Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Tables)
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6 Months Ended |
Jun. 30, 2015 |
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] |
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Condensed Consolidating Balance Sheets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet at June 30, 2015 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | Platinum Underwriters Holdings, Ltd. (Subsidiary 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 | Assets | | | | | | | | | | | | | | | | Total investments | $ | 182,375 |
| | $ | — |
| | $ | 88,177 |
| | $ | 282,027 |
| | $ | — |
| | $ | 8,727,688 |
| | $ | — |
| | $ | 9,280,267 |
| Cash and cash equivalents | 2,535 |
| | 9,181 |
| | 2,146 |
| | 1,089 |
| | 224 |
| | 382,915 |
| | — |
| | 398,090 |
| Investments in subsidiaries | 4,550,601 |
| | 648,991 |
| | 258,980 |
| | 611,580 |
| | 828,023 |
| | — |
| | (6,898,175 | ) | | — |
| Due from subsidiaries and affiliates | 79,807 |
| | 27,612 |
| | 15 |
| | — |
| | — |
| | — |
| | (107,434 | ) | | — |
| Premiums receivable | — |
| | — |
| | — |
| | — |
| | — |
| | 1,068,819 |
| | — |
| | 1,068,819 |
| Prepaid reinsurance premiums | — |
| | — |
| | — |
| | — |
| | — |
| | 276,231 |
| | — |
| | 276,231 |
| Reinsurance recoverable | — |
| | — |
| | — |
| | — |
| | — |
| | 136,464 |
| | — |
| | 136,464 |
| Accrued investment income | 462 |
| | — |
| | 173 |
| | 307 |
| | — |
| | 36,538 |
| | — |
| | 37,480 |
| Deferred acquisition costs | — |
| | — |
| | — |
| | — |
| | — |
| | 195,291 |
| | (21,883 | ) | | 173,408 |
| Receivable for investments sold | 56 |
| | — |
| | 21 |
| | 151 |
| | — |
| | 148,835 |
| | — |
| | 149,063 |
| Other assets | 20,921 |
| | — |
| | 32,250 |
| | 3,125 |
| | 121,323 |
| | 198,964 |
| | (118,962 | ) | | 257,621 |
| Goodwill and other intangible assets | 267,945 |
| | — |
| | — |
| | — |
| | — |
| | 7,798 |
| | — |
| | 275,743 |
| Total assets | $ | 5,104,702 |
| | $ | 685,784 |
| | $ | 381,762 |
| | $ | 898,279 |
| | $ | 949,570 |
| | $ | 11,179,543 |
| | $ | (7,146,454 | ) | | $ | 12,053,186 |
| Liabilities, Noncontrolling Interests and Shareholders’ Equity | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | Reserve for claims and claim expenses | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 2,828,161 |
| | $ | 19,487 |
| | $ | 2,847,648 |
| Unearned premiums | — |
| | — |
| | — |
| | — |
| | — |
| | 1,155,596 |
| | — |
| | 1,155,596 |
| Debt | 117,000 |
| | — |
| | 249,568 |
| | 250,000 |
| | 299,415 |
| | 148,761 |
| | (92,382 | ) | | 972,362 |
| Amounts due to subsidiaries and affiliates | 60,202 |
| | 1,872 |
| | 218 |
| | 23 |
| | 407 |
| | — |
| | (62,722 | ) | | — |
| Reinsurance balances payable | — |
| | — |
| | — |
| | — |
| | — |
| | 512,019 |
| | — |
| | 512,019 |
| Payable for investments purchased | 2,979 |
| | — |
| | 38 |
| | 233 |
| | — |
| | 508,001 |
| | — |
| | 511,251 |
| Other liabilities | 87,577 |
| | 336 |
| | 2,380 |
| | — |
| | 3,357 |
| | 202,854 |
| | (67,950 | ) | | 228,554 |
| Total liabilities | 267,758 |
| | 2,208 |
| | 252,204 |
| | 250,256 |
| | 303,179 |
| | 5,355,392 |
| | (203,567 | ) | | 6,227,430 |
| Redeemable noncontrolling interest | — |
| | — |
| | — |
| | — |
| | — |
| | 988,812 |
| | — |
| | 988,812 |
| Shareholders’ Equity | | | | | | | | | | | | | | | | Total shareholders’ equity | 4,836,944 |
