RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2

Attached files

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EX-99.1 - EX-99.1 - RENAISSANCERE HOLDINGS LTD	rnrearningsrelease2020.htm
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnr-20200728.htm


RenaissanceRe Holdings Ltd.
Contents

Page

Basis of Presentation

Financial Highlights

Summary Consolidated Financial Statements

Consolidated Statements of Operations

Consolidated Balance Sheets

Underwriting and Reserves

Consolidated Segment Underwriting Results

Segment Underwriting Results

Property Segment - Catastrophe and Other Property Underwriting Results

Gross Premiums Written

Reserves for Claims and Claim Expenses

Paid to Incurred Analysis

Managed Joint Ventures and Fee Income

Fee Income

Noncontrolling Interests

DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

Investments

Total Investment Result

Investment Portfolio - Composition

Investment Portfolio - Fixed Maturity Investments

Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

Retained Investment Information

Other Items

Earnings per Share

Comments on Regulation G


RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. 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.

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 RenaissanceRe Europe AG (formerly known as Tokio Millennium Re AG), RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) and their subsidiaries (collectively, “TMR”). The three months ended June 30, 2019, was the first full period that reflected the results of TMR on the Company’s results of operations. This Financial Supplement should be read in that context.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP") 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,” “tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 20 through 24 for "Comments on Regulation G."

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and prospectus supplement dated June 4, 2020.

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe.


			i



Financial Highlights

	Three months ended																					Six months ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			June 30, 2020			June 30, 2019
Highlights
Gross premiums written	$	1,701,872		$	2,025,721		$	905,479		$	861,068		$	1,476,908		$	3,727,593		$	3,041,203





Underwriting income (loss)	$	217,137		$	64,079		$	(65,157)		$	(3,368)		$	170,833		$	281,216		$	324,942

Net investment income	$	89,305		$	99,473		$	112,138		$	111,387		$	118,588		$	188,778		$	200,682
Net realized and unrealized gains (losses) on investments	448,390			(110,707)			18,454			34,395			191,247			337,683			361,260


Total investment result	$	537,695		$	(11,234)		$	130,592		$	145,782		$	309,835		$	526,461		$	561,942

Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	575,845		$	(81,974)		$	33,773		$	36,698		$	367,854		$	493,871		$	641,571
Operating income available to RenaissanceRe common shareholders (1)	$	190,076		$	33,410		$	12,623		$	32,681		$	198,839		$	223,486		$	352,447






Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	12.64		$	(1.89)		$	0.77		$	0.83		$	8.36		$	11.04		$	14.82
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.63		$	(1.89)		$	0.77		$	0.83		$	8.35		$	11.02		$	14.81
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	4.06		$	0.76		$	0.28		$	0.73		$	4.47		$	4.91		$	8.05

Book value per common share	$	134.27		$	117.15		$	120.53		$	120.07		$	119.17		$	134.27		$	119.17
Tangible book value per common share (1)	$	128.71		$	110.69		$	114.03		$	113.52		$	112.57		$	128.71		$	112.57
Tangible book value per common share plus accumulated dividends (1)	$	150.09		$	131.72		$	134.71		$	133.86		$	132.57		$	150.09		$	132.57
Change in tangible book value per common share plus change in accumulated dividends (1)	16.6		%	(2.6)		%	0.7		%	1.1		%	8.2		%	13.5		%	15.7		%

Financial ratios




Combined ratio	78.5		%	93.0		%	106.7		%	100.4		%	81.3		%	85.4		%	77.8		%
Return on average common equity - annualized	38.5		%	(6.3)		%	2.5		%	2.8		%	28.9		%	17.1		%	26.4		%
Operating return on average common equity - annualized (1)	12.7		%	2.6		%	0.9		%	2.5		%	15.6		%	7.8		%	14.4		%
Total investment return - annualized	11.8		%	(0.1)		%	3.1		%	3.6		%	8.0		%	5.8		%	7.3		%

(1) See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.


			1



Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended														Six months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		June 30, 2020		June 30, 2019
Revenues
Gross premiums written	$	1,701,872	$	2,025,721	$	905,479	$	861,068	$	1,476,908	$	3,727,593	$	3,041,203
Net premiums written	$	1,180,803	$	1,269,808	$	725,367	$	704,130	$	1,022,965	$	2,450,611	$	1,951,996
(Increase) decrease in unearned premiums	(170,707)		(356,710)		244,758		202,618		(111,463)		(527,417)		(490,466)
Net premiums earned	1,010,096		913,098		970,125		906,748		911,502		1,923,194		1,461,530
Net investment income	89,305		99,473		112,138		111,387		118,588		188,778		200,682
Net foreign exchange (losses) gains	(7,195)		(5,728)		(1,126)		(8,275)		9,309		(12,923)		6,463
Equity in earnings of other ventures	9,041		4,564		5,874		5,877		6,812		13,605		11,473
Other (loss) income	(1,201)		(4,436)		(160)		1,016		922		(5,637)		4,093
Net realized and unrealized gains (losses) on investments	448,390		(110,707)		18,454		34,395		191,247		337,683		361,260



Total revenues	1,548,436		896,264		1,105,305		1,051,148		1,238,380		2,444,700		2,045,501
Expenses
Net claims and claim expenses incurred	510,272		570,954		762,093		654,520		453,373		1,081,226		680,408
Acquisition expenses	233,610		210,604		208,618		202,181		227,482		444,214		351,433
Operational expenses	49,077		67,461		64,571		53,415		59,814		116,538		104,747
Corporate expenses	11,898		15,991		17,642		13,844		23,847		27,889		62,636
Interest expense	11,842		14,927		15,496		15,580		15,534		26,769		27,288
Total expenses	816,699		879,937		1,068,420		939,540		780,050		1,696,636		1,226,512
Income before taxes	731,737		16,327		36,885		111,608		458,330		748,064		818,989
Income tax (expense) benefit	(29,875)		8,846		3,455		(3,664)		(9,475)		(21,029)		(17,006)


Net income	701,862		25,173		40,340		107,944		448,855		727,035		801,983
Net (income) loss attributable to redeemable noncontrolling interests	(118,728)		(98,091)		2,622		(62,057)		(71,812)		(216,819)		(142,034)
Net income (loss) attributable to RenaissanceRe	583,134		(72,918)		42,962		45,887		377,043		510,216		659,949
Dividends on preference shares	(7,289)		(9,056)		(9,189)		(9,189)		(9,189)		(16,345)		(18,378)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	575,845	$	(81,974)	$	33,773	$	36,698	$	367,854	$	493,871	$	641,571


