Financial Performance - Gross premiums written increased to $2,942,964 thousand in Q1 2022, up from $2,652,442 thousand in Q1 2021, representing an increase of 10.9%[19] - Net premiums earned rose to $1,486,425 thousand in Q1 2022, compared to $1,153,836 thousand in Q1 2021, reflecting a growth of 28.9%[19] - Total revenues for Q1 2022 were $876,416 thousand, slightly up from $861,902 thousand in Q1 2021, indicating a growth of 1.6%[19] - Net income attributable to RenaissanceRe was a loss of $385,569 thousand in Q1 2022, compared to a loss of $283,645 thousand in Q1 2021, representing a decline of 35.9%[19] - Net income for the three months ended March 31, 2022 was a loss of $397,481,000 compared to a loss of $330,495,000 for the same period in 2021, representing a 20.2% increase in losses year-over-year[29] - The company reported a net loss attributable to common shareholders of $394.4 million for the three months ended March 31, 2022, compared to a net loss of $290.9 million for the same period in 2021[173] Investment Performance - Net investment income for Q1 2022 was $83,691 thousand, up from $79,804 thousand in Q1 2021, an increase of 3.7%[19] - The company reported a net realized and unrealized loss on investments of $673,017 thousand in Q1 2022, compared to a loss of $345,563 thousand in Q1 2021, indicating a significant increase in losses[19] - The company reported net realized and unrealized gains on investments of $632,729,000 for the three months ended March 31, 2022, compared to $360,424,000 in the same period of 2021, an increase of 75.5%[29] - The fair value of equity investments trading rose to $873.27 million as of March 31, 2022, compared to $546.02 million on December 31, 2021, reflecting a growth of approximately 59.8%[41] - The fair value of U.S. treasuries was $5.79 billion as of March 31, 2022, a decrease from $6.25 billion on December 31, 2021, representing a decline of approximately 7.4%[54] - The company reported net unrealized losses on fixed maturity investments trading of $464.18 million for the three months ended March 31, 2022, compared to losses of $297.02 million for the same period in 2021[46] Claims and Reserves - The reserve for claims and claim expenses increased to $13,510,304 thousand as of March 31, 2022, from $13,294,630 thousand at the end of 2021, an increase of 1.6%[18] - The total reserve for claims and claim expenses as of March 31, 2022, was $13.5 billion, an increase from $10.9 billion at the end of 2021[107] - The net claims and claim expenses incurred for the three months ended March 31, 2022, were $841.7 million, slightly down from $867.1 million in the prior year[99] - The Company's total claims and claim expense reserves included $6.2 billion for Property and $7.3 billion for Casualty and Specialty segments as of March 31, 2022[105] - The net favorable development of prior accident years net claims and claim expenses was $17.8 million for the three months ended March 31, 2022, compared to $9.0 million in 2021[109] Shareholder Equity and Dividends - Dividends per common share were $0.37 in Q1 2022, slightly up from $0.36 in Q1 2021, reflecting a 2.8% increase[19] - The company paid dividends of $16,241,000 on common shares and $8,940,000 on preference shares during the three months ended March 31, 2022, compared to $17,817,000 and $7,289,000 respectively in the same period of 2021[29] - Total shareholders' equity decreased from $7,078,337,000 in March 31, 2021 to $6,116,960,000 in March 31, 2022, a decline of approximately 13.7%[26] Cash Flow and Capital Management - Cash flows provided by operating activities were $168,229,000 for the three months ended March 31, 2022, down from $206,538,000 in the same period of 2021, a decrease of 18.5%[29] - Net cash used in investing activities was $(403,900,000) for the three months ended March 31, 2022, compared to $(463,131,000) in the same period of 2021, indicating a 12.8% improvement in cash outflows[29] - The company repurchased common shares amounting to $97,259,000 during the three months ended March 31, 2022, compared to $171,645,000 in the same period of 2021, a reduction of 43.2%[29] Debt and Liabilities - The total liabilities increased to $24,767,224 thousand as of March 31, 2022, from $23,781,168 thousand at the end of 2021, an increase of 4.1%[18] - The Company's total debt