SEGMENT REPORTING

The Company has the following reportable segments: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through Syndicate 1458. RenaissanceRe CCL, an indirect wholly owned subsidiary of RenaissanceRe, is the sole corporate member of Syndicate 1458.

The underwriting results of Platinum are included in the Company’s Catastrophe Reinsurance and Specialty Reinsurance segments from March 2, 2015.

The financial results of the Company’s strategic investments, former Insurance segment and redeemable noncontrolling interests are included in the Other category of the Company’s segment results. Also included in the Other category of the Company’s segment results are the Company’s investments in other ventures, investments unit, corporate expenses, capital servicing costs and certain expenses related to the acquisition of Platinum.

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 is as follows:




Three months ended June 30, 2016	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	397,454		$	200,733		$	160,941		$	—		$	759,128
Net premiums written	$	255,645		$	132,420		$	131,851		$	—		$	519,916
Net premiums earned	$	141,616		$	137,168		$	72,618		$	—		$	351,402
Net claims and claim expenses incurred	56,131			67,701			43,832			86			167,750
Acquisition expenses	16,227			34,127			18,651			—			69,005
Operational expenses	18,685			19,959			12,408			21			51,073
Underwriting income (loss)	$	50,573		$	15,381		$	(2,273	)	$	(107	)	63,574
Net investment income										54,124			54,124
Net foreign exchange losses										(690		)	(690		)
Equity in earnings of other ventures										6,022			6,022
Other income										2,654			2,654
Net realized and unrealized gains on investments										69,772			69,772
Corporate expenses										(5,752		)	(5,752		)
Interest expense										(10,536		)	(10,536		)
Income before taxes and redeemable noncontrolling interests													179,168
Income tax expense										(6,612		)	(6,612		)
Net income attributable to redeemable noncontrolling interests										(30,635		)	(30,635		)
Dividends on preference shares										(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders													$	136,325

Net claims and claim expenses incurred – current accident year	$	70,321		$	85,117		$	41,567		$	—		$	197,005
Net claims and claim expenses incurred – prior accident years	(14,190		)	(17,416		)	2,265			86			(29,255		)
Net claims and claim expenses incurred – total	$	56,131		$	67,701		$	43,832		$	86		$	167,750

Net claims and claim expense ratio – current accident year	49.7		%	62.1		%	57.2		%				56.1		%
Net claims and claim expense ratio – prior accident years	(10.1		)%	(12.7		)%	3.2		%				(8.4		)%
Net claims and claim expense ratio – calendar year	39.6		%	49.4		%	60.4		%				47.7		%
Underwriting expense ratio	24.7		%	39.4		%	42.7		%				34.2		%
Combined ratio	64.3		%	88.8		%	103.1		%				81.9		%




Six months ended June 30, 2016	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	757,877		$	569,722		$	293,662		$	—		$	1,621,261
Net premiums written	$	444,430		$	392,511		$	194,650		$	—		$	1,031,591
Net premiums earned	$	278,601		$	292,486		$	133,921		$	—		$	705,008
Net claims and claim expenses incurred	63,951			159,553			70,848			3			294,355
Acquisition expenses	25,807			75,852			32,938			—			134,597
Operational expenses	38,953			41,732			26,542			81			107,308
Underwriting income (loss)	$	149,890		$	15,349		$	3,593		$	(84	)	168,748
Net investment income										82,987			82,987
Net foreign exchange losses										(2,382		)	(2,382		)
Equity in earnings of other ventures										7,633			7,633
Other income										6,733			6,733
Net realized and unrealized gains on investments										131,425			131,425
Corporate expenses										(13,977		)	(13,977		)
Interest expense										(21,074		)	(21,074		)
Income before taxes and redeemable noncontrolling interests													360,093
Income tax expense										(9,356		)	(9,356		)
Net income attributable to redeemable noncontrolling interests										(75,226		)	(75,226		)
Dividends on preference shares										(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders													$	264,320

Net claims and claim expenses incurred – current accident year	$	84,204		$	173,495		$	67,515		$	—		$	325,214
Net claims and claim expenses incurred – prior accident years	(20,253		)	(13,942		)	3,333			3			(30,859		)
Net claims and claim expenses incurred – total	$	63,951		$	159,553		$	70,848		$	3		$	294,355

