Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Significant Components of the Company's Revenues and Expenses

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:

Year ended December 31, 2019	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	2,430,985		$	2,376,765		$	—		$	4,807,750
Net premiums written	$	1,654,259		$	1,727,234		$	—		$	3,381,493
Net premiums earned	$	1,627,494		$	1,710,909		$	—		$	3,338,403
Net claims and claim expenses incurred	965,424			1,131,637			(40		)	2,097,021
Acquisition expenses	313,761			448,678			(207		)	762,232
Operational expenses	139,015			84,546			(828		)	222,733
Underwriting income (loss)	$	209,294		$	46,048		$	1,075		256,417
Net investment income							423,833			423,833
Net foreign exchange losses							(2,938		)	(2,938		)
Equity in earnings of other ventures							23,224			23,224
Other income							4,949			4,949
Net realized and unrealized gains on investments							414,483			414,483
Corporate expenses							(94,122		)	(94,122		)
Interest expense							(58,364		)	(58,364		)
Income before taxes and redeemable noncontrolling interests										967,482
Income tax expense							(17,215		)	(17,215		)
Net income attributable to redeemable noncontrolling interests							(201,469		)	(201,469		)
Dividends on preference shares							(36,756		)	(36,756		)
Net income available to RenaissanceRe common shareholders										$	712,042
Net claims and claim expenses incurred – current accident year	$	968,357		$	1,155,519		$	—		$	2,123,876
Net claims and claim expenses incurred – prior accident years	(2,933		)	(23,882		)	(40		)	(26,855		)
Net claims and claim expenses incurred – total	$	965,424		$	1,131,637		$	(40	)	$	2,097,021
Net claims and claim expense ratio – current accident year	59.5		%	67.5		%				63.6		%
Net claims and claim expense ratio – prior accident years	(0.2		)%	(1.4		)%				(0.8		)%
Net claims and claim expense ratio – calendar year	59.3		%	66.1		%				62.8		%
Underwriting expense ratio	27.8		%	31.2		%				29.5		%
Combined ratio	87.1		%	97.3		%				92.3		%

Year ended December 31, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,760,926		$	1,549,501		$	—		$	3,310,427
Net premiums written	$	1,055,188		$	1,076,714		$	—		$	2,131,902
Net premiums earned	$	1,050,831		$	925,298		$	—		$	1,976,129
Net claims and claim expenses incurred	497,895			622,320			(197		)	1,120,018
Acquisition expenses	177,912			255,079			(2		)	432,989
Operational expenses	112,954			64,883			430			178,267
Underwriting income (loss)	$	262,070		$	(16,984	)	$	(231	)	244,855
Net investment income							261,866			261,866
Net foreign exchange losses							(12,428		)	(12,428		)
Equity in earnings of other ventures							18,474			18,474
Other income							5,969			5,969
Net realized and unrealized losses on investments							(175,069		)	(175,069		)
Corporate expenses							(33,983		)	(33,983		)
Interest expense							(47,069		)	(47,069		)
Income before taxes and redeemable noncontrolling interests										262,615
Income tax benefit							6,302			6,302
Net income attributable to redeemable noncontrolling interests							(41,553		)	(41,553		)
Dividends on preference shares							(30,088		)	(30,088		)
Net income available to RenaissanceRe common shareholders										$	197,276
Net claims and claim expenses incurred – current accident year	$	719,185		$	671,582		$	—		$	1,390,767
Net claims and claim expenses incurred – prior accident years	(221,290		)	(49,262		)	(197		)	(270,749		)
Net claims and claim expenses incurred – total	$	497,895		$	622,320		$	(197	)	$	1,120,018
Net claims and claim expense ratio – current accident year	68.4		%	72.6		%				70.4		%
Net claims and claim expense ratio – prior accident years	(21.0		)%	(5.3		)%				(13.7		)%
Net claims and claim expense ratio – calendar year	47.4		%	67.3		%				56.7		%
Underwriting expense ratio	27.7		%	34.5		%				30.9		%
Combined ratio	75.1		%	101.8		%				87.6		%

Year ended December 31, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,440,437		$	1,357,110		$	(7	)	$	2,797,540
Net premiums written	$	978,014		$	893,307		$	4		$	1,871,325
Net premiums earned	$	931,070		$	786,501		$	4		$	1,717,575
Net claims and claim expenses incurred	1,297,985			565,026			(1,583		)	1,861,428
Acquisition expenses	113,816			233,077			(1		)	346,892
Operational expenses	94,194			66,548			36			160,778
Underwriting (loss) income	$	(574,925	)	$	(78,150	)	$	1,552		(651,523		)
Net investment income							222,209			222,209
Net foreign exchange gains							10,628			10,628
Equity in earnings of other ventures							8,030			8,030
Other income							9,415			9,415
Net realized and unrealized gains on investments							135,822			135,822
Corporate expenses							(18,572		)	(18,572		)
Interest expense							(44,193		)	(44,193		)
Loss before taxes and redeemable noncontrolling interests										(328,184		)
Income tax expense							(26,487		)	(26,487		)
Net loss attributable to redeemable noncontrolling interests							132,282			132,282
Dividends on preference shares							(22,381		)	(22,381		)
Net loss attributable to RenaissanceRe common shareholders										$	(244,770	)
Net claims and claim expenses incurred – current accident year	$	1,343,581		$	558,843		$	—		$	1,902,424
Net claims and claim expenses incurred – prior accident years	(45,596		)	6,183			(1,583		)	(40,996		)
Net claims and claim expenses incurred – total	$	1,297,985		$	565,026		$	(1,583	)	$	1,861,428
Net claims and claim expense ratio – current accident year	144.3		%	71.1		%				110.8		%
Net claims and claim expense ratio – prior accident years	(4.9		)%	0.7		%				(2.4		)%
Net claims and claim expense ratio – calendar year	139.4		%	71.8		%				108.4		%
Underwriting expense ratio	22.3		%	38.1		%				29.5		%
Combined ratio	161.7		%	109.9		%				137.9		%

Schedule of Gross Premiums Written Allocated to the Territory of Coverage Exposure

The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure:

Year ended December 31,	2019		2018		2017
Property
U.S. and Caribbean	$	1,368,205	$	978,063	$	954,269
Worldwide	643,744		464,311		305,915
Europe	182,544		144,857		49,486
Japan	90,328		71,601		49,821
Worldwide (excluding U.S.) (1)	79,393		66,872		48,182
Australia and New Zealand	32,203		19,273		14,151
Other	34,568		15,949		18,613
Total Property	2,430,985		1,760,926		1,440,437
Casualty and Specialty
Worldwide	935,626		776,976		686,253
U.S. and Caribbean	1,071,170		667,125		622,757
Worldwide (excluding U.S.) (1)	25,291		31,734		10,104
Europe	227,178		15,296		9,752
Australia and New Zealand	34,053		3,667		4,141
Other	83,447		54,703		24,103
Total Casualty and Specialty	2,376,765		1,549,501		1,357,110
Other category	—		—		(7		)
Total gross premiums written	$	4,807,750	$	3,310,427	$	2,797,540

(1)

The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).