PEMBROKE, Bermuda–(BUSINESS WIRE)–RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or
“RenaissanceRe”) today reported net income available to RenaissanceRe
common shareholders of $273.7 million, or $6.43 per diluted common
share, in the first quarter of 2019, compared to $56.7 million, or $1.42
per diluted common share, in the first quarter of 2018. Operating income
available to RenaissanceRe common shareholders was $154.4 million, or
$3.60 per diluted common share, in the first quarter of 2019, compared
to $122.1 million, or $3.07 per diluted common share, in the first
quarter of 2018. The Company reported an annualized return on average
common equity of 23.5% and an annualized operating return on average
common equity of 13.3% in the first quarter of 2019, compared to 5.7%
and 12.2%, respectively, in the first quarter of 2018. Book value per
common share increased $6.92, or 6.6%, to $111.05 in the first quarter
of 2019, compared to a 0.6% increase in the first quarter of 2018.
Tangible book value per common share plus accumulated dividends
increased $6.88, or 7.0%, to $124.05 in the first quarter of 2019,
compared to a 0.8% increase in the first quarter of 2018.
Kevin J. O’Donnell, President and Chief Executive Officer of
RenaissanceRe, commented: “Our strong first quarter was distinguished by
solid profits, material growth and strategic advancement. We achieved an
annualized operating return on average common equity of 13.3% and growth
in tangible book value per common share plus accumulated dividends of
7.0%. At the same time, we grew our business materially by leveraging
into an improving rate environment. The purchase of Tokio Millennium Re
advanced our strategy, and we have moved from planning to execution on
what we are optimistic will be a quick and successful integration.”
Acquisition of Tokio Millennium Re
On March 22, 2019, the Company’s wholly owned subsidiary RenaissanceRe
Specialty Holdings (UK) Limited completed its previously announced
purchase of all the share capital of Tokio Millennium Re AG (now known
as RenaissanceRe Europe AG), Tokio Millennium Re (UK) Limited (now known
as RenaissanceRe (UK) Limited) and their subsidiaries (collectively, the
“TMR Group Entities”) (the “TMR Stock Purchase”). The operating
activities of the TMR Group Entities from the acquisition date, March
22, 2019, through March 31, 2019 were not material and as a result were
not included in the Company’s consolidated statements of operations for
the first quarter of 2019. At March 31, 2019, the Company’s consolidated
balance sheet reflects the combined entities.
During the first quarter of 2019, the Company recorded $25.5 million of
corporate expenses associated with the acquisition, comprised of $12.9
million of transaction-related costs, $5.9 million of
integration-related costs, and $6.7 million of compensation-related
costs. In addition, the Company recognized $18.0 million of net
identifiable intangible assets and $13.1 million of goodwill in
connection with the acquisition, further detailed in the table below, or
a total of $0.74 per diluted common share in the first quarter of 2019.
| March 31, 2019 | ||||
| Top broker relationships | $ | 10,000 | ||
| Renewal rights | 1,200 | |||
| Insurance licenses | 6,800 | |||
|
Net identifiable intangible assets at March 31, 2019 related to the acquisition of the TMR Group Entities |
18,000 | |||
|
Excess purchase price over the fair value of net assets acquired assigned to goodwill |
13,094 | |||
|
Total net identifiable intangible assets and goodwill recognized related to the acquisition of the TMR Group Entities |
$ | 31,094 | ||
First Quarter of 2019 Summary
-
Underwriting income of $154.1 million and a combined ratio of 72.0% in
the first quarter of 2019, compared to $129.6 million and 70.6%,
respectively, in the first quarter of 2018. The Property segment
generated underwriting income of $152.4 million and had a combined
ratio of 47.6%. The Casualty and Specialty segment generated
underwriting income of $1.7 million and had a combined ratio of 99.3%. -
Gross premiums written increased by $404.6 million, or 34.9%, to $1.6
billion, in the first quarter of 2019, compared to the first quarter
of 2018, driven by an increase of $325.4 million in the Property
segment and an increase of $79.2 million in the Casualty and Specialty
segment. -
Total investment result was a gain of $252.1 million in the first
quarter of 2019, generating an annualized total investment return of
8.0%.
Underwriting Results by Segment
Property Segment
Gross premiums written in the Property segment were $1.0 billion in the
first quarter of 2019, an increase of $325.4 million, or 46.0%, compared
to $707.0 million in the first quarter of 2018.
