600		)	(2,064,305		)
Cash flows provided by financing activities
Dividends paid – RenaissanceRe common shares	(39,611		)	—			—			—			(39,611		)
Dividends paid – preference shares	(20,899		)	—			—			—			(20,899		)
Issuance of preference shares, net of expenses	242,371			—			—			—			242,371
Net third party redeemable noncontrolling interest share transactions	—			—			—			96,021			96,021
Taxes paid on withholding shares	(7,079		)	—			—			—			(7,079		)
Net cash provided by financing activities	174,782			—			—			96,021			270,803
Effect of exchange rate changes on foreign currency cash	—			—			—			(3,575		)	(3,575		)
Net (decrease) increase in cash and cash equivalents	(10,922		)	(83		)	2,903			(900,449		)	(908,551		)
Cash and cash equivalents, beginning of period	14,656			139			1,469			1,345,328			1,361,592
Cash and cash equivalents, end of period	$	3,734		$	56		$	4,372		$	444,879		$	453,041

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(6,870	)	$	(8,209	)	$	(2,262	)	$	(343,093	)	$	962,136		$	601,702
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	106,761			74,455			289,741			279,830			6,912,215			7,663,002
Purchases of fixed maturity investments trading	(118,402		)	(69,168		)	(143,991		)	(270,785		)	(7,195,939		)	(7,798,285		)
Net (purchases) sales of equity investments trading	—			(1,708		)	85,324			—			(22,045		)	61,571
Net sales (purchases) of short term investments	205,864			(4,495		)	41,299			(305		)	(388,689		)	(146,326		)
Net sales of other investments	—			—			—			—			5,181			5,181
Return of investment from investment in other ventures	—			—			—			—			20,000			20,000
Dividends and return of capital from subsidiaries	285,515			9,175			—			41,866			(336,556		)	—
Contributions to subsidiaries	(500,000		)	—			(26,649		)	(9,175		)	535,824			—
Due (from) to subsidiaries	290,130			14			(123		)	4,062			(294,083		)	—
Net cash provided by (used in) investing activities	269,868			8,273			245,601			45,493			(764,092		)	(194,857		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(38,624		)	—			—			—			—			(38,624		)
Dividends paid – preference shares	(16,786		)	—			—			—			—			(16,786		)
RenaissanceRe common share repurchases	(188,591		)	—			—			—			—			(188,591		)
Repayment of debt	—			—			(250,000		)	—			—			(250,000		)
Issuance of debt, net of expenses	—			—			—			295,866			—			295,866
Net third party redeemable noncontrolling interest share transactions	—			—			—			—			(44,193		)	(44,193		)
Taxes paid on withholding shares	(13,694		)	—			—			—			—			(13,694		)
Net cash (used in) provided by financing activities	(257,695		)	—			(250,000		)	295,866			(44,193		)	(256,022		)
Effect of exchange rate changes on foreign currency cash	—			—			—			—			9,596			9,596
Net increase (decrease) in cash and cash equivalents	5,303			64			(6,661		)	(1,734		)	163,447			160,419
Cash and cash equivalents, beginning of period	7,067			162			6,671			9,397			397,860			421,157
Cash and cash equivalents, end of period	$	12,370		$	226		$	10		$	7,663		$	561,307		$	581,576

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Acquisition of Tokio Millennium Re

On October 30, 2018, the Company announced it had entered into a Stock Purchase Agreement by and among the Company, Tokio Marine & Nichido Fire Insurance Co. Ltd. and, with respect to certain sections only, Tokio Marine Holdings, Inc. (the “TMR Stock Purchase Agreement”), pursuant to which the Company has agreed, subject to the terms and conditions therein, to cause its wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited to purchase all of the share capital of Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited, together with their respective subsidiaries (the “TMR Group Entities”). This transaction is expected to close in the first half of 2019, subject to the closing conditions set forth in the TMR Stock Purchase Agreement, including receipt of required regulatory approvals.

State Farm Stock Purchase

On October 30, 2018, the Company also announced entry into an Investment Agreement by and between the Company and State Farm Mutual Automobile Insurance Company (“State Farm”), pursuant to which State Farm has agreed, subject to the terms and conditions therein, to purchase 1,947,496 Common Shares of the Company in exchange for $250.0 million in a private placement. This transaction is expected to close in the fourth quarter of 2018, subject to the expiration of the waiting period under the Hart-Scott-Rodino Act.

Investment in Catalina Holdings (Bermuda) Ltd (“Catalina”)

In January 2018, the Company announced it had signed a definitive agreement to acquire a minority shareholding in Catalina, subject to regulatory approval and other closing conditions. On October 10, 2018, the Company closed on its investment and became a minority shareholder alongside Catalina’s management.

Hurricane Michael

The Company currently estimates, on a preliminary basis, that losses from Hurricane Michael will have an estimated net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders of approximately $100.0 million on its fourth quarter 2018 results of operations.

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest. The Company’s estimate of Hurricane Michael’s impact on the financial results is based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques.

Meaningful uncertainty regarding the estimates and the nature and extent of the losses from the Hurricane Michael remains, driven by the magnitude and recent occurrence, 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. Accordingly, the Company’s actual net negative impact from this event may vary from these preliminary estimates, perhaps materially. Updated estimates related to this event will be reflected in RenaissanceRe’s fourth quarter 2018 results of operations, when reported, and changes in these estimates will be recorded in the period in which they occur.

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Significant Accounting Policies (Policy)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.

Use of Estimates in Financial Statements

USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

Revenue from Contracts with Customers

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 was to be effective for public business entities in annual and interim periods beginning after December 15, 2016, however in July 2015, the FASB decided to defer by one year the effective dates of ASU 2014-09, and as a result, ASU 2014-09 is effective for public business entities in annual and interim periods beginning after December 15, 2017. ASU 2014-09 notably excludes the accounting for insurance contracts, leases, financial instruments and guarantees. As a result, the Company’s implementation efforts primarily focused on other income and operational expenses on its consolidated statements of operations. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated statements of operations and financial position.

Recognition and Measurement of Financial Assets and Financial Liabilities

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable values by requiring a qualitative assessment to identify impairment, eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liabilities in accordance with the fair value option, requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and clarifies that the reporting organization should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the organization’s other deferred tax assets. ASU 2016-01 is effective for public business entities in annual and interim periods beginning after December 15, 2017. The adoption of ASU 2016-01 did not have a material impact on the Company’s consolidated statements of operations and financial position.

Classification of Certain Cash Receipts and Cash Payments

In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies the classification of receipts and payments in the statement of cash flows. ASU 2016-15 provides guidance related to (1) settlement and payment of zero coupon debt instruments, (2) contingent consideration, (3) proceeds from settlement of insurance claims, (4) proceeds from settlement of corporate and bank owned life insurance policies, (5) distributions from equity method investees, (6) cash receipts from beneficial interests obtained by a transferor, and (7) general guidelines for cash receipts and payments that have more than one aspect of classification. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 resulted in the reclassification of $20.0 million of cash inflows from cash flows provided by operating activities, to cash flows used in investing activities for the nine months ended September 30, 2017. This amount related to a return of investment associated with the Company’s investment in Top Layer Reinsurance Ltd, recorded under the equity method of accounting.

Improvements to Employee Share-Based Payment Accounting

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 was issued to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and the classification of taxes paid on the statements of cash flows. ASU 2016-09 became effective for the Company in annual and interim periods beginning after December 15, 2016. The cumulative effect of the adoption of ASU 2016-09 was a $2.2 million increase to opening retained earnings as of January 1, 2017.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous guidance. ASU 2016-02 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early application is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 modifies the recognition of credit losses by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is applicable to financial assets such as loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and other financial assets that have the contractual right to receive cash. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Company's invested assets are measured at fair value through net income, and therefore those invested assets would not be impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as reinsurance recoverables, that could be impacted by the adoption of ASU 2016-13. ASU 2016-13 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Intra-Entity Transfers of Assets Other Than Inventory

In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Simplifying the Test for Goodwill Impairment

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). Among other things, ASU 2017-04 requires the following: (1) the elimination of step two of the goodwill impairment test; entities will no longer utilize the implied fair value of their assets and liabilities for purposes of testing goodwill for impairment, (2) the quantitative portion of the goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount; an impairment charge is to be recognized for the excess of carrying amount over fair value, but only to the extent of the amount of goodwill allocated to that reporting unit, and (3) foreign currency translation adjustments are not to be allocated to a reporting unit from an entity’s accumulated other comprehensive income; the reporting unit’s carrying amount should include only the currently translated balances of the assets and liabilities assigned to the reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods, or any interim goodwill impairment tests in annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

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Investments (Tables)

9 Months Ended

Sep. 30, 2018

Investments [Abstract]

Schedule of Fair Value of Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:

	September 30, 2018		December 31, 2017
U.S. treasuries	$	3,117,911	$	3,168,763
Agencies	143,980		47,646
Municipal	7,061		509,802
Non-U.S. government (Sovereign debt)	254,169		287,660
Non-U.S. government-backed corporate	137,512		163,651
Corporate	2,448,795		2,063,459
Agency mortgage-backed	836,376		500,456
Non-agency mortgage-backed	289,649		300,331
Commercial mortgage-backed	257,434		202,062
Asset-backed	321,892		182,725
Total fixed maturity investments trading	$	7,814,779	$	7,426,555

Schedule of Contractual Maturities of Fixed Maturity Investments

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

September 30, 2018	Amortized  Cost		Fair Value
Due in less than one year	$	303,364	$	301,817
Due after one through five years	4,759,113		4,694,059
Due after five through ten years	1,029,502		1,020,157
Due after ten years	96,311		93,395
Mortgage-backed	1,390,933		1,383,459
Asset-backed	322,661		321,892
Total	$	7,901,884	$	7,814,779

Schedule of Fair Value of Equity Investments Trading

The following table summarizes the fair value of equity investments trading:

	September 30, 2018		December 31, 2017
Financials	$	262,173	$	253,543
Communications and technology	60,235		49,526
Industrial, utilities and energy	34,755		34,325
Consumer	26,649		24,779
Healthcare	25,250		21,364
Basic materials	4,209		4,717
Total	$	413,271	$	388,254

Schedule of Net Investment Income

The components of net investment income are as follows:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Fixed maturity investments	$	55,725		$	45,305		$	151,784		$	133,080
Short term investments	9,403			2,771			22,340			7,476
Equity investments	903			930			3,091			2,630
Other investments
Private equity investments	8,723			6,371			12,149			20,784
Other	8,665			(11,491		)	27,346			(4,520		)
Cash and cash equivalents	1,104			352			2,708			836
	84,523			44,238			219,418			160,286
Investment expenses	(3,827		)	(3,981		)	(10,890		)	(11,541		)
Net investment income	$	80,696		$	40,257		$	208,528		$	148,745

Schedule of Net Realized and Unrealized Gains (Losses)

Net realized and unrealized gains (losses) on investments are as follows:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Gross realized gains	$	5,229		$	16,343		$	14,945		$	43,053
Gross realized losses	(15,327		)	(6,126		)	(67,699		)	(29,902		)
Net realized (losses) gains on fixed maturity investments	(10,098		)	10,217			(52,754		)	13,151
Net unrealized (losses) gains on fixed maturity investments trading	(8,730		)	5,545			(73,522		)	48,940
Net realized and unrealized gains (losses) on investments-related derivatives	2,563			(4,020		)	(763		)	(4,344		)
Net realized gains on equity investments trading sold during the period	21,259			13,675			21,841			49,736
Net unrealized gains on equity investments trading still held at reporting date	8,636			16,635			18,783			36,055
Net realized and unrealized gains on equity investments trading	29,895			30,310			40,624			85,791
Net realized and unrealized gains (losses) on investments	$	13,630		$	42,052		$	(86,415	)	$	143,538

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

At September 30, 2018	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	3,117,911		$	3,117,911	$	—	$	—
Agencies	143,980			—		143,980		—
Municipal	7,061			—		7,061		—
Non-U.S. government (Sovereign debt)	254,169			—		254,169		—
Non-U.S. government-backed corporate	137,512			—		137,512		—
Corporate	2,448,795			—		2,448,795		—
Agency mortgage-backed	836,376			—		836,376		—
Non-agency mortgage-backed	289,649			—		289,649		—
Commercial mortgage-backed	257,434			—		257,434		—
Asset-backed	321,892			—		321,892		—
Total fixed maturity investments	7,814,779			3,117,911		4,696,868		—
Short term investments	2,461,415			—		2,461,415		—
Equity investments trading	413,271			413,271		—		—
Other investments
Catastrophe bonds	525,126			—		525,126		—
Private equity partnerships (1)	185,121			—		—		—
Senior secured bank loan funds (1)	17,057			—		—		—
Hedge funds (1)	11,615			—		—		—
Total other investments	738,919			—		525,126		—
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(8,949		)	—		—		(8,949		)
Derivatives (3)	1,594			249		1,345		—
Total other assets and (liabilities)	(7,355		)	249		1,345		(8,949		)
	$	11,421,029		$	3,531,431	$	7,684,754	$	(8,949	)

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at September 30, 2018 was $5.3 million and $14.2 million of other assets and other liabilities, respectively.

(3) See “Note 13. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

At December 31, 2017	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	3,168,763		$	3,168,763		$	—	$	—
Agencies	47,646			—			47,646		—
Municipal	509,802			—			509,802		—
Non-U.S. government (Sovereign debt)	287,660			—			287,660		—
Non-U.S. government-backed corporate	163,651			—			163,651		—
Corporate	2,063,459			—			2,063,459		—
Agency mortgage-backed	500,456			—			500,456		—
Non-agency mortgage-backed	300,331			—			300,331		—
Commercial mortgage-backed	202,062			—			202,062		—
Asset-backed	182,725			—			182,725		—
Total fixed maturity investments	7,426,555			3,168,763			4,257,792		—
Short term investments	991,863			—			991,863		—
Equity investments trading	388,254			388,254			—		—
Other investments
Catastrophe bonds	380,475			—			380,475		—
Private equity partnerships (1)	196,220			—			—		—
Senior secured bank loan funds (1)	17,574			—			—		—
Hedge funds (1)	524			—			—		—
Total other investments	594,793			—			380,475		—
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(2,952		)	—			—		(2,952		)
Derivatives (3)	4,636			(45		)	4,681		—
Total other assets and (liabilities)	1,684			(45		)	4,681		(2,952		)
	$	9,403,149		$	3,556,972		$	5,634,811	$	(2,952	)

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at December 31, 2017 was $2.5 million and $5.5 million of other assets and other liabilities, respectively.

