SEGMENT REPORTING |
SEGMENT REPORTING The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds. In addition to its reportable segments, the Company has an Other category, which primarily includes its investments unit, strategic investments, corporate expenses, capital servicing costs, noncontrolling interests and certain expenses related to acquisitions and dispositions. 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 March 31, 2023 | Property | | Casualty and Specialty | | Other | | Total | | | Gross premiums written | $ | 1,304,199 | | | $ | 1,486,062 | | | $ | — | | | $ | 2,790,261 | | | | Net premiums written | $ | 1,019,829 | | | $ | 1,243,874 | | | $ | — | | | $ | 2,263,703 | | | | Net premiums earned | $ | 687,420 | | | $ | 993,130 | | | $ | — | | | $ | 1,680,550 | | | | Net claims and claim expenses incurred | 187,609 | | | 613,591 | | | — | | | 801,200 | | | | Acquisition expenses | 145,319 | | | 286,938 | | | — | | | 432,257 | | | | Operational expenses | 55,813 | | | 21,661 | | | — | | | 77,474 | | | | Underwriting income (loss) | $ | 298,679 | | | $ | 70,940 | | | $ | — | | | 369,619 | | | | Net investment income | | | | | 254,378 | | | 254,378 | | | | Net foreign exchange gains (losses) | | | | | (14,503) | | | (14,503) | | | | Equity in earnings of other ventures | | | | | 9,530 | | | 9,530 | | | | Other income (loss) | | | | | (4,306) | | | (4,306) | | | | Net realized and unrealized gains (losses) on investments | | | | | 279,451 | | | 279,451 | | | | | | | | | | | | | | Corporate expenses | | | | | (12,843) | | | (12,843) | | | | Interest expense | | | | | (12,134) | | | (12,134) | | | | Income (loss) before taxes and redeemable noncontrolling interests | | | | | | | 869,192 | | | | Income tax benefit (expense) | | | | | (28,902) | | | (28,902) | | | | | | | | | | | | | | Net (income) loss attributable to redeemable noncontrolling interests | | | | | (267,384) | | | (267,384) | | | | Dividends on preference shares | | | | | (8,844) | | | (8,844) | | | | Net income (loss) available (attributable) to RenaissanceRe common shareholders | | | | | | | $ | 564,062 | | | | | | | | | | | | | | Net claims and claim expenses incurred – current accident year | $ | 269,302 | | | $ | 636,650 | | | $ | — | | | $ | 905,952 | | | | Net claims and claim expenses incurred – prior accident years | (81,693) | | | (23,059) | | | — | | | (104,752) | | | | Net claims and claim expenses incurred – total | $ | 187,609 | | | $ | 613,591 | | | $ | — | | | $ | 801,200 | | | | | | | | | | | | | | Net claims and claim expense ratio – current accident year | 39.2 | % | | 64.1 | % | | | | 53.9 | % | | | Net claims and claim expense ratio – prior accident years | (11.9) | % | | (2.3) | % | | | | (6.2) | % | | | Net claims and claim expense ratio – calendar year | 27.3 | % | | 61.8 | % | | | | 47.7 | % | | | Underwriting expense ratio | 29.3 | % | | 31.1 | % | | | | 30.3 | % | | | Combined ratio | 56.6 | % | | 92.9 | % | | | | 78.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, 2022 | Property | | Casualty and Specialty | | Other | | Total | | | Gross premiums written | $ | 1,343,508 | | | $ | 1,599,456 | | | $ | — | | | $ | 2,942,964 | | | | Net premiums written | $ | 890,166 | | | $ | 1,275,051 | | | $ | — | | | $ | 2,165,217 | | | | Net premiums earned | $ | 618,591 | | | $ | 867,834 | | | $ | — | | | $ | 1,486,425 | | | | Net claims and claim expenses incurred | 259,761 | | | 581,972 | | | — | | | 841,733 | | | | Acquisition expenses | 127,096 | | | 249,411 | | | — | | | 376,507 | | | | Operational expenses | 46,932 | | | 20,975 | | | — | | | 67,907 | | | | Underwriting income (loss) | $ | 184,802 | | | $ | 15,476 | | | $ | — | | | 200,278 | | | | Net investment income | | | | | 83,691 | | | 83,691 | | | | Net foreign exchange gains (losses) | | | | | (15,486) | | | (15,486) | | | | Equity in earnings of other ventures | | | | | (6,390) | | | (6,390) | | | | Other income (loss) | | | | | 1,193 | | | 1,193 | | | | Net realized and unrealized gains (losses) on investments | | | | | (673,017) | | | (673,017) | | | | | | | | | | | | | | Corporate expenses | | | | | (12,502) | | | (12,502) | | | | Interest expense | | | | | (11,955) | | | (11,955) | | | | Income (loss) before taxes and redeemable noncontrolling interests | | | | | | | (434,188) | | | | Income tax benefit (expense) | | | | | 36,707 | | | 36,707 | | | | | | | | | | | | | | Net (income) loss attributable to redeemable noncontrolling interests | | | | | 11,912 | | | 11,912 | | | | Dividends on preference shares | | | | | (8,844) | | | (8,844) | | | | Net income (loss) available (attributable) to RenaissanceRe common shareholders | | | | | | | $ | (394,413) | | | | | | | | | | | | | | Net claims and claim expenses incurred – current accident year | $ | 276,519 | | | $ | 583,047 | | | $ | — | | | $ | 859,566 | | | | Net claims and claim expenses incurred – prior accident years | (16,758) | | | (1,075) | | | — | | | (17,833) | | | | Net claims and claim expenses incurred – total | $ | 259,761 | | | $ | 581,972 | | | $ | — | | | $ | 841,733 | | | | | | | | | | | | | | Net claims and claim expense ratio – current accident year | 44.7 | % | | 67.2 | % | | | | 57.8 | % | | | Net claims and claim expense ratio – prior accident years | (2.7) | % | | (0.1) | % | | | | (1.2) | % | | | Net claims and claim expense ratio – calendar year | 42.0 | % | | 67.1 | % | | | | 56.6 | % | | | Underwriting expense ratio | 28.1 | % | | 31.1 | % | | | | 29.9 | % | | | Combined ratio | 70.1 | % | | 98.2 | % | | | | 86.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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