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Schedule II. Condensed Financial Information Of Registrant
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant
SCHEDULE II
RENAISSANCERE HOLDINGS LTD.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
RENAISSANCERE HOLDINGS LTD.
BALANCE SHEETS
AT DECEMBER 31, 2019 AND 2018
(PARENT COMPANY)
(THOUSANDS OF UNITED STATES DOLLARS)
 
 
At December 31,
 
2019
 
2018
Assets
 
 
 
Fixed maturity investments trading, at fair value - amortized cost $998 at December 31, 2019 (2018 - $238,989)
$
1,005

 
$
240,443

Short term investments, at fair value
189,446

 
72,917

Cash and cash equivalents
26,460

 
3,534

Investments in subsidiaries
5,204,260

 
4,414,475

Due from subsidiaries
10,725

 
57,039

Accrued investment income
—

 
1,046

Receivable for investments sold
173

 
203

Other assets
847,406

 
458,842

Goodwill and other intangible assets
116,212

 
120,476

Total assets
$
6,395,687

 
$
5,368,975

Liabilities and Shareholders’ Equity
 
 
 
Liabilities
 
 
 
Notes and bank loans payable
$
391,475

 
$
300,000

Due to subsidiaries
6,708

 
6,453

Other liabilities
26,137

 
17,442

Total liabilities
424,320

 
323,895

Shareholders’ Equity
 
 
 
Preference shares: $1.00 par value – 16,010,000 shares issued and outstanding at December 31, 2019 (2018 – 16,010,000)
650,000

 
650,000

Common shares: $1.00 par value – 44,148,116 shares issued and outstanding at December 31, 2019 (2018 – 42,207,390)
44,148

 
42,207

Additional paid-in capital
568,277

 
296,099

Accumulated other comprehensive loss
(1,939
)
 
(1,433
)
Retained earnings
4,710,881

 
4,058,207

Total shareholders’ equity
5,971,367

 
5,045,080

Total liabilities and shareholders’ equity
$
6,395,687

 
$
5,368,975


SCHEDULE II
RENAISSANCERE HOLDINGS LTD.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED
 
RENAISSANCERE HOLDINGS LTD.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
(PARENT COMPANY)
(THOUSANDS OF UNITED STATES DOLLARS) 
 
Year ended December 31,
 
2019
 
2018
 
2017
Revenues
 
 
 
 
 
Net investment income
$
39,629

 
$
24,791

 
$
23,109

Net foreign exchange gains (losses)
7,342

 
(3
)
 
(1
)
Net realized and unrealized gains (losses) on investments
12,393

 
633

 
(1,357
)
Total revenues
59,364

 
25,421

 
21,751

Expenses
 
 
 
 
 
Interest expense
18,086

 
5,683

 
1,572

Operational expenses
7,506

 
7,679

 
11,314

Corporate expenses
58,393

 
25,190

 
18,546

Total expenses
83,985

 
38,552

 
31,432

Loss before equity in net income (loss) of subsidiaries
(24,621
)
 
(13,131
)
 
(9,681
)
Equity in net income (loss) of subsidiaries
773,419

 
240,495

 
(212,708
)
Net income (loss)
748,798

 
227,364

 
(222,389
)
Dividends on preference shares
(36,756
)
 
(30,088
)
 
(22,381
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
712,042

 
$
197,276

 
$
(244,770
)
RENAISSANCERE HOLDINGS LTD.
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
(PARENT COMPANY)
(THOUSANDS OF UNITED STATES DOLLARS) 
 
Year ended December 31,
 
2019
 
2018
 
2017
Comprehensive income (loss)
 
 
 
 
 
Net income (loss)
$
748,798

 
$
227,364

 
$
(222,389
)
Change in net unrealized gains on investments, net of tax
2,173

 
(1,657
)
 
(909
)
Foreign currency translation adjustments, net of tax
(2,679
)
 
—

 
—

Comprehensive income (loss) available (attributable) to RenaissanceRe
$
748,292

 
$
225,707

 
$
(223,298
)
SCHEDULE II
RENAISSANCERE HOLDINGS LTD.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED
 
RENAISSANCERE HOLDINGS LTD.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
(PARENT COMPANY)
(THOUSANDS OF UNITED STATES DOLLARS)
 
Year ended December 31,
 
2019
 
2018
 
2017
Cash flows used in operating activities:
 
 
 
 
 
Net income (loss)
$
748,798

 
$
227,364

 
$
(222,389
)
Less: equity in net (income) loss of subsidiaries
(773,419
)
 
(240,495
)
 
212,708

 
(24,621
)
 
(13,131
)
 
(9,681
)
Adjustments to reconcile net income (loss) to net cash used in operating activities
 
 
 
 
 
Net realized and unrealized (gains) losses on investments
(12,393
)
 
(633
)
 
1,357

Other
34,153

 
30,951

 
29,442

Net cash used in operating activities
(2,861
)
 
17,187

 
21,118

Cash flows provided by (used in) investing activities:
 
 
 
 
 
Proceeds from maturities and sales of fixed maturity investments trading
306,579

 
384,818

 
261,601

Purchases of fixed maturity investments trading
(66,740
)
 
(520,935
)
 
(344,463
)
Net (purchases) sales of short term investments
(116,499
)
 
48,600

 
243,571

Dividends and return of capital from subsidiaries
1,400,944

 
672,098

 
478,496

Contributions to subsidiaries
(1,165,607
)
 
(785,785
)
 
(669,672
)
Due to (from) subsidiary
(625,924
)
 
(227,762
)
 
294,419

Net cash provided by (used in) investing activities
(267,247
)
 
(428,966
)
 
263,952

Cash flows provided by (used in) financing activities:
 
 
 
 
 
Dividends paid – RenaissanceRe common shares
(59,368
)
 
(52,841
)
 
(51,370
)
Dividends paid – preference shares
(36,756
)
 
(30,088
)
 
(22,381
)
Issuance of debt, net of expenses
396,411

 
—

 
—

RenaissanceRe common share repurchases
—

 
—

 
(188,591
)
RenaissanceRe common share issuance
—

 
250,000

 
—

Issuance of preference shares, net of expenses
—

 
241,448

 
—

Taxes paid on withholding shares
(7,253
)
 
(7,862
)
 
(15,139
)
Net cash provided by (used in) financing activities
293,034

 
400,657

 
(277,481
)
Net increase (decrease) in cash and cash equivalents
22,926

 
(11,122
)
 
7,589

Cash and cash equivalents, beginning of year
3,534

 
14,656

 
7,067

Cash and cash equivalents, end of year
$
26,460

 
$
3,534

 
$
14,656