			2



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
Assets
Fixed maturity investments trading, at fair value	$	12,495,135	$	11,045,801	$	11,171,655	$	11,386,228	$	10,479,666


Short term investments, at fair value	5,570,804		5,263,242		4,566,277		4,116,156		4,579,171
Equity investments trading, at fair value	470,087		360,444		436,931		379,422		273,646
Other investments, at fair value	1,093,338		1,058,714		1,087,377		962,109		955,437
Investments in other ventures, under equity method	94,285		90,396		106,549		103,978		100,396
Total investments	19,723,649		17,818,597		17,368,789		16,947,893		16,388,316
Cash and cash equivalents	1,185,844		896,216		1,379,068		871,251		670,626
Premiums receivable	3,519,965		3,105,441		2,599,896		2,799,954		3,140,688
Prepaid reinsurance premiums	1,266,203		1,151,926		767,781		972,047		1,158,534
Reinsurance recoverable	2,774,358		2,765,583		2,791,297		2,438,299		2,865,150
Accrued investment income	70,004		73,496		72,461		73,509		76,949
Deferred acquisition costs and value of business acquired	734,286		739,875		663,991		708,258		780,756
Receivable for investments sold	648,458		341,786		78,369		225,147		395,787
Other assets	298,396		312,523		346,216		344,593		344,938
Goodwill and other intangibles	258,591		260,076		262,226		263,259		265,217

Total assets	$	30,479,754	$	27,465,519	$	26,330,094	$	25,644,210	$	26,086,961
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	9,365,469	$	9,406,707	$	9,384,349	$	8,602,437	$	8,484,848
Unearned premiums	3,549,641		3,245,914		2,530,975		2,967,535		3,362,520
Debt	1,135,216		1,134,695		1,384,105		1,383,498		1,382,890
Reinsurance balances payable	4,094,027		3,775,375		2,830,691		2,910,601		3,280,048
Payable for investments purchased	1,259,116		636,136		225,275		654,685		554,696
Other liabilities	342,014		351,320		932,024		395,186		396,651

Total liabilities	19,745,483		18,550,147		17,287,419		16,913,942		17,461,653
Redeemable noncontrolling interest	3,387,099		3,231,846		3,071,308		2,779,033		2,712,466
Shareholders' Equity
Preference shares	525,000		525,000		650,000		650,000		650,000
Common shares	50,811		44,034		44,148		44,152		44,162
Additional paid-in capital	1,602,738		502,608		568,277		560,166		552,210
Accumulated other comprehensive (loss) income	(3,066)		(1,664)		(1,939)		4,988		(3,869)
Retained earnings	5,171,689		4,613,548		4,710,881		4,691,929		4,670,339
Total shareholders' equity attributable to RenaissanceRe	7,347,172		5,683,526		5,971,367		5,951,235		5,912,842


Total liabilities, noncontrolling interests and shareholders' equity	$	30,479,754	$	27,465,519	$	26,330,094	$	25,644,210	$	26,086,961

Book value per common share	$	134.27	$	117.15	$	120.53	$	120.07	$	119.17


			3



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended June 30, 2020
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	1,042,536		$	659,336		$	—	$	1,701,872
Net premiums written	$	704,138		$	476,665		$	—	$	1,180,803
Net premiums earned	$	491,116		$	518,980		$	—	$	1,010,096
Net claims and claim expenses incurred	164,050			346,266			(44)		510,272
Acquisition expenses	94,772			138,837			1		233,610
Operational expenses	31,656			17,422			(1)		49,077
Underwriting income	$	200,638		$	16,455		$	44	$	217,137

Net claims and claim expenses incurred - current accident year	$	170,614		$	355,064		$	—	$	525,678
Net claims and claim expenses incurred - prior accident years	(6,564)			(8,798)			(44)		(15,406)
Net claims and claim expenses incurred - total	$	164,050		$	346,266		$	(44)	$	510,272

Net claims and claim expense ratio - current accident year	34.7		%	68.4		%			52.0		%
Net claims and claim expense ratio - prior accident years	(1.3)		%	(1.7)		%			(1.5)		%
Net claims and claim expense ratio - calendar year	33.4		%	66.7		%			50.5		%
Underwriting expense ratio	25.7		%	30.1		%			28.0		%
Combined ratio	59.1		%	96.8		%			78.5		%

	Three months ended June 30, 2019
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	839,200		$	637,708		$	—	$	1,476,908
Net premiums written	$	544,115		$	478,850		$	—	$	1,022,965
Net premiums earned	$	425,013		$	486,489		$	—	$	911,502
Net claims and claim expenses incurred	146,874			306,501			(2)		453,373
Acquisition expenses	89,711			137,963			(192)		227,482
Operational expenses	36,764			23,016			34		59,814
Underwriting income	$	151,664		$	19,009		$	160	$	170,833

Net claims and claim expenses incurred - current accident year	$	136,111		$	317,029		$	—	$	453,140
Net claims and claim expenses incurred - prior accident years	10,763			(10,528)			(2)		233
Net claims and claim expenses incurred - total	$	146,874		$	306,501		$	(2)	$	453,373

Net claims and claim expense ratio - current accident year	32.0		%	65.2		%			49.7		%
Net claims and claim expense ratio - prior accident years	2.6		%	(2.2)		%			—		%
Net claims and claim expense ratio - calendar year	34.6		%	63.0		%			49.7		%
Underwriting expense ratio	29.7		%	33.1		%			31.6		%
Combined ratio	64.3		%	96.1		%			81.3		%


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Six months ended June 30, 2020
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,263,062		$	1,464,531		$	—	$	3,727,593
Net premiums written	$	1,378,719		$	1,071,892		$	—	$	2,450,611
Net premiums earned	$	912,451		$	1,010,743		$	—	$	1,923,194
Net claims and claim expenses incurred	308,902			772,475			(151)		1,081,226
Acquisition expenses	180,123			264,090			1		444,214
Operational expenses	75,663			40,876			(1)		116,538
Underwriting income (loss)	$	347,763		$	(66,698)		$	151	$	281,216

Net claims and claim expenses incurred - current accident year	$	301,458		$	781,274		$	—	$	1,082,732
Net claims and claim expenses incurred - prior accident years	7,444			(8,799)			(151)		(1,506)
Net claims and claim expenses incurred - total	$	308,902		$	772,475		$	(151)	$	1,081,226