as of March 31, 2022, was $1.188 billion, a decrease from $1.268 billion as of December 31, 2021[117] - The company's debt obligations were $1.2 billion as of March 31, 2022, with a fair value also at $1.2 billion[86] Derivative Instruments - As of March 31, 2022, the total derivative instruments not designated as hedges amounted to $16.53 billion[180] - The gross amount of derivative liabilities not designated as hedges was $36.67 billion, with a net amount of $31.83 billion after offsetting[180] - The company reported a total loss of $66.35 million from derivative instruments for the three months ended March 31, 2022, compared to a gain of $4.07 million in the same period of 2021[187] - The company had $12.59 billion in foreign currency forward contracts classified as derivative assets not designated as hedges[180] Other Investments and Holdings - The company held $256.6 million in reverse repurchase agreements as of March 31, 2022, a significant increase from $5.1 million on December 31, 2021[43] - The fair value of the Company's investment in the principal-at-risk variable rate notes of Mona Lisa Re was $5.0 million at March 31, 2022[151] - The company has invested $2.4 million in Langhorne Holdings as of March 31, 2022, with expectations of increased investment if in-force life and annuity blocks are written[155][157]

RenaissanceRe Holdings Ltd. (NYSE:RNR) Q1 2022 Earnings Conference Call May 4, 2022 11:00 AM ET Company Participants Kevin O’Donnell – President & Chief Executive Officer Robert Qutub – Executive Vice President & Chief Financial Officer Keith McCue – Senior Vice President, Finance & Investor Relations Conference Call Participants Elyse Greenspan – Wells Fargo Yaron Kinar – Jefferies Meyer Shields – Keefe, Bruyette & Woods, Inc. Joshua Shanker – Bank of America Ryan Tunis – Autonomous Research Brian Meredith ...

Financial Performance - Total gross premiums written for the year ended December 31, 2021, reached $7,833,798 thousand, a significant increase from $5,806,165 thousand in 2020, representing a growth of approximately 35%[31] - Total gross premiums written for the year ended December 31, 2021, reached $7,833,798, an increase from $5,806,165 in 2020, representing a growth of 34.8%[33] - The Property segment gross premiums written amounted to $3,958,724 in 2021, up from $2,999,142 in 2020, reflecting a growth of 32.3%[34] - The Casualty and Specialty segment gross premiums written totaled $3,875,074 in 2021, a significant increase from $2,807,023 in 2020, marking a growth of 38.1%[37] - The U.S. and Caribbean market represented 50.8% of total gross premiums written in 2021, with $2,257,088 attributed to this region[45] Business Segments - The Property segment accounted for 50.5% of gross premiums written in 2021, totaling $3,958,724 thousand, while the Casualty and Specialty segment contributed 49.5%, amounting to $3,875,074 thousand[31] - Catastrophe reinsurance accounted for 56.5% of the Property segment's gross premiums written in 2021, compared to 62.9% in 2020, indicating a shift towards other property classes[34] - Professional liability premiums in the Casualty and Specialty segment increased to $1,283,864 in 2021, representing 33.1% of the segment's total, up from 29.8% in 2020[37] Strategic Initiatives - The company aims to produce superior returns for shareholders through a strategy focused on superior risk selection, customer relationships, and capital management[24] - The company’s strategy includes exploring diversification into new ventures through organic growth, joint ventures, or acquisitions[20] - The company plans to continue expanding its Casualty and Specialty segment operations through organic growth and acquisitions, contingent on favorable market conditions[39] Risk Management - The company is exposed to significant volatility in financial results due to the nature of its business, particularly from catastrophic events, which primarily impact the Property segment[22] - The company emphasizes a culture of enterprise risk management (ERM) to identify and manage risks effectively across the organization[77] - The company actively monitors and adjusts its risk management models to account for the increasing risks associated with climate change[85] - The company defines assumed risk as activities where it deliberately takes risk