| | 683,576 |
| | 129,558 |
| | 648,023 |
| | 646,391 |
| | 4,835,339 |
| | (6,942,887 | ) | | 4,836,944 |
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 5,104,702 |
| | $ | 685,784 |
| | $ | 381,762 |
| | $ | 898,279 |
| | $ | 949,570 |
| | $ | 11,179,543 |
| | $ | (7,146,454 | ) | | $ | 12,053,186 |
|
| | (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, 2014 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | RenRe North America Holdings Inc. (Subsidiary Issuer) | | Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) | | Consolidating Adjustments (2) | | RenaissanceRe Consolidated | Assets | | | | | | | | | | Total investments | $ | 137,006 |
| | $ | 88,150 |
| | $ | 6,518,594 |
| | $ | — |
| | $ | 6,743,750 |
| Cash and cash equivalents | 5,986 |
| | 1,033 |
| | 518,565 |
| | — |
| | 525,584 |
| Investments in subsidiaries | 3,509,974 |
| | 71,796 |
| | — |
| | (3,581,770 | ) | | — |
| Due from subsidiaries and affiliates | 126,548 |
| | 23 |
| | — |
| | (126,571 | ) | | — |
| Premiums receivable | — |
| | — |
| | 440,007 |
| | — |
| | 440,007 |
| Prepaid reinsurance premiums | — |
| | — |
| | 94,810 |
| | — |
| | 94,810 |
| Reinsurance recoverable | — |
| | — |
| | 66,694 |
| | — |
| | 66,694 |
| Accrued investment income | — |
| | 121 |
| | 26,388 |
| | — |
| | 26,509 |
| Deferred acquisition costs | — |
| | — |
| | 110,059 |
| | — |
| | 110,059 |
| Receivable for investments sold | 10 |
| | — |
| | 52,380 |
| | — |
| | 52,390 |
| Other assets | 112,400 |
| | 1,242 |
| | 123,661 |
| | (101,458 | ) | | 135,845 |
| Goodwill and other intangible assets | — |
| | — |
| | 7,902 |
| | — |
| | 7,902 |
| Total assets | $ | 3,891,924 |
| | $ | 162,365 |
| | $ | 7,959,060 |
| | $ | (3,809,799 | ) | | $ | 8,203,550 |
| Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | | | | | | | | | | Liabilities | | | | | | | | | | Reserve for claims and claim expenses | $ | — |
| | $ | — |
| | $ | 1,412,510 |
| | $ | — |
| | $ | 1,412,510 |
| Unearned premiums | — |
| | — |
| | 512,386 |
| | — |
| | 512,386 |
| Debt | — |
| | 249,522 |
| | — |
| | — |
| | 249,522 |
| Amounts due to subsidiaries and affiliates | 6,000 |
| | 233 |
| | — |
| | (6,233 | ) | | — |
| Reinsurance balances payable | — |
| | — |
| | 454,580 |
| | — |
| | 454,580 |
| Payable for investments purchased | — |
| | — |
| | 203,021 |
| | — |
| | 203,021 |
| Other liabilities | 20,209 |
| | 4,013 |
| | 351,344 |
| | (1,458 | ) | | 374,108 |
| Total liabilities | 26,209 |
| | 253,768 |
| | 2,933,841 |
| | (7,691 | ) | | 3,206,127 |
| Redeemable noncontrolling interest | — |
| | — |
| | 1,131,708 |
| | — |
| | 1,131,708 |
| Shareholders’ Equity | | | | | | | | | | Total shareholders’ equity | 3,865,715 |
| | (91,403 | ) | | 3,893,511 |
| | (3,802,108 | ) | | 3,865,715 |
| Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 3,891,924 |
| | $ | 162,365 |
| | $ | 7,959,060 |
| | $ | (3,809,799 | ) | | $ | 8,203,550 |
|
| | (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 six months ended June 30, 2015 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | Platinum Underwriters Holdings, Ltd. (Subsidiary 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 | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 676,588 |
| | $ | — |
| | $ | 676,588 |
| Net investment income | 2,722 |
| | — |
| | 631 |
| | 1,181 |
| | 504 |
| | 75,072 |
| | (1,799 | ) | | 78,311 |
| Net foreign exchange gains (losses) | 2 |