Gross premiums written in the catastrophe class of business were $845.2
million in the first quarter of 2019, an increase of $254.9 million, or
43.2%, compared to the first quarter of 2018. The increase in gross
premiums written in the catastrophe class of business in the first
quarter of 2019 was driven primarily by expanded participation on
existing transactions and certain new transactions.
Gross premiums written in the other property class of business were
$187.2 million in the first quarter of 2019, an increase of $70.5
million, or 60.5%, compared to the first quarter of 2018. The increase
in gross premiums written in the other property class of business was
primarily driven by growth across a number of the Company’s underwriting
platforms, both from existing relationships and through new
opportunities.
Ceded premiums written in the Property segment were $468.2 million in
the first quarter of 2019, an increase of $115.3 million, or 32.7%,
compared to the first quarter of 2018. The increase in ceded premiums
written in the first quarter of 2019 was principally due to a
significant portion of the increase in gross premiums written in the
catastrophe class of business noted above being ceded to third-party
investors in the Company’s managed joint venture, Upsilon RFO.
The Property segment generated underwriting income of $152.4 million and
had a combined ratio of 47.6% in the first quarter of 2019, compared to
$127.2 million and 43.5%, respectively, in the first quarter of 2018.
Principally impacting the Property segment underwriting result and
combined ratio in the first quarter of 2019 was lower current accident
year net claims and claim expenses driven by a relatively lower level of
insured catastrophe events, compared to the first quarter of 2018.
Partially offsetting this was net adverse development on prior accident
years net claims and claim expenses of $1.9 million, or 0.7% percentage
points, during the first quarter of 2019, primarily driven by higher
than expected losses in the other property class of business.
Casualty and Specialty Segment
Gross premiums written in the Casualty and Specialty segment were $531.9
million in the first quarter of 2019, an increase of $79.2 million, or
17.5%, compared to the first quarter of 2018. The increase was due to
continued growth from new and existing business opportunities across
various classes of business within the segment.
The Casualty and Specialty segment generated underwriting income of $1.7
million and had a combined ratio of 99.3% in the first quarter of 2019,
compared to $2.6 million and 98.8%, respectively, in the first quarter
of 2018.
During the first quarter of 2019, the Casualty and Specialty segment
experienced net favorable development on prior accident years net claims
and claim expenses of $6.2 million, or 2.4 percentage points, compared
to net favorable development of $3.8 million, or 1.8 percentage points,
in the first quarter of 2018. The net favorable development during the
first quarter of 2019 was principally driven by reported losses
generally coming in lower than expected on attritional net claims and
claim expenses from various lines of business within the segment.
Other Items
-
The Company’s total investment result, which includes the sum of net
investment income and net realized and unrealized gains and losses on
investments, was a gain of $252.1 million in the first quarter of
2019, compared to a loss of $25.7 million in the first quarter of
2018, an increase of $277.8 million. The increase in the total
investment result was principally due to significant net unrealized
gains from the Company’s fixed maturity and public equity portfolios
and higher net investment income primarily driven by the Company’s
fixed maturity, short term and private equity investments. -
Net income attributable to redeemable noncontrolling interests in the
first quarter of 2019 was $70.2 million, compared to $29.9 million in
the first quarter of 2018. The result for the first quarter of 2019
was primarily driven by DaVinciRe generating net income of $80.3
million in the first quarter of 2019, compared to $26.9 million in the
first quarter of 2018. The Company’s ownership in DaVinciRe was 22.1%
at both March 31, 2019 and March 31, 2018. The Company expects its
noncontrolling economic ownership in DaVinciRe to fluctuate over time. -
In connection with the TMR Stock Purchase, the Company issued
1,739,071 of its common shares to Tokio Marine & Nichido Fire
Insurance Co. Ltd. -
On April 2, 2019, the Company issued $400.0 million of its 3.600%
Senior Notes due April 15, 2029. A portion of the net proceeds were
used to repay, in full, $200.0 million outstanding under the Company’s
revolving credit facility, which was drawn on March 20, 2019 in
connection with the acquisition of the TMR Group Entities. The
remainder of the net proceeds will be used for general corporate
purposes.