(3) See “Note 13. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

Schedule of Quantitative Information Used as Level 3 Inputs

Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At September 30, 2018	Fair Value (Level 3)			Valuation Technique	Unobservable (U) and Observable (O) Inputs	Low		High		Weighted Average or Actual
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	$	994		Internal valuation model	Bond price (O)	$	101.31	$	111.12	$	106.80
					Liquidity discount (U)	n/a		n/a		1.3		%
Assumed and ceded (re)insurance contracts	(9,943		)	Internal valuation model	Net undiscounted cash flows (U)	n/a		n/a		$	10,180
					Expected loss ratio (U)	n/a		n/a		38.2		%
					Net acquisition expense ratio (O)	n/a		n/a		4.9		%
					Contract period (O)	2.0 years		5.0 years		4.7 years
					Discount rate (U)	n/a		n/a		3.0		%
Total other assets and (liabilities)	$	(8,949	)

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

	Other assets and (liabilities)
Balance - January 1, 2018	$	(2,952	)
Total realized and unrealized gains
Included in other income	2,399
Purchases	(9,379		)
Settlements	983
Balance - September 30, 2018	$	(8,949	)

	Other assets  and (liabilities)
Balance - January 1, 2017	$	(13,004	)
Total realized and unrealized gains
Included in other income	3,525
Purchases	49
Settlements	5,937
Balance - September 30, 2017	$	(3,493	)

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

	Other assets and (liabilities)
Balance - January 1, 2018	$	(2,952	)
Total realized and unrealized gains
Included in other income	2,399
Purchases	(9,379		)
Settlements	983
Balance - September 30, 2018	$	(8,949	)

	Other assets  and (liabilities)
Balance - January 1, 2017	$	(13,004	)
Total realized and unrealized gains
Included in other income	3,525
Purchases	49
Settlements	5,937
Balance - September 30, 2017	$	(3,493	)

Schedule of Balances Elected to Account for at Fair Value

Below is a summary of the balances the Company has elected to account for at fair value:

	September 30, 2018		December 31, 2017
Other investments	$	738,919	$	594,793
Other assets	$	5,259	$	2,542
Other liabilities	$	14,208	$	5,494

Schedule of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At September 30, 2018	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private equity partnerships	$	185,121	$	416,847	See below	See below	See below
Senior secured bank loan funds	17,057		20,262		See below	See below	See below
Hedge funds	11,615		—		See below	See below	See below
Total other investments measured using net asset valuations	$	213,793	$	437,109

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Reinsurance (Tables)

9 Months Ended

Sep. 30, 2018

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Effect of Reinsurance and Retrocessional Activity on Premiums Written and Earned and on Net Claims and Claim Expenses Incurred

The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Premiums written
Direct	$	74,635		$	64,040		$	250,375		$	205,253
Assumed	551,042			576,229			2,512,297			2,184,521
Ceded	(172,422		)	(157,048		)	(1,041,864		)	(806,672		)
Net premiums written	$	453,255		$	483,221		$	1,720,808		$	1,583,102
Premiums earned
Direct	$	73,356		$	61,908		$	213,292		$	176,433
Assumed	760,920			712,499			1,968,138			1,731,845
Ceded	(302,427		)	(226,615		)	(779,914		)	(612,176		)
Net premiums earned	$	531,849		$	547,792		$	1,401,516		$	1,296,102
Claims and claim expenses
Gross claims and claim expenses incurred	$	514,873		$	2,482,510		$	817,560		$	2,924,217
Claims and claim expenses recovered	(104,363		)	(1,260,814		)	(175,180		)	(1,366,853		)
Net claims and claim expenses incurred	$	410,510		$	1,221,696		$	642,380		$	1,557,364

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Reserve for Claims and Claim Expenses (Tables)

9 Months Ended

Sep. 30, 2018

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claim Expenses

The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses:

Nine months ended September 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(172,872	)	$	(16,968	)
Casualty and Specialty	(24,020		)	14,015
Other	(88		)	(710		)
Total favorable development of prior accident years net claims and claim expenses	$	(196,980	)	$	(3,663	)

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:

Nine months ended September 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods	$	(16,234	)	$	(17,004	)
Ogden Rate change	—			33,481
Actuarial assumption changes	(7,786		)	(2,462		)
Total (favorable) adverse development of prior accident years net claims and claim expenses	$	(24,020	)	$	14,015

The following tables detail the development of the Company’s liability for unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Nine months ended September 30,	2018
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2017 Catastrophe Events	$	(151,155	)
Other	(7,313		)
Total large catastrophe events	(158,468		)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(8,722		)
Total small catastrophe events and attritional loss movements	(8,722		)
Total catastrophe and attritional net claims and claim expenses	(167,190		)
Actuarial assumption changes	(5,682		)
Total net favorable development of prior accident years net claims and claim expenses	$	(172,872	)

Nine months ended September 30,	2017
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
New Zealand Earthquake (2011)	$	5,807
New Zealand Earthquake (2010)	5,001
April and May U.S. Tornadoes (2011)	(4,163		)
Other	(3,881		)
Total large catastrophe events	2,764
Small catastrophe events and attritional loss movements
Fort McMurray Wildfire (2016)	(6,386		)
Tianjin Explosion (2015)	(4,896		)
Other small catastrophe events and attritional loss movements	(9,293		)
Total small catastrophe events and attritional loss movements	(20,575		)
Total catastrophe and attritional net claims and claim expenses	(17,811		)
Actuarial assumption changes	843
Total net favorable development of prior accident years net claims and claim expenses	$	(16,968	)

The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR:

At September 30, 2018	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	610,932	$	744,391	$	774,220	$	2,129,543
Casualty and Specialty	773,732		102,631		1,940,244		2,816,607
Other	3,240		—		3,108		6,348
Total	$	1,387,904	$	847,022	$	2,717,572	$	4,952,498
At December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Nine months ended September 30,	2018			2017
Net reserves as of January 1	$	3,493,778		$	2,568,730
Net incurred related to:
Current year	839,360			1,561,027
Prior years	(196,980		)	(3,663		)
Total net incurred	642,380			1,557,364
Net paid related to:
Current year	48,075			158,685
Prior years	326,692			396,411
Total net paid	374,767			555,096
Foreign exchange	(12,952		)	33,011
Net reserves as of September 30	3,748,439			3,604,009
Reinsurance recoverable as of September 30	1,204,059			1,588,304
Gross reserves as of September 30	$	4,952,498		$	5,192,313

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Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:

	September 30, 2018				December 31, 2017
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.450% Senior Notes due 2027	$	282,585	$	295,673	$	294,654	$	295,303
3.700% Senior Notes due 2025	293,559		297,594		302,781		297,318
5.750% Senior Notes due 2020	256,250		249,520		263,750		249,272
4.750% Senior Notes due 2025 (DaVinciRe) (1)	147,924		147,962		157,050		147,730
	$	980,318	$	990,749	$	1,018,235	$	989,623

(1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

Schedule of Line of Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:

At September 30, 2018	Issued or Drawn
RenaissanceRe Revolving Credit Facility (1)	$	—
Uncommitted Standby Letter of Credit Facility with Wells Fargo	87,057
Bilateral Letter of Credit Facility with Citibank Europe	180,416
Renaissance Reinsurance FAL Facility	180,000
Total credit facilities in U.S. dollars	$	447,473
Specialty Risks FAL Facility (1)	£	—
Total credit facilities in pound sterling	£	—

(1) At September 30, 2018, no amounts were issued or drawn under these facilities.

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Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2018

Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Beginning balance	$	411,003		$	222,165		$	284,847		$	181,136
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(8,720		)	(1,400		)	(52,223		)	(27,310		)
Sale of shares to redeemable noncontrolling interests	43,000			9,391			199,482			72,732
Net income (loss) attributable to redeemable noncontrolling interest	2,710			(8,769		)	15,887			(5,171		)
Ending balance	$	447,993		$	221,387		$	447,993		$	221,387

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

	September 30, 2018		December 31, 2017
Redeemable noncontrolling interest - DaVinciRe	$	1,085,985	$	1,011,659
Redeemable noncontrolling interest - Medici	447,993		284,847
Redeemable noncontrolling interests	$	1,533,978	$	1,296,506

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

	Three months ended					Nine months ended
	September 30, 2018		September 30, 2017			September 30, 2018		September 30, 2017
Redeemable noncontrolling interest - DaVinciRe	$	3,730	$	(195,508	)	$	74,935	$	(127,167	)
Redeemable noncontrolling interest - Medici	2,710		(8,769		)	15,887		(5,171		)
Net income (loss) attributable to redeemable noncontrolling interests	$	6,440	$	(204,277	)	$	90,822	$	(132,338	)

The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Beginning balance	$	1,082,425		$	1,019,918		$	1,011,659		$	994,458
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(170		)	(12,068		)	(609		)	(78,870		)
Sale of shares to redeemable noncontrolling interests	—			—			—			23,921
Net income (loss) attributable to redeemable noncontrolling interest	3,730			(195,508		)	74,935			(127,167		)
Ending balance	$	1,085,985		$	812,342		$	1,085,985		$	812,342

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:

	Three months ended						Nine months ended
(common shares in thousands)	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	32,681		$	(504,812	)	$	281,182		$	(241,318	)
Amount allocated to participating common shareholders (1)	(294		)	(116		)	(2,977		)	(344		)
Net income (loss) allocated to RenaissanceRe common shareholders	$	32,387		$	(504,928	)	$	278,205		$	(241,662	)
Denominator:
Denominator for basic income per RenaissanceRe common share - weighted average common shares	39,624			39,591			39,606			39,979
Per common share equivalents of employee stock options and restricted shares	13			—			21			—
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions	39,637			39,591			39,627			39,979
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	0.82		$	(12.75	)	$	7.02		$	(6.04	)

(1) Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors.

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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Significant Components of the Company's Revenues and Expenses by Segment

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:

Three months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	301,413		$	324,264		$	—		$	625,677
Net premiums written	$	232,632		$	220,623		$	—		$	453,255
Net premiums earned	$	293,059		$	238,791		$	(1	)	$	531,849
Net claims and claim expenses incurred	265,857			144,671			(18		)	410,510
Acquisition expenses	45,524			64,238			(1		)	109,761
Operational expenses	25,577			14,976			40			40,593
Underwriting (loss) income	$	(43,899	)	$	14,906		$	(22	)	(29,015		)
Net investment income							80,696			80,696
Net foreign exchange losses							(4,566		)	(4,566		)
Equity in earnings of other ventures							7,648			7,648
Other income							497			497
Net realized and unrealized gains on investments							13,630			13,630
Corporate expenses							(6,841		)	(6,841		)
Interest expense							(11,769		)	(11,769		)
Income before taxes and redeemable noncontrolling interests										50,280
Income tax expense							(1,451		)	(1,451		)
Net income attributable to redeemable noncontrolling interests							(6,440		)	(6,440		)
Dividends on preference shares							(9,708		)	(9,708		)
Net income available to RenaissanceRe common shareholders										$	32,681
Net claims and claim expenses incurred – current accident year	$	268,022		$	151,904		$	—		$	419,926
Net claims and claim expenses incurred – prior accident years	(2,165		)	(7,233		)	(18		)	(9,416		)
Net claims and claim expenses incurred – total	$	265,857		$	144,671		$	(18	)	$	410,510
Net claims and claim expense ratio – current accident year	91.5		%	63.6		%				79.0		%
Net claims and claim expense ratio – prior accident years	(0.8		)%	(3.0		)%				(1.8		)%
Net claims and claim expense ratio – calendar year	90.7		%	60.6		%				77.2		%
Underwriting expense ratio	24.3		%	33.2		%				28.3		%
Combined ratio	115.0		%	93.8		%				105.5		%

Nine months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,561,008		$	1,201,664		$	—		$	2,762,672
Net premiums written	$	884,541		$	836,267		$	—		$	1,720,808
Net premiums earned	$	722,246		$	679,271		$	(1	)	$	1,401,516
Net claims and claim expenses incurred	222,195			420,273			(88		)	642,380
Acquisition expenses	127,095			185,429			—			312,524
Operational expenses	75,933			43,121			354			119,408
Underwriting income (loss)	$	297,023		$	30,448		$	(267	)	327,204
Net investment income							208,528			208,528
Net foreign exchange losses							(11,496		)	(11,496		)
Equity in earnings of other ventures							14,331			14,331
Other income							480			480
Net realized and unrealized losses on investments							(86,415		)	(86,415		)
Corporate expenses							(21,875		)	(21,875		)
Interest expense							(35,304		)	(35,304		)
Income before taxes and redeemable noncontrolling interests										395,453
Income tax expense							(2,550		)	(2,550		)
Net income attributable to redeemable noncontrolling interests							(90,822		)	(90,822		)
Dividends on preference shares							(20,899		)	(20,899		)
Net income available to RenaissanceRe common shareholders										$	281,182
Net claims and claim expenses incurred – current accident year	$	395,067		$	444,293		$	—		$	839,360
Net claims and claim expenses incurred – prior accident years	(172,872		)	(24,020		)	(88		)	(196,980		)
Net claims and claim expenses incurred – total	$	222,195		$	420,273		$	(88	)	$	642,380
Net claims and claim expense ratio – current accident year	54.7		%	65.4		%				59.9		%
Net claims and claim expense ratio – prior accident years	(23.9		)%	(3.5		)%				(14.1		)%
Net claims and claim expense ratio – calendar year	30.8		%	61.9		%				45.8		%
Underwriting expense ratio	28.1		%	33.6		%				30.9		%
Combined ratio	58.9		%	95.5		%				76.7		%

Three months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	325,395		$	314,881		$	(7	)	$	640,269
Net premiums written	$	269,393		$	213,835		$	(7	)	$	483,221
Net premiums earned	$	336,838		$	210,961		$	(7	)	$	547,792
Net claims and claim expenses incurred	1,044,418			177,433			(155		)	1,221,696
Acquisition expenses	17,514			59,248			(1		)	76,761
Operational expenses	25,123			17,389			25			42,537
Underwriting (loss) income	$	(750,217	)	$	(43,109	)	$	124		(793,202		)
Net investment income							40,257			40,257
Net foreign exchange losses							(156		)	(156		)
Equity in earnings of other ventures							1,794			1,794
Other income							2,996			2,996
Net realized and unrealized gains on investments							42,052			42,052
Corporate expenses							(4,413		)	(4,413		)
Interest expense							(11,799		)	(11,799		)
Loss before taxes and redeemable noncontrolling interests										(722,471		)
Income tax benefit							18,977			18,977
Net loss attributable to redeemable noncontrolling interests							204,277			204,277
Dividends on preference shares							(5,595		)	(5,595		)
Net loss attributable to RenaissanceRe common shareholders										$	(504,812	)
Net claims and claim expenses incurred – current accident year	$	1,036,586		$	172,675		$	—		$	1,209,261
Net claims and claim expenses incurred – prior accident years	7,832			4,758			(155		)	12,435
Net claims and claim expenses incurred – total	$	1,044,418		$	177,433		$	(155	)	$	1,221,696
Net claims and claim expense ratio – current accident year	307.7		%	81.9		%				220.8		%
Net claims and claim expense ratio – prior accident years	2.4		%	2.2		%				2.2		%
Net claims and claim expense ratio – calendar year	310.1		%	84.1		%				223.0		%
Underwriting expense ratio	12.6		%	36.3		%				21.8		%
Combined ratio	322.7		%	120.4		%				244.8		%