| | — |
| | — |
| | — |
| | — |
| | (4,872 | ) | | — |
| | (4,870 | ) | Equity in earnings of other ventures | — |
| | — |
| | — |
| | — |
| | — |
| | 11,455 |
| | — |
| | 11,455 |
| Other income | 21,881 |
| | 663 |
| | — |
| | — |
| | — |
| | 1,639 |
| | (21,217 | ) | | 2,966 |
| Net realized and unrealized (losses) gains on investments | (496 | ) | | — |
| | 1,015 |
| | (1,388 | ) | | — |
| | 15,906 |
| | — |
| | 15,037 |
| Total revenues | 24,109 |
| | 663 |
| | 1,646 |
| | (207 | ) | | 504 |
| | 775,788 |
| | (23,016 | ) | | 779,487 |
| Expenses | | | | | | | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | — |
| | — |
| | — |
| | 248,435 |
| | (2,238 | ) | | 246,197 |
| Acquisition expenses | — |
| | — |
| | — |
| | — |
| | — |
| | 121,855 |
| | (16,788 | ) | | 105,067 |
| Operational expenses | (2,478 | ) | | 5,919 |
| | 3,478 |
| | 1 |
| | — |
| | 85,849 |
| | 7,525 |
| | 100,294 |
| Corporate expenses | 22,677 |
| | 9,162 |
| | 251 |
| | 144 |
| | 84 |
| | 26,456 |
| | (144 | ) | | 58,630 |
| Interest expense | 763 |
| | — |
| | 7,233 |
| | 6,250 |
| | 3,006 |
| | 1,474 |
| | (3,777 | ) | | 14,949 |
| Total expenses | 20,962 |
| | 15,081 |
| | 10,962 |
| | 6,395 |
| | 3,090 |
| | 484,069 |
| | (15,422 | ) | | 525,137 |
| Income (loss) before equity in net income (loss) of subsidiaries and taxes | 3,147 |
| | (14,418 | ) | | (9,316 | ) | | (6,602 | ) | | (2,586 | ) | | 291,719 |
| | (7,594 | ) | | 254,350 |
| Equity in net income (loss) of subsidiaries | 256,235 |
| | (7,362 | ) | | 17,526 |
| | (1,581 | ) | | (5,656 | ) | | — |
| | (259,162 | ) | | — |
| Income (loss) before taxes | 259,382 |
| | (21,780 | ) | | 8,210 |
| | (8,183 | ) | | (8,242 | ) | | 291,719 |
| | (266,756 | ) | | 254,350 |
| Income tax (expense) benefit | (7,115 | ) | | — |
| | 32,748 |
| | 2,527 |
| | 953 |
| | 20,633 |
| | — |
| | 49,746 |
| Net income (loss) | 252,267 |
| | (21,780 | ) | | 40,958 |
| | (5,656 | ) | | (7,289 | ) | | 312,352 |
| | (266,756 | ) | | 304,096 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (51,829 | ) | | — |
| | (51,829 | ) | Net income (loss) attributable to RenaissanceRe | 252,267 |
| | (21,780 | ) | | 40,958 |
| | (5,656 | ) | | (7,289 | ) | | 260,523 |
| | (266,756 | ) | | 252,267 |
| Dividends on preference shares | (11,191 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (11,191 | ) | Net income (loss) attributable to RenaissanceRe common shareholders | $ | 241,076 |
| | $ | (21,780 | ) | | $ | 40,958 |
| | $ | (5,656 | ) | | $ | (7,289 | ) | | $ | 260,523 |
| | $ | (266,756 | ) | | $ | 241,076 |
|
| | (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 June, 2015 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | Platinum Underwriters Holdings, Ltd. (Subsidiary 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 | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 379,828 |
| | $ | — |
| | $ | 379,828 |
| Net investment income | 98 |
| | — |
| | 300 |
| | 1,221 |
| | 468 |
| | 37,342 |
| | (825 | ) | | 38,604 |
| Net foreign exchange gains (losses) | 12 |
| | — |
| | — |
| | — |
| | — |
| | (1,752 | ) | | — |
| | (1,740 | ) | Equity in earnings of other ventures | — |
| | — |
| | — |
| | — |
| | — |
| | 6,160 |
| | — |
| | 6,160 |
| Other income | 15,692 |
| | 497 |
| | — |
| | — |
| | — |
| | 431 |
| | (15,193 | ) | | 1,427 |
| Net realized and unrealized (losses) gains on investments | (535 | ) | | — |