This Press Release includes certain non-GAAP financial measures
including “operating income available to RenaissanceRe common
shareholders”, “operating income available to RenaissanceRe common
shareholders per common share – diluted”, “operating return on average
common equity – annualized”, “tangible book value per common share” and
“tangible book value per common share plus accumulated dividends.” A
reconciliation of such measures to the most comparable GAAP figures in
accordance with Regulation G is presented in the attached supplemental
financial data.
Please refer to the “Investors – Financial Reports – Financial
Supplements” section of the Company’s website at www.renre.com
for a copy of the Financial Supplement which includes additional
information on the Company’s financial performance.
RenaissanceRe will host a conference call on Wednesday, May 8, 2019 at
10:00 a.m. ET to discuss this release. Live broadcast of the conference
call will be available through the “Investors – Webcasts &
Presentations” section of the Company’s website at www.renre.com.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that
specializes in matching well-structured risks with efficient sources of
capital. The Company provides property, casualty and specialty
reinsurance and certain insurance solutions to customers, principally
through intermediaries. Established in 1993, the Company has offices in
Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom
and the United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect
RenaissanceRe’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause actual
results to differ materially from those set forth in or implied by such
forward-looking statements, including the following: the frequency and
severity of catastrophic and other events that the Company covers; the
effectiveness of the Company’s claims and claim expense reserving
process; risks that the TMR Stock Purchase disrupts or distracts from
current plans and operations; the ability to recognize the benefits of
the TMR Stock Purchase; the amount of the costs, fees, expenses and
charges related to the TMR Stock Purchase; the Company’s ability to
maintain its financial strength ratings; the effect of climate change on
the Company’s business; collection on claimed retrocessional coverage,
and new retrocessional reinsurance being available on acceptable terms
and providing the coverage that we intended to obtain; the effects of
U.S. tax reform legislation and possible future tax reform legislation
and regulations, including changes to the tax treatment of the Company’s
shareholders or investors in the Company’s joint ventures or other
entities the Company manages; the effect of emerging claims and coverage
issues; soft reinsurance underwriting market conditions; the Company’s
reliance on a small and decreasing number of reinsurance brokers and
other distribution services for the preponderance of its revenue; the
Company’s exposure to credit loss from counterparties in the normal
course of business; the effect of continued challenging economic
conditions throughout the world; a contention by the Internal Revenue
Service that Renaissance Reinsurance Ltd., or any of the Company’s other
Bermuda subsidiaries, is subject to taxation in the U.S.; the success of
any of the Company’s strategic investments or acquisitions, including
the Company’s ability to manage its operations as its product and
geographical diversity increases; the Company’s ability to retain key
senior officers and to attract or retain the executives and employees
necessary to manage its business; the performance of the Company’s
investment portfolio; losses that the Company could face from terrorism,
political unrest or war; the effect of cybersecurity risks, including
technology breaches or failure on the Company’s business; the Company’s
ability to successfully implement its business strategies and
initiatives; the Company’s ability to determine the impairments taken on
investments; the effects of inflation; the ability of the Company’s
ceding companies and delegated authority counterparties to accurately
assess the risks they underwrite; the effect of operational risks,
including system or human failures; the Company’s ability to effectively
manage capital on behalf of investors in joint ventures or other
entities it manages; foreign currency exchange rate fluctuations; the
Company’s ability to raise capital if necessary; the Company’s ability
to comply with covenants in its debt agreements; changes to the
regulatory systems under which the Company operates, including as a
result of increased global regulation of the insurance and reinsurance
industries; changes in Bermuda laws and regulations and the political
environment in Bermuda; the Company’s dependence on the ability of its
operating subsidiaries to declare and pay dividends; aspects of the
Company’s corporate structure that may discourage third-party takeovers
or other transactions; the cyclical nature of the reinsurance and
insurance industries; adverse legislative developments that reduce the
size of the private markets the Company serves or impede their future
growth; consolidation of competitors, customers and insurance and
reinsurance brokers; the effect on the Company’s business of the highly
competitive nature of its industry, including the effect of new entrants
to, competing products for and consolidation in the (re)insurance
industry; other political, regulatory or industry initiatives adversely
impacting the Company; the Company’s ability to comply with applicable
sanctions and foreign corrupt practices laws; increasing barriers to
free trade and the free flow of capital; international restrictions on
the writing of reinsurance by foreign companies and government
intervention in the natural catastrophe market; the effect of
Organisation for Economic Co-operation and Development or European Union
(“EU”) measures to increase the Company’s taxes and reporting
requirements; the effect of the vote by the U.K. to leave the EU;
changes in regulatory regimes and accounting rules that may impact
financial results irrespective of business operations; the Company’s
need to make many estimates and judgments in the preparation of its
financial statements; and other factors affecting future results
disclosed in RenaissanceRe’s filings with the Securities and Exchange
Commission, including its Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q.