Nine months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,345,271		$	1,044,510		$	(7	)	$	2,389,774
Net premiums written	$	895,728		$	687,381		$	(7	)	$	1,583,102
Net premiums earned	$	716,024		$	580,085		$	(7	)	$	1,296,102
Net claims and claim expenses incurred	1,116,273			441,801			(710		)	1,557,364
Acquisition expenses	75,117			173,179			(2		)	248,294
Operational expenses	76,841			54,708			37			131,586
Underwriting (loss) income	$	(552,207	)	$	(89,603	)	$	668		(641,142		)
Net investment income							148,745			148,745
Net foreign exchange gains							11,118			11,118
Equity in earnings of other ventures							5,830			5,830
Other income							7,053			7,053
Net realized and unrealized gains on investments							143,538			143,538
Corporate expenses							(14,335		)	(14,335		)
Interest expense							(32,416		)	(32,416		)
Loss before taxes and redeemable noncontrolling interests										(371,609		)
Income tax benefit							14,739			14,739
Net loss attributable to RenaissanceRe common shareholders							132,338			132,338
Dividends on preference shares							(16,786		)	(16,786		)
Net loss attributable to RenaissanceRe common shareholders										$	(241,318	)
Net claims and claim expenses incurred – current accident year	$	1,133,241		$	427,786		$	—		$	1,561,027
Net claims and claim expenses incurred – prior accident years	(16,968		)	14,015			(710		)	(3,663		)
Net claims and claim expenses incurred – total	$	1,116,273		$	441,801		$	(710	)	$	1,557,364
Net claims and claim expense ratio – current accident year	158.3		%	73.7		%				120.4		%
Net claims and claim expense ratio – prior accident years	(2.4		)%	2.5		%				(0.2		)%
Net claims and claim expense ratio – calendar year	155.9		%	76.2		%				120.2		%
Underwriting expense ratio	21.2		%	39.2		%				29.3		%
Combined ratio	177.1		%	115.4		%				149.5		%

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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Summary of Derivative Instruments [Abstract]

Schedule of Location on Consolidated Balance Sheets and Fair Value of Principal Derivative Instruments

The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:

	Derivative Assets
At September 30, 2018	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Interest rate futures	$	438	184		$	254	Other assets	$	—	$	254
Interest rate swaps	782		—		782		Other assets	—		782
Foreign currency forward contracts (1)	6,547		—		6,547		Other assets	—		6,547
Foreign currency forward contracts (2)	1,416		40		1,376		Other assets	—		1,376
Credit default swaps	277		—		277		Other assets	—		277
Total	$	9,460	$	224	$	9,236		$	—	$	9,236
	Derivative Liabilities
At September 30, 2018	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Interest rate futures	$	189	184		$	5	Other liabilities	$	5	$	—
Interest rate swaps	232		—		232		Other liabilities	232		—
Foreign currency forward contracts (1)	7,272		504		6,768		Other liabilities	—		6,768
Foreign currency forward contracts (2)	663		40		623		Other liabilities	—		623
Credit default swaps	14		—		14		Other liabilities	—		14
Total	$	8,370	$	728	$	7,642		$	237	$	7,405

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

	Derivative Assets
At December 31, 2017	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Interest rate futures	$	684	524		$	160	Other assets	$	—	$	160
Interest rate swaps	424		—		424		Other assets	—		424
Foreign currency forward contracts (1)	3,865		358		3,507		Other assets	—		3,507
Foreign currency forward contracts (2)	39		11		28		Other assets	—		28
Credit default swaps	1,518		—		1,518		Other assets	—		1,518
Total	$	6,530	$	893	$	5,637		$	—	$	5,637
	Derivative Liabilities
At December 31, 2017	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Interest rate futures	$	729	524		$	205	Other liabilities	$	205	$	—
Foreign currency forward contracts (1)	670		—		670		Other liabilities	—		670
Foreign currency forward contracts (2)	115		11		104		Other liabilities	—		104
Credit default swaps	22		—		22		Other liabilities	22		—
Total	$	1,536	$	535	$	1,001		$	227	$	774

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

Schedule of Gain (Loss) Recognized in Consolidated Statements of Operations Related to Principal Derivative Instruments

The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:

	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Three months ended September 30,		2018			2017
Interest rate futures	Net realized and unrealized gains (losses) on investments	$	2,760		$	(3,016	)
Interest rate swaps	Net realized and unrealized gains (losses) on investments	(6		)	271
Foreign currency forward contracts (1)	Net foreign exchange (losses) gains	(2,596		)	2,056
Foreign currency forward contracts (2)	Net foreign exchange (losses) gains	650			(40		)
Credit default swaps	Net realized and unrealized gains (losses) on investments	(191		)	(1,275		)
Total		$	617		$	(2,004	)
	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Nine months ended September 30,		2018			2017
Interest rate futures	Net realized and unrealized gains (losses) on investments	$	336		$	(4,064	)
Interest rate swaps	Net realized and unrealized gains (losses) on investments	129			271
Foreign currency forward contracts (1)	Net foreign exchange (losses) gains	(2,227		)	8,339
Foreign currency forward contracts (2)	Net foreign exchange (losses) gains	1,302			(940		)
Credit default swaps	Net realized and unrealized gains (losses) on investments	(1,228		)	(551		)
Total		$	(1,688	)	$	3,055

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]

Condensed Consolidating Balance Sheets

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Balance Sheet at December 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)		Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Assets
Total investments	$	225,266	$	129,732	$	31,255	$	9,117,186	$	—		$	9,503,439
Cash and cash equivalents	14,656		139		1,469		1,345,328		—			1,361,592
Investments in subsidiaries	4,105,760		36,140		1,141,733		—		(5,283,633		)	—
Due from subsidiaries and affiliates	4,602		91,891		—		—		(96,493		)	—
Premiums receivable	—		—		—		1,304,622		—			1,304,622
Prepaid reinsurance premiums	—		—		—		533,546		—			533,546
Reinsurance recoverable	—		—		—		1,586,630		—			1,586,630
Accrued investment income	405		428		82		41,320		—			42,235
Deferred acquisition costs	—		—		—		426,551		—			426,551
Receivable for investments sold	135		51		8		102,951		—			103,145
Other assets	433,468		21,342		430,481		76,703		(840,768		)	121,226
Goodwill and other intangible assets	124,960		—		—		118,185		—			243,145
Total assets	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	5,080,408	$	—		$	5,080,408
Unearned premiums	—		—		—		1,477,609		—			1,477,609
Debt	417,000		—		841,892		147,731		(417,000		)	989,623
Amounts due to subsidiaries and affiliates	82,579		54		92,794		—		(175,427		)	—
Reinsurance balances payable	—		—		—		989,090		—			989,090
Payable for investments purchased	—		—		—		208,749		—			208,749
Other liabilities	18,298		1,053		14,117		764,432		(5,129		)	792,771
Total liabilities	517,877		1,107		948,803		8,668,019		(597,556		)	9,538,250
Redeemable noncontrolling interests	—		—		—		1,296,506		—			1,296,506
Shareholders’ Equity
Total shareholders’ equity	4,391,375		278,616		656,225		4,688,497		(5,623,338		)	4,391,375
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statements of Operations

Condensed Consolidating Statement of Operations for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	1,296,102		$	—		$	1,296,102
Net investment income	16,466			1,436			1,373			1,843			146,816			(19,189		)	148,745
Net foreign exchange (losses) gains	(1		)	—			—			—			11,119			—			11,118
Equity in (losses) earnings of other ventures	—			—			—			(412		)	6,242			—			5,830
Other income	—			—			—			—			7,053			—			7,053
Net realized and unrealized gains (losses) on investments	155			6,528			4,916			(217		)	132,156			—			143,538
Total revenues	16,620			7,964			6,289			1,214			1,599,488			(19,189		)	1,612,386
Expenses
Net claims and claim expenses incurred	—			—			—			—			1,557,364			—			1,557,364
Acquisition expenses	—			—			—			—			248,294			—			248,294
Operational expenses	9,398			57			86			20,892			116,212			(15,059		)	131,586
Corporate expenses	14,640			—			—			—			(305		)	—			14,335
Interest expense	464			—			2,461			22,401			7,554			(464		)	32,416
Total expenses	24,502			57			2,547			43,293			1,929,119			(15,523		)	1,983,995
(Loss) income before equity in net (loss) income of subsidiaries and taxes	(7,882		)	7,907			3,742			(42,079		)	(329,631		)	(3,666		)	(371,609		)
Equity in net (loss) income of subsidiaries	(219,309		)	3,234			28,028			20,584			—			167,463			—
(Loss) income before taxes	(227,191		)	11,141			31,770			(21,495		)	(329,631		)	163,797			(371,609		)
Income tax benefit (expense)	2,659			(2,572		)	(1,175		)	9,281			6,546			—			14,739
Net (loss) income	(224,532		)	8,569			30,595			(12,214		)	(323,085		)	163,797			(356,870		)
Net loss attributable to redeemable noncontrolling interests	—			—			—			—			132,338			—			132,338
Net (loss) income attributable to RenaissanceRe	(224,532		)	8,569			30,595			(12,214		)	(190,747		)	163,797			(224,532		)
Dividends on preference shares	(16,786		)	—			—			—			—			—			(16,786		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(241,318	)	$	8,569		$	30,595		$	(12,214	)	$	(190,747	)	$	163,797		$	(241,318	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	1,401,516		$	—		$	1,401,516
Net investment income	18,504			1,629			3,981			208,034			(23,620		)	208,528
Net foreign exchange losses	(1		)	—			—			(11,495		)	—			(11,496		)
Equity in earnings of other ventures	—			—			2,045			12,286			—			14,331
Other income	—			—			—			480			—			480
Net realized and unrealized (losses) gains on investments	(821		)	4,906			(399		)	(90,101		)	—			(86,415		)
Total revenues	17,682			6,535			5,627			1,520,720			(23,620		)	1,526,944
Expenses
Net claims and claim expenses incurred	—			—			—			642,380			—			642,380
Acquisition expenses	—			—			—			312,524			—			312,524
Operational expenses	7,551			60			26,737			113,721			(28,661		)	119,408
Corporate expenses	12,498			—			7			9,370			—			21,875
Interest expense	3,694			—			27,763			7,541			(3,694		)	35,304
Total expenses	23,743			60			54,507			1,085,536			(32,355		)	1,131,491
(Loss) income before equity in net income of subsidiaries and taxes	(6,061		)	6,475			(48,880		)	435,184			8,735			395,453
Equity in net income of subsidiaries	310,081			4,285			29,005			—			(343,371		)	—
Income (loss) before taxes	304,020			10,760			(19,875		)	435,184			(334,636		)	395,453
Income tax (expense) benefit	(1,939		)	(1,273		)	5,677			(5,015		)	—			(2,550		)
Net income (loss)	302,081			9,487			(14,198		)	430,169			(334,636		)	392,903
Net income attributable to redeemable noncontrolling interests	—			—			—			(90,822		)	—			(90,822		)
Net income (loss) attributable to RenaissanceRe	302,081			9,487			(14,198		)	339,347			(334,636		)	302,081
Dividends on preference shares	(20,899		)	—			—			—			—			(20,899		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	281,182		$	9,487		$	(14,198	)	$	339,347		$	(334,636	)	$	281,182

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive (Loss) Income for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)		RenaissanceRe Consolidated
Comprehensive (loss) income
Net (loss) income	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(323,085	)	$	163,797	$	(356,870	)
Change in net unrealized gains on investments	—			—		—		—			(972		)	—		(972		)
Comprehensive (loss) income	(224,532		)	8,569		30,595		(12,214		)	(324,057		)	163,797		(357,842		)
Net loss attributable to redeemable noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive loss attributable to noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive (loss) income attributable to RenaissanceRe	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(191,719	)	$	163,797	$	(225,504	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			Consolidating Adjustments  (2)			RenaissanceRe Consolidated
Comprehensive income (loss)
Net income (loss)	$	302,081	$	9,487	$	(14,198	)	$	430,169		$	(334,636	)	$	392,903
Change in net unrealized gains on investments	—		—		—			(1,707		)	—			(1,707		)
Comprehensive income (loss)	302,081		9,487		(14,198		)	428,462			(334,636		)	391,196
Net income attributable to redeemable noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income attributable to noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income (loss) attributable to RenaissanceRe	$	302,081	$	9,487	$	(14,198	)	$	337,640		$	(334,636	)	$	300,374

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries)  (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(5,869	)	$	1,496		$	16,194		$	876,705		$	888,526
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	384,818			91,118			45,459			7,700,086			8,221,481
Purchases of fixed maturity investments trading	(281,994		)	(65,988		)	(20,806		)	(8,323,900		)	(8,692,688		)
Net (purchases) sales of equity investments trading	—			(624		)	—			16,114			15,490
Net sales (purchases) of short term investments	85,598			360			(9,206		)	(1,542,203		)	(1,465,451		)
Net purchases of other investments	—			—			—			(130,649		)	(130,649		)
Net purchases of investments in other ventures	—			—			—			(20,952		)	(20,952		)
Return of investment from investments in other ventures	—			—			—			8,464			8,464
Dividends and return of capital from subsidiaries	511,098			—			—			(511,098		)	—
Contributions to subsidiaries	(686,106		)	(16,847		)	(65,000		)	767,953			—
Due (from) to subsidiary	(193,249		)	(9,598		)	36,262			166,585			—
Net cash used in investing activities	(179,835		)	(1,579		)	(13,291		)	(1,869,600		)	(2,064,305		)
Cash flows provided by financing activities
Dividends paid – RenaissanceRe common shares	(39,611		)	—			—			—			(39,611		)
Dividends paid – preference shares	(20,899		)	—			—			—			(20,899		)
Issuance of preference shares, net of expenses	242,371			—			—			—			242,371
Net third party redeemable noncontrolling interest share transactions	—			—			—			96,021			96,021
Taxes paid on withholding shares	(7,079		)	—			—			—			(7,079		)
Net cash provided by financing activities	174,782			—			—			96,021			270,803
Effect of exchange rate changes on foreign currency cash	—			—			—			(3,575		)	(3,575		)
Net (decrease) increase in cash and cash equivalents	(10,922		)	(83		)	2,903			(900,449		)	(908,551		)
Cash and cash equivalents, beginning of period	14,656			139			1,469			1,345,328			1,361,592
Cash and cash equivalents, end of period	$	3,734		$	56		$	4,372		$	444,879		$	453,041