| | 609 |
| | (1,389 | ) | | — |
| | (25,397 | ) | | — |
| | (26,712 | ) | Total revenues | 15,267 |
| | 497 |
| | 909 |
| | (168 | ) | | 468 |
| | 396,612 |
| | (16,018 | ) | | 397,567 |
| Expenses | | | | | | | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | — |
| | — |
| | — |
| | 171,023 |
| | (1,679 | ) | | 169,344 |
| Acquisition expenses | — |
| | — |
| | — |
| | — |
| | — |
| | 73,537 |
| | (11,871 | ) | | 61,666 |
| Operational expenses | (1,300 | ) | | 932 |
| | 1,588 |
| | — |
| | — |
| | 51,334 |
| | 2,119 |
| | 54,673 |
| Corporate expenses | 6,373 |
| | 980 |
| | 153 |
| | 109 |
| | 77 |
| | 5,449 |
| | (109 | ) | | 13,032 |
| Interest expense | 468 |
| | — |
| | 3,616 |
| | 4,687 |
| | 2,790 |
| | 880 |
| | (2,743 | ) | | 9,698 |
| Total expenses | 5,541 |
| | 1,912 |
| | 5,357 |
| | 4,796 |
| | 2,867 |
| | 302,223 |
| | (14,283 | ) | | 308,413 |
| Income (loss) before equity in net income (loss) of subsidiaries and taxes | 9,726 |
| | (1,415 | ) | | (4,448 | ) | | (4,964 | ) | | (2,399 | ) | | 94,389 |
| | (1,735 | ) | | 89,154 |
| Equity in net income (loss) of subsidiaries | 72,555 |
| | (805 | ) | | 127 |
| | 565 |
| | (2,443 | ) | | (11,916 | ) | | (58,083 | ) | | — |
| Income (loss) before taxes | 82,281 |
| | (2,220 | ) | | (4,321 | ) | | (4,399 | ) | | (4,842 | ) | | 82,473 |
| | (59,818 | ) | | 89,154 |
| Income tax (expense) benefit | (3,452 | ) | | — |
| | 1,743 |
| | 1,956 |
| | 888 |
| | 707 |
| | — |
| | 1,842 |
| Net income (loss) | 78,829 |
| | (2,220 | ) | | (2,578 | ) | | (2,443 | ) | | (3,954 | ) | | 83,180 |
| | (59,818 | ) | | 90,996 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (12,167 | ) | | — |
| | (12,167 | ) | Net income (loss) attributable to RenaissanceRe | 78,829 |
| | (2,220 | ) | | (2,578 | ) | | (2,443 | ) | | (3,954 | ) | | 71,013 |
| | (59,818 | ) | | 78,829 |
| Dividends on preference shares | (5,596 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (5,596 | ) | Net income (loss) attributable to RenaissanceRe common shareholders | $ | 73,233 |
| | $ | (2,220 | ) | | $ | (2,578 | ) | | $ | (2,443 | ) | | $ | (3,954 | ) | | $ | 71,013 |
| | $ | (59,818 | ) | | $ | 73,233 |
|
| | (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 six months ended June 30, 2014 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | RenRe North America Holdings Inc. (Subsidiary Issuer) | | Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) | | Consolidating Adjustments (2) | | RenaissanceRe Consolidated | Revenues | | | | | | | | | | Net premiums earned | $ | — |
| | $ | — |
| | $ | 546,950 |
| | $ | — |
| | $ | 546,950 |
| Net investment income | 1,361 |
| | 919 |
| | 73,079 |
| | (1,870 | ) | | 73,489 |
| Net foreign exchange gains | 7 |
| | — |
| | 1,324 |
| | — |
| | 1,331 |
| Equity in earnings of other ventures | — |
| | — |
| | 11,431 |
| | — |
| | 11,431 |
| Other loss | — |
| | (8 | ) | | (465 | ) | | — |
| | (473 | ) | Net realized and unrealized gains on investments | 84 |
| | 4,717 |
| | 37,254 |
| | — |
| | 42,055 |
| Total revenues | 1,452 |
| | 5,628 |
| | 669,573 |
| | (1,870 | ) | | 674,783 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 140,303 |
| | — |
| | 140,303 |
| Acquisition expenses | — |
| | — |
| | 67,177 |
| | — |
| | 67,177 |
| Operational expenses | (2,116 | ) | | 3,578 |
| | 87,171 |
| | (168 | ) | | 88,465 |
| Corporate expenses | 7,470 |
| | 118 |
