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Segment Reporting
12 Months Ended
Dec. 31, 2020
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 entities 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 entities 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 certain expenses related to acquisitions and dispositions.
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:
Year ended December 31, 2020PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$2,999,142 $2,807,023 $— $5,806,165 
Net premiums written$2,037,200 $2,059,133 $— $4,096,333 
Net premiums earned$1,936,215 $2,016,247 $— $3,952,462 
Net claims and claim expenses incurred
1,435,735 1,488,662 212 2,924,609 
Acquisition expenses353,700 543,977 — 897,677 
Operational expenses135,547 71,140 — 206,687 
Underwriting income (loss)$11,233 $(87,532)$(212)(76,511)
Net investment income354,038 354,038 
Net foreign exchange gains27,773 27,773 
Equity in earnings of other ventures
17,194 17,194 
Other income213 213 
Net realized and unrealized gains on investments
820,636 820,636 
Corporate expenses(96,970)(96,970)
Interest expense(50,453)(50,453)
Income before taxes and redeemable noncontrolling interests
995,920 
Income tax expense(2,862)(2,862)
Net income attributable to redeemable noncontrolling interests
(230,653)(230,653)
Dividends on preference shares(30,923)(30,923)
Net income available to RenaissanceRe common shareholders
$731,482 
Net claims and claim expenses incurred – current accident year
$1,592,996 $1,515,425 $— $3,108,421 
Net claims and claim expenses incurred – prior accident years
(157,261)(26,763)212 (183,812)
Net claims and claim expenses incurred – total
$1,435,735 $1,488,662 $212 $2,924,609 
Net claims and claim expense ratio – current accident year
82.3 %75.2 %78.6 %
Net claims and claim expense ratio – prior accident years
(8.1)%(1.4)%(4.6)%
Net claims and claim expense ratio – calendar year
74.2 %73.8 %74.0 %
Underwriting expense ratio25.2 %30.5 %27.9 %
Combined ratio99.4 %104.3 %101.9 %
Year ended December 31, 2019PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$2,430,985 $2,376,765 $— $4,807,750 
Net premiums written$1,654,259 $1,727,234 $— $3,381,493 
Net premiums earned$1,627,494 $1,710,909 $— $3,338,403 
Net claims and claim expenses incurred
965,424 1,131,637 (40)2,097,021 
Acquisition expenses313,761 448,678 (207)762,232 
Operational expenses139,015 84,546 (828)222,733 
Underwriting income$209,294 $46,048 $1,075 256,417 
Net investment income424,207 424,207 
Net foreign exchange losses(2,938)(2,938)
Equity in earnings of other ventures
23,224 23,224 
Other income4,949 4,949 
Net realized and unrealized gains on investments414,109 414,109 
Corporate expenses(94,122)(94,122)
Interest expense(58,364)(58,364)
Income before taxes and redeemable noncontrolling interests
967,482 
Income tax expense(17,215)(17,215)
Net income attributable to redeemable noncontrolling interests
(201,469)(201,469)
Dividends on preference shares(36,756)(36,756)
Net income available to RenaissanceRe common shareholders
$712,042 
Net claims and claim expenses incurred – current accident year
$968,357 $1,155,519 $— $2,123,876 
Net claims and claim expenses incurred – prior accident years
(2,933)(23,882)(40)(26,855)
Net claims and claim expenses incurred – total
$965,424 $1,131,637 $(40)$2,097,021 
Net claims and claim expense ratio – current accident year
59.5 %67.5 %63.6 %
Net claims and claim expense ratio – prior accident years
(0.2)%(1.4)%(0.8)%
Net claims and claim expense ratio – calendar year
59.3 %66.1 %62.8 %
Underwriting expense ratio
27.8 %31.2 %29.5 %
Combined ratio
87.1 %97.3 %92.3 %
Year ended December 31, 2018PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$1,760,926 $1,549,501 $— $3,310,427 
Net premiums written$1,055,188 $1,076,714 $— $2,131,902 
Net premiums earned$1,050,831 $925,298 $— $1,976,129 
Net claims and claim expenses incurred
497,895 622,320 (197)1,120,018 
Acquisition expenses177,912 255,079 (2)432,989 
Operational expenses112,954 64,883 430 178,267 
Underwriting income (loss)$262,070 $(16,984)$(231)244,855 
Net investment income269,965 269,965 
Net foreign exchange losses(12,428)(12,428)
Equity in earnings of other ventures18,474 18,474 
Other income5,969 5,969 
Net realized and unrealized losses on investments(183,168)(183,168)
Corporate expenses(33,983)(33,983)
Interest expense(47,069)(47,069)
Income before taxes and redeemable noncontrolling interests262,615 
Income tax benefit6,302 6,302 
Net income attributable to redeemable noncontrolling interests(41,553)(41,553)
Dividends on preference shares(30,088)(30,088)
Net income available to RenaissanceRe common shareholders$197,276 
Net claims and claim expenses incurred – current accident year
$719,185 $671,582 $— $1,390,767 
Net claims and claim expenses incurred – prior accident years
(221,290)(49,262)(197)(270,749)
Net claims and claim expenses incurred – total
$497,895 $622,320 $(197)$1,120,018 
Net claims and claim expense ratio – current accident year
68.4 %72.6 %70.4 %
Net claims and claim expense ratio – prior accident years
(21.0)%(5.3)%(13.7)%
Net claims and claim expense ratio – calendar year
47.4 %67.3 %56.7 %
Underwriting expense ratio
27.7 %34.5 %30.9 %
Combined ratio
75.1 %101.8 %87.6 %
The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure:
Year ended December 31,202020192018
Property
U.S. and Caribbean$1,683,538 $1,368,205 $978,063 
Worldwide889,917 643,744 464,311 
Europe189,587 182,544 144,857 
Japan102,228 90,328 71,601 
Worldwide (excluding U.S.) (1)62,058 79,393 66,872 
Australia and New Zealand40,243 32,203 19,273 
Other31,571 34,568 15,949 
Total Property2,999,142 2,430,985 1,760,926 
Casualty and Specialty
Worldwide1,315,386 935,626 776,976 
U.S. and Caribbean1,248,981 1,071,170 667,125 
Europe121,369 227,178 15,296 
Worldwide (excluding U.S.) (1)56,225 25,291 31,734 
Australia and New Zealand12,429 34,053 3,667 
Other52,633 83,447 54,703 
Total Casualty and Specialty2,807,023 2,376,765 1,549,501 
Total gross premiums written$5,806,165 $4,807,750 $3,310,427 
(1)The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).