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(6,870	)	$	(8,209	)	$	(2,262	)	$	(343,093	)	$	962,136		$	601,702
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	106,761			74,455			289,741			279,830			6,912,215			7,663,002
Purchases of fixed maturity investments trading	(118,402		)	(69,168		)	(143,991		)	(270,785		)	(7,195,939		)	(7,798,285		)
Net (purchases) sales of equity investments trading	—			(1,708		)	85,324			—			(22,045		)	61,571
Net sales (purchases) of short term investments	205,864			(4,495		)	41,299			(305		)	(388,689		)	(146,326		)
Net sales of other investments	—			—			—			—			5,181			5,181
Return of investment from investment in other ventures	—			—			—			—			20,000			20,000
Dividends and return of capital from subsidiaries	285,515			9,175			—			41,866			(336,556		)	—
Contributions to subsidiaries	(500,000		)	—			(26,649		)	(9,175		)	535,824			—
Due (from) to subsidiaries	290,130			14			(123		)	4,062			(294,083		)	—
Net cash provided by (used in) investing activities	269,868			8,273			245,601			45,493			(764,092		)	(194,857		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(38,624		)	—			—			—			—			(38,624		)
Dividends paid – preference shares	(16,786		)	—			—			—			—			(16,786		)
RenaissanceRe common share repurchases	(188,591		)	—			—			—			—			(188,591		)
Repayment of debt	—			—			(250,000		)	—			—			(250,000		)
Issuance of debt, net of expenses	—			—			—			295,866			—			295,866
Net third party redeemable noncontrolling interest share transactions	—			—			—			—			(44,193		)	(44,193		)
Taxes paid on withholding shares	(13,694		)	—			—			—			—			(13,694		)
Net cash (used in) provided by financing activities	(257,695		)	—			(250,000		)	295,866			(44,193		)	(256,022		)
Effect of exchange rate changes on foreign currency cash	—			—			—			—			9,596			9,596
Net increase (decrease) in cash and cash equivalents	5,303			64			(6,661		)	(1,734		)	163,447			160,419
Cash and cash equivalents, beginning of period	7,067			162			6,671			9,397			397,860			421,157
Cash and cash equivalents, end of period	$	12,370		$	226		$	10		$	7,663		$	561,307		$	581,576

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

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Organization (Details)	9 Months Ended
	Sep. 30, 2018
RenaissanceRe Upsilon Fund Ltd. | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Percent of segregated funds owned by third party investors	100.00%

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Significant Accounting Policies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in cash inflows from cash flows provided by operating activities	$ (888,526)	$ (601,702)
Increase in cash flows used in investing activities	$ 2,064,305	194,857
Reclassification effect of adoption of ASU 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in cash inflows from cash flows provided by operating activities		20,000
Increase in cash flows used in investing activities		$ 20,000
Cumulative effect of adoption of ASU 2016-09 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption			$ 2,200

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Investments (Schedule of Fair Value of Fixed Maturity Investments Trading) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investment [Line Items]
Total fixed maturity investments trading	$ 7,814,779	$ 7,426,555
U.S. treasuries
Investment [Line Items]
Total fixed maturity investments trading	3,117,911	3,168,763
Agencies
Investment [Line Items]
Total fixed maturity investments trading	143,980	47,646
Municipal
Investment [Line Items]
Total fixed maturity investments trading	7,061	509,802
Non-U.S. government (Sovereign debt)
Investment [Line Items]
Total fixed maturity investments trading	254,169	287,660
Non-U.S. government-backed corporate
Investment [Line Items]
Total fixed maturity investments trading	137,512	163,651
Corporate
Investment [Line Items]
Total fixed maturity investments trading	2,448,795	2,063,459
Agency mortgage-backed
Investment [Line Items]
Total fixed maturity investments trading	836,376	500,456
Non-agency mortgage-backed
Investment [Line Items]
Total fixed maturity investments trading	289,649	300,331
Commercial mortgage-backed
Investment [Line Items]
Total fixed maturity investments trading	257,434	202,062
Asset-backed
Investment [Line Items]
Total fixed maturity investments trading	$ 321,892	$ 182,725

XML

Investments (Schedule of Contractual Maturities of Fixed Maturity Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Trading Securities
Amortized Cost, Due in less than one year	$ 303,364
Amortized Cost, Due after one through five years	4,759,113
Amortized Cost, Due after five through ten years	1,029,502
Amortized Cost, Due after ten years	96,311
Amortized Cost	7,901,884	$ 7,434,870
Fair Value, Due in less than one year	301,817
Fair Value, Due after one through five years	4,694,059
Fair Value, Due after five through ten years	1,020,157
Fair Value, Due after ten years	93,395
Fair Value	7,814,779	7,426,555
Mortgage-backed
Trading Securities
Amortized Cost	1,390,933
Fair Value	1,383,459
Asset-backed
Trading Securities
Amortized Cost	322,661
Fair Value	$ 321,892	$ 182,725

XML

Investments (Schedule of Fair Value of Equity Investments Trading) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt and Equity Securities, FV-NI [Line Items]
Equity investments trading	$ 413,271	$ 388,254
Financials
Debt and Equity Securities, FV-NI [Line Items]
Equity investments trading	262,173	253,543
Communications and technology
Debt and Equity Securities, FV-NI [Line Items]
Equity investments trading	60,235	49,526
Industrial, utilities and energy
Debt and Equity Securities, FV-NI [Line Items]
Equity investments trading	34,755	34,325
Consumer
Debt and Equity Securities, FV-NI [Line Items]
Equity investments trading	26,649	24,779
Healthcare
Debt and Equity Securities, FV-NI [Line Items]
Equity investments trading	25,250	21,364
Basic materials
Debt and Equity Securities, FV-NI [Line Items]
Equity investments trading	$ 4,209	$ 4,717

XML

Investments (Pledged Investments) (Details) - USD ($) $ in Billions	Sep. 30, 2018	Dec. 31, 2017
Investments [Abstract]
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of various counterparties	$ 5.1	$ 4.4
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of U.S. state regulatory authorities	$ 1.9	$ 1.7

XML

Investments (Reverse Purchase Agreements) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Value of reverse repurchase agreements	$ 92.0	$ 30.0
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal	102.00%

XML

Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	$ 84,523	$ 44,238	$ 219,418	$ 160,286
Investment expenses	(3,827)	(3,981)	(10,890)	(11,541)
Net investment income	80,696	40,257	208,528	148,745
Fixed maturity investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	55,725	45,305	151,784	133,080
Short term investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	9,403	2,771	22,340	7,476
Equity investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	903	930	3,091	2,630
Private equity investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	8,723	6,371	12,149	20,784
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	8,665	(11,491)	27,346	(4,520)
Cash and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	$ 1,104	$ 352	$ 2,708	$ 836

XML

Investments (Schedule of Net Realized and Unrealized (Losses) Gains on Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Gain (Loss) on Securities [Line Items]
Net realized and unrealized gains (losses) on investments	$ 13,630	$ 42,052	$ (86,415)	$ 143,538
Fixed maturity investments
Gain (Loss) on Securities [Line Items]
Gross realized gains	5,229	16,343	14,945	43,053
Gross realized losses	(15,327)	(6,126)	(67,699)	(29,902)
Net realized (losses) gains on fixed maturity investments	(10,098)	10,217	(52,754)	13,151
Net unrealized (losses) gains on fixed maturity investments trading	(8,730)	5,545	(73,522)	48,940
Derivatives
Gain (Loss) on Securities [Line Items]
Net realized and unrealized gains (losses) on investments-related derivatives	2,563	(4,020)	(763)	(4,344)
Equity investments
Gain (Loss) on Securities [Line Items]
Net realized gains on equity investments trading sold during the period	21,259	13,675	21,841	49,736
Net unrealized gains on equity investments trading still held at reporting date	8,636	16,635	18,783	36,055
Net realized and unrealized gains on equity investments trading	$ 29,895	$ 30,310	$ 40,624	$ 85,791

XML

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	$ 7,814,779	$ 7,426,555
Equity investments trading	413,271	388,254
Other investments	738,919	594,793
Other assets	5,259	2,542
Other liabilities	(14,208)	(5,494)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	7,814,779	7,426,555
Short term investments	2,461,415	991,863
Equity investments trading	413,271	388,254
Other investments	738,919	594,793
Other assets		1,684
Other liabilities	(7,355)
Total assets and liabilities measured on recurring basis	11,421,029	9,403,149
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	3,117,911	3,168,763
Short term investments	0	0
Equity investments trading	413,271	388,254
Other investments	0	0
Other assets	249
Other liabilities		(45)
Total assets and liabilities measured on recurring basis	3,531,431	3,556,972
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	4,696,868	4,257,792
Short term investments	2,461,415	991,863
Equity investments trading	0	0
Other investments	525,126	380,475
Other assets	1,345	4,681
Total assets and liabilities measured on recurring basis	7,684,754	5,634,811
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Short term investments	0	0
Equity investments trading	0	0
Other investments	0	0
Other liabilities	(8,949)	(2,952)
Total assets and liabilities measured on recurring basis	(8,949)	(2,952)
Fair Value, Measurements, Recurring | U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	3,117,911	3,168,763
Fair Value, Measurements, Recurring | U.S. treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	3,117,911	3,168,763
Fair Value, Measurements, Recurring | U.S. treasuries | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | U.S. treasuries | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	143,980	47,646
Fair Value, Measurements, Recurring | Agencies | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Agencies | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	143,980	47,646
Fair Value, Measurements, Recurring | Agencies | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	7,061	509,802
Fair Value, Measurements, Recurring | Municipal | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Municipal | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	7,061	509,802
Fair Value, Measurements, Recurring | Municipal | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign debt)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	254,169	287,660
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign debt) | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign debt) | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	254,169	287,660
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign debt) | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	137,512	163,651
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	137,512	163,651
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	2,448,795	2,063,459
Fair Value, Measurements, Recurring | Corporate | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Corporate | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	2,448,795	2,063,459
Fair Value, Measurements, Recurring | Corporate | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Agency mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	836,376	500,456
Fair Value, Measurements, Recurring | Agency mortgage-backed | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Agency mortgage-backed | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	836,376	500,456
Fair Value, Measurements, Recurring | Agency mortgage-backed | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Non-agency mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	289,649	300,331
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	289,649	300,331
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	257,434	202,062
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	257,434	202,062
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	321,892	182,725
Fair Value, Measurements, Recurring | Asset-backed | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Asset-backed | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	321,892	182,725
Fair Value, Measurements, Recurring | Asset-backed | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments	0	0
Fair Value, Measurements, Recurring | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	525,126	380,475
Fair Value, Measurements, Recurring | Catastrophe bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Catastrophe bonds | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	525,126	380,475
Fair Value, Measurements, Recurring | Catastrophe bonds | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Private equity partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	185,121	196,220
Fair Value, Measurements, Recurring | Private equity partnerships | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Private equity partnerships | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Private equity partnerships | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Senior secured bank loan funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	17,057	17,574
Fair Value, Measurements, Recurring | Senior secured bank loan funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Senior secured bank loan funds | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Senior secured bank loan funds | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	11,615	524
Fair Value, Measurements, Recurring | Hedge funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Hedge funds | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Hedge funds | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	(8,949)	(2,952)
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0
Other liabilities		0
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0
Other liabilities		0
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	(8,949)	(2,952)
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	5,300	2,500
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | Other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	(14,200)	(5,500)
Fair Value, Measurements, Recurring | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	1,594	4,636
Fair Value, Measurements, Recurring | Derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	249
Other liabilities		(45)
Fair Value, Measurements, Recurring | Derivatives | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	1,345	4,681
Fair Value, Measurements, Recurring | Derivatives | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	$ 0
Other liabilities		$ 0

XML

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	$ 5,259,000		$ 5,259,000		$ 2,542,000
Other liabilities	14,208,000		14,208,000		5,494,000
Debt	990,749,000		990,749,000		989,623,000
Long-term debt, fair value	980,300,000		980,300,000		1,018,200,000
Net unrealized gains recognized in earnings			17,778,000	$ 2,686,000
Net investment income | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains recognized in earnings	9,100,000	$ 9,800,000	17,800,000	2,700,000
Other income (loss) | Other assets and (liabilities)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains recognized in earnings	0	$ 0	0	$ 0
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	990,749,000		990,749,000		989,623,000
Long-term debt, fair value	980,318,000		980,318,000		1,018,235,000
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets					1,684,000
Other liabilities	7,355,000		7,355,000
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities	8,949,000		8,949,000		$ 2,952,000
Significant Unobservable Inputs (Level 3) | Internal valuation model | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities	8,949,000		8,949,000
Significant Unobservable Inputs (Level 3) | Internal valuation model | Fair Value, Measurements, Recurring | Assumed reinsurance contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	994,000		994,000
Significant Unobservable Inputs (Level 3) | Internal valuation model | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities	9,943,000		9,943,000
Fair Value Measured at Net Asset Value Per Share
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 213,793,000		$ 213,793,000
U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	2.80%		2.80%		1.90%
Agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.10%		3.10%		2.10%
Municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.00%		4.00%		2.20%
Non-U.S. government (Sovereign debt)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	2.90%		2.90%		2.00%
Non-U.S. government-backed corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.20%		3.20%		2.30%
Corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.30%		4.30%		3.80%
Agency mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.70%		3.70%		3.00%
Weighted average life			8 years 2 months 12 days		6 years 4 months 24 days
Non-agency prime residential mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.20%		4.20%		3.70%
Weighted average life			5 years 6 months		5 years 1 month 6 days
Alt-A non-agency mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.10%		4.10%		3.70%
Weighted average life			6 years 3 months 18 days		6 years 2 months 12 days
Commercial mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.60%		3.60%		2.90%
Weighted average life			5 years		4 years 6 months
Asset-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.70%		3.70%		2.80%
Weighted average life			3 years 3 months 18 days		3 years
Short term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	1.80%		1.80%		1.40%
Private equity partnerships | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			7 years
Private equity partnerships | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			10 years
Private equity partnerships | Fair Value Measured at Net Asset Value Per Share
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 185,121,000		$ 185,121,000
Senior secured bank loan funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in closed end fund	17,100,000		$ 17,100,000
Senior secured bank loan funds | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			4 years
Senior secured bank loan funds | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			5 years
Senior secured bank loan funds | Fair Value Measured at Net Asset Value Per Share
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	17,057,000		$ 17,057,000
Hedge funds | Fair Value Measured at Net Asset Value Per Share
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	11,615,000		11,615,000
Hedge funds redeemable at option of shareholder | Fair Value Measured at Net Asset Value Per Share
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 11,300,000		$ 11,300,000