against its capital base, with underwriting risk being the most material[81] Investment Strategy - The company emphasizes capital preservation and liquidity in its investment portfolio, which is primarily composed of highly-rated fixed income securities[93] - The company’s investment strategy incorporates environmental, social, and governance factors to enhance the sustainability of its portfolio[87] - The company utilizes a proprietary pricing and exposure management system, REMS©, to assess risk and return for reinsurance contracts[69] Operational Efficiency - The company reported a combined ratio below 100%, indicating profitable underwriting prior to investment income considerations[193] - The net claims and claim expense ratio was expressed as a percentage of net earned premiums, reflecting the efficiency of claims management[194] - The company established additional case reserves to account for specific contracts, reflecting management's proactive approach to claims[193] Joint Ventures and Collaborations - DaVinci, a joint venture, had a noncontrolling economic ownership of 28.7% by the company as of December 31, 2021, up from 21.4% in 2020[49] - Top Layer Re, a joint venture, is backed by $3.9 billion of stop loss reinsurance coverage from State Farm, enhancing the company's capacity in high excess non-U.S. property catastrophe reinsurance[50] - The company actively manages joint ventures and managed funds to enhance client relationships and generate fee income, leveraging its underwriting capabilities[48] Regulatory Compliance - RenaissanceRe is subject to considerable regulation and supervision by state insurance regulators in the U.S., including solvency and investment regulations[138] - The Bermuda regulatory regime has achieved Solvency II equivalence for its commercial (re)insurers, recognized by the European Parliament[115] - The company must file an annual enterprise risk report identifying material risks within the holding company system that could pose enterprise risk[139] Employee and Corporate Governance - The Compensation and Corporate Governance Committee oversees employee compensation practices and DEI initiatives, ensuring alignment with company goals[100] - The company has focused on employee safety during the COVID-19 pandemic, implementing remote work policies and providing personal protective equipment[104] - The company employed 649 people worldwide as of February 2, 2022, an increase from 604 in 2021 and 566 in 2020[101]

Financial Data and Key Metrics Changes - The company reported an annualized operating return on average common equity of 14.4% for Q4 2021, despite a net negative impact of $53 million from weather-related large losses [18] - For the full year, the operating return on average common equity was 1.3%, which was considered disappointing due to elevated catastrophe losses and low interest rates [8][18] - Net premiums written increased by $1.8 billion, or 45%, reaching $5.9 billion for the year [22][27] Business Line Data and Key Metrics Changes - The Property segment grew gross written premiums by 32%, with other property up 55% and property catastrophe up 18% [31] - The Casualty segment reported a growth in gross written premiums of 38% from the prior year, with a current accident year loss ratio of 67% and a combined ratio of 97% [29][30] - The company achieved an underwriting gain of $277 million in Q4 2021, with a current accident year loss ratio of 55% and a combined ratio of 79% for the quarter [25][27] Market Data and Key Metrics Changes - The insurance industry faced its fifth consecutive year of elevated catastrophe losses, exceeding $100 billion in insured losses [4] - Rates on Property CAT treaties increased by 5% to 20% for U.S. business, with aggregate covers up between 15% and 30% [41] - The company noted a significant dislocation in the Property retro market, with quota share capacity down meaningfully [43] Company Strategy and Development Direction - The company aims to focus on capital management and profit maximization in 2022, having increased net premiums written by 75% over the last few years [7][12] - The strategy includes optimizing the portfolio, improving customer relationships, and enhancing risk selection and capital management [10][12] - The company is committed to its ESG strategy, focusing on climate