Net claims and claim expense ratio - current accident year	33.0		%	77.3		%			56.3		%
Net claims and claim expense ratio - prior accident years	0.9		%	(0.9)		%			(0.1)		%
Net claims and claim expense ratio - calendar year	33.9		%	76.4		%			56.2		%
Underwriting expense ratio	28.0		%	30.2		%			29.2		%
Combined ratio	61.9		%	106.6		%			85.4		%

	Six months ended June 30, 2019
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	1,871,584		$	1,169,619		$	—	$	3,041,203
Net premiums written	$	1,108,345		$	843,651		$	—	$	1,951,996
Net premiums earned	$	715,758		$	745,772		$	—	$	1,461,530
Net claims and claim expenses incurred	202,957			477,434			17		680,408
Acquisition expenses	143,450			208,175			(192)		351,433
Operational expenses	65,308			39,405			34		104,747
Underwriting income	$	304,043		$	20,758		$	141	$	324,942

Net claims and claim expenses incurred - current accident year	$	190,317		$	494,164		$	—	$	684,481
Net claims and claim expenses incurred - prior accident years	12,640			(16,730)			17		(4,073)
Net claims and claim expenses incurred - total	$	202,957		$	477,434		$	17	$	680,408

Net claims and claim expense ratio - current accident year	26.6		%	66.3		%			46.8		%
Net claims and claim expense ratio - prior accident years	1.8		%	(2.3)		%			(0.2)		%
Net claims and claim expense ratio - calendar year	28.4		%	64.0		%			46.6		%
Underwriting expense ratio	29.1		%	33.2		%			31.2		%
Combined ratio	57.5		%	97.2		%			77.8		%


			5



Underwriting and Reserves
Segment Underwriting Results

	Three months ended
Property Segment	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Gross premiums written	$	1,042,536		$	1,220,526		$	245,001		$	314,400		$	839,200
Net premiums written	$	704,138		$	674,581		$	242,932		$	302,982		$	544,115
Net premiums earned	$	491,116		$	421,335		$	467,404		$	444,332		$	425,013
Net claims and claim expenses incurred	164,050			144,852			424,207			338,260			146,874
Acquisition expenses	94,772			85,351			90,790			79,521			89,711
Operational expenses	31,656			44,007			39,469			34,238			36,764
Underwriting income (loss)	$	200,638		$	147,125		$	(87,062)		$	(7,687)		$	151,664

Net claims and claim expenses incurred - current accident year	$	170,614		$	130,844		$	432,160		$	345,880		$	136,111
Net claims and claim expenses incurred - prior accident years	(6,564)			14,008			(7,953)			(7,620)			10,763
Net claims and claim expenses incurred - total	$	164,050		$	144,852		$	424,207		$	338,260		$	146,874

Net claims and claim expense ratio - current accident year	34.7		%	31.1		%	92.5		%	77.8		%	32.0		%
Net claims and claim expense ratio - prior accident years	(1.3)		%	3.3		%	(1.7)		%	(1.7)		%	2.6		%
Net claims and claim expense ratio - calendar year	33.4		%	34.4		%	90.8		%	76.1		%	34.6		%
Underwriting expense ratio	25.7		%	30.7		%	27.8		%	25.6		%	29.7		%
Combined ratio	59.1		%	65.1		%	118.6		%	101.7		%	64.3		%

	Three months ended
Casualty and Specialty Segment	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Gross premiums written	$	659,336		$	805,195		$	660,478		$	546,668		$	637,708
Net premiums written	$	476,665		$	595,227		$	482,435		$	401,148		$	478,850
Net premiums earned	$	518,980		$	491,763		$	502,721		$	462,416		$	486,489
Net claims and claim expenses incurred	346,266			426,209			338,104			316,099			306,501
Acquisition expenses	138,837			125,253			117,849			122,654			137,963
Operational expenses	17,422			23,454			25,943			19,198			23,016
Underwriting income (loss)	$	16,455		$	(83,153)		$	20,825		$	4,465		$	19,009

Net claims and claim expenses incurred - current accident year	$	355,064		$	426,210		$	342,268		$	319,087		$	317,029
Net claims and claim expenses incurred - prior accident years	(8,798)			(1)			(4,164)			(2,988)			(10,528)
Net claims and claim expenses incurred - total	$	346,266		$	426,209		$	338,104		$	316,099		$	306,501

Net claims and claim expense ratio - current accident year	68.4		%	86.7		%	68.1		%	69.0		%	65.2		%
Net claims and claim expense ratio - prior accident years	(1.7)		%	—		%	(0.8)		%	(0.6)		%	(2.2)		%
Net claims and claim expense ratio - calendar year	66.7		%	86.7		%	67.3		%	68.4		%	63.0		%
Underwriting expense ratio	30.1		%	30.2		%	28.6		%	30.6		%	33.1		%
Combined ratio	96.8		%	116.9		%	95.9		%	99.0		%	96.1		%


			6



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results

	Three months ended June 30, 2020															Three months ended June 30, 2019
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	711,786		$	330,750		$	1,042,536		$	602,656		$	236,544		$	839,200
Net premiums written	$	391,350		$	312,788		$	704,138		$	319,128		$	224,987		$	544,115
Net premiums earned	$	245,518		$	245,598		$	491,116		$	222,527		$	202,486		$	425,013
Net claims and claim expenses incurred	22,511			141,539			164,050			37,757			109,117			146,874
Acquisition expenses	31,727			63,045			94,772			35,079			54,632			89,711
Operational expenses	25,653			6,003			31,656			28,837			7,927			36,764
Underwriting income	$	165,627		$	35,011		$	200,638		$	120,854		$	30,810		$	151,664

Net claims and claim expenses incurred - current accident year	$	37,528		$	133,086		$	170,614		$	38,175		$	97,936		$	136,111
Net claims and claim expenses incurred - prior accident years	(15,017)			8,453			(6,564)			(418)			11,181			10,763
Net claims and claim expenses incurred - total	$	22,511		$	141,539		$	164,050		$	37,757		$	109,117		$	146,874

Net claims and claim expense ratio - current accident year	15.3		%	54.2		%	34.7		%	17.2		%	48.4		%	32.0		%
Net claims and claim expense ratio - prior accident years	(6.1)		%	3.4		%	(1.3)		%	(0.2)		%	5.5		%	2.6		%
Net claims and claim expense ratio - calendar year	9.2		%	57.6		%	33.4		%	17.0		%	53.9		%	34.6		%
Underwriting expense ratio	23.3		%	28.1		%	25.7		%	28.7		%	30.9		%	29.7		%
Combined ratio	32.5		%	85.7		%	59.1		%	45.7		%	84.8		%	64.3		%