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Fair Value Measurements (Quantitative Information Used as Level 3 Inputs) (Details) $ in Thousands	Sep. 30, 2018 USD ($) year $ / shares	Dec. 31, 2017 USD ($)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other assets (liabilities)	$ (14,208)	$ (5,494)
Total other assets and (liabilities)	5,259	2,542
Fair Value, Measurements, Recurring
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other assets (liabilities)	(7,355)
Total other assets and (liabilities)		1,684
Fair Value, Measurements, Recurring | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other assets (liabilities)	(8,949)	$ (2,952)
Fair Value, Measurements, Recurring | Internal valuation model | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other assets (liabilities)	(8,949)
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group one | Internal valuation model | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Total other assets and (liabilities)	994
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other assets (liabilities)	$ (9,943)
Bond price | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group one | Internal valuation model | Fair Value (Level 3) | Low
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs | $ / shares	101.31
Bond price | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group one | Internal valuation model | Fair Value (Level 3) | High
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs | $ / shares	111.12
Bond price | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group one | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs | $ / shares	106.80
Liquidity discount | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group one | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs	0.013
Net undiscounted cash flows | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs	(10,180,000)
Expected loss ratio | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs	0.382
Net acquisition expense ratio | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs	(0.049)
Contract period | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3) | Low
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs | year	2.0
Contract period | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3) | High
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs | year	5.0
Contract period | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs | year	4.7
Discount rate | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs	0.030

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Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - Other assets and (liabilities) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	$ (2,952)	$ (13,004)
Total realized and unrealized gains
Purchases	(9,379)	49
Settlements	983	5,937
Balance at end of the period	(8,949)	(3,493)
Other income (loss)
Total realized and unrealized gains
Included in other income	$ 2,399	$ 3,525

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Fair Value Measurements (Summary of the Balances Company Has Elected to Account For at Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Other investments	$ 738,919	$ 594,793
Other assets	5,259	2,542
Other liabilities	$ 14,208	$ 5,494

XML

Fair Value Measurements (Company's Portfolio of Other Investments Measured Using Net Asset Valuations) (Details) - Fair Value Measured at Net Asset Value Per Share $ in Thousands	Sep. 30, 2018 USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 213,793
Unfunded Commitments	437,109
Private equity partnerships
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	185,121
Unfunded Commitments	416,847
Senior secured bank loan funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	17,057
Unfunded Commitments	20,262
Hedge funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	11,615
Unfunded Commitments	$ 0

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Reinsurance (Effect of Reinsurance and Retrocessional Activity on Premiums Written and Earned and on Net Claims and Claim Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Premiums written
Direct	$ 74,635	$ 64,040	$ 250,375	$ 205,253
Assumed	551,042	576,229	2,512,297	2,184,521
Ceded	(172,422)	(157,048)	(1,041,864)	(806,672)
Net premiums written	453,255	483,221	1,720,808	1,583,102
Premiums earned
Direct	73,356	61,908	213,292	176,433
Assumed	760,920	712,499	1,968,138	1,731,845
Ceded	(302,427)	(226,615)	(779,914)	(612,176)
Net premiums earned	531,849	547,792	1,401,516	1,296,102
Claims and claim expenses
Gross claims and claim expenses incurred	514,873	2,482,510	817,560	2,924,217
Claims and claim expenses recovered	(104,363)	(1,260,814)	(175,180)	(1,366,853)
Net claims and claim expenses incurred	$ 410,510	$ 1,221,696	$ 642,380	$ 1,557,364

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Reinsurance (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 1,204,059	$ 1,588,304	$ 1,586,630
Allowance for reinsurance recoverable
Ceded Credit Risk [Line Items]
Valuation allowances and reserves balance	$ 6,300		$ 7,000
Customer Concentration Risk, Customer One | Reinsurance recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	12.20%	10.40%
Customer Concentration Risk, Customer One | Allowance for reinsurance recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	19.90%	11.10%
Customer Concentration Risk, Customer Two | Reinsurance recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	12.00%	7.50%
Customer Concentration Risk, Customer Two | Allowance for reinsurance recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	19.80%	9.20%
Customer Concentration Risk, Customer Three | Reinsurance recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	9.20%	7.30%
Customer Concentration Risk, Customer Three | Allowance for reinsurance recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	18.00%	8.40%
Ceded Credit Risk, Secured | Reinsurer Concentration Risk | Reinsurance recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	52.50%	54.50%
Ceded Credit Risk, Unsecured | Reinsurer Concentration Risk | Reinsurance recoverable | Standard & Poor's, A- Rating
Ceded Credit Risk [Line Items]
Concentration risk, percentage	46.40%	44.50%
Ceded Credit Risk, Unsecured | Reinsurer Concentration Risk | Reinsurance recoverable | Standard & Poor's, BBB Rating
Ceded Credit Risk [Line Items]
Concentration risk, percentage	1.10%	1.00%

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Reserve for Claims and Claim Expenses (Claims and Claim Expense Reserves by Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Case Reserves	$ 1,387,904	$ 1,392,852
Additional Case Reserves	847,022	1,021,445
IBNR	2,717,572	2,666,111
Gross reserve for claims and claim expenses	4,952,498	5,080,408	$ 5,192,313
Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Case Reserves	3,240	6,605
Additional Case Reserves	0	0
IBNR	3,108	11,921
Gross reserve for claims and claim expenses	6,348	18,526
Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Case Reserves	610,932	696,285
Additional Case Reserves	744,391	896,522
IBNR	774,220	893,583
Gross reserve for claims and claim expenses	2,129,543	2,486,390
Casualty and Specialty
Liability for Claims and Claims Adjustment Expense [Line Items]
Case Reserves	773,732	689,962
Additional Case Reserves	102,631	124,923
IBNR	1,940,244	1,760,607
Gross reserve for claims and claim expenses	$ 2,816,607	$ 2,575,492

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Reserve for Claims and Claim Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net reserves as of January 1			$ 3,493,778	$ 2,568,730
Net incurred related to:
Current year	$ 419,926	$ 1,209,261	839,360	1,561,027
Prior years	(9,416)	12,435	(196,980)	(3,663)
Total net incurred	410,510	1,221,696	642,380	1,557,364
Net paid related to:
Current year			48,075	158,685
Prior years			326,692	396,411
Total net paid			374,767	555,096
Foreign exchange			(12,952)	33,011
Net reserves as of September 30	3,748,439	3,604,009	3,748,439	3,604,009
Reinsurance recoverable as of September 30	1,204,059	1,588,304	1,204,059	1,588,304
Gross reserves as of September 30	$ 4,952,498	$ 5,192,313	$ 4,952,498	$ 5,192,313

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Reserve for Claims and Claim Expenses (Prior Year Development of the Reserve for Net Claims and Claim Expenses) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2017
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years	$ (9,416)	$ 12,435	$ (196,980)	$ (3,663)
Ogden Rate | Discount rate
Liability for Catastrophe Claims [Line Items]
Cash surrender value, measurement input	(0.0075)		(0.0075)		0.025
Other
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years	$ (18)	$ (155)	$ (88)	(710)
Property
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(172,872)	(16,968)
Property | Actuarial assumption changes
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(5,682)	843
Property | Large and Small Catastrophe Events
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(167,190)	(17,811)
Property | Large catastrophe events
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(158,468)	2,764
Property | 2017 Catastrophe Events
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(151,155)
Property | Other
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(7,313)	(3,881)
Property | New Zealand Earthquake (2011)
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years				5,807
Property | New Zealand Earthquake (2010)
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years				5,001
Property | April and May U.S. Tornadoes (2011)
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years				(4,163)
Property | Small catastrophe events and attritional loss movements
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(8,722)	(20,575)
Property | Other small catastrophe events and attritional loss movements
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(8,722)	(9,293)
Property | Fort McMurray Wildfire (2016)
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years				(6,386)
Property | Tianjin Explosion (2015)
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years				(4,896)
Casualty and Specialty
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(24,020)	14,015
Casualty and Specialty | Actuarial methods
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(16,234)	(17,004)
Casualty and Specialty | Actuarial assumption changes
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			(7,786)	(2,462)
Casualty and Specialty | Ogden Rate change
Liability for Catastrophe Claims [Line Items]
Net claims and claim expenses incurred – prior accident years			$ 0	$ 33,481

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Debt and Credit Facilities (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair Value	$ 980,300	$ 1,018,200
Carrying Value	$ 990,749	989,623
3.450% Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument, Interest rate	3.45%
3.700% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument, Interest rate	3.70%
5.750% Senior Notes due 2020
Debt Instrument [Line Items]
Debt instrument, Interest rate	5.75%
4.750% Senior Notes due 2025 (DaVinciRe)
Debt Instrument [Line Items]
Debt instrument, Interest rate	4.75%
Senior Notes
Debt Instrument [Line Items]
Fair Value	$ 980,318	1,018,235
Carrying Value	990,749	989,623
Senior Notes | 3.450% Senior Notes due 2027 | RenaissanceRe Finance, Inc.
Debt Instrument [Line Items]
Fair Value	282,585	294,654
Carrying Value	295,673	295,303
Senior Notes | 3.700% Senior Notes due 2025
Debt Instrument [Line Items]
Fair Value	293,559	302,781
Carrying Value	297,594	297,318
Senior Notes | 5.750% Senior Notes due 2020
Debt Instrument [Line Items]
Fair Value	256,250	263,750
Carrying Value	249,520	249,272
Senior Notes | 4.750% Senior Notes due 2025 (DaVinciRe) | DaVinciRe Holdings Ltd.
Debt Instrument [Line Items]
Fair Value	147,924	157,050
Carrying Value	$ 147,962	$ 147,730

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Debt and Credit Facilities (Schedule of Credit Facilities) (Details) - Sep. 30, 2018 £ in Thousands, $ in Thousands	USD ($)	GBP (£)
Line of Credit Facility [Line Items]
Credit facilities outstanding	$ 447,473	£ 0
Renaissance Reinsurance FAL Facility | Line of Credit
Line of Credit Facility [Line Items]
Credit facilities outstanding	180,000
Specialty Risks FAL Facility | Line of Credit
Line of Credit Facility [Line Items]
Credit facilities outstanding | £		£ 0
Wells Fargo | Uncommitted Standby Letter of Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Credit facilities outstanding	87,057
Citibank Europe PLC | Bilateral Facility | Letter of Credit
Line of Credit Facility [Line Items]
Credit facilities outstanding	180,416
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Credit facilities outstanding	$ 0

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Noncontrolling Interests (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2017	Jul. 31, 2017	Jan. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2017	Jan. 01, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests				$ 1,533,978		$ 1,533,978		$ 1,296,506
Net income (loss) attributable to redeemable noncontrolling interests				$ 6,440	$ (204,277)	$ 90,822	$ (132,338)
DaVinci Reinsurance Ltd.
Redeemable Noncontrolling Interest [Line Items]
Parent company ownership in redeemable noncontrolling interest	22.10%			22.10%		22.10%		22.10%		23.50%		22.60%
RenaissanceRe Medici Fund Ltd.
Redeemable Noncontrolling Interest [Line Items]
Parent company ownership in redeemable noncontrolling interest				15.80%		15.80%		26.80%
DaVinciRe Holdings Ltd.
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests				$ 1,085,985	812,342	$ 1,085,985	812,342	$ 1,011,659	$ 1,082,425		$ 1,019,918		$ 994,458
Net income (loss) attributable to redeemable noncontrolling interests				3,730	(195,508)	74,935	(127,167)
Redeemable noncontrolling interest, net redemptions			$ 75,000
Redeemable noncontrolling interest, reserve holdback			7,500
Noncontrolling interest, change from purchase or sale of interests	$ 49,700	$ 12,000	$ 24,000
Issuance of equity to third party investors	$ 248,600
Sale of shares to redeemable noncontrolling interest				0	0	0	23,921
Redemption of shares from redeemable noncontrolling interest				$ 170	12,068	$ 609	78,870
DaVinciRe Holdings Ltd. | Maximum
Redeemable Noncontrolling Interest [Line Items]
Share repurchase requests, limit				25.00%		25.00%
RenaissanceRe Medici Fund Ltd.
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests				$ 447,993	221,387	$ 447,993	221,387	284,847	$ 411,003		$ 222,165		$ 181,136
Net income (loss) attributable to redeemable noncontrolling interests				2,710	(8,769)	$ 15,887	(5,171)
Redemption provision, notice period						30 days
Sale of shares to redeemable noncontrolling interest				43,000	9,391	$ 199,482	72,732	149,200
Redemption of shares from redeemable noncontrolling interest				$ 8,720	$ 1,400	$ 52,223	$ 27,310	$ 48,000

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Noncontrolling Interests (Schedule of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Activity in redeemable noncontrolling interest
Beginning balance			$ 1,296,506
Net income (loss) attributable to redeemable noncontrolling interest	$ 6,440	$ (204,277)	90,822	$ (132,338)
Ending balance	1,533,978		1,533,978		$ 1,296,506
DaVinciRe Holdings Ltd.
Activity in redeemable noncontrolling interest
Beginning balance	1,082,425	1,019,918	1,011,659	994,458	994,458
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(170)	(12,068)	(609)	(78,870)
Sale of shares to redeemable noncontrolling interests	0	0	0	23,921
Net income (loss) attributable to redeemable noncontrolling interest	3,730	(195,508)	74,935	(127,167)
Ending balance	1,085,985	812,342	1,085,985	812,342	1,011,659
RenaissanceRe Medici Fund Ltd.
Activity in redeemable noncontrolling interest
Beginning balance	411,003	222,165	284,847	181,136	181,136
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(8,720)	(1,400)	(52,223)	(27,310)	(48,000)
Sale of shares to redeemable noncontrolling interests	43,000	9,391	199,482	72,732	149,200
Net income (loss) attributable to redeemable noncontrolling interest	2,710	(8,769)	15,887	(5,171)
Ending balance	$ 447,993	$ 221,387	$ 447,993	$ 221,387	$ 284,847