resilience, closing the protection gap, and inducing positive societal change [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving financial performance in 2022, expecting to earn more on investments and grow the fee-generating Capital Partners business [9][24] - The company is monitoring inflation closely, adjusting its models to account for increased rebuilding costs due to rising wages and commodity prices [49] - Management believes that the strong growth and portfolio optimization implemented in 2021 will benefit shareholders in 2022 and beyond [50] Other Important Information - The company returned over $1 billion of capital to shareholders in 2021, including share repurchases and dividends [22][23] - The company raised over $663 million across its joint ventures in preparation for the 2022 renewal [34] Q&A Session Summary Question: Can you provide more details on the return profile of the business written at January 1? - Management indicated that the focus was on optimizing the portfolio rather than just writing more business due to rate increases, resulting in a more efficient portfolio [52][54] Question: What are the implications of the potential capital changes put forth by S&P? - Management noted that while the internal model is crucial, they are assessing the effects of the new S&P model on their balance sheets and market opportunities [56][58] Question: Can you clarify the expectations for the Property book and the improvements made? - Management explained that while the Property book is expected to be broadly flat, they are being paid more for the same level of risk, reflecting an elevated view of risk [62][64] Question: How do you see the demand for casualty reinsurance changing? - Management anticipates a continuing trend of rate increases at a decelerating rate, with potential pressure on ceding commissions if rates flatten [80][82] Question: What is the outlook for alternative capital and investor demand? - Management expressed that while there may be skepticism towards more volatile funds, opportunities for third-party capital remain, particularly in CAT bonds [85][86]

Financial Performance - The company reported a net loss of $638,872 thousand for Q3 2021, compared to a net income of $74,389 thousand in Q3 2020[20]. - Comprehensive loss for Q3 2021 was $637,520 thousand, contrasting with a comprehensive income of $75,372 thousand in Q3 2020[20]. - Net loss for the nine months ended September 30, 2021, was $391.716 million, compared to a net income of $801.424 million for the same period in 2020[25]. - The net loss attributable to RenaissanceRe common shareholders for the three months ended September 30, 2021, was $450.2 million, compared to a net income of $47.8 million for the same period in 2020[161]. - The net loss attributable to RenaissanceRe common shareholders was $284.3 million for the nine months ended September 30, 2021, compared to net income of $541.7 million in the same period of 2020[271]. Revenue and Premiums - Gross premiums written increased to $1,774,180 thousand in Q3 2021, up 55.4% from $1,143,058 thousand in Q3 2020[17]. - Net premiums earned rose to $1,506,265 thousand for Q3 2021, compared to $1,000,183 thousand in Q3 2020, reflecting a 50.6% increase[17]. - Total revenues for the nine months ended September 30, 2021, reached $3,883,890 thousand, a slight increase of 2.8% from $3,776,993 thousand in the same period of 2020[17]. - Gross premiums written for the nine months ended September 30, 2021, totaled $6,520,780, an increase from $4,870,651 in the same period of 2020, representing a growth of approximately 34%[166]. - Net premiums earned for the nine months ended September 30, 2021, were $3,852,891, compared to $2,923,377 for the same period in 2020, reflecting an increase of about 32%[168]. Claims and Expenses - Net claims and claim expenses incurred surged to $1,798,045 thousand in Q3 2021, up 91.1% from $942,030 thousand in Q3 2020[17]. - Total expenses for the nine months ended September 30, 2021, were $4,304,890 thousand, an increase of 45.2% from $2,962,784 thousand in the same period of 2020[17]. - The total reserve for claims and claim expenses as of September 30, 2021, was $13.23 billion, compared to $9.90 billion at December 31, 2020, representing a 33.5% increase[97]. - The net incurred claims for the current year for the