	Six months ended June 30, 2020															Six months ended June 30, 2019
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,647,976		$	615,086		$	2,263,062		$	1,447,869		$	423,715		$	1,871,584
Net premiums written	$	868,807		$	509,912		$	1,378,719		$	763,144		$	345,201		$	1,108,345
Net premiums earned	$	466,173		$	446,278		$	912,451		$	402,764		$	312,994		$	715,758
Net claims and claim expenses incurred	20,417			288,485			308,902			23,763			179,194			202,957
Acquisition expenses	60,434			119,689			180,123			59,406			84,044			143,450
Operational expenses	61,198			14,465			75,663			52,449			12,859			65,308
Underwriting income	$	324,124		$	23,639		$	347,763		$	267,146		$	36,897		$	304,043

Net claims and claim expenses incurred - current accident year	$	60,910		$	240,548		$	301,458		$	41,665		$	148,652		$	190,317
Net claims and claim expenses incurred - prior accident years	(40,493)			47,937			7,444			(17,902)			30,542			12,640
Net claims and claim expenses incurred - total	$	20,417		$	288,485		$	308,902		$	23,763		$	179,194		$	202,957

Net claims and claim expense ratio - current accident year	13.1		%	53.9		%	33.0		%	10.3		%	47.5		%	26.6		%
Net claims and claim expense ratio - prior accident years	(8.7)		%	10.7		%	0.9		%	(4.4)		%	9.8		%	1.8		%
Net claims and claim expense ratio - calendar year	4.4		%	64.6		%	33.9		%	5.9		%	57.3		%	28.4		%
Underwriting expense ratio	26.1		%	30.1		%	28.0		%	27.8		%	30.9		%	29.1		%
Combined ratio	30.5		%	94.7		%	61.9		%	33.7		%	88.2		%	57.5		%


			7



Underwriting and Reserves
Gross Premiums Written

	Three months ended														Six months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		June 30, 2020		June 30, 2019
Property Segment
Catastrophe	$	711,786	$	936,190	$	44,824	$	102,779	$	602,656	$	1,647,976	$	1,447,869
Other property	330,750		284,336		200,177		211,621		236,544		615,086		423,715
Property segment gross premiums written	$	1,042,536	$	1,220,526	$	245,001	$	314,400	$	839,200	$	2,263,062	$	1,871,584

Casualty and Specialty Segment
General casualty (1)	$	206,666	$	246,667	$	197,338	$	191,447	$	258,357	453,333		411,691
Professional liability (2)	222,737		230,487		189,838		151,754		167,206		453,224		316,583
Financial lines (3)	101,635		147,079		126,983		111,459		91,202		248,714		218,558
Other (4)	128,298		180,962		146,319		92,008		120,943		309,260		222,787
Casualty and Specialty segment gross premiums written	$	659,336	$	805,195	$	660,478	$	546,668	$	637,708	$	1,464,531	$	1,169,619


(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, and professional indemnity.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.


			8



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2020
Property	$	1,095,511	$	1,650,244	$	842,395	$	3,588,150
Casualty and Specialty	1,682,299		127,588		3,967,100		5,776,987
Other	332		—		—		332
Total	$	2,778,142	$	1,777,832	$	4,809,495	$	9,365,469

March 31, 2020
Property	$	1,095,840	$	1,707,754	$	958,827	$	3,762,421
Casualty and Specialty	1,644,402		105,505		3,894,049		5,643,956
Other	330		—		—		330
Total	$	2,740,572	$	1,813,259	$	4,852,876	$	9,406,707

December 31, 2019
Property	$	1,253,406	$	1,631,223	$	1,189,221	$	4,073,850
Casualty and Specialty	1,596,426		129,720		3,583,913		5,310,059
Other	440		—		—		440
Total	$	2,850,272	$	1,760,943	$	4,773,134	$	9,384,349

September 30, 2019
Property	$	1,170,009	$	1,493,600	$	916,314	$	3,579,923
Casualty and Specialty	1,475,505		151,555		3,389,344		5,016,404
Other	2,944		—		3,166		6,110
Total	$	2,648,458	$	1,645,155	$	4,308,824	$	8,602,437

June 30, 2019
Property	$	1,191,810	$	1,635,595	$	791,628	$	3,619,033
Casualty and Specialty	1,450,805		128,701		3,280,133		4,859,639
Other	3,010		—		3,166		6,176
Total	$	2,645,625	$	1,764,296	$	4,074,927	$	8,484,848


			9



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended June 30, 2020										Three months ended June 30, 2019
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	9,406,707	$	2,765,583	$	6,641,124	$	8,391,484	$	2,908,343	$	5,483,141
Incurred claims and claim expenses
Current year	650,900		125,222		525,678		525,838		72,698		453,140
Prior years	(3,674)		11,732		(15,406)		226,218		225,985		233
Total incurred claims and claim expenses	647,226		136,954		510,272		752,056		298,683		453,373
Paid claims and claim expenses
Current year	32,182		1,758		30,424		46,602		2,419		44,183
Prior years	701,647		130,017		571,630		608,902		338,461		270,441
Total paid claims and claim expenses	733,829		131,775		602,054		655,504		340,880		314,624

Foreign exchange (1)	45,365		3,596		41,769		(3,188)		(996)		(2,192)
Reserve for claims and claim expenses, end of period	$	9,365,469	$	2,774,358	$	6,591,111	$	8,484,848	$	2,865,150	$	5,619,698

	Six months ended June 30, 2020										Six months ended June 30, 2019
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	9,384,349	$	2,791,297	$	6,593,052	$	6,076,271	$	2,372,221	$	3,704,050
Incurred claims and claim expenses
Current year	1,440,910		358,178		1,082,732		826,399		141,918		684,481
Prior years	(45,969)		(44,463)		(1,506)		263,776		267,849		(4,073)
Total incurred claims and claim expenses	1,394,941		313,715		1,081,226		1,090,175		409,767		680,408
Paid claims and claim expenses
Current year	66,492		4,867		61,625		55,941		3,609		52,332
Prior years	1,337,025		329,109		1,007,916		1,012,242		441,681		570,561
Total paid claims and claim expenses	1,403,517		333,976		1,069,541		1,068,183		445,290		622,893
Foreign exchange (1)	(10,304)		3,322		(13,626)		(1,625)		(983)		(642)
Amounts acquired (2)	—		—		—		2,388,210		529,435		1,858,775
Reserve for claims and claim expenses, end of period	$	9,365,469	$	2,774,358	$	6,591,111	$	8,484,848	$	2,865,150	$	5,619,698

(1) Reflects the impact of the foreign exchange revaluation of net reserves denominated in non-U.S. dollars as at the balance sheet date.