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Variable Interest Entities (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Variable Interest Entity [Line Items]
Assets	$ 17,096,394,000		$ 17,096,394,000		$ 15,226,131,000
Liabilities	10,675,895,000		10,675,895,000		9,538,250,000
Ceded premiums written	172,422,000	$ 157,048,000	1,041,864,000	$ 806,672,000
Ceded premiums earned	302,427,000	$ 226,615,000	779,914,000	612,176,000
Investments in other ventures, under equity method	117,307,000		117,307,000		101,974,000
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Return of capital					84,300,000
Assets	1,600,000,000		1,600,000,000		1,200,000,000
Liabilities	1,600,000,000		1,600,000,000		1,200,000,000
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary | Non-Voting Preference Shares
Variable Interest Entity [Line Items]
Issuance of equity to third party investors					180,600,000
Contributions to subsidiaries			$ 109,800,000		27,200,000
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd.
Variable Interest Entity [Line Items]
Return of capital					$ 33,000,000
Variable interest entity, ownership percentage			14.00%		20.80%
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary | Third party investor | Non-Voting Preference Shares
Variable Interest Entity [Line Items]
Contributions to subsidiaries			$ 856,700,000		$ 7,500,000
Renaissance Reinsurance Ltd. | Variable Interest Entity, Primary Beneficiary | Fibonacci Reinsurance Ltd.
Variable Interest Entity [Line Items]
Ceded premiums written			9,100,000	9,400,000
Ceded premiums earned			6,800,000	6,200,000
Mona Lisa Re Ltd | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	100,000		100,000		25,900,000
Liabilities	100,000		100,000		25,900,000
Mona Lisa Re Ltd | Variable Interest Entity, Not Primary Beneficiary | Renaissance Reinsurance Ltd.
Variable Interest Entity [Line Items]
Ceded premiums written			200,000	200,000
Ceded premiums earned			200,000	4,000,000
Mona Lisa Re Ltd | Variable Interest Entity, Not Primary Beneficiary | DaVinci Reinsurance Ltd.
Variable Interest Entity [Line Items]
Ceded premiums written			200,000	200,000
Ceded premiums earned			200,000	$ 2,800,000
Fibonacci Reinsurance Ltd. | Variable Interest Entity, Primary Beneficiary | Other Investments
Variable Interest Entity [Line Items]
Investment in participating notes	8,500,000		8,500,000		14,100,000
Langhorne Holdings LLC | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method	1,300,000		1,300,000		600,000
Langhorne Partners
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method	$ 100,000		$ 100,000
Langhorne Partners | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method					$ 0

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Shareholders' Equity (Details) - USD ($)							1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 28, 2018	Sep. 14, 2018	Jun. 29, 2018	Jun. 15, 2018	Mar. 29, 2018	Mar. 15, 2018	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Nov. 10, 2017
Class of Stock [Line Items]
Dividends per common share		$ 0.33		$ 0.33				$ 0.33	$ 0.32	$ 0.99	$ 0.96
Dividends paid per common share (in dollars per share)	$ 0.33		$ 0.33		$ 0.33
Dividends declared and paid, preference shares								$ 9,708,000	$ 5,595,000	$ 20,899,000	$ 16,786,000
Shares issued (In shares)								16,010,000		16,010,000		16,000,000
Par value (In dollars per share)								$ 1		$ 1		$ 1
Retained Earnings
Class of Stock [Line Items]
Dividends declared and paid, preference shares										$ 20,899,000	16,786,000
Dividends declared and paid, common shares										$ 39,611,000	$ 38,624,000
Common Shares
Class of Stock [Line Items]
Dividends per common share						$ 0.33
Share repurchase program, authorized amount													$ 500,000,000
Share repurchase program, shares repurchased (in shares)										0
Share repurchase program, remaining authorized aggregate amount								$ 500,000,000		$ 500,000,000
Series C Preference Shares
Class of Stock [Line Items]
Dividend rate, percentage										6.08%
Liquidation preference per annum (in dollars per share)								$ 1.52		$ 1.52
Liquidation preference quarterly (in dollars per share)								0.38		$ 0.38
Series E Preference Shares
Class of Stock [Line Items]
Dividend rate, percentage										5.375%
Liquidation preference per annum (in dollars per share)								1.34375		$ 1.34375
Liquidation preference quarterly (in dollars per share)								$ 0.3359375		$ 0.3359375
Series F Preference Shares
Class of Stock [Line Items]
Dividend rate, percentage							5.75%
Liquidation preference per annum (in dollars per share)							$ 1,437.50
Liquidation preference quarterly (in dollars per share)							$ 359.375
Shares issued (In shares)							10,000
Par value (In dollars per share)							$ 1
Liquidation preference (in dollars per share)							25,000
Redemption price per share (in dollars per share)							25,000
Series F Preference Shares | Prior To June 30, 2023
Class of Stock [Line Items]
Redemption price per share (in dollars per share)							26,000
Depositary Shares
Class of Stock [Line Items]
Liquidation preference per annum (in dollars per share)							1.4375
Liquidation preference quarterly (in dollars per share)							$ 0.359375
Shares issued (In shares)							10,000,000
Percentage interest in underlying shares								0.10%		0.10%
Redemption price per share (in dollars per share)							$ 25
Depositary Shares | Prior To June 30, 2023
Class of Stock [Line Items]
Redemption price per share (in dollars per share)							$ 26

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Earnings Per Share (Computation of Basic and Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$ 32,681	$ (504,812)	$ 281,182	$ (241,318)
Amount allocated to participating common shareholders	(294)	(116)	(2,977)	(344)
Net income (loss) allocated to RenaissanceRe common shareholders	$ 32,387	$ (504,928)	$ 278,205	$ (241,662)
Denominator:
Denominator for basic income per RenaissanceRe common share - weighted average common shares (in shares)	39,624	39,591	39,606	39,979
Per common share equivalents of employee stock options and restricted shares (in shares)	13	0	21	0
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (in shares)	39,637	39,591	39,627	39,979
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (in dollars per share)	$ 0.82	$ (12.75)	$ 7.02	$ (6.04)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (in dollars per share)	$ 0.82	$ (12.75)	$ 7.02	$ (6.04)

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Segment Reporting (Schedule of Significant Components of the Company's Revenues and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Gross premiums written	$ 625,677	$ 640,269	$ 2,762,672	$ 2,389,774
Net premiums written	453,255	483,221	1,720,808	1,583,102
Net premiums earned	531,849	547,792	1,401,516	1,296,102
Net claims and claim expenses incurred	410,510	1,221,696	642,380	1,557,364
Acquisition expenses	109,761	76,761	312,524	248,294
Operational expenses	40,593	42,537	119,408	131,586
Underwriting income (loss)	(29,015)	(793,202)	327,204	(641,142)
Net investment income	80,696	40,257	208,528	148,745
Net foreign exchange (losses) gains	(4,566)	(156)	(11,496)	11,118
Equity in earnings of other ventures	7,648	1,794	14,331	5,830
Other income	497	2,996	480	7,053
Net realized and unrealized gains (losses) on investments	13,630	42,052	(86,415)	143,538
Corporate expenses	(6,841)	(4,413)	(21,875)	(14,335)
Interest expense	(11,769)	(11,799)	(35,304)	(32,416)
Income (loss) before taxes	50,280	(722,471)	395,453	(371,609)
Income tax (expense) benefit	(1,451)	18,977	(2,550)	14,739
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Dividends on preference shares	(9,708)	(5,595)	(20,899)	(16,786)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	32,681	(504,812)	281,182	(241,318)
Net claims and claim expenses incurred – current accident year	419,926	1,209,261	839,360	1,561,027
Net claims and claim expenses incurred – prior accident years	(9,416)	12,435	(196,980)	(3,663)
Total net incurred	$ 410,510	$ 1,221,696	$ 642,380	$ 1,557,364
Net claims and claim expense ratio – current accident year	79.00%	220.80%	59.90%	120.40%
Net claims and claim expense ratio – prior accident years	(1.80%)	2.20%	(14.10%)	(0.20%)
Net claims and claim expense ratio – calendar year	77.20%	223.00%	45.80%	120.20%
Underwriting expense ratio	28.30%	21.80%	30.90%	29.30%
Combined ratio	105.50%	244.80%	76.70%	149.50%
Other
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ (7)	$ 0	$ (7)
Net premiums written	0	(7)	0	(7)
Net premiums earned	(1)	(7)	(1)	(7)
Net claims and claim expenses incurred	(18)	(155)	(88)	(710)
Acquisition expenses	(1)	(1)	0	(2)
Operational expenses	40	25	354	37
Underwriting income (loss)	(22)	124	(267)	668
Net investment income	80,696	40,257	208,528	148,745
Net foreign exchange (losses) gains	(4,566)	(156)	(11,496)	11,118
Equity in earnings of other ventures	7,648	1,794	14,331	5,830
Other income	497	2,996	480	7,053
Net realized and unrealized gains (losses) on investments	13,630	42,052	(86,415)	143,538
Corporate expenses	(6,841)	(4,413)	(21,875)	(14,335)
Interest expense	(11,769)	(11,799)	(35,304)	(32,416)
Income tax (expense) benefit	(1,451)	18,977	(2,550)	14,739
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Dividends on preference shares	(9,708)	(5,595)	(20,899)	(16,786)
Net claims and claim expenses incurred – current accident year	0	0	0	0
Net claims and claim expenses incurred – prior accident years	(18)	(155)	(88)	(710)
Total net incurred	(18)	(155)	(88)	(710)
Property
Segment Reporting Information [Line Items]
Net claims and claim expenses incurred – prior accident years			(172,872)	(16,968)
Property | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	301,413	325,395	1,561,008	1,345,271
Net premiums written	232,632	269,393	884,541	895,728
Net premiums earned	293,059	336,838	722,246	716,024
Net claims and claim expenses incurred	265,857	1,044,418	222,195	1,116,273
Acquisition expenses	45,524	17,514	127,095	75,117
Operational expenses	25,577	25,123	75,933	76,841
Underwriting income (loss)	(43,899)	(750,217)	297,023	(552,207)
Net claims and claim expenses incurred – current accident year	268,022	1,036,586	395,067	1,133,241
Net claims and claim expenses incurred – prior accident years	(2,165)	7,832	(172,872)	(16,968)
Total net incurred	$ 265,857	$ 1,044,418	$ 222,195	$ 1,116,273
Net claims and claim expense ratio – current accident year	91.50%	307.70%	54.70%	158.30%
Net claims and claim expense ratio – prior accident years	(0.80%)	2.40%	(23.90%)	(2.40%)
Net claims and claim expense ratio – calendar year	90.70%	310.10%	30.80%	155.90%
Underwriting expense ratio	24.30%	12.60%	28.10%	21.20%
Combined ratio	115.00%	322.70%	58.90%	177.10%
Casualty and Specialty
Segment Reporting Information [Line Items]
Net claims and claim expenses incurred – prior accident years			$ (24,020)	$ 14,015
Casualty and Specialty | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	$ 324,264	$ 314,881	1,201,664	1,044,510
Net premiums written	220,623	213,835	836,267	687,381
Net premiums earned	238,791	210,961	679,271	580,085
Net claims and claim expenses incurred	144,671	177,433	420,273	441,801
Acquisition expenses	64,238	59,248	185,429	173,179
Operational expenses	14,976	17,389	43,121	54,708
Underwriting income (loss)	14,906	(43,109)	30,448	(89,603)
Net claims and claim expenses incurred – current accident year	151,904	172,675	444,293	427,786
Net claims and claim expenses incurred – prior accident years	(7,233)	4,758	(24,020)	14,015
Total net incurred	$ 144,671	$ 177,433	$ 420,273	$ 441,801
Net claims and claim expense ratio – current accident year	63.60%	81.90%	65.40%	73.70%
Net claims and claim expense ratio – prior accident years	(3.00%)	2.20%	(3.50%)	2.50%
Net claims and claim expense ratio – calendar year	60.60%	84.10%	61.90%	76.20%
Underwriting expense ratio	33.20%	36.30%	33.60%	39.20%
Combined ratio	93.80%	120.40%	95.50%	115.40%

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Derivative Instruments (Consolidated Balance Sheets and Fair Value of the Principal Derivative Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other assets
Derivative Assets
Gross Amounts of Recognized Assets	$ 9,460	$ 6,530
Gross Amounts Offset in the Balance Sheet	224	893
Net Amounts of Assets Presented in the Balance Sheet	9,236	5,637
Collateral	0	0
Net Amount	9,236	5,637
Other assets | Interest rate futures
Derivative Assets
Gross Amounts of Recognized Assets	438	684
Gross Amounts Offset in the Balance Sheet	184	524
Net Amounts of Assets Presented in the Balance Sheet	254	160
Collateral	0	0
Net Amount	254	160
Other assets | Interest rate swaps
Derivative Assets
Gross Amounts of Recognized Assets	782	424
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	782	424
Collateral	0	0
Net Amount	782	424
Other assets | Foreign currency forward contracts, underwriting and non-investment operations
Derivative Assets
Gross Amounts of Recognized Assets	6,547	3,865
Gross Amounts Offset in the Balance Sheet	0	358
Net Amounts of Assets Presented in the Balance Sheet	6,547	3,507
Collateral	0	0
Net Amount	6,547	3,507
Other assets | Foreign currency forward contracts, investment operations
Derivative Assets
Gross Amounts of Recognized Assets	1,416	39
Gross Amounts Offset in the Balance Sheet	40	11
Net Amounts of Assets Presented in the Balance Sheet	1,376	28
Collateral	0	0
Net Amount	1,376	28
Other assets | Credit default swaps
Derivative Assets
Gross Amounts of Recognized Assets	277	1,518
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	277	1,518
Collateral	0	0
Net Amount	277	1,518
Other liabilities
Derivative Liabilities
Gross Amounts of Recognized Liabilities	8,370	1,536
Gross Amounts Offset in the Balance Sheet	728	535
Net Amounts of Liabilities Presented in the Balance Sheet	7,642	1,001
Collateral Pledged	237	227
Net Amount	7,405	774
Other liabilities | Interest rate futures
Derivative Liabilities
Gross Amounts of Recognized Liabilities	189	729
Gross Amounts Offset in the Balance Sheet	184	524
Net Amounts of Liabilities Presented in the Balance Sheet	5	205
Collateral Pledged	5	205
Net Amount	0	0
Other liabilities | Interest rate swaps
Derivative Liabilities
Gross Amounts of Recognized Liabilities	232
Gross Amounts Offset in the Balance Sheet	0
Net Amounts of Liabilities Presented in the Balance Sheet	232
Collateral Pledged	232
Net Amount	0
Other liabilities | Foreign currency forward contracts, underwriting and non-investment operations
Derivative Liabilities
Gross Amounts of Recognized Liabilities	7,272	670
Gross Amounts Offset in the Balance Sheet	504	0
Net Amounts of Liabilities Presented in the Balance Sheet	6,768	670
Collateral Pledged	0	0
Net Amount	6,768	670
Other liabilities | Foreign currency forward contracts, investment operations
Derivative Liabilities
Gross Amounts of Recognized Liabilities	663	115
Gross Amounts Offset in the Balance Sheet	40	11
Net Amounts of Liabilities Presented in the Balance Sheet	623	104
Collateral Pledged	0	0
Net Amount	623	104
Other liabilities | Credit default swaps
Derivative Liabilities
Gross Amounts of Recognized Liabilities	14	22
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	14	22
Collateral Pledged	0	22
Net Amount	$ 14	$ 0