| | 911 |
| | — |
| | 8,499 |
| Interest expense | — |
| | 7,233 |
| | 1,352 |
| | — |
| | 8,585 |
| Total expenses | 5,354 |
| | 10,929 |
| | 296,914 |
| | (168 | ) | | 313,029 |
| (Loss) income before equity in net income of subsidiaries and taxes | (3,902 | ) | | (5,301 | ) | | 372,659 |
| | (1,702 | ) | | 361,754 |
| Equity in net income of subsidiaries | 286,848 |
| | 815 |
| | — |
| | (287,663 | ) | | — |
| Income (loss) before taxes | 282,946 |
| | (4,486 | ) | | 372,659 |
| | (289,365 | ) | | 361,754 |
| Income tax benefit (expense) | — |
| | 646 |
| | (608 | ) | | — |
| | 38 |
| Net income (loss) | 282,946 |
| | (3,840 | ) | | 372,051 |
| | (289,365 | ) | | 361,792 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (78,846 | ) | | — |
| | (78,846 | ) | Net income (loss) attributable to RenaissanceRe | 282,946 |
| | (3,840 | ) | | 293,205 |
| | (289,365 | ) | | 282,946 |
| Dividends on preference shares | (11,191 | ) | | — |
| | — |
| | — |
| | (11,191 | ) | Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 271,755 |
| | $ | (3,840 | ) | | $ | 293,205 |
| | $ | (289,365 | ) | | $ | 271,755 |
|
| | (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 June 30, 2014 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | RenRe North America Holdings Inc. (Subsidiary Issuer) | | Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) | | Consolidating Adjustments (2) | | RenaissanceRe Consolidated | Revenues | | | | | | | | | | Net premiums earned | $ | — |
| | $ | — |
| | $ | 260,416 |
| | $ | — |
| | $ | 260,416 |
| Net investment income | 736 |
| | 445 |
| | 34,293 |
| | (933 | ) | | 34,541 |
| Net foreign exchange gains | 6 |
| | — |
| | 2,386 |
| | — |
| | 2,392 |
| Equity in earnings of other ventures | — |
| | — |
| | 7,232 |
| | — |
| | 7,232 |
| Other loss | — |
| | — |
| | (535 | ) | | — |
| | (535 | ) | Net realized and unrealized gains on investments | 190 |
| | 4,340 |
| | 22,598 |
| | — |
| | 27,128 |
| Total revenues | 932 |
| | 4,785 |
| | 326,390 |
| | (933 | ) | | 331,174 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 81,388 |
| | — |
| | 81,388 |
| Acquisition expenses | — |
| | — |
| | 33,477 |
| | — |
| | 33,477 |
| Operational expenses | (1,236 | ) | | 1,684 |
| | 45,483 |
| | (90 | ) | | 45,841 |
| Corporate expenses | 3,468 |
| | 59 |
| | 427 |
| | — |
| | 3,954 |
| Interest expense | — |
| | 3,616 |
| | 676 |
| | — |
| | 4,292 |
| Total expenses | 2,232 |
| | 5,359 |
| | 161,451 |
| | (90 | ) | | 168,952 |
| (Loss) income before equity in net income (loss) of subsidiaries and taxes | (1,300 | ) | | (574 | ) | | 164,939 |
| | (843 | ) | | 162,222 |
| Equity in net income (loss) of subsidiaries | 127,648 |
| | (38 | ) | | — |
| | (127,610 | ) | | — |
| Income (loss) before taxes | 126,348 |
| | (612 | ) | | 164,939 |
| | (128,453 | ) | | 162,222 |
| Income tax (expense) benefit | — |
| | (38 | ) | | 242 |
| | — |
| | 204 |
| Net income (loss) | 126,348 |
| | (650 | ) | | 165,181 |
| | (128,453 | ) | | 162,426 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (36,078 | ) | | — |
| | (36,078 | ) | Net income (loss) attributable to RenaissanceRe | 126,348 |
| | (650 | ) | | 129,103 |
| | (128,453 | ) | | 126,348 |
| Dividends on preference shares | (5,596 | ) | | — |
| | — |
| | — |
| | (5,596 | ) | Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 120,752 |
| | $ | (650 | ) | | $ | 129,103 |
| | $ | (128,453 | ) | | $ | 120,752 |