(2) Represents the fair value of TMR's reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.


			10

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. ("Upsilon Fund") and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.


	Three months ended														Six months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		June 30, 2020		June 30, 2019
Management fee income
Joint ventures	$	12,190	$	11,781	$	11,858	$	11,434	$	9,519	$	23,971	$	19,254
Structured reinsurance products and other	8,739		6,418		3,814		4,558		9,976		17,336		18,221
Managed funds	6,508		8,597		8,252		8,765		6,467		12,926		10,264
Total management fee income	27,437		26,796		23,924		24,757		25,962		54,233		47,739

Performance fee income (loss)
Joint ventures	6,165		7,828		(3,374)		5,278		5,218		13,993		7,756
Structured reinsurance products and other	7,994		8,375		(5,314)		275		8,541		16,369		12,732
Managed funds	3,914		2,363		(2,036)		1,688		470		6,277		768
Total performance fee income (loss) (1)	18,073		18,566		(10,724)		7,241		14,229		36,639		21,256

Total fee income	$	45,510	$	45,362	$	13,200	$	31,998	$	40,191	$	90,872	$	68,995

(1) Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.


			11

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the "Consolidated Managed Joint Ventures"), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company's consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company's consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:


	Three months ended														Six months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		June 30, 2020		June 30, 2019
Redeemable noncontrolling interest - DaVinciRe	$	(88,374)	$	(84,906)	$	25,862	$	(30,558)	$	(59,855)	$	(173,280)	$	(122,388)
Redeemable noncontrolling interest - Medici	(13,151)		4,678		(6,363)		(15,211)		(1,704)		(8,473)		(4,185)
Redeemable noncontrolling interest - Vermeer	(17,203)		(17,863)		(16,877)		(16,288)		(10,253)		(35,066)		(15,461)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(118,728)	$	(98,091)	$	2,622	$	(62,057)	$	(71,812)	$	(216,819)	$	(142,034)

(1) A negative number in the table above represents the allocation of net income earned by the Consolidated Managed Joint Ventures to third-party investors, with a corresponding decrease (increase) to the Company's net income (loss) attributable to RenaissanceRe. Conversely, a positive number in the table above represents the allocation of net losses incurred by the Consolidated Managed Joint Ventures to third-party investors, with a corresponding increase (decrease) to the Company's net (loss) income attributable to RenaissanceRe.

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:


	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
Redeemable noncontrolling interest - DaVinciRe	$	1,621,300	$	1,533,085	$	1,435,581	$	1,462,677	$	1,431,101
Redeemable noncontrolling interest - Medici	682,118		677,283		632,112		534,618		515,915
Redeemable noncontrolling interest - Vermeer	1,083,681		1,021,478		1,003,615		781,738		765,450
Redeemable noncontrolling interests	$	3,387,099	$	3,231,846	$	3,071,308	$	2,779,033	$	2,712,466

A summary of the redeemable noncontrolling economic ownership of third parties in the Consolidated Managed Joint Ventures is set forth below:


	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
DaVinciRe	78.6	%	78.6	%	78.1	%	78.1	%	78.1	%
Medici	88.6	%	88.8	%	87.9	%	86.3	%	86.1	%
Vermeer	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


			12


Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

	Three months ended																					Six months ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			June 30, 2020			June 30, 2019
Revenues
Gross premiums written	$	222,306		$	255,640		$	15,566		$	32,986		$	206,052		$	477,946		$	392,166
Net premiums written	$	177,116		$	241,641		$	15,210		$	30,605		$	165,394		$	418,757		$	333,313
(Increase) decrease in unearned premiums	(58,172)			(135,933)			90,674			63,671			(78,769)			(194,105)			(168,363)
Net premiums earned	118,944			105,708			105,884			94,276			86,625			224,652			164,950
Net investment income	11,557			15,087			13,506			13,813			13,597			26,644			26,420
Net foreign exchange gains (losses)	8			(1,180)			(399)			(174)			(936)			(1,172)			(1,192)
Other income	—			—			—			—			139			—			344
Net realized and unrealized gains (losses) on investments	34,674			18,529			(1,307)			6,493			20,914			53,203			43,349
Total revenues	165,183			138,144			117,684			114,408			120,339			303,327			233,871
Expenses
Net claims and claim expenses incurred	9,829			(13,726)			135,397			45,325			10,986			(3,897)			14,649
Acquisition expenses	29,208			30,112			1,313			15,762			21,211			59,320			38,177
Operational and corporate expenses	11,862			11,889			12,238			12,139			9,777			23,751			20,427
Interest expense	1,859			1,858			1,859			1,859			1,858			3,717			3,716
Total expenses	52,758			30,133			150,807			75,085			43,832			82,891			76,969
Income (loss) before taxes	112,425			108,011			(33,123)			39,323			76,507			220,436			156,902
Income tax (expense) benefit	(2)			2			(6)			(177)			243			—			101


Net income (loss) available (attributable) to DaVinciRe common shareholders	$	112,423		$	108,013		$	(33,129)		$	39,146		$	76,750		$	220,436		$	157,003

Net claims and claim expenses incurred - current accident year	$	14,728		$	4,967		$	113,743		$	80,022		$	5,623		$	19,695		$	15,923
Net claims and claim expenses incurred - prior accident years	(4,899)			(18,693)			21,654			(34,697)			5,363			(23,592)			(1,274)
Net claims and claim expenses incurred - total	$	9,829		$	(13,726)		$	135,397		$	45,325		$	10,986		$	(3,897)		$	14,649

Net claims and claim expense ratio - current accident year	12.4		%	4.7		%	107.4		%	84.9		%	6.5		%	8.8		%	9.7		%
Net claims and claim expense ratio - prior accident years	(4.1)		%	(17.7)		%	20.5		%	(36.8)		%	6.2		%	(10.5)		%	(0.8)		%
Net claims and claim expense ratio - calendar year	8.3		%	(13.0)		%	127.9		%	48.1		%	12.7		%	(1.7)		%	8.9		%
Underwriting expense ratio	34.5		%	39.7		%	12.8		%	29.6		%	35.8		%	36.9		%	35.5		%
Combined ratio	42.8		%	26.7		%	140.7		%	77.7		%	48.5		%	35.2		%	44.4		%