nine months ended September 30, 2021, were $3.39 billion, compared to $2.08 billion in the same period of 2020, reflecting a 63.2% increase[97]. - The underwriting loss for the Property segment was $681.9 million, while the Casualty and Specialty segment reported an underwriting income of $3.1 million, leading to a total underwriting loss of $678.8 million[165]. Assets and Liabilities - Total assets increased to $33,536,332 thousand as of September 30, 2021, compared to $30,820,580 thousand at December 31, 2020, reflecting a growth of approximately 8%[16]. - The company reported a total liabilities increase to $23,328,520 thousand from $19,872,013 thousand, reflecting a growth of approximately 17%[16]. - Shareholders' equity attributable to RenaissanceRe decreased to $6,749,514 thousand from $7,560,248 thousand, a decline of about 11%[16]. - Cash and cash equivalents decreased to $1,440,734 thousand from $1,736,813 thousand, a decline of about 17%[16]. - The company’s debt remained relatively stable at $1,137,829 thousand compared to $1,136,265 thousand, showing minimal change[16]. Investment Performance - Net investment income decreased to $78,267 thousand in Q3 2021 from $83,543 thousand in Q3 2020, reflecting a decline of 6.9%[17]. - Net investment income for the nine months ended September 30, 2021, was $238,996, a decrease from $272,321 in the same period of 2020[168]. - The total investment result was income of $42.4 million for the nine months ended September 30, 2021, a decrease of $791.8 million from $834.2 million in the same period of 2020[273]. - The company reported net realized and unrealized losses on investments of $42.1 million for the three months ended September 30, 2021, compared to gains of $224.2 million for the same period in 2020[42]. - The company reported a net realized and unrealized loss of $9.598 million on derivative instruments not designated as hedges for the three months ended September 30, 2021[176]. Shareholder Returns - The company declared dividends per common share of $0.36 for Q3 2021, slightly up from $0.35 in Q3 2020[17]. - The company paid dividends of $51.714 million on common shares and $24.423 million on preference shares during the period[25]. - For the nine months ended September 30, 2021, the company paid $24.4 million in preference share dividends, an increase from $23.6 million in 2020, and $51.7 million in common share dividends, up from $50.8 million in 2020[158]. - The company repurchased 4,502,448 common shares at an aggregate cost of $704.5 million, with an average price of $156.46 per common share, leaving $421.8 million available for repurchase under the program[159]. Operational Metrics - The combined ratio for the company was 145.1%, with a net claims and claim expense ratio of 129.2% for the current accident year[165]. - The combined ratio for the nine months ended September 30, 2021, was 110.0%, compared to 97.4% for the same period in 2020, indicating a deterioration in underwriting performance[168]. - The net claims and claim expense ratio for the current accident year was 88.1% for the nine months ended September 30, 2021, compared to 71.1% for the same period in 2020, indicating increased claims costs relative to premiums[168]. - The company recognized an income tax benefit of $23.6 million in Q3 2021, up from $8.2 million in Q3 2020, reflecting underwriting losses and unrealized investment losses[266]. - The company reported a loss before taxes and redeemable noncontrolling interests of $421,000 for the nine months ended September 30, 2021, compared to income before taxes of $814,209 in the same period of 2020[168].

RenaissanceRe Holdings Ltd. (NYSE:RNR) Q3 2021 Earnings Conference Call October 26, 2021 10:00 AM ET Company Participants Keith McCue - Senior Vice President, Finance and IR Kevin O'Donnell - President and CEO Bob Qutub - Executive Vice President and CFO Conference Call Participants Elyse Greenspan - Wells Fargo Meyer Shields - KBW Brian Meredith - UBS Ryan Tunis - Autonomous Research Josh Shanker - Bank of America Jimmy Bhullar - JP Morgan Operator Good morning. My name is Thia, and I will be the conferenc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14428 RENAISSANCERE HOLDINGS LTD. (Exact Name Of Registrant As Specified In Its Charter) (State or Other Jurisdiction of Incorporation or O ...

