RenaissanceRe Holdings Ltd. | ||
Contents |
Page | |||||||||||
Basis of Presentation | |||||||||||
Financial Highlights | |||||||||||
Summary Consolidated Financial Statements | |||||||||||
a. | Consolidated Statements of Operations | ||||||||||
b. | Consolidated Balance Sheets | ||||||||||
Underwriting and Reserves | |||||||||||
a. | Consolidated Segment Underwriting Results | ||||||||||
b. | Consolidated and Segment Underwriting Results - Five Quarter Trend | ||||||||||
c. | Property Segment - Catastrophe and Other Property Underwriting Results | ||||||||||
d. | Gross Premiums Written | ||||||||||
e. | Net Premiums Written | ||||||||||
f. | Net Premiums Earned | ||||||||||
g. | Reserves for Claims and Claim Expenses | ||||||||||
h. | Paid to Incurred Analysis | ||||||||||
Managed Joint Ventures and Fee Income | |||||||||||
a. | Fee Income | ||||||||||
b. | Fee income - Five Quarter Trend | ||||||||||
c. | Noncontrolling Interests | ||||||||||
d. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | ||||||||||
Investments | |||||||||||
a. | Total Investment Result | ||||||||||
b. | Investments Composition | ||||||||||
c. | Managed Investments - Credit Rating | ||||||||||
d. | Retained Investments - Credit Rating | ||||||||||
Other Items | |||||||||||
a. | Earnings per Share | ||||||||||
Comments on Regulation G |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
Cautionary Statement Regarding Forward-Looking Statements |
i |
ii |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 448,092 | $ | 210,917 | $ | (1,096,578) | $ | (73,421) | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 322,153 | $ | 213,692 | $ | 315,556 | $ | 81,599 | |||||||||||||||
Underwriting income | |||||||||||||||||||||||
Gross premiums written | $ | 1,585,276 | $ | 1,313,018 | $ | 9,213,540 | $ | 7,833,798 | |||||||||||||||
Net premiums written | 1,345,616 | 1,116,560 | 7,196,160 | 5,939,375 | |||||||||||||||||||
Underwriting income (loss) | 316,302 | 276,661 | 149,852 | (108,948) | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||
Current accident year | 60.2 | % | 54.6 | % | 72.4 | % | 79.4 | % | |||||||||||||||
Prior accident years | (9.5) | % | (3.1) | % | (3.9) | % | (4.8) | % | |||||||||||||||
Calendar year | 50.7 | % | 51.5 | % | 68.5 | % | 74.6 | % | |||||||||||||||
Acquisition expense ratio | 25.4 | % | 24.9 | % | 24.8 | % | 23.4 | % | |||||||||||||||
Operating expense ratio | 4.4 | % | 3.0 | % | 4.4 | % | 4.1 | % | |||||||||||||||
Combined ratio | 80.5 | % | 79.4 | % | 97.7 | % | 102.1 | % | |||||||||||||||
Fee income | |||||||||||||||||||||||
Management fee income | $ | 25,984 | $ | 24,723 | $ | 108,902 | $ | 109,071 | |||||||||||||||
Performance fee income | 4,363 | 5,299 | 9,777 | 19,432 | |||||||||||||||||||
Total fee income | $ | 30,347 | $ | 30,022 | $ | 118,679 | $ | 128,503 | |||||||||||||||
Investment results - managed | |||||||||||||||||||||||
Net investment income | $ | 211,237 | $ | 80,483 | $ | 559,932 | $ | 319,479 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 168,139 | (21,518) | (1,800,485) | (218,134) | |||||||||||||||||||
Total investment result | $ | 379,376 | $ | 58,965 | $ | (1,240,553) | $ | 101,345 | |||||||||||||||
Total investment return - annualized | 7.4 | % | 1.1 | % | (5.7) | % | 0.5 | % | |||||||||||||||
Investment results - retained (1) | |||||||||||||||||||||||
Net investment income | $ | 143,944 | $ | 61,930 | $ | 391,707 | $ | 247,615 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 128,966 | 1,653 | (1,484,970) | (167,619) | |||||||||||||||||||
Total investment result | $ | 272,910 | $ | 63,583 | $ | (1,093,263) | $ | 79,996 | |||||||||||||||
Total investment return - annualized | 7.8 | % | 1.8 | % | (7.7) | % | 0.6 | % | |||||||||||||||
1 | ![]() |
Financial Highlights - Per Share Data & ROE | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 10.30 | $ | 4.65 | $ | (25.50) | $ | (1.57) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 10.27 | $ | 4.65 | $ | (25.50) | $ | (1.57) | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 7.33 | $ | 4.71 | $ | 7.30 | $ | 1.72 | |||||||||||||||