			13



Investments
Total Investment Result

	Three months ended																					Six months ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			June 30, 2020			June 30, 2019
Fixed maturity investments trading	$	69,943		$	73,338		$	85,937		$	82,977		$	88,106		$	143,281		$	149,589
Short term investments	6,049			12,092			11,552			15,061			17,807			18,141			29,651
Equity investments trading	1,666			1,551			1,539			1,326			916			3,217			1,943
Other investments
Catastrophe bonds	13,519			14,139			12,870			12,812			11,781			27,658			20,472
Other	1,107			1,629			2,221			2,672			1,914			2,736			3,554
Cash and cash equivalents	837			1,504			1,875			1,978			2,306			2,341			3,823
	93,121			104,253			115,994			116,826			122,830			197,374			209,032
Investment expenses	(3,816)			(4,780)			(3,856)			(5,439)			(4,242)			(8,596)			(8,350)
Net investment income	89,305			99,473			112,138			111,387			118,588			188,778			200,682






Net realized and unrealized gains (losses) on:
Fixed maturity investments trading (1)	322,711			101,221			(48,146)			57,502			171,920			423,932			288,621




Equity investments trading (1)	113,506			(151,882)			66,043			(25,564)			22,083			(38,376)			76,027
Other investments
Catastrophe bonds	4,452			(14,352)			(4,522)			9,242			(11,902)			(9,900)			(14,112)
Other	7,721			(45,694)			5,079			(6,785)			9,146			(37,973)			10,724
Net realized and unrealized gains (losses) on investments	448,390			(110,707)			18,454			34,395			191,247			337,683			361,260




Total investment result	$	537,695		$	(11,234)		$	130,592		$	145,782		$	309,835		$	526,461		$	561,942

Total investment return - annualized	11.8		%	(0.1)		%	3.1		%	3.6		%	8.0		%	5.8		%	7.3		%

(1) Net realized and unrealized gains (losses) on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized gains (losses) on equity investments trading includes the impact of equity futures.


			14



Investments
Investment Portfolio - Composition

Type of Investment	June 30, 2020						March 31, 2020						December 31, 2019						September 30, 2019		June 30, 2019
U.S. treasuries	$	4,258,675	21.6	%	$	3,915,130	22.0	%	$	4,467,345	25.7	%	$	4,314,006	25.4	%	$	3,961,306	24.2	%
Agencies	505,038		2.6	%	537,490		3.1	%	343,031		1.9	%	507,903		3.0	%	334,923		2.0	%
Municipal	—		—	%	—		—	%	—		—	%	1,629		—	%	2,859		—	%
Non-U.S. government	584,206		3.0	%	635,282		3.6	%	497,392		2.9	%	379,154		2.2	%	370,505		2.3	%

Non-U.S. government-backed corporate	314,833		1.6	%	283,577		1.6	%	321,356		1.9	%	263,170		1.6	%	207,668		1.3	%
Corporate	4,428,553		22.5	%	3,259,780		18.3	%	3,075,660		17.7	%	3,453,222		20.4	%	3,268,511		19.9	%
Agency mortgage-backed	985,851		5.0	%	1,056,272		5.9	%	1,148,499		6.6	%	1,248,722		7.4	%	1,167,735		7.1	%
Non-agency mortgage-backed	276,300		1.4	%	275,026		1.6	%	294,604		1.7	%	261,850		1.5	%	266,963		1.6	%
Commercial mortgage-backed	591,238		3.0	%	540,502		3.0	%	468,698		2.7	%	406,268		2.4	%	374,584		2.3	%
Asset-backed	550,441		2.8	%	542,742		3.1	%	555,070		3.2	%	550,304		3.3	%	524,612		3.2	%
Total fixed maturity investments, at fair value	12,495,135		63.5	%	11,045,801		62.2	%	11,171,655		64.3	%	11,386,228		67.2	%	10,479,666		63.9	%
Short term investments, at fair value	5,570,804		28.2	%	5,263,242		29.4	%	4,566,277		26.3	%	4,116,156		24.3	%	4,579,171		28.0	%
Total consolidated fixed maturity and short term investments, at fair value	18,065,939		91.7	%	16,309,043		91.6	%	15,737,932		90.6	%	15,502,384		91.5	%	15,058,837		91.9	%
Equity investments trading, at fair value	470,087		2.4	%	360,444		2.0	%	436,931		2.5	%	379,422		2.2	%	273,646		1.7	%
Other investments, at fair value	1,093,338		5.5	%	1,058,714		5.9	%	1,087,377		6.3	%	962,109		5.7	%	955,437		5.8	%
Total managed investment portfolio	19,629,364		99.6	%	17,728,201		99.5	%	17,262,240		99.4	%	16,843,915		99.4	%	16,287,920		99.4	%
Investments in other ventures, under equity method	94,285		0.4	%	90,396		0.5	%	106,549		0.6	%	103,978		0.6	%	100,396		0.6	%
Total investments	$	19,723,649	100.0	%	$	17,818,597	100.0	%	$	17,368,789	100.0	%	$	16,947,893	100.0	%	$	16,388,316	100.0	%


			15


Investments
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	June 30, 2020						March 31, 2020						December 31, 2019						September 30, 2019		June 30, 2019
AAA	$	1,392,417	11.1	%	$	1,590,824	14.4	%	$	1,338,265	12.0	%	$	1,215,518	10.7	%	$	1,121,450	10.7	%
AA	6,670,927		53.4	%	6,212,689		56.3	%	6,677,219		59.8	%	6,699,860		58.8	%	6,073,777		58.0	%
A	1,864,066		14.9	%	1,491,504		13.5	%	1,453,212		13.0	%	1,671,934		14.7	%	1,548,705		14.8	%
BBB	1,433,297		11.5	%	915,375		8.3	%	874,730		7.8	%	967,928		8.5	%	898,740		8.6	%
Non-investment grade and not rated	1,134,428		9.1	%	835,409		7.5	%	828,229		7.4	%	830,988		7.3	%	836,994		7.9	%
Total fixed maturity investments, at fair value	$	12,495,135	100.0	%	$	11,045,801	100.0	%	$	11,171,655	100.0	%	$	11,386,228	100.0	%	$	10,479,666	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	638,686	5.1	%	$	723,397	6.5	%	$	544,636	4.9	%	$	603,806	5.3	%	$	616,578	5.9	%
Due after one through five years	5,513,103		44.1	%	5,039,456		45.7	%	5,522,769		49.4	%	5,893,946		51.8	%	5,176,183		49.4	%
Due after five through ten years	3,312,749		26.6	%	2,612,031		23.7	%	2,420,602		21.7	%	2,232,264		19.6	%	1,896,176		18.1	%
Due after ten years	626,768		5.0	%	256,375		2.3	%	216,777		1.9	%	189,068		1.7	%	456,835		4.3	%
Mortgage-backed securities	1,853,388		14.8	%	1,871,800		16.9	%	1,911,801		17.1	%	1,916,840		16.8	%	1,809,282		17.3	%
Asset-backed securities	550,441		4.4	%	542,742		4.9	%	555,070		5.0	%	550,304		4.8	%	524,612		5.0	%
Total fixed maturity investments, at fair value	$	12,495,135	100.0	%	$	11,045,801	100.0	%	$	11,171,655	100.0	%	$	11,386,228	100.0	%	$	10,479,666	100.0	%