|
| | (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) |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Comprehensive Income (Loss) for the six months ended June 30, 2014 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | RenRe North America Holdings 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) | $ | 282,946 |
| | $ | (3,840 | ) | | $ | 372,051 |
| | $ | (289,365 | ) | | $ | 361,792 |
| Change in net unrealized gains on investments | — |
| | — |
| | (213 | ) | | — |
| | (213 | ) | Comprehensive income (loss) | 282,946 |
| | (3,840 | ) | | 371,838 |
| | (289,365 | ) | | 361,579 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (78,846 | ) | | — |
| | (78,846 | ) | Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (78,846 | ) | | — |
| | (78,846 | ) | Comprehensive income (loss) attributable to RenaissanceRe | $ | 282,946 |
| | $ | (3,840 | ) | | $ | 292,992 |
| | $ | (289,365 | ) | | $ | 282,733 |
|
| | (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 six months ended June 30, 2015 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | Platinum Underwriters Holdings, Ltd. (Subsidiary 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 income (loss) | | | | | | | | | | | | | | | | Net income (loss) | $ | 252,267 |
| | $ | (21,780 | ) | | $ | 40,958 |
| | $ | (5,656 | ) | | $ | (7,289 | ) | | $ | 312,352 |
| | $ | (266,756 | ) | | $ | 304,096 |
| Change in net unrealized gains on investments | — |
| | — |
| | — |
| | — |
| | — |
| | (423 | ) | | — |
| | (423 | ) | Comprehensive income (loss) | 252,267 |
| | (21,780 | ) | | 40,958 |
| | (5,656 | ) | | (7,289 | ) | | 311,929 |
| | (266,756 | ) | | 303,673 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (51,829 | ) | | — |
| | (51,829 | ) | Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (51,829 | ) | | — |
| | (51,829 | ) | Comprehensive income (loss) attributable to RenaissanceRe | $ | 252,267 |
| | $ | (21,780 | ) | | $ | 40,958 |
| | $ | (5,656 | ) | | $ | (7,289 | ) | | $ | 260,100 |
| | $ | (266,756 | ) | | $ | 251,844 |
|
| | (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 three months ended June 30, 2014 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | RenRe North America Holdings 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) | $ | 126,348 |
| | $ | (650 | ) | | $ | 165,181 |
| | $ | (128,453 | ) | | $ | 162,426 |
| Change in net unrealized gains on investments | — |
| | — |
| | (45 | ) | | — |
| | (45 | ) | Comprehensive income (loss) | 126,348 |
| | (650 | ) | | 165,136 |
| | (128,453 | ) | | 162,381 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (36,078 | ) | | — |
| | (36,078 | ) | Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (36,078 | ) | | — |
| | (36,078 | ) | Comprehensive income (loss) attributable to RenaissanceRe | $ | 126,348 |
| | $ | (650 | ) | | $ | 129,058 |
| | $ | (128,453 | ) | | $ | 126,303 |
|
| | (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 June 30, 2015 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | Platinum Underwriters Holdings, Ltd. (Subsidiary 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 income (loss) | | | | | | | | | | | | | | | | Net income (loss) | $ | 78,829 |
| | $ | (2,220 | ) | | $ | (2,578 | ) | | $ | (2,443 | ) | | $ | (3,954 | ) | | $ | 83,180 |
| | $ | (59,818 | ) | | $ | 90,996 |
| Change in net unrealized gains on investments | — |