Net claims and claim expense ratio – current accident year	30.2		%	59.3		%	50.4		%				46.1		%
Net claims and claim expense ratio – prior accident years	(7.2		)%	(4.7		)%	2.5		%				(4.3		)%
Net claims and claim expense ratio – calendar year	23.0		%	54.6		%	52.9		%				41.8		%
Underwriting expense ratio	23.2		%	40.2		%	44.4		%				34.3		%
Combined ratio	46.2		%	94.8		%	97.3		%				76.1		%




Three months ended June 30, 2015	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	385,366		$	160,013		$	116,618		$	—		$	661,997
Net premiums written	$	270,490		$	139,867		$	98,320		$	—		$	508,677
Net premiums earned	$	162,705		$	155,584		$	61,539		$	—		$	379,828
Net claims and claim expenses incurred	55,376			86,062			27,683			223			169,344
Acquisition expenses	19,314			28,251			14,210			(109		)	61,666
Operational expenses	22,090			18,747			13,719			117			54,673
Underwriting income (loss)	$	65,925		$	22,524		$	5,927		$	(231	)	94,145
Net investment income										38,604			38,604
Net foreign exchange losses										(1,740		)	(1,740		)
Equity in earnings of other ventures										6,160			6,160
Other income										1,427			1,427
Net realized and unrealized losses on investments										(26,712		)	(26,712		)
Corporate expenses										(12,868		)	(12,868		)
Interest expense										(9,862		)	(9,862		)
Income before taxes and noncontrolling interests													89,154
Income tax benefit										1,842			1,842
Net income attributable to noncontrolling interests										(12,167		)	(12,167		)
Dividends on preference shares										(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders													$	73,233

Net claims and claim expenses incurred – current accident year	$	67,334		$	104,315		$	30,771		$	—		$	202,420
Net claims and claim expenses incurred – prior accident years	(11,958		)	(18,253		)	(3,088		)	223			(33,076		)
Net claims and claim expenses incurred – total	$	55,376		$	86,062		$	27,683		$	223		$	169,344

Net claims and claim expense ratio – current accident year	41.4		%	67.0		%	50.0		%				53.3		%
Net claims and claim expense ratio – prior accident years	(7.4		)%	(11.7		)%	(5.0		)%				(8.7		)%
Net claims and claim expense ratio – calendar year	34.0		%	55.3		%	45.0		%				44.6		%
Underwriting expense ratio	25.5		%	30.2		%	45.4		%				30.6		%
Combined ratio	59.5		%	85.5		%	90.4		%				75.2		%




Six months ended June 30, 2015	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	774,613		$	284,304		$	246,748		$	(90	)	$	1,305,575
Net premiums written	$	493,130		$	243,782		$	175,889		$	(89	)	$	912,712
Net premiums earned	$	306,472		$	250,460		$	119,745		$	(89	)	$	676,588
Net claims and claim expenses incurred	62,970			125,650			57,526			51			246,197
Acquisition expenses	26,968			48,940			28,903			256			105,067
Operational expenses	42,453			32,037			25,659			145			100,294
Underwriting income (loss)	$	174,081		$	43,833		$	7,657		$	(541	)	225,030
Net investment income										78,311			78,311
Net foreign exchange losses										(4,870		)	(4,870		)
Equity in earnings of other ventures										11,455			11,455
Other income										2,966			2,966
Net realized and unrealized gains on investments										15,037			15,037
Corporate expenses										(58,401		)	(58,401		)
Interest expense										(15,178		)	(15,178		)
Income before taxes and noncontrolling interests													254,350
Income tax benefit										49,746			49,746
Net income attributable to noncontrolling interests										(51,829		)	(51,829		)
Dividends on preference shares										(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders													$	241,076

Net claims and claim expenses incurred – current accident year	$	91,458		$	153,579		$	56,381		$	—		$	301,418
Net claims and claim expenses incurred – prior accident years	(28,488		)	(27,929		)	1,145			51			(55,221		)
Net claims and claim expenses incurred – total	$	62,970		$	125,650		$	57,526		$	51		$	246,197

Net claims and claim expense ratio – current accident year	29.8		%	61.3		%	47.1		%				44.5		%
Net claims and claim expense ratio – prior accident years	(9.3		)%	(11.1		)%	0.9		%				(8.1		)%
Net claims and claim expense ratio – calendar year	20.5		%	50.2		%	48.0		%				36.4		%
Underwriting expense ratio	22.7		%	32.3		%	45.6		%				30.3		%
Combined ratio	43.2		%	82.5		%	93.6		%				66.7		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $0.1 million for the six months ended June 30, 2015.