			16



Investments
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

								Credit Rating (1)
June 30, 2020	Amortized Cost		Fair Value			Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	5,570,804	$	5,570,804		0.2	%	$	5,334,436		$	209,481		$	16,320		$	4,667		$	4,316		$	1,584
			100.0		%			95.7		%	3.8		%	0.3		%	0.1		%	0.1		%	—		%
Fixed maturity investments
U.S. treasuries	4,110,762		4,258,675			0.3	%	—			4,258,675			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	273,868		275,704			0.4	%	—			275,704			—			—			—			—
Other agencies	222,277		229,334			1.1	%	—			229,334			—			—			—			—
Total agencies	496,145		505,038			0.7	%	—			505,038			—			—			—			—

Non-U.S. government	567,678		584,206			0.7	%	249,086			293,392			31,627			8,717			1,384			—

Non-U.S. government-backed corporate	308,472		314,833			0.8	%	143,123			144,003			19,703			8,004			—			—
Corporate	4,325,187		4,428,553			2.7	%	60,638			278,095			1,801,423			1,355,738			909,359			23,300
Mortgage-backed
Residential mortgage-backed
Agency securities	966,047		985,851			1.0	%	—			985,851			—			—			—			—
Non-agency securities - Alt A	224,314		220,643			3.7	%	42,415			5,793			653			7,493			132,065			32,224
Non-agency securities - Prime	56,033		55,657			3.1	%	20,237			2,689			1,452			1,252			17,445			12,582
Total residential mortgage-backed	1,246,394		1,262,151			1.6	%	62,652			994,333			2,105			8,745			149,510			44,806
Commercial mortgage-backed	573,690		591,238			2.0	%	464,238			101,389			5,508			16,706			1,397			2,000
Total mortgage-backed	1,820,084		1,853,389			1.7	%	526,890			1,095,722			7,613			25,451			150,907			46,806
Asset-backed
Collateralized loan obligations	520,935		510,408			2.6	%	378,492			93,497			1,367			34,380			2,672			—



Other	39,244		40,033			1.4	%	34,188			2,505			2,333			1,007			—			—
Total asset-backed	560,179		550,441			2.5	%	412,680			96,002			3,700			35,387			2,672			—
Total securitized assets	2,380,263		2,403,830			1.9	%	939,570			1,191,724			11,313			60,838			153,579			46,806
Total fixed maturity investments	12,188,507		12,495,135			1.5	%	1,392,417			6,670,927			1,864,066			1,433,297			1,064,322			70,106
			100.0		%			11.1		%	53.4		%	14.9		%	11.5		%	8.5		%	0.6		%
Total consolidated fixed maturity and short term investments, at fair value	$	17,759,311	$	18,065,939		1.1	%	$	6,726,853		$	6,880,408		$	1,880,386		$	1,437,964		$	1,068,638		$	71,690
			100.0		%			37.2		%	38.1		%	10.4		%	8.0		%	5.9		%	0.4		%

(1) The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P"). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.


			17



Investments
Retained Investment Information

“Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures.


	Three months ended														Six months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		June 30, 2020		June 30, 2019
Total investment result
Net investment income	$	89,305	$	99,473	$	112,138	$	111,387	$	118,588	$	188,778	$	200,682
Net realized and unrealized (losses) gains on investments	448,390		(110,707)		18,454		34,395		191,247		337,683		361,260
Total investment result	$	537,695	$	(11,234)	$	130,592	$	145,782	$	309,835	$	526,461	$	561,942

Retained total investment result (1)
Retained net investment income	$	67,189	$	72,603	$	87,739	$	86,408	$	95,400	$	139,792	$	156,842
Retained net realized and unrealized (losses) gains on investments	418,046		(113,261)		21,751		21,764		183,357		304,785		337,685
Retained total investment result	$	485,235	$	(40,658)	$	109,490	$	108,172	$	278,757	$	444,577	$	494,527

(1) Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

“Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures.


	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	18,065,939		$	16,309,043		$	15,737,932		$	15,502,384		$	15,058,837
Weighted average yield to maturity of fixed maturity and short term investments	1.1		%	1.5		%	2.1		%	2.2		%	2.4		%
Average duration of fixed maturities and short term investments, in years	2.9			2.8			2.9			2.8			2.7
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	12,703,423		$	11,124,214		$	11,154,174		$	11,075,699		$	10,787,618
Weighted average yield to maturity of retained fixed maturity and short term investments	1.4		%	1.9		%	2.2		%	2.3		%	2.5		%
Average duration of retained fixed maturities and short term investments, in years	3.7			3.5			3.6			3.5			3.1

(1) Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.

(2) Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.


			18



Other Items
Earnings per Share

	Three months ended
(common shares in thousands)	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	575,845	$	(81,974)	$	33,773	$	36,698	$	367,854
Amount allocated to participating common shareholders (1)	(7,593)		(146)		(409)		(446)		(4,393)
	$	568,252	$	(82,120)	$	33,364	$	36,252	$	363,461
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares	44,939		43,441		43,467		43,462		43,483
Per common share equivalents of employee stock options and non-vested shares	64		—		85		75		38
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	45,003		43,441		43,552		43,537		43,521
Basic income (loss) per RenaissanceRe common share	$	12.64	$	(1.89)	$	0.77	$	0.83	$	8.36
Diluted income (loss) per RenaissanceRe common share	$	12.63	$	(1.89)	$	0.77	$	0.83	$	8.35

	Six months ended
(common shares in thousands)	June 30, 2020		June 30, 2019
Numerator:
Net income available to RenaissanceRe common shareholders	$	493,871	$	641,571
Amount allocated to participating common shareholders (1)	(6,153)		(7,483)
	$	487,718	$	634,088
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	44,190		42,774
Per common share equivalents of employee stock options and non-vested shares	63		32
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	44,253		42,806
Basic income per RenaissanceRe common share	$	11.04	$	14.82
Diluted income per RenaissanceRe common share	$	11.02	$	14.81

(1) Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.


