Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Effective October 1, 2017, DaVinciRe completed an equity capital raise of $248.6 million from third-party investors and RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $49.7 million of its shares in DaVinciRe to third-party shareholders. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 22.1%, effective October 1, 2017. The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time.

Effective October 1, 2017, Upsilon RFO issued $46.5 million of non-voting preference shares to investors, including $17.7 million to the Company. Effective October 1, 2017, the Company’s participation in the risks assumed by Upsilon RFO was 16.0%.

Commencing in early October 2017, devastating wildfires impacted many areas of the state of California (the “California Wildfires”). Based on the Company’s initial assessment of the California Wildfires, it is anticipated that the impact on the Company’s financial results will be significant and could be material. In addition, it is possible that the Company will be impacted by other events that have occurred thus far in the fourth quarter. The Company’s assessment of the impact from the California Wildfires and such other events, which remains at a very preliminary stage, is based on, among other things, initial industry insured loss estimates, market share analysis, the application of its modeling techniques, a review of its in-force contracts and potential uncertainties relating to reinsurance recoveries. It is difficult at this time to provide an accurate estimate of the financial impact of these events, including as a result of the preliminary nature of the information available, the preliminary nature of the information provided thus far by industry participants, the magnitude and recent occurrence of the events, and other factors.