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Derivative Instruments (Gain (Loss) Recognized in the Consolidated Statements of Operations Related to its Derivative Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	$ 617	$ (2,004)	$ (1,688)	$ 3,055
Net realized and unrealized gains (losses) on investments | Interest rate futures
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	2,760	(3,016)	336	(4,064)
Net realized and unrealized gains (losses) on investments | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	(6)	271	129	271
Net realized and unrealized gains (losses) on investments | Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	(191)	(1,275)	(1,228)	(551)
Net foreign exchange (losses) gains | Foreign currency forward contracts, underwriting and non-investment operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	(2,596)	2,056	(2,227)	8,339
Net foreign exchange (losses) gains | Foreign currency forward contracts, investment operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	$ 650	$ (40)	$ 1,302	$ (940)

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Derivative Instruments (Narrative) (Details) - Not Designated as Hedging Instrument - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Interest rate futures | Long
Derivative [Line Items]
Notional amount	$ 1,600,000,000	$ 1,500,000,000
Interest rate futures | Short
Derivative [Line Items]
Notional amount	699,000,000	801,100,000
Interest rate swaps | US Dollars | Paying a Fixed Rate
Derivative [Line Items]
Notional amount	62,600,000	40,300,000
Interest rate swaps | US Dollars | Receiving a Fixed Rate
Derivative [Line Items]
Notional amount	29,500,000	0
Foreign currency forward contracts, underwriting and non-investment operations | Long
Derivative [Line Items]
Notional amount	354,400,000	215,400,000
Foreign currency forward contracts, underwriting and non-investment operations | Short
Derivative [Line Items]
Notional amount	536,400,000	44,200,000
Foreign currency forward contracts, investment operations | Long
Derivative [Line Items]
Notional amount	109,000,000	16,600,000
Foreign currency forward contracts, investment operations | Short
Derivative [Line Items]
Notional amount	62,400,000	5,100,000
Credit default swaps | Long
Derivative [Line Items]
Notional amount	1,000,000	1,000,000
Credit default swaps | Short
Derivative [Line Items]
Notional amount	$ 109,700,000	$ 18,800,000

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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Assets
Total investments	$ 11,545,691	$ 9,503,439
Cash and cash equivalents	453,041	1,361,592	$ 581,576	$ 421,157
Investments in subsidiaries	0	0
Due from subsidiaries and affiliates	0	0
Premiums receivable	1,787,095	1,304,622
Prepaid reinsurance premiums	795,496	533,546
Reinsurance recoverable	1,204,059	1,586,630	1,588,304
Accrued investment income	46,690	42,235
Deferred acquisition costs	497,733	426,551
Receivable for investments sold	406,062	103,145
Other assets	121,724	121,226
Goodwill and other intangible assets	238,803	243,145
Total assets	17,096,394	15,226,131
Liabilities
Reserve for claims and claim expenses	4,952,498	5,080,408	5,192,313
Unearned premiums	2,058,851	1,477,609
Debt	990,749	989,623
Amounts due to subsidiaries and affiliates	0	0
Reinsurance balances payable	1,970,913	989,090
Payable for investments purchased	555,556	208,749
Other liabilities	147,328	792,771
Total liabilities	10,675,895	9,538,250
Redeemable noncontrolling interests	1,533,978	1,296,506
Shareholders’ Equity
Total shareholders’ equity	4,886,521	4,391,375	4,403,012
Total liabilities, noncontrolling interests and shareholders’ equity	17,096,394	15,226,131
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer)
Assets
Total investments	110,117	129,732
Cash and cash equivalents	56	139	226	162
Investments in subsidiaries	57,082	36,140
Due from subsidiaries and affiliates	101,579	91,891
Premiums receivable	0	0
Prepaid reinsurance premiums	0	0
Reinsurance recoverable	0	0
Accrued investment income	241	428
Deferred acquisition costs	0	0
Receivable for investments sold	1	51
Other assets	19,771	21,342
Goodwill and other intangible assets	0	0
Total assets	288,847	279,723
Liabilities
Reserve for claims and claim expenses	0	0
Unearned premiums	0	0
Debt	0	0
Amounts due to subsidiaries and affiliates	144	54
Reinsurance balances payable	0	0
Payable for investments purchased	17	0
Other liabilities	773	1,053
Total liabilities	934	1,107
Redeemable noncontrolling interests	0	0
Shareholders’ Equity
Total shareholders’ equity	287,913	278,616
Total liabilities, noncontrolling interests and shareholders’ equity	288,847	279,723
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer)
Assets
Total investments	15,504	31,255
Cash and cash equivalents	4,372	1,469	7,663	9,397
Investments in subsidiaries	1,235,547	1,141,733
Due from subsidiaries and affiliates	0	0
Premiums receivable	0	0
Prepaid reinsurance premiums	0	0
Reinsurance recoverable	0	0
Accrued investment income	20	82
Deferred acquisition costs	0	0
Receivable for investments sold	6	8
Other assets	367,408	430,481
Goodwill and other intangible assets	0	0
Total assets	1,622,857	1,605,028
Liabilities
Reserve for claims and claim expenses	0	0
Unearned premiums	0	0
Debt	842,786	841,892
Amounts due to subsidiaries and affiliates	129,056	92,794
Reinsurance balances payable	0	0
Payable for investments purchased	0	0
Other liabilities	9,179	14,117
Total liabilities	981,021	948,803
Redeemable noncontrolling interests	0	0
Shareholders’ Equity
Total shareholders’ equity	641,836	656,225
Total liabilities, noncontrolling interests and shareholders’ equity	1,622,857	1,605,028
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor)
Assets
Total investments	36,092	225,266
Cash and cash equivalents	3,734	14,656	12,370	7,067
Investments in subsidiaries	4,544,513	4,105,760
Due from subsidiaries and affiliates	101,372	4,602
Premiums receivable	0	0
Prepaid reinsurance premiums	0	0
Reinsurance recoverable	0	0
Accrued investment income	0	405
Deferred acquisition costs	0	0
Receivable for investments sold	30	135
Other assets	450,161	433,468
Goodwill and other intangible assets	121,560	124,960
Total assets	5,257,462	4,909,252
Liabilities
Reserve for claims and claim expenses	0	0
Unearned premiums	0	0
Debt	352,000	417,000
Amounts due to subsidiaries and affiliates	6,132	82,579
Reinsurance balances payable	0	0
Payable for investments purchased	0	0
Other liabilities	12,809	18,298
Total liabilities	370,941	517,877
Redeemable noncontrolling interests	0	0
Shareholders’ Equity
Total shareholders’ equity	4,886,521	4,391,375
Total liabilities, noncontrolling interests and shareholders’ equity	5,257,462	4,909,252
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries)
Assets
Total investments	11,383,978	9,117,186
Cash and cash equivalents	444,879	1,345,328	$ 561,307	$ 397,860
Investments in subsidiaries	0	0
Due from subsidiaries and affiliates	0	0
Premiums receivable	1,787,095	1,304,622
Prepaid reinsurance premiums	795,496	533,546
Reinsurance recoverable	1,204,059	1,586,630
Accrued investment income	46,429	41,320
Deferred acquisition costs	497,733	426,551
Receivable for investments sold	406,025	102,951
Other assets	84,974	76,703
Goodwill and other intangible assets	117,243	118,185
Total assets	16,767,911	14,653,022
Liabilities
Reserve for claims and claim expenses	4,952,498	5,080,408
Unearned premiums	2,058,851	1,477,609
Debt	147,963	147,731
Amounts due to subsidiaries and affiliates	0	0
Reinsurance balances payable	1,970,913	989,090
Payable for investments purchased	555,539	208,749
Other liabilities	134,181	764,432
Total liabilities	9,819,945	8,668,019
Redeemable noncontrolling interests	1,533,978	1,296,506
Shareholders’ Equity
Total shareholders’ equity	5,413,988	4,688,497
Total liabilities, noncontrolling interests and shareholders’ equity	16,767,911	14,653,022
Consolidating Adjustments
Assets
Total investments	0	0
Cash and cash equivalents	0	0
Investments in subsidiaries	(5,837,142)	(5,283,633)
Due from subsidiaries and affiliates	(202,951)	(96,493)
Premiums receivable	0	0
Prepaid reinsurance premiums	0	0
Reinsurance recoverable	0	0
Accrued investment income	0	0
Deferred acquisition costs	0	0
Receivable for investments sold	0	0
Other assets	(800,590)	(840,768)
Goodwill and other intangible assets	0	0
Total assets	(6,840,683)	(6,220,894)
Liabilities
Reserve for claims and claim expenses	0	0
Unearned premiums	0	0
Debt	(352,000)	(417,000)
Amounts due to subsidiaries and affiliates	(135,332)	(175,427)
Reinsurance balances payable	0	0
Payable for investments purchased	0	0
Other liabilities	(9,614)	(5,129)
Total liabilities	(496,946)	(597,556)
Redeemable noncontrolling interests	0	0
Shareholders’ Equity
Total shareholders’ equity	(6,343,737)	(5,623,338)
Total liabilities, noncontrolling interests and shareholders’ equity	$ (6,840,683)	$ (6,220,894)

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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Net premiums earned	$ 531,849	$ 547,792	$ 1,401,516	$ 1,296,102
Net investment income	80,696	40,257	208,528	148,745
Net foreign exchange (losses) gains	(4,566)	(156)	(11,496)	11,118
Equity in earnings of other ventures	7,648	1,794	14,331	5,830
Other income	497	2,996	480	7,053
Net realized and unrealized gains (losses) on investments	13,630	42,052	(86,415)	143,538
Total revenues	629,754	634,735	1,526,944	1,612,386
Expenses
Net claims and claim expenses incurred	410,510	1,221,696	642,380	1,557,364
Acquisition expenses	109,761	76,761	312,524	248,294
Operational expenses	40,593	42,537	119,408	131,586
Corporate expenses	6,841	4,413	21,875	14,335
Interest expense	11,769	11,799	35,304	32,416
Total expenses	579,474	1,357,206	1,131,491	1,983,995
Income (loss) before equity in net income (loss) of subsidiaries and taxes	50,280	(722,471)	395,453	(371,609)
Equity in net income (loss) of subsidiaries	0	0	0	0
Income (loss) before taxes	50,280	(722,471)	395,453	(371,609)
Income tax (expense) benefit	(1,451)	18,977	(2,550)	14,739
Net income (loss)	48,829	(703,494)	392,903	(356,870)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Net income (loss) attributable to RenaissanceRe	42,389	(499,217)	302,081	(224,532)
Dividends on preference shares	(9,708)	(5,595)	(20,899)	(16,786)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	32,681	(504,812)	281,182	(241,318)
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer)
Revenues
Net premiums earned	0	0	0	0
Net investment income	539	544	1,629	1,436
Net foreign exchange (losses) gains	0	0	0	0
Equity in earnings of other ventures	0	0	0	0
Other income	0	0	0	0
Net realized and unrealized gains (losses) on investments	4,479	2,186	4,906	6,528
Total revenues	5,018	2,730	6,535	7,964
Expenses
Net claims and claim expenses incurred	0	0	0	0
Acquisition expenses	0	0	0	0
Operational expenses	29	17	60	57
Corporate expenses	0	0	0	0
Interest expense	0	0	0	0
Total expenses	29	17	60	57
Income (loss) before equity in net income (loss) of subsidiaries and taxes	4,989	2,713	6,475	7,907
Equity in net income (loss) of subsidiaries	2,735	928	4,285	3,234
Income (loss) before taxes	7,724	3,641	10,760	11,141
Income tax (expense) benefit	(1,026)	(890)	(1,273)	(2,572)
Net income (loss)	6,698	2,751	9,487	8,569
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Net income (loss) attributable to RenaissanceRe	6,698	2,751	9,487	8,569
Dividends on preference shares	0	0	0	0
Net income (loss) available (attributable) to RenaissanceRe common shareholders	6,698	2,751	9,487	8,569
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer)
Revenues
Net premiums earned		0		0
Net investment income		(3)		1,373
Net foreign exchange (losses) gains		0		0
Equity in earnings of other ventures		0		0
Other income		0		0
Net realized and unrealized gains (losses) on investments		0		4,916
Total revenues		(3)		6,289
Expenses
Net claims and claim expenses incurred		0		0
Acquisition expenses		0		0
Operational expenses		1		86
Corporate expenses		0		0
Interest expense		0		2,461
Total expenses		1		2,547
Income (loss) before equity in net income (loss) of subsidiaries and taxes		(4)		3,742
Equity in net income (loss) of subsidiaries		0		28,028
Income (loss) before taxes		(4)		31,770
Income tax (expense) benefit		29		(1,175)
Net income (loss)		25		30,595
Net (income) loss attributable to redeemable noncontrolling interests		0		0
Net income (loss) attributable to RenaissanceRe		25		30,595
Dividends on preference shares		0		0
Net income (loss) available (attributable) to RenaissanceRe common shareholders		25		30,595
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer)
Revenues
Net premiums earned	0	0	0	0
Net investment income	1,541	1,335	3,981	1,843
Net foreign exchange (losses) gains	0	0	0	0
Equity in earnings of other ventures	290	38	2,045	(412)
Other income	0	0	0	0
Net realized and unrealized gains (losses) on investments	(73)	51	(399)	(217)
Total revenues	1,758	1,424	5,627	1,214
Expenses
Net claims and claim expenses incurred	0	0	0	0
Acquisition expenses	0	0	0	0
Operational expenses	7,493	6,266	26,737	20,892
Corporate expenses	0	0	7	0
Interest expense	9,257	9,258	27,763	22,401
Total expenses	16,750	15,524	54,507	43,293
Income (loss) before equity in net income (loss) of subsidiaries and taxes	(14,992)	(14,100)	(48,880)	(42,079)
Equity in net income (loss) of subsidiaries	11,666	(16,352)	29,005	20,584
Income (loss) before taxes	(3,326)	(30,452)	(19,875)	(21,495)
Income tax (expense) benefit	1,840	3,307	5,677	9,281
Net income (loss)	(1,486)	(27,145)	(14,198)	(12,214)
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Net income (loss) attributable to RenaissanceRe	(1,486)	(27,145)	(14,198)	(12,214)
Dividends on preference shares	0	0	0	0
Net income (loss) available (attributable) to RenaissanceRe common shareholders	(1,486)	(27,145)	(14,198)	(12,214)
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor)
Revenues
Net premiums earned	0	0	0	0
Net investment income	6,542	5,725	18,504	16,466
Net foreign exchange (losses) gains	3	0	(1)	(1)
Equity in earnings of other ventures	0	0	0	0
Other income	0	1	0	0
Net realized and unrealized gains (losses) on investments	(176)	110	(821)	155
Total revenues	6,369	5,836	17,682	16,620
Expenses
Net claims and claim expenses incurred	0	0	0	0
Acquisition expenses	0	0	0	0
Operational expenses	3,570	2,910	7,551	9,398
Corporate expenses	3,778	4,634	12,498	14,640
Interest expense	1,478	183	3,694	464
Total expenses	8,826	7,727	23,743	24,502
Income (loss) before equity in net income (loss) of subsidiaries and taxes	(2,457)	(1,891)	(6,061)	(7,882)
Equity in net income (loss) of subsidiaries	45,130	(499,408)	310,081	(219,309)
Income (loss) before taxes	42,673	(501,299)	304,020	(227,191)
Income tax (expense) benefit	(284)	2,082	(1,939)	2,659
Net income (loss)	42,389	(499,217)	302,081	(224,532)
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Net income (loss) attributable to RenaissanceRe	42,389	(499,217)	302,081	(224,532)
Dividends on preference shares	(9,708)	(5,595)	(20,899)	(16,786)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	32,681	(504,812)	281,182	(241,318)
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries)
Revenues
Net premiums earned	531,849	547,792	1,401,516	1,296,102
Net investment income	80,472	39,342	208,034	146,816
Net foreign exchange (losses) gains	(4,569)	(156)	(11,495)	11,119
Equity in earnings of other ventures	7,358	1,756	12,286	6,242
Other income	497	2,995	480	7,053
Net realized and unrealized gains (losses) on investments	9,400	39,705	(90,101)	132,156
Total revenues	625,007	631,434	1,520,720	1,599,488
Expenses
Net claims and claim expenses incurred	410,510	1,221,696	642,380	1,557,364
Acquisition expenses	109,761	76,761	312,524	248,294
Operational expenses	42,682	37,752	113,721	116,212
Corporate expenses	3,063	(221)	9,370	(305)
Interest expense	2,512	2,541	7,541	7,554
Total expenses	568,528	1,338,529	1,085,536	1,929,119
Income (loss) before equity in net income (loss) of subsidiaries and taxes	56,479	(707,095)	435,184	(329,631)
Equity in net income (loss) of subsidiaries	0	0	0	0
Income (loss) before taxes	56,479	(707,095)	435,184	(329,631)
Income tax (expense) benefit	(1,981)	14,449	(5,015)	6,546
Net income (loss)	54,498	(692,646)	430,169	(323,085)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Net income (loss) attributable to RenaissanceRe	48,058	(488,369)	339,347	(190,747)
Dividends on preference shares	0	0	0	0
Net income (loss) available (attributable) to RenaissanceRe common shareholders	48,058	(488,369)	339,347	(190,747)
Consolidating Adjustments
Revenues
Net premiums earned	0	0	0	0
Net investment income	(8,398)	(6,686)	(23,620)	(19,189)
Net foreign exchange (losses) gains	0	0	0	0
Equity in earnings of other ventures	0	0	0	0
Other income	0	0	0	0
Net realized and unrealized gains (losses) on investments	0	0	0	0
Total revenues	(8,398)	(6,686)	(23,620)	(19,189)
Expenses
Net claims and claim expenses incurred	0	0	0	0
Acquisition expenses	0	0	0	0
Operational expenses	(13,181)	(4,409)	(28,661)	(15,059)
Corporate expenses	0	0	0	0
Interest expense	(1,478)	(183)	(3,694)	(464)
Total expenses	(14,659)	(4,592)	(32,355)	(15,523)
Income (loss) before equity in net income (loss) of subsidiaries and taxes	6,261	(2,094)	8,735	(3,666)
Equity in net income (loss) of subsidiaries	(59,531)	514,832	(343,371)	167,463
Income (loss) before taxes	(53,270)	512,738	(334,636)	163,797
Income tax (expense) benefit	0	0	0	0
Net income (loss)	(53,270)	512,738	(334,636)	163,797
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Net income (loss) attributable to RenaissanceRe	(53,270)	512,738	(334,636)	163,797
Dividends on preference shares	0	0	0	0
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$ (53,270)	$ 512,738	$ (334,636)	$ 163,797