| RenaissanceRe Holdings Ltd. | ||||||||
| Summary Consolidated Statements of Operations | ||||||||
|
(in thousands of United States Dollars, except per share amounts and percentages) |
||||||||
| (Unaudited) | ||||||||
| Three months ended | ||||||||
|
March 31, 2019 |
March 31, 2018 |
|||||||
| Revenues | ||||||||
| Gross premiums written | $ | 1,564,295 | $ | 1,159,652 | ||||
| Net premiums written | $ | 929,031 | $ | 663,044 | ||||
| Increase in unearned premiums | (379,003 | ) | (222,762 | ) | ||||
| Net premiums earned | 550,028 | 440,282 | ||||||
| Net investment income | 81,462 | 56,476 | ||||||
| Net foreign exchange (losses) gains | (2,846 | ) | 3,757 | |||||
| Equity in earnings of other ventures | 4,661 | 857 | ||||||
| Other income (loss) | 3,171 | (1,242 | ) | |||||
| Net realized and unrealized gains (losses) on investments | 170,645 | (82,144 | ) | |||||
| Total revenues | 807,121 | 417,986 | ||||||
| Expenses | ||||||||
| Net claims and claim expenses incurred | 227,035 | 171,703 | ||||||
| Acquisition expenses | 123,951 | 97,711 | ||||||
| Operational expenses | 44,933 | 41,272 | ||||||
| Corporate expenses | 38,789 | 6,733 | ||||||
| Interest expense | 11,754 | 11,767 | ||||||
| Total expenses | 446,462 | 329,186 | ||||||
| Income before taxes | 360,659 | 88,800 | ||||||
| Income tax (expense) benefit | (7,531 | ) | 3,407 | |||||
| Net income | 353,128 | 92,207 | ||||||
| Net income attributable to noncontrolling interests | (70,222 | ) | (29,899 | ) | ||||
| Net income attributable to RenaissanceRe | 282,906 | 62,308 | ||||||
| Dividends on preference shares | (9,189 | ) | (5,595 | ) | ||||
| Net income available to RenaissanceRe common shareholders | $ | 273,717 | $ | 56,713 | ||||
|
Net income available to RenaissanceRe common shareholders per common share – basic |
$ | 6.43 | $ | 1.42 | ||||
|
Net income available to RenaissanceRe common shareholders per common share – diluted |
$ | 6.43 | $ | 1.42 | ||||
|
Operating income available to RenaissanceRe common shareholders per common share – diluted (1) |
$ | 3.60 | $ | 3.07 | ||||
| Average shares outstanding – basic | 42,065 | 39,552 | ||||||
| Average shares outstanding – diluted | 42,091 | 39,599 | ||||||
| Net claims and claim expense ratio | 41.3 | % | 39.0 | % | ||||
| Underwriting expense ratio | 30.7 | % | 31.6 | % | ||||
| Combined ratio | 72.0 | % | 70.6 | % | ||||
| Return on average common equity – annualized | 23.5 | % | 5.7 | % | ||||
| Operating return on average common equity – annualized (1) | 13.3 | % | 12.2 | % | ||||
| (1) |
See Comments on Regulation G for a reconciliation of non-GAAP financial measures. |
|
| RenaissanceRe Holdings Ltd. | ||||||||
| Summary Consolidated Balance Sheets | ||||||||
| (in thousands of United States Dollars, except per share amounts) | ||||||||
|
March 31, 2019 |
December 31, 2018 |
|||||||
| Assets | (Unaudited) | (Audited) | ||||||
| Fixed maturity investments trading, at fair value | $ | 9,473,160 | $ | 8,088,870 | ||||
| Short term investments, at fair value | 4,012,815 | 2,586,520 | ||||||
| Equity investments trading, at fair value | 389,937 | 310,252 | ||||||
| Other investments, at fair value | 878,373 | 784,933 | ||||||
| Investments in other ventures, under equity method | 98,563 | 115,172 | ||||||
| Total investments | 14,852,848 | 11,885,747 | ||||||
| Cash and cash equivalents | 1,021,275 | 1,107,922 | ||||||
| Premiums receivable | 2,753,098 | 1,537,188 | ||||||