| | — |
| | — |
| | — |
| | — |
| | (349 | ) | | — |
| | (349 | ) | Comprehensive income (loss) | 78,829 |
| | (2,220 | ) | | (2,578 | ) | | (2,443 | ) | | (3,954 | ) | | 82,831 |
| | (59,818 | ) | | 90,647 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (12,167 | ) | | — |
| | (12,167 | ) | Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (12,167 | ) | | — |
| | (12,167 | ) | Comprehensive income (loss) attributable to RenaissanceRe | $ | 78,829 |
| | $ | (2,220 | ) | | $ | (2,578 | ) | | $ | (2,443 | ) | | $ | (3,954 | ) | | $ | 70,664 |
| | $ | (59,818 | ) | | $ | 78,480 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | (2) | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
|
Condensed Consolidating Statements Of Cash Flows |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2015 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | Platinum Underwriters Holdings, Ltd. (Subsidiary 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 provided by (used in) operating activities | | | | | | | | | | | | | | Net cash provided by (used in) operating activities | $ | 66,113 |
| | $ | (1,326 | ) | | $ | (5,393 | ) | | $ | (10,030 | ) | | $ | (119,583 | ) | | $ | 40,849 |
| | $ | (29,370 | ) | Cash flows (used in) provided by investing activities | | | | | | | | | | | | | | Proceeds from sales and maturities of fixed maturity investments trading | 14,718 |
| | — |
| | 7,016 |
| | 45,087 |
| | — |
| | 4,695,154 |
| | 4,761,975 |
| Purchases of fixed maturity investments trading | (56,559 | ) | | — |
| | (38,668 | ) | | — |
| | — |
| | (4,500,891 | ) | | (4,596,118 | ) | Proceeds from sales and maturities of fixed maturity investments available for sale | — |
| | — |
| | — |
| | — |
| | — |
| | 5,000 |
| | 5,000 |
| Net sales (purchases) of equity investments trading | — |
| | — |
| | 33,687 |
| | (273,501 | ) | | — |
| | 73,329 |
| | (166,485 | ) | Net (purchases) sales of short term investments | (1,088 | ) | | — |
| | (5,848 | ) | | 238,048 |
| | — |
| | 129,050 |
| | 360,162 |
| Net purchases of other investments | — |
| | — |
| | — |
| | — |
| | — |
| | (1,250 | ) | | (1,250 | ) | Net purchases of investments in other ventures | — |
| | — |
| | — |
| | — |
| | — |
| | (45 | ) | | (45 | ) | Net sales of other assets | — |
| | — |
| | — |
| | — |
| | — |
| | 4,500 |
| | 4,500 |
| Dividends and return of capital from subsidiaries | 1,009,161 |
| | (30,000 | ) | | — |
| | — |
| | — |
| | (979,161 | ) | | — |
| Contributions to subsidiaries | (205,362 | ) | | — |
| | 10,342 |
| | — |
| | (180,000 | ) | | 375,020 |
| | — |
| Due (from) to subsidiary | (3,595 | ) | | (21,913 | ) | | (23 | ) | | (52 | ) | | 407 |
| | 25,176 |
| | — |
| Net purchase of Platinum | (904,433 | ) | | 62,420 |
| | — |
| | 1,537 |
| | — |
| | 162,324 |
| | (678,152 | ) | Net cash (used in) provided by investing activities | (147,158 | ) | | 10,507 |
| | 6,506 |
| | 11,119 |
| | (179,593 | ) | | (11,794 | ) | | (310,413 | ) | Cash flows provided by (used in) financing activities | | | | | | | | | | | | | | Dividends paid – RenaissanceRe common shares | (27,479 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (27,479 | ) | Dividends paid – preference shares | (11,191 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (11,191 | ) | RenaissanceRe common share repurchases | (736 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (736 | ) | Net issuance (repayment) of debt | 117,000 |
