RenaissanceRe(US:RNR)2021-10-26 20:47Financial 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].