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SEGMENT REPORTING
3 Months Ended
Mar. 31, 2023
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 (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, 2023PropertyCasualty and SpecialtyOtherTotal
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 incurred187,609 613,591 — 801,200 
Acquisition expenses145,319 286,938 — 432,257 
Operational expenses55,813 21,661 — 77,474 
Underwriting income (loss)$298,679 $70,940 $— 369,619 
Net investment income254,378 254,378 
Net foreign exchange gains (losses)(14,503)(14,503)
Equity in earnings of other ventures9,530 9,530 
Other income (loss)(4,306)(4,306)
Net realized and unrealized gains (losses) on investments279,451 279,451 
Corporate expenses(12,843)(12,843)
Interest expense(12,134)(12,134)
Income (loss) before taxes and redeemable noncontrolling interests869,192 
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 year39.2 %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 year27.3 %61.8 %47.7 %
Underwriting expense ratio29.3 %31.1 %30.3 %
Combined ratio56.6 %92.9 %78.0 %
Three months ended March 31, 2022PropertyCasualty and SpecialtyOtherTotal
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 incurred259,761 581,972 — 841,733 
Acquisition expenses127,096 249,411 — 376,507 
Operational expenses46,932 20,975 — 67,907 
Underwriting income (loss)$184,802 $15,476 $— 200,278 
Net investment income83,691 83,691 
Net foreign exchange gains (losses)(15,486)(15,486)
Equity in earnings of other ventures(6,390)(6,390)
Other income (loss)1,193 1,193 
Net realized and unrealized gains (losses) on investments(673,017)(673,017)
Corporate expenses(12,502)(12,502)
Interest expense(11,955)(11,955)
Income (loss) before taxes and redeemable noncontrolling interests(434,188)
Income tax benefit (expense)36,707 36,707 
Net (income) loss attributable to redeemable noncontrolling interests11,912 11,912 
Dividends on preference shares(8,844)(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(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 year44.7 %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 year42.0 %67.1 %56.6 %
Underwriting expense ratio28.1 %31.1 %29.9 %
Combined ratio70.1 %98.2 %86.5 %