| | — |
| | — |
| | — |
| | 299,400 |
| | 29,189 |
| | 445,589 |
| Net third party redeemable noncontrolling interest share transactions | — |
| | — |
| | — |
| | — |
| | — |
| | (187,064 | ) | | (187,064 | ) | Net cash provided by (used in) financing activities | 77,594 |
| | — |
| | — |
| | — |
| | 299,400 |
| | (157,875 | ) | | 219,119 |
| Effect of exchange rate changes on foreign currency cash | — |
| | — |
| | — |
| | — |
| | — |
| | (6,830 | ) | | (6,830 | ) | Net (decrease) increase in cash and cash equivalents | (3,451 | ) | | 9,181 |
| | 1,113 |
| | 1,089 |
| | 224 |
| | (135,650 | ) | | (127,494 | ) | Cash and cash equivalents, beginning of period | 5,986 |
| | — |
| | 1,033 |
| | — |
| | — |
| | 518,565 |
| | 525,584 |
| Cash and cash equivalents, end of period | $ | 2,535 |
| | $ | 9,181 |
| | $ | 2,146 |
| | $ | 1,089 |
| | $ | 224 |
| | $ | 382,915 |
| | $ | 398,090 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2014 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | | RenRe North America Holdings 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 | $ | (14,828 | ) | | $ | (8,410 | ) | | $ | 196,624 |
| | $ | 173,386 |
| Cash flows provided by (used in) investing activities | | | | | | | | Proceeds from sales and maturities of fixed maturity investments trading | 4,912 |
| | 5,353 |
| | 4,009,909 |
| | 4,020,174 |
| Purchases of fixed maturity investments trading | (79,714 | ) | | — |
| | (3,890,603 | ) | | (3,970,317 | ) | Proceeds from sales and maturities of fixed maturity investments available for sale | — |
| | — |
| | 5,114 |
| | 5,114 |
| Net purchases of equity investments trading | — |
| | (370 | ) | | (10,776 | ) | | (11,146 | ) | Net sales (purchases) of short term investments | 116,511 |
| | (68 | ) | | (26,894 | ) | | 89,549 |
| Net sales of other investments | — |
| | — |
| | 68,684 |
| | 68,684 |
| Net sales of investments in other ventures | — |
| | — |
| | 1,030 |
| | 1,030 |
| Net sales of other assets | — |
| | — |
| | 6,000 |
| | 6,000 |
| Dividends and return of capital from subsidiaries | 359,891 |
| | 5,406 |
| | (365,297 | ) | | — |
| Contributions to subsidiaries | (47,220 | ) | | (1,950 | ) | | 49,170 |
| | — |
| Due to (from) subsidiaries | 4,123 |
| | (777 | ) | | (3,346 | ) | | — |
| Net cash provided by (used in) investing activities | 358,503 |
| | 7,594 |
| | (157,009 | ) | | 209,088 |
| Cash flows used in financing activities | | | | | | | | Dividends paid – RenaissanceRe common shares | (23,550 | ) | | — |
| | — |
| | (23,550 | ) | Dividends paid – preference shares | (11,191 | ) | | — |
| | — |
| | (11,191 | ) | RenaissanceRe common share repurchases | (314,536 | ) | | — |
| | — |
| | (314,536 | ) | Net third party redeemable noncontrolling interest share transactions | — |
| | — |
| | (144,096 | ) | | (144,096 | ) | Net cash used in financing activities | (349,277 | ) | | — |
| | (144,096 | ) | | (493,373 | ) | Effect of exchange rate changes on foreign currency cash | — |
| | — |
| | (2,676 | ) | | (2,676 | ) | Net decrease in cash and cash equivalents | (5,602 | ) | | (816 | ) | | (107,157 | ) | | (113,575 | ) | Cash and cash equivalents, beginning of period | 8,796 |
| | 4,027 |
| | 395,209 |
| | 408,032 |
| Cash and cash equivalents, end of period | $ | 3,194 |
| | $ | 3,211 |
| | $ | 288,052 |
| | $ | 294,457 |
|
(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
|