Assets and Liabilities Held For Sale

3 Months Ended

Mar. 31, 2020

NOTE 15. ASSETS AND LIABILITIES HELD FOR SALE

On February 4, 2020, RenaissanceRe Specialty Holdings entered into an agreement to sell its wholly owned subsidiary, RenaissanceRe UK, a U.K. run-off company, to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. The sale is subject to regulatory approval and is expected to close in 2020. The estimated purchase price was calculated based on preliminary book value. The ultimate purchase price will be determined following receipt of regulatory approval, based on the closing book value. The Company classified the assets and liabilities of RenaissanceRe UK as held for sale. The financial results of RenaissanceRe UK are recorded in the Company’s consolidated statements of operations as part of net (loss) income (attributable) available to RenaissanceRe common shareholders for the three months ended March 31, 2020. The underwriting activities of RenaissanceRe UK are principally all within the Company’s Casualty and Specialty segment.

The carrying value of the major classes of assets and liabilities held for sale at March 31, 2020 and December 31, 2019 are as follows:



	March 31, 2020		December 31, 2019
Assets of RenaissanceRe UK held for sale
Total investments	$	440,418	$	458,731
Other assets	24,165		40,284
Total assets held for sale	$	464,583	$	499,015

Liabilities of RenaissanceRe UK held for sale
Reserve for claims and claim expenses	$	175,506	$	199,436
Other liabilities	2,863		925
Total liabilities held for sale	$	178,369	$	200,361