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Segment Reporting
 12 Months Ended
Dec. 31, 2022
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 (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds. In addition to its reportable segments, the Company has an Other category, which primarily includes its investments unit, strategic investments, corporate expenses, capital servicing costs, noncontrolling interests and certain expenses related to acquisitions and dispositions.
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:
Year ended December 31, 2022PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$3,734,241 $5,479,299 $— $9,213,540 
Net premiums written$2,847,659 $4,348,501 $— $7,196,160 
Net premiums earned$2,770,227 $3,563,762 $— $6,333,989 
Net claims and claim expenses incurred
2,044,771 2,294,069 — 4,338,840 
Acquisition expenses547,210 1,021,396 — 1,568,606 
Operational expenses194,355 82,336 — 276,691 
Underwriting income (loss)$(16,109)$165,961 $— 149,852 
Net investment income559,932 559,932 
Net foreign exchange gains (losses)(56,909)(56,909)
Equity in earnings of other ventures
11,249 11,249 
Other income (loss)12,636 12,636 
Net realized and unrealized gains (losses) on investments(1,800,485)(1,800,485)
Corporate expenses(46,775)(46,775)
Interest expense(48,335)(48,335)
Income (loss) before taxes and redeemable noncontrolling interests(1,218,835)
Income tax (expense) benefit59,019 59,019 
Net (income) loss attributable to redeemable noncontrolling interests98,613 98,613 
Dividends on preference shares(35,375)(35,375)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(1,096,578)
Net claims and claim expenses incurred – current accident year
$2,250,512 $2,335,910 $— $4,586,422 
Net claims and claim expenses incurred – prior accident years
(205,741)(41,841)— (247,582)
Net claims and claim expenses incurred – total
$2,044,771 $2,294,069 $— $4,338,840 
Net claims and claim expense ratio – current accident year
81.2 %65.5 %72.4 %
Net claims and claim expense ratio – prior accident years
(7.4)%(1.1)%(3.9)%
Net claims and claim expense ratio – calendar year
73.8 %64.4 %68.5 %
Underwriting expense ratio26.8 %30.9 %29.2 %
Combined ratio100.6 %95.3 %97.7 %
Year ended December 31, 2021PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$3,958,724 $3,875,074 $— $7,833,798 
Net premiums written$2,868,002 $3,071,373 $— $5,939,375 
Net premiums earned$2,608,298 $2,585,883 $— $5,194,181 
Net claims and claim expenses incurred
2,163,016 1,713,071 — 3,876,087 
Acquisition expenses487,178 727,680 — 1,214,858 
Operational expenses143,608 68,576 — 212,184 
Underwriting income (loss)$(185,504)$76,556 $— (108,948)
Net investment income319,479 319,479 
Net foreign exchange gains (losses)(41,006)(41,006)
Equity in earnings of other ventures
12,309 12,309 
Other income (loss)10,880 10,880 
Net realized and unrealized gains (losses) on investments(218,134)(218,134)
Corporate expenses(41,152)(41,152)
Interest expense(47,536)(47,536)
Income (loss) before taxes and redeemable noncontrolling interests(114,108)
Income tax (expense) benefit10,668 10,668 
Net (income) loss attributable to redeemable noncontrolling interests63,285 63,285 
Dividends on preference shares(33,266)(33,266)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(73,421)
Net claims and claim expenses incurred – current accident year
$2,396,389 $1,729,168 $— $4,125,557 
Net claims and claim expenses incurred – prior accident years
(233,373)(16,097)— (249,470)
Net claims and claim expenses incurred – total
$2,163,016 $1,713,071 $— $3,876,087 
Net claims and claim expense ratio – current accident year
91.9 %66.9 %79.4 %
Net claims and claim expense ratio – prior accident years
(9.0)%(0.7)%(4.8)%
Net claims and claim expense ratio – calendar year
82.9 %66.2 %74.6 %
Underwriting expense ratio24.2 %30.8 %27.5 %
Combined ratio107.1 %97.0 %102.1 %
Year ended December 31, 2020PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$2,999,142 $2,807,023 $— $5,806,165 
Net premiums written$2,037,200 $2,059,133 $— $4,096,333 
Net premiums earned$1,936,215 $2,016,247 $— $3,952,462 
Net claims and claim expenses incurred
1,435,947 1,488,662 — 2,924,609 
Acquisition expenses353,700 543,977 — 897,677 
Operational expenses135,547 71,140 — 206,687 
Underwriting income (loss)$11,021 $(87,532)$— (76,511)
Net investment income354,038 354,038 
Net foreign exchange gains (losses)27,773 27,773 
Equity in earnings of other ventures
17,194 17,194 
Other income (loss)213 213 
Net realized and unrealized gains (losses) on investments820,636 820,636 
Corporate expenses(96,970)(96,970)
Interest expense(50,453)(50,453)
Income (loss) before taxes and redeemable noncontrolling interests995,920 
Income tax (expense) benefit(2,862)(2,862)
Net (income) loss attributable to redeemable noncontrolling interests(230,653)(230,653)
Dividends on preference shares(30,923)(30,923)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$731,482 
Net claims and claim expenses incurred – current accident year
$1,592,996 $1,515,425 $— $3,108,421 
Net claims and claim expenses incurred – prior accident years
(157,049)(26,763)— (183,812)
Net claims and claim expenses incurred – total
$1,435,947 $1,488,662 $— $2,924,609 
Net claims and claim expense ratio – current accident year
82.3 %75.2 %78.6 %
Net claims and claim expense ratio – prior accident years
(8.1)%(1.4)%(4.6)%
Net claims and claim expense ratio – calendar year
74.2 %73.8 %74.0 %
Underwriting expense ratio25.2 %30.5 %27.9 %
Combined ratio99.4 %104.3 %101.9 %
The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure:
Year ended December 31,202220212020
Property
U.S. and Caribbean$2,343,830 $2,257,088 $1,683,538 
Worldwide1,053,369 1,188,737 889,917 
Europe62,998 253,678 189,587 
Japan104,767 114,981 102,228 
Worldwide (excluding U.S.) (1)
37,436 34,742 62,058 
Australia and New Zealand86,080 69,188 40,243 
Other45,761 40,310 31,571 
Total Property3,734,241 3,958,724 2,999,142 
Casualty and Specialty
Worldwide2,328,030 1,746,450 1,315,386 
U.S. and Caribbean2,556,466 1,721,663 1,248,981 
Europe327,831 217,721 121,369 
Worldwide (excluding U.S.) (1)
177,746 108,376 56,225 
Australia and New Zealand35,973 29,001 12,429 
Other53,253 51,863 52,633 
Total Casualty and Specialty5,479,299 3,875,074 2,807,023 
Total gross premiums written$9,213,540 $7,833,798 $5,806,165 
(1)The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).