| Prepaid reinsurance premiums | 1,086,027 | 616,185 | ||||||
| Reinsurance recoverable | 2,908,343 | 2,372,221 | ||||||
| Accrued investment income | 64,615 | 51,311 | ||||||
| Deferred acquisition costs and value of business acquired | 841,528 | 476,661 | ||||||
| Receivable for investments sold | 411,172 | 256,416 | ||||||
| Other assets | 353,543 | 135,127 | ||||||
| Goodwill and other intangibles | 267,151 | 237,418 | ||||||
| Total assets | $ | 24,559,600 | $ | 18,676,196 | ||||
| Liabilities, Noncontrolling Interests and Shareholders’ Equity | ||||||||
| Liabilities | ||||||||
| Reserve for claims and claim expenses | $ | 8,391,484 | $ | 6,076,271 | ||||
| Unearned premiums | 3,188,678 | 1,716,021 | ||||||
| Debt | 1,191,499 | 991,127 | ||||||
| Reinsurance balances payable | 3,009,492 | 1,902,056 | ||||||
| Payable for investments purchased | 679,596 | 380,332 | ||||||
| Other liabilities | 435,418 | 513,609 | ||||||
| Total liabilities | 16,896,167 | 11,579,416 | ||||||
| Redeemable noncontrolling interest | 2,109,400 | 2,051,700 | ||||||
| Shareholders’ Equity | ||||||||
| Preference shares | 650,000 | 650,000 | ||||||
| Common shares | 44,159 | 42,207 | ||||||
| Additional paid-in capital | 543,889 | 296,099 | ||||||
| Accumulated other comprehensive loss | (1,470 | ) | (1,433 | ) | ||||
| Retained earnings | 4,317,455 | 4,058,207 | ||||||
| Total shareholders’ equity attributable to RenaissanceRe | 5,554,033 | 5,045,080 | ||||||
|
Total liabilities, noncontrolling interests and shareholders’ equity |
$ | 24,559,600 | $ | 18,676,196 | ||||
| Book value per common share | $ | 111.05 | $ | 104.13 | ||||
| RenaissanceRe Holdings Ltd. | ||||||||||||||||
| Supplemental Financial Data – Segment Information | ||||||||||||||||
| (in thousands of United States Dollars, except percentages) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three months ended March 31, 2019 | ||||||||||||||||
| Property |
Casualty and |
Other | Total | |||||||||||||
| Gross premiums written | $ | 1,032,384 | $ | 531,911 | $ | — | $ | 1,564,295 | ||||||||
| Net premiums written | $ | 564,230 | $ | 364,801 | $ | — | $ | 929,031 | ||||||||
| Net premiums earned | $ | 290,745 | $ | 259,283 | $ | — | $ | 550,028 | ||||||||
| Net claims and claim expenses incurred | 56,083 | 170,933 | 19 | 227,035 | ||||||||||||
| Acquisition expenses | 53,739 | 70,212 | — | 123,951 | ||||||||||||
| Operational expenses | 28,544 | 16,389 | — | 44,933 | ||||||||||||
| Underwriting income (loss) | $ | 152,379 | $ | 1,749 | $ | (19 | ) | 154,109 | ||||||||
| Net investment income | 81,462 | 81,462 | ||||||||||||||
| Net foreign exchange losses | (2,846 | ) | (2,846 | ) | ||||||||||||
| Equity in earnings of other ventures | 4,661 | 4,661 | ||||||||||||||
| Other income | 3,171 | 3,171 | ||||||||||||||
| Net realized and unrealized gains on investments | 170,645 | 170,645 | ||||||||||||||
| Corporate expenses | (38,789 | ) | (38,789 | ) | ||||||||||||
| Interest expense | (11,754 | ) | (11,754 | ) | ||||||||||||
| Income before taxes and redeemable noncontrolling interests | 360,659 | |||||||||||||||
| Income tax expense | (7,531 | ) | (7,531 | ) | ||||||||||||
| Net income attributable to redeemable noncontrolling interests | (70,222 | ) | (70,222 | ) | ||||||||||||
| Dividends on preference shares | (9,189 | ) | (9,189 | ) | ||||||||||||
| Net income available to RenaissanceRe common shareholders | $ | 273,717 | ||||||||||||||
