Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Effective January 1, 2024, RenaissanceRe sold an aggregate of $300.0 million of its shares in DaVinci to third-party investors and purchased an aggregate of $175.0 million of shares from third-party investors. At December 31, 2023, $300.0 million, representing the net amount received from investors other than the Company prior to December 31, 2023, is included in other liabilities on the Company's consolidated balance sheet, and also included in cash flows provided by financing activities on the Company's consolidated statements of cash flows for the year ended December 31, 2023. In 2024, DaVinci approved a distribution of capital of $250.0 million to its investors, including $69.4 million to the Company. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 23.9%.

Effective in January and February 2024, Medici issued an aggregate of $127.6 million of non-voting preference shares to investors, including $0.5 million to the Company, and redeemed an aggregate of $35.6 million of non-voting preference shares to investors, including $Nil to the Company. In January 2024, Medici declared a dividend of $18.4 million, all of which is payable to third-party investors. At December 31, 2023, $75.0 million, representing the amount received from investors other than the Company prior to December 31, 2023, is included in other liabilities on the Company’s consolidated balance sheet, and also included in cash flows provided by financing activities on the Company’s consolidated statements of cash flows for the year ended December 31, 2023. The Company’s noncontrolling economic ownership in Medici subsequent to these transactions was 11.4% effective February 1, 2024.

Subsequent to December 31, 2023, Medici repaid in full the aggregate principal amount drawn under the Medici Revolving Credit Facility.

Effective January 1, 2024, Fontana completed an equity capital raise of $100.0 million, comprised of $50.0 million from third-party investors and $50.0 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $50.0 million of its shares in Fontana to third-party investors. The net impact of these transactions was no net investment in Fontana by the Company. At December 31, 2023, $100.0 million, representing the net amount received from investors other than the Company prior to December 31, 2023, is included in other liabilities on the Company's consolidated balance sheet, and also included in cash flows provided by financing activities on the Company's consolidated statements of cash flows for the year ended December 31, 2023. The Company’s noncontrolling economic ownership in Fontana subsequent to these transactions was 26.5%, effective January 1, 2024.

In January 2024, Vermeer declared a dividend of $175.0 million, all of which is payable to a third-party investor.