			19



Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measures in previous investor communications and the Company's management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

Operating Income Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses “operating income available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, transaction and integration expenses associated with the acquisition of TMR, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from: fluctuations in the fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; certain transaction and integration expenses associated with the acquisition of TMR; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to "operating income available to RenaissanceRe common shareholders"; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to "operating income available to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized". Comparative information for all prior periods has been updated to conform to the current methodology and presentation.


			20



Comments on Regulation G


	Three months ended																					Six months ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			June 30, 2020			June 30, 2019
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	575,845		$	(81,974)		$	33,773		$	36,698		$	367,854		$	493,871		$	641,571
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(443,938)			96,355			(22,976)			(25,153)			(203,149)			(347,583)			(375,372)
Adjustment for net foreign exchange losses (gains)	7,195			5,728			1,126			8,275			(9,309)			12,923			(6,463)
Adjustment for transaction and integration expenses associated with the acquisition of TMR	2,279			4,423			5,700			4,022			14,483			6,702			40,003
Adjustment for income tax (benefit) expense (1)	21,223			(4,141)			(3,707)			5,298			10,442			17,082			18,776
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	27,472			13,019			(1,293)			3,541			18,518			40,491			33,932
Operating income available to RenaissanceRe common shareholders	$	190,076		$	33,410		$	12,623		$	32,681		$	198,839		$	223,486		$	352,447

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.63		$	(1.89)		$	0.77		$	0.83		$	8.35		$	11.02		$	14.81
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(9.86)			2.22			(0.53)			(0.58)			(4.67)			(7.85)			(8.77)
Adjustment for net foreign exchange losses (gains)	0.16			0.13			0.03			0.19			(0.21)			0.29			(0.15)
Adjustment for transaction and integration expenses associated with the acquisition of TMR	0.05			0.10			0.13			0.09			0.33			0.15			0.93
Adjustment for income tax (benefit) expense (1)	0.47			(0.10)			(0.09)			0.12			0.24			0.39			0.44
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	0.61			0.30			(0.03)			0.08			0.43			0.91			0.79
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	4.06		$	0.76		$	0.28		$	0.73		$	4.47		$	4.91		$	8.05

Return on average common equity - annualized	38.5		%	(6.3)		%	2.5		%	2.8		%	28.9		%	17.1		%	26.4		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(29.7)		%	7.5		%	(1.7)		%	(1.9)		%	(16.0)		%	(11.9)		%	(15.5)		%
Adjustment for net foreign exchange losses (gains)	0.5		%	0.4		%	0.1		%	0.6		%	(0.7)		%	0.4		%	(0.3)		%
Adjustment for transaction and integration expenses associated with the acquisition of TMR	0.2		%	0.3		%	0.4		%	0.3		%	1.1		%	0.2		%	1.6		%
Adjustment for income tax (benefit) expense (1)	1.4		%	(0.3)		%	(0.3)		%	0.4		%	0.8		%	0.6		%	0.8		%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)	1.8		%	1.0		%	(0.1)		%	0.3		%	1.5		%	1.4		%	1.4		%
Operating return on average common equity - annualized	12.7		%	2.6		%	0.9		%	2.5		%	15.6		%	7.8		%	14.4		%

(1) Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(2) Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.


			21



Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to "tangible book value per common share'" and "tangible book value per common share plus accumulated dividends."


	At
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Book value per common share	$	134.27		$	117.15		$	120.53		$	120.07		$	119.17
Adjustment for goodwill and other intangibles (1)	(5.56)			(6.46)			(6.50)			(6.55)			(6.60)
Tangible book value per common share	128.71			110.69			114.03			113.52			112.57
Adjustment for accumulated dividends	21.38			21.03			20.68			20.34			20.00
Tangible book value per common share plus accumulated dividends	$	150.09		$	131.72		$	134.71		$	133.86		$	132.57

Quarterly change in book value per common share	14.6		%	(2.8)		%	0.4		%	0.8		%	7.3		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	16.6		%	(2.6)		%	0.7		%	1.1		%	8.2		%
Year to date change in book value per common share	11.4		%	(2.8)		%	15.7		%	15.3		%	14.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends	13.5		%	(2.6)		%	17.9		%	17.1		%	15.7		%

(1) At June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, goodwill and other intangibles included $23.5 million, $24.2 million, $24.9 million, $25.6 million, and $26.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


			22



Comments on Regulation G

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. The Company's management believes “retained total investment result” is useful to investors and other interested parties because it provides a measure of the portion of the Company's investment result, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”


	Three months ended														Six months ended
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		June 30, 2020		June 30, 2019
Net investment income	$	89,305	$	99,473	112,138		$	111,387	$	118,588	$	188,778	$	200,682
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(22,116)		(26,870)		$	(24,399)	(24,979)		(23,188)		(48,986)		(43,840)
Retained net investment income	67,189		72,603		87,739		86,408		95,400		139,792		156,842

Net realized and unrealized gains (losses) on investments	448,390		(110,707)		18,454		34,395		191,247		337,683		361,260
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(30,344)		(2,554)		3,297		(12,631)		(7,890)		(32,898)		(23,575)
Retained net realized and unrealized gains (losses) on investments	418,046		(113,261)		21,751		21,764		183,357		304,785		337,685

Total investment result	537,695		(11,234)		130,592		145,782		309,835		526,461		561,942
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(52,460)		(29,424)		(21,102)		(37,610)		(31,078)		(81,884)		(67,415)
Retained total investment result	$	485,235	$	(40,658)	$	109,490	$	108,172	$	278,757	$	444,577	$	494,527


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Comments on Regulation G

Retained Fixed Maturity and Short Term Investments, at Fair Value

The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value.”


	At
	June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019
Fixed maturity investments, at fair value	$	12,495,135	$	11,045,801	$	11,171,655	$	11,386,228	$	10,479,666
Short term investments, at fair value	5,570,804		5,263,242		4,566,277		4,116,156		4,579,171
Total consolidated fixed maturity and short term investments, at fair value	$	18,065,939	$	16,309,043	$	15,737,932	$	15,502,384	$	15,058,837
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(5,362,516)		(5,184,829)		(4,583,758)		(4,426,685)		(4,271,219)
Retained fixed maturity and short term investments, at fair value	$	12,703,423	$	11,124,214	$	11,154,174	$	11,075,699	$	10,787,618


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RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - July 28, 2020

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RENAISSANCERE HOLDINGS LTD Reports