Segment Reporting

3 Months Ended

Mar. 31, 2017

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, certain expenses related to the acquisition of Platinum, 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 the Chief Underwriting Officer - Property and Chief Underwriting Officer - Casualty and Specialty 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 is as follows:

Three months ended March 31, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	520,529		$	401,561		$	—		$	922,090
Net premiums written	$	289,871		$	254,265		$	—		$	544,136
Net premiums earned	$	186,988		$	179,059		$	(2	)	$	366,045
Net claims and claim expenses incurred	38,838			154,571			(328		)	193,081
Acquisition expenses	29,103			54,179			—			83,282
Operational expenses	27,665			19,607			11			47,283
Underwriting income (loss)	$	91,382		$	(49,298	)	$	315		42,399
Net investment income							54,325			54,325
Net foreign exchange gains							8,165			8,165
Equity in losses of other ventures							(1,507		)	(1,507		)
Other income							1,665			1,665
Net realized and unrealized gains on investments							43,373			43,373
Corporate expenses							(5,286		)	(5,286		)
Interest expense							(10,526		)	(10,526		)
Income before taxes and redeemable noncontrolling interests										132,608
Income tax expense							(334		)	(334		)
Net income attributable to redeemable noncontrolling interests							(34,327		)	(34,327		)
Dividends on preference shares							(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders										$	92,352
Net claims and claim expenses incurred – current accident year	$	39,766		$	124,309		$	—		$	164,075
Net claims and claim expenses incurred – prior accident years	(928		)	30,262			(328		)	29,006
Net claims and claim expenses incurred – total	$	38,838		$	154,571		$	(328	)	$	193,081
Net claims and claim expense ratio – current accident year	21.3		%	69.4		%				44.8		%
Net claims and claim expense ratio – prior accident years	(0.5		)%	16.9		%				7.9		%
Net claims and claim expense ratio – calendar year	20.8		%	86.3		%				52.7		%
Underwriting expense ratio	30.3		%	41.2		%				35.7		%
Combined ratio	51.1		%	127.5		%				88.4		%

Three months ended March 31, 2016	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	444,959		$	417,174		$	—		$	862,133
Net premiums written	$	232,859		$	278,816		$	—		$	511,675
Net premiums earned	$	175,232		$	178,374		$	—		$	353,606
Net claims and claim expenses incurred	21,804			104,883			(82		)	126,605
Acquisition expenses	20,124			45,468			—			65,592
Operational expenses	28,657			27,518			60			56,235
Underwriting income	$	104,647		$	505		$	22		105,174
Net investment income							28,863			28,863
Net foreign exchange losses							(1,692		)	(1,692		)
Equity in earnings of other ventures							1,611			1,611
Other income							4,079			4,079
Net realized and unrealized gains on investments							61,653			61,653
Corporate expenses							(8,225		)	(8,225		)
Interest expense							(10,538		)	(10,538		)
Income before taxes and redeemable noncontrolling interests										180,925
Income tax expense							(2,744		)	(2,744		)
Net income attributable to noncontrolling interests							(44,591		)	(44,591		)
Dividends on preference shares							(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders										$	127,995
Net claims and claim expenses incurred – current accident year	$	27,732		$	100,477		$	—		$	128,209
Net claims and claim expenses incurred – prior accident years	(5,928		)	4,406			(82		)	(1,604		)
Net claims and claim expenses incurred – total	$	21,804		$	104,883		$	(82	)	$	126,605
Net claims and claim expense ratio – current accident year	15.8		%	56.3		%				36.3		%
Net claims and claim expense ratio – prior accident years	(3.4		)%	2.5		%				(0.5		)%
Net claims and claim expense ratio – calendar year	12.4		%	58.8		%				35.8		%
Underwriting expense ratio	27.9		%	40.9		%				34.5		%
Combined ratio	40.3		%	99.7		%				70.3		%