SEGMENT REPORTING

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit. In addition to its reportable segments, the Company has an Other category, which primarily includes its strategic investments, investments unit, corporate expenses, capital servicing costs, noncontrolling interests, certain expenses related to the acquisition of Platinum, and the remnants of its former Bermuda-based insurance operations.

The Company’s Property segment is managed by the Chief Underwriting Officer - Property and the Casualty and Specialty segment is managed by the Chief Underwriting Officer - Casualty and Specialty. Each of the Chief Underwriting Officer - Property and Chief Underwriting Officer - Casualty and Specialty operate under the direction of the Company’s Group Chief Underwriting Officer, who in turn reports to the Company’s President and Chief Executive Officer.

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, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,440,437		$	1,357,110		$	(7	)	$	2,797,540
Net premiums written	$	978,014		$	893,307		$	4		$	1,871,325
Net premiums earned	$	931,070		$	786,501		$	4		$	1,717,575
Net claims and claim expenses incurred	1,297,985			565,026			(1,583		)	1,861,428
Acquisition expenses	113,816			233,077			(1		)	346,892
Operational expenses	94,194			66,548			36			160,778
Underwriting (loss) income	$	(574,925	)	$	(78,150	)	$	1,552		(651,523		)
Net investment income							222,209			222,209
Net foreign exchange gains							10,628			10,628
Equity in losses of other ventures							8,030			8,030
Other income							9,415			9,415
Net realized and unrealized gains on investments							135,822			135,822
Corporate expenses							(18,572		)	(18,572		)
Interest expense							(44,193		)	(44,193		)
Loss before taxes and redeemable noncontrolling interests										(328,184		)
Income tax benefit							(26,487		)	(26,487		)
Net loss attributable to redeemable noncontrolling interests							132,282			132,282
Dividends on preference shares							(22,381		)	(22,381		)
Net loss attributable to RenaissanceRe common shareholders										$	(244,770	)

Net claims and claim expenses incurred – current accident year	$	1,343,581		$	558,843		$	—		$	1,902,424
Net claims and claim expenses incurred – prior accident years	(45,596		)	6,183			(1,583		)	(40,996		)
Net claims and claim expenses incurred – total	$	1,297,985		$	565,026		$	(1,583	)	$	1,861,428

Net claims and claim expense ratio – current accident year	144.3		%	71.1		%				110.8		%
Net claims and claim expense ratio – prior accident years	(4.9		)%	0.7		%				(2.4		)%
Net claims and claim expense ratio – calendar year	139.4		%	71.8		%				108.4		%
Underwriting expense ratio	22.3		%	38.1		%				29.5		%
Combined ratio	161.7		%	109.9		%				137.9		%




Year ended December 31, 2016	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,111,263		$	1,263,313		$	—		$	2,374,576
Net premiums written	$	725,321		$	809,848		$	143		$	1,535,312
Net premiums earned	$	720,951		$	682,337		$	142		$	1,403,430
Net claims and claim expenses incurred	151,545			380,396			(1,110		)	530,831
Acquisition expenses	97,594			191,729			—			289,323
Operational expenses	108,642			88,984			123			197,749
Underwriting income	$	363,170		$	21,228		$	1,129		385,527
Net investment income							181,726			181,726
Net foreign exchange losses							(13,788		)	(13,788		)
Equity in earnings of other ventures							963			963
Other income							14,178			14,178
Net realized and unrealized gains on investments							141,328			141,328
Corporate expenses							(37,402		)	(37,402		)
Interest expense							(42,144		)	(42,144		)
Income before taxes and noncontrolling interests										630,388
Income tax expense							(340		)	(340		)
Net income attributable to noncontrolling interests							(127,086		)	(127,086		)
Dividends on preference shares							(22,381		)	(22,381		)
Net income available to RenaissanceRe common shareholders										$	480,581

Net claims and claim expenses incurred – current accident year	$	256,421		$	438,536		$	—		$	694,957
Net claims and claim expenses incurred – prior accident years	(104,876		)	(58,140		)	(1,110		)	(164,126		)
Net claims and claim expenses incurred – total	$	151,545		$	380,396		$	(1,110	)	$	530,831

Net claims and claim expense ratio – current accident year	35.6		%	64.3		%				49.5		%
Net claims and claim expense ratio – prior accident years	(14.6		)%	(8.6		)%				(11.7		)%
Net claims and claim expense ratio – calendar year	21.0		%	55.7		%				37.8		%
Underwriting expense ratio	28.6		%	41.2		%				34.7		%
Combined ratio	49.6		%	96.9		%				72.5		%




Year ended December 31, 2015	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,072,159		$	939,241		$	(90	)	$	2,011,310
Net premiums written	$	726,145		$	690,086		$	(48	)	$	1,416,183
Net premiums earned	$	805,985		$	594,614		$	(48	)	$	1,400,551
Net claims and claim expenses incurred	128,290			320,818			(870		)	448,238
Acquisition expenses	94,249			144,095			248			238,592
Operational expenses	118,666			100,180			266			219,112
Underwriting income	$	464,780		$	29,521		$	308		494,609
Net investment income							152,567			152,567
Net foreign exchange losses							(3,051		)	(3,051		)
Equity in earnings of other ventures							20,481			20,481
Other income							13,472			13,472
Net realized and unrealized losses on investments							(68,918		)	(68,918		)
Corporate expenses							(76,514		)	(76,514		)
Interest expense							(36,270		)	(36,270		)
Income before taxes and redeemable noncontrolling interests										496,376
Income tax benefit							45,866			45,866
Net income attributable to redeemable noncontrolling interests							(111,050		)	(111,050		)
Dividends on preference shares							(22,381		)	(22,381		)
Net income available to RenaissanceRe common shareholders										$	408,811

Net claims and claim expenses incurred – current accident year	$	222,076		$	388,609		$	—		$	610,685
Net claims and claim expenses incurred – prior accident years	(93,786		)	(67,791		)	(870		)	(162,447		)
Net claims and claim expenses incurred – total	$	128,290		$	320,818		$	(870	)	$	448,238

Net claims and claim expense ratio – current accident year	27.6		%	65.4		%				43.6		%
Net claims and claim expense ratio – prior accident years	(11.7		)%	(11.4		)%				(11.6		)%
Net claims and claim expense ratio – calendar year	15.9		%	54.0		%				32.0		%
Underwriting expense ratio	26.4		%	41.0		%				32.7		%
Combined ratio	42.3		%	95.0		%				64.7		%

The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure:




Year ended December 31,	2017			2016		2015
Property
U.S. and Caribbean	$	954,269		$	743,226	$	671,887
Worldwide	305,915			210,168		234,801
Japan	49,821			44,536		32,830
Europe	49,486			37,611		32,973
Worldwide (excluding U.S.) (1)	48,182			55,043		76,370
Australia and New Zealand	14,151			13,729		15,869
Other	18,613			6,950		7,429
Total Property	1,440,437			1,111,263		1,072,159
Casualty and Specialty
Worldwide	686,253			581,972		320,452
U.S. and Caribbean	622,757			646,381		522,778
Europe	9,752			5,541		936
Worldwide (excluding U.S.) (1)	10,104			13,840		87,597
Australia and New Zealand	4,141			5,073		1,627
Other	24,103			10,506		5,851
Total Casualty and Specialty	1,357,110			1,263,313		939,241
Other category	(7		)	—		(90		)
Total gross premiums written	$	2,797,540		$	2,374,576	$	2,011,310


(1)	The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).