Financial Data and Key Metrics Changes - The company reported net income of $457 million and operating income of $278 million for the quarter, resulting in an annualized return on average common equity of 27.6% and an annualized operating return of 16.8% [19][21]. - Gross premiums written increased by $392 million, or 23%, with a year-to-date growth in net premiums written of $886 million, or 36% [22]. Business Line Data and Key Metrics Changes - The property segment saw gross premiums written grow by $141 million, or 14%, with a combined ratio of 44% due to a lack of catastrophe losses [23]. - The casualty segment reported gross premiums written of $911 million, growing $251 million or 38%, with a combined ratio of 97.8% [25]. Market Data and Key Metrics Changes - The company noted that the Florida market remains highly challenged due to social inflation, with its exposure to Florida domestic companies reduced to less than 3% of gross written premiums [44]. - The company is experiencing an active hurricane season, having already faced three U.S. land-falling storms, and is closely monitoring meteorological conditions [49]. Company Strategy and Development Direction - The company aims to be the best underwriter by focusing on reinsurance and diversifying geographically and into traditional casualty lines, while avoiding an insurance strategy [10]. - The strategic decision to grow the casualty business during a challenging market phase is expected to yield benefits as pricing improves [12]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategy, particularly in the casualty book, and noted that they are monitoring the impact of social inflation and other trends [14]. - The company believes it is in a strong financial position with ample flexibility to pursue new opportunities while continuing share repurchases [63]. Other Important Information - The company raised $1.1 billion in equity capital since Q2 2020 and has returned over $700 million to shareholders through share repurchases and dividends [16][17]. - The company has shifted its investment portfolio towards U.S. Treasuries due to low credit spreads and is focused on maintaining liquidity [29][72]. Q&A Session Summary Question: Thoughts on buybacks during wind season - Management indicated a strong capital position allows for continued buybacks during wind season, unlike previous years [63]. Question: Deployment of raised capital - Management confirmed that all raised capital has been deployed and expressed optimism about future growth opportunities [65]. Question: Investment portfolio yield concerns - Management reassured that they are comfortable with their investment portfolio and prioritize liquidity over yield [71][72]. Question: Favorable reserve development drivers - Management noted that favorable reserve development was primarily across various years and perils, with a significant portion attributed to their DaVinci partnership [118].

Financial Performance Highlights - Gross premiums written for the six months ended June 30, 2021, were $4746600 thousand, compared to $3727593 thousand for the same period in 2020[14] - Underwriting income for the six months ended June 30, 2021, was $293216 thousand, compared to $281216 thousand for the same period in 2020[14] - Net investment income for the six months ended June 30, 2021, was $160729 thousand, compared to $188778 thousand for the same period in 2020[14] - Net realized and unrealized gains (losses) on investments for the six months ended June 30, 2021, were $(154545) thousand, compared to $337683 thousand for the same period in 2020[14] - Net income available to RenaissanceRe common shareholders for the six months ended June 30, 2021, was $165884 thousand, compared to $493871 thousand for the same period in 2020[14] - Operating income available to RenaissanceRe common shareholders for the six months ended June 30, 2021, was $282445 thousand, compared to $223486 thousand for the same period in 2020[14] Segment Performance (Three months ended June 30, 2021) - Property segment gross premiums written were $1183556 thousand, while Casualty and Specialty segment gross premiums written were $910602 thousand[24] - Property segment underwriting income was $315122 thousand, while Casualty and Specialty segment underwriting income was $13854 thousand[24] - The combined ratio for the Property segment was 438%, and for the Casualty and Specialty segment, it was 978%[24] Investment Portfolio Composition (June 30, 2021) - U S Treasuries accounted for 315% of the investment portfolio, totaling $6327895 thousand[65] - Corporate bonds represented 169% of the investment portfolio, amounting to $3387433 thousand[65] - Short term investments made up 219% of the investment portfolio, totaling $4392652 thousand[65]

RenaissanceRe Holdings Ltd. (NYSE:RNR) Q1 2021 Earnings Conference Call April 29, 2021 11:00 AM ET Company Participants Keith McCue - Senior Vice President, Finance & Investor Relations Kevin O'Donnell - President & Chief Executive Officer Bob Qutub - Executive Vice President & Chief Financial Officer Conference Call Participants Yaron Kinar - Goldman Sachs Elyse Greenspan - Wells Fargo Josh Shanker - Bank of America Meyer Shields - KBW Ryan Tunis - Autonomous Research Phil Stefano - Deutsche Bank Jimmy Bhu ...