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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries (Condensed Consolidating Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ 48,829	$ (703,494)	$ 392,903	$ (356,870)
Change in net unrealized gains on investments	(382)	300	(1,707)	(972)
Comprehensive income (loss)	48,447	(703,194)	391,196	(357,842)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Comprehensive income (loss) attributable to RenaissanceRe	42,007	(498,917)	300,374	(225,504)
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	6,698	2,751	9,487	8,569
Change in net unrealized gains on investments	0	0	0	0
Comprehensive income (loss)	6,698	2,751	9,487	8,569
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to RenaissanceRe	6,698	2,751	9,487	8,569
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)		25		30,595
Change in net unrealized gains on investments		0		0
Comprehensive income (loss)		25		30,595
Net (income) loss attributable to redeemable noncontrolling interests		0		0
Comprehensive (income) loss attributable to redeemable noncontrolling interests		0		0
Comprehensive income (loss) attributable to RenaissanceRe		25		30,595
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(1,486)	(27,145)	(14,198)	(12,214)
Change in net unrealized gains on investments	0	0	0	0
Comprehensive income (loss)	(1,486)	(27,145)	(14,198)	(12,214)
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to RenaissanceRe	(1,486)	(27,145)	(14,198)	(12,214)
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	42,389	(499,217)	302,081	(224,532)
Change in net unrealized gains on investments	0	0	0	0
Comprehensive income (loss)	42,389	(499,217)	302,081	(224,532)
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to RenaissanceRe	42,389	(499,217)	302,081	(224,532)
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	54,498	(692,646)	430,169	(323,085)
Change in net unrealized gains on investments	(382)	300	(1,707)	(972)
Comprehensive income (loss)	54,116	(692,346)	428,462	(324,057)
Net (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(6,440)	204,277	(90,822)	132,338
Comprehensive income (loss) attributable to RenaissanceRe	47,676	(488,069)	337,640	(191,719)
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(53,270)	512,738	(334,636)	163,797
Change in net unrealized gains on investments	0	0	0	0
Comprehensive income (loss)	(53,270)	512,738	(334,636)	163,797
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive (income) loss attributable to redeemable noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to RenaissanceRe	$ (53,270)	$ 512,738	$ (334,636)	$ 163,797

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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$ 888,526	$ 601,702
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	8,221,481	7,663,002
Purchases of fixed maturity investments trading	(8,692,688)	(7,798,285)
Net (purchases) sales of equity investments trading	15,490	61,571
Net purchases of short term investments	(1,465,451)	(146,326)
Net purchases of other investments	(130,649)	5,181
Net purchases of investments in other ventures	(20,952)	0
Return of investment from investment in other ventures	8,464	20,000
Dividends and return of capital from subsidiaries	0	0
Contributions to subsidiaries	0	0
Due (from) to subsidiary	0	0
Net cash used in investing activities	(2,064,305)	(194,857)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(39,611)	(38,624)
Dividends paid – preference shares	(20,899)	(16,786)
Issuance of preference shares, net of expenses	242,371	0
RenaissanceRe common share repurchases	0	(188,591)
Repayment of debt		(250,000)
Issuance of debt, net of expenses	0	295,866
Net third party redeemable noncontrolling interest share transactions	96,021	(44,193)
Taxes paid on withholding shares	(7,079)	(13,694)
Net cash provided by (used in) financing activities	270,803	(256,022)
Effect of exchange rate changes on foreign currency cash	(3,575)	9,596
Net (decrease) increase in cash and cash equivalents	(908,551)	160,419
Cash and cash equivalents, beginning of period	1,361,592	421,157
Cash and cash equivalents, end of period	453,041	581,576
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer)
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	1,496	(8,209)
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	91,118	74,455
Purchases of fixed maturity investments trading	(65,988)	(69,168)
Net (purchases) sales of equity investments trading	(624)	(1,708)
Net purchases of short term investments	360	(4,495)
Net purchases of other investments	0	0
Net purchases of investments in other ventures	0
Return of investment from investment in other ventures	0	0
Dividends and return of capital from subsidiaries	0	9,175
Contributions to subsidiaries	(16,847)	0
Due (from) to subsidiary	(9,598)	14
Net cash used in investing activities	(1,579)	8,273
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	0	0
Dividends paid – preference shares	0	0
Issuance of preference shares, net of expenses	0
RenaissanceRe common share repurchases		0
Repayment of debt		0
Issuance of debt, net of expenses		0
Net third party redeemable noncontrolling interest share transactions	0	0
Taxes paid on withholding shares	0	0
Net cash provided by (used in) financing activities	0	0
Effect of exchange rate changes on foreign currency cash	0	0
Net (decrease) increase in cash and cash equivalents	(83)	64
Cash and cash equivalents, beginning of period	139	162
Cash and cash equivalents, end of period	56	226
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer)
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities		(2,262)
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading		289,741
Purchases of fixed maturity investments trading		(143,991)
Net (purchases) sales of equity investments trading		85,324
Net purchases of short term investments		41,299
Net purchases of other investments		0
Return of investment from investment in other ventures		0
Dividends and return of capital from subsidiaries		0
Contributions to subsidiaries		(26,649)
Due (from) to subsidiary		(123)
Net cash used in investing activities		245,601
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares		0
Dividends paid – preference shares		0
RenaissanceRe common share repurchases		0
Repayment of debt		(250,000)
Issuance of debt, net of expenses		0
Net third party redeemable noncontrolling interest share transactions		0
Taxes paid on withholding shares		0
Net cash provided by (used in) financing activities		(250,000)
Effect of exchange rate changes on foreign currency cash		0
Net (decrease) increase in cash and cash equivalents		(6,661)
Cash and cash equivalents, beginning of period		6,671
Cash and cash equivalents, end of period		10
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer)
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	16,194	(343,093)
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	45,459	279,830
Purchases of fixed maturity investments trading	(20,806)	(270,785)
Net (purchases) sales of equity investments trading	0	0
Net purchases of short term investments	(9,206)	(305)
Net purchases of other investments	0	0
Net purchases of investments in other ventures	0
Return of investment from investment in other ventures	0	0
Dividends and return of capital from subsidiaries	0	41,866
Contributions to subsidiaries	(65,000)	(9,175)
Due (from) to subsidiary	36,262	4,062
Net cash used in investing activities	(13,291)	45,493
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	0	0
Dividends paid – preference shares	0	0
Issuance of preference shares, net of expenses	0
RenaissanceRe common share repurchases		0
Repayment of debt		0
Issuance of debt, net of expenses		295,866
Net third party redeemable noncontrolling interest share transactions	0	0
Taxes paid on withholding shares	0	0
Net cash provided by (used in) financing activities	0	295,866
Effect of exchange rate changes on foreign currency cash	0	0
Net (decrease) increase in cash and cash equivalents	2,903	(1,734)
Cash and cash equivalents, beginning of period	1,469	9,397
Cash and cash equivalents, end of period	4,372	7,663
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor)
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	(5,869)	(6,870)
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	384,818	106,761
Purchases of fixed maturity investments trading	(281,994)	(118,402)
Net (purchases) sales of equity investments trading	0	0
Net purchases of short term investments	85,598	205,864
Net purchases of other investments	0	0
Net purchases of investments in other ventures	0
Return of investment from investment in other ventures	0	0
Dividends and return of capital from subsidiaries	511,098	285,515
Contributions to subsidiaries	(686,106)	(500,000)
Due (from) to subsidiary	(193,249)	290,130
Net cash used in investing activities	(179,835)	269,868
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(39,611)	(38,624)
Dividends paid – preference shares	(20,899)	(16,786)
Issuance of preference shares, net of expenses	242,371
RenaissanceRe common share repurchases		(188,591)
Repayment of debt		0
Issuance of debt, net of expenses		0
Net third party redeemable noncontrolling interest share transactions	0	0
Taxes paid on withholding shares	(7,079)	(13,694)
Net cash provided by (used in) financing activities	174,782	(257,695)
Effect of exchange rate changes on foreign currency cash	0	0
Net (decrease) increase in cash and cash equivalents	(10,922)	5,303
Cash and cash equivalents, beginning of period	14,656	7,067
Cash and cash equivalents, end of period	3,734	12,370
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries)
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	876,705	962,136
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	7,700,086	6,912,215
Purchases of fixed maturity investments trading	(8,323,900)	(7,195,939)
Net (purchases) sales of equity investments trading	16,114	(22,045)
Net purchases of short term investments	(1,542,203)	(388,689)
Net purchases of other investments	(130,649)	5,181
Net purchases of investments in other ventures	(20,952)
Return of investment from investment in other ventures	8,464	20,000
Dividends and return of capital from subsidiaries	(511,098)	(336,556)
Contributions to subsidiaries	767,953	535,824
Due (from) to subsidiary	166,585	(294,083)
Net cash used in investing activities	(1,869,600)	(764,092)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	0	0
Dividends paid – preference shares	0	0
Issuance of preference shares, net of expenses	0
RenaissanceRe common share repurchases		0
Repayment of debt		0
Issuance of debt, net of expenses		0
Net third party redeemable noncontrolling interest share transactions	96,021	(44,193)
Taxes paid on withholding shares	0	0
Net cash provided by (used in) financing activities	96,021	(44,193)
Effect of exchange rate changes on foreign currency cash	(3,575)	9,596
Net (decrease) increase in cash and cash equivalents	(900,449)	163,447
Cash and cash equivalents, beginning of period	1,345,328	397,860
Cash and cash equivalents, end of period	$ 444,879	$ 561,307

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Subsequent Events (Details) - USD ($)	Oct. 30, 2018	Dec. 31, 2018
Hurricane Michael 2018 | Scenario, Forecast
Subsequent Event [Line Items]
Estimate of possible loss		$ 100,000,000
State Farm Mutual Automobile Insurance Company | Subsequent Event | Private Placement
Subsequent Event [Line Items]
Investment Agreement, number of shares issued in transaction (in shares)	1,947,496
Investment Agreement, consideration received per transaction	$ 250,000,000