| Net claims and claim expenses incurred – current accident year | $ | 54,206 | $ | 177,135 | $ | — | $ | 231,341 | ||||||||
| Net claims and claim expenses incurred – prior accident years | 1,877 | (6,202 | ) | 19 | (4,306 | ) | ||||||||||
| Net claims and claim expenses incurred – total | $ | 56,083 | $ | 170,933 | $ | 19 | $ | 227,035 | ||||||||
| Net claims and claim expense ratio – current accident year | 18.6 | % | 68.3 | % | 42.1 | % | ||||||||||
| Net claims and claim expense ratio – prior accident years | 0.7 | % | (2.4 | )% | (0.8 | )% | ||||||||||
| Net claims and claim expense ratio – calendar year | 19.3 | % | 65.9 | % | 41.3 | % | ||||||||||
| Underwriting expense ratio | 28.3 | % | 33.4 | % | 30.7 | % | ||||||||||
| Combined ratio | 47.6 | % | 99.3 | % | 72.0 | % | ||||||||||
| Three months ended March 31, 2018 | ||||||||||||||||
| Property |
Casualty and |
Other | Total | |||||||||||||
| Gross premiums written | $ | 706,968 | $ | 452,684 | $ | — | $ | 1,159,652 | ||||||||
| Net premiums written | $ | 354,077 | $ | 308,967 | $ | — | $ | 663,044 | ||||||||
| Net premiums earned | $ | 225,049 | $ | 215,233 | $ | — | $ | 440,282 | ||||||||
| Net claims and claim expenses incurred | 30,607 | 141,078 | 18 | 171,703 | ||||||||||||
| Acquisition expenses | 40,721 | 56,990 | — | 97,711 | ||||||||||||
| Operational expenses | 26,546 | 14,593 | 133 | 41,272 | ||||||||||||
| Underwriting income (loss) | $ | 127,175 | $ | 2,572 | $ | (151 | ) | 129,596 | ||||||||
| Net investment income | 56,476 | 56,476 | ||||||||||||||
| Net foreign exchange gains | 3,757 | 3,757 | ||||||||||||||
| Equity in earnings of other ventures | 857 | 857 | ||||||||||||||
| Other loss | (1,242 | ) | (1,242 | ) | ||||||||||||
| Net realized and unrealized losses on investments | (82,144 | ) | (82,144 | ) | ||||||||||||
| Corporate expenses | (6,733 | ) | (6,733 | ) | ||||||||||||
| Interest expense | (11,767 | ) | (11,767 | ) | ||||||||||||
| Income before taxes and redeemable noncontrolling interests | 88,800 | |||||||||||||||
| Income tax benefit | 3,407 | 3,407 | ||||||||||||||
| Net income attributable to redeemable noncontrolling interests | (29,899 | ) | (29,899 | ) | ||||||||||||
| Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||||||||||
| Net income available to RenaissanceRe common shareholders | $ | 56,713 | ||||||||||||||
| Net claims and claim expenses incurred – current accident year | $ | 58,169 | $ | 144,869 | $ | — | $ | 203,038 | ||||||||
| Net claims and claim expenses incurred – prior accident years | (27,562 | ) | (3,791 | ) | 18 | (31,335 | ) | |||||||||
| Net claims and claim expenses incurred – total | $ | 30,607 | $ | 141,078 | $ | 18 | $ | 171,703 | ||||||||
| Net claims and claim expense ratio – current accident year | 25.8 | % | 67.3 | % | 46.1 | % | ||||||||||
| Net claims and claim expense ratio – prior accident years | (12.2 | )% | (1.8 | )% | (7.1 | )% | ||||||||||
| Net claims and claim expense ratio – calendar year | 13.6 | % | 65.5 | % | 39.0 | % | ||||||||||
| Underwriting expense ratio | 29.9 | % | 33.3 | % | 31.6 | % | ||||||||||
| Combined ratio | 43.5 | % | 98.8 | % | 70.6 | % | ||||||||||
Contacts
INVESTOR CONTACT:
Keith McCue
Senior Vice President,
Finance & Investor Relations
RenaissanceRe Holdings Ltd.
(441)
239-4830
MEDIA CONTACT:
Keil Gunther
Vice
President, Marketing & Communications
RenaissanceRe Holdings
Ltd.
(441) 239-4932
or
Kekst CNC
Dawn Dover
(212)
521-4800
