Segment Reporting

3 Months Ended

Mar. 31, 2020

Segment Reporting, Measurement Disclosures [Abstract]

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 acquisitions 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 whom 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 by segment is as follows:




Three months ended March 31, 2020	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,220,526		$	805,195		$	—		$	2,025,721
Net premiums written	$	674,581		$	595,227		$	—		$	1,269,808
Net premiums earned	$	421,335		$	491,763		$	—		$	913,098
Net claims and claim expenses incurred	144,852			426,209			(107		)	570,954
Acquisition expenses	85,351			125,253			—			210,604
Operational expenses	44,007			23,454			—			67,461
Underwriting income (loss)	$	147,125		$	(83,153	)	$	107		64,079
Net investment income							99,473			99,473
Net foreign exchange losses							(5,728		)	(5,728		)
Equity in earnings of other ventures							4,564			4,564
Other loss							(4,436		)	(4,436		)
Net realized and unrealized losses on investments							(110,707		)	(110,707		)
Corporate expenses							(15,991		)	(15,991		)
Interest expense							(14,927		)	(14,927		)
Income before taxes										16,327
Income tax benefit							8,846			8,846
Net income attributable to redeemable noncontrolling interests							(98,091		)	(98,091		)
Dividends on preference shares							(9,056		)	(9,056		)
Net loss attributable to RenaissanceRe common shareholders										$	(81,974	)

Net claims and claim expenses incurred – current accident year	$	130,844		$	426,210		$	—		$	557,054
Net claims and claim expenses incurred – prior accident years	14,008			(1		)	(107		)	13,900
Net claims and claim expenses incurred – total	$	144,852		$	426,209		$	(107	)	$	570,954

Net claims and claim expense ratio – current accident year	31.1		%	86.7		%				61.0		%
Net claims and claim expense ratio – prior accident years	3.3		%	—		%				1.5		%
Net claims and claim expense ratio – calendar year	34.4		%	86.7		%				62.5		%
Underwriting expense ratio	30.7		%	30.2		%				30.5		%
Combined ratio	65.1		%	116.9		%				93.0		%




Three months ended March 31, 2019	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,032,384		$	531,911		$	—		$	1,564,295
Net premiums written	$	564,230		$	364,801		$	—		$	929,031
Net premiums earned	$	290,745		$	259,283		$	—		$	550,028
Net claims and claim expenses incurred	56,083			170,933			19			227,035
Acquisition expenses	53,739			70,212			—			123,951
Operational expenses	28,544			16,389			—			44,933
Underwriting income (loss)	$	152,379		$	1,749		$	(19	)	154,109
Net investment income							82,094			82,094
Net foreign exchange losses							(2,846		)	(2,846		)
Equity in earnings of other ventures							4,661			4,661
Other income							3,171			3,171
Net realized and unrealized gains on investments							170,013			170,013
Corporate expenses							(38,789		)	(38,789		)
Interest expense							(11,754		)	(11,754		)
Income before taxes										360,659
Income tax expense							(7,531		)	(7,531		)
Net income attributable to redeemable noncontrolling interests							(70,222		)	(70,222		)
Dividends on preference shares							(9,189		)	(9,189		)
Net income available to RenaissanceRe common shareholders										$	273,717

Net claims and claim expenses incurred – current accident year	$	54,206		$	177,135		$	—		$	231,341
Net claims and claim expenses incurred – prior accident years	1,877			(6,202		)	19			(4,306		)
Net claims and claim expenses incurred – total	$	56,083		$	170,933		$	19		$	227,035

Net claims and claim expense ratio – current accident year	18.6		%	68.3		%				42.1		%
Net claims and claim expense ratio – prior accident years	0.7		%	(2.4		)%				(0.8		)%
Net claims and claim expense ratio – calendar year	19.3		%	65.9		%				41.3		%
Underwriting expense ratio	28.3		%	33.4		%				30.7		%
Combined ratio	47.6		%	99.3		%				72.0		%