Average shares outstanding - basic | 42,795 | 44,722 | 43,040 | 47,171 | |||||||||||||||||||
Average shares outstanding - diluted | 42,914 | 44,748 | 43,040 | 47,171 | |||||||||||||||||||
Return on average common equity - annualized | 41.2 | % | 14.2 | % | (22.0) | % | (1.1) | % | |||||||||||||||
Operating return on average common equity - annualized (1) | 29.6 | % | 14.4 | % | 6.3 | % | 1.3 | % | |||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Book value per common share | $ | 104.65 | $ | 132.17 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 98.81 | $ | 126.27 | |||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 123.81 | $ | 149.79 | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | (20.6) | % | (4.0) | % | |||||||||||||||||||
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 1,585,276 | $ | 1,313,018 | $ | 9,213,540 | $ | 7,833,798 | |||||||||||||||
Net premiums written | $ | 1,345,616 | $ | 1,116,560 | $ | 7,196,160 | $ | 5,939,375 | |||||||||||||||
Decrease (increase) in unearned premiums | 278,544 | 224,730 | (862,171) | (745,194) | |||||||||||||||||||
Net premiums earned | 1,624,160 | 1,341,290 | 6,333,989 | 5,194,181 | |||||||||||||||||||
Net investment income | 211,237 | 80,483 | 559,932 | 319,479 | |||||||||||||||||||
Net foreign exchange gains (losses) | 10,781 | (16,697) | (56,909) | (41,006) | |||||||||||||||||||
Equity in earnings (losses) of other ventures | 8,517 | 3,830 | 11,249 | 12,309 | |||||||||||||||||||
Other income (loss) | 7,686 | 6,431 | 12,636 | 10,880 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 168,139 | (21,518) | (1,800,485) | (218,134) | |||||||||||||||||||
Total revenues | 2,030,520 | 1,393,819 | 5,060,412 | 5,277,709 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 822,937 | 690,970 | 4,338,840 | 3,876,087 | |||||||||||||||||||
Acquisition expenses | 413,217 | 333,986 | 1,568,606 | 1,214,858 | |||||||||||||||||||
Operational expenses | 71,704 | 39,673 | 276,691 | 212,184 | |||||||||||||||||||
Corporate expenses | 11,537 | 10,426 | 46,775 | 41,152 | |||||||||||||||||||
Interest expense | 12,384 | 11,872 | 48,335 | 47,536 | |||||||||||||||||||
Total expenses | 1,331,779 | 1,086,927 | 6,279,247 | 5,391,817 | |||||||||||||||||||
Income (loss) before taxes | 698,741 | 306,892 | (1,218,835) | (114,108) | |||||||||||||||||||
Income tax benefit (expense) | (5,408) | (18,616) | 59,019 | 10,668 | |||||||||||||||||||
Net income (loss) | 693,333 | 288,276 | (1,159,816) | (103,440) | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (236,397) | (68,516) | 98,613 | 63,285 | |||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 456,936 | 219,760 | (1,061,203) | (40,155) | |||||||||||||||||||
Dividends on preference shares | (8,844) | (8,843) | (35,375) | (33,266) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 448,092 | $ | 210,917 | $ | (1,096,578) | $ | (73,421) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 10.30 | $ | 4.65 | $ | (25.50) | $ | (1.57) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 10.27 | $ | 4.65 | $ | (25.50) | $ | (1.57) | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 7.33 | $ | 4.71 | $ | 7.30 | $ | 1.72 | |||||||||||||||
Return on average common equity - annualized | 41.2 | % | 14.2 | % | (22.0) | % | (1.1) | % | |||||||||||||||
Operating return on average common equity - annualized (1) | 29.6 | % | 14.4 | % | 6.3 | % | 1.3 | % |
3 | ![]() |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value – amortized cost $15,038,551 at December 31, 2022 (December 31, 2021 – $13,552,579) | $ | 14,351,402 | $ | 13,507,131 | |||||||
Short term investments, at fair value - amortized cost $4,671,581 at December 31, 2022 (December 31, 2021 - $5,928,385) | 4,669,272 | 5,298,385 | |||||||||
Equity investments, at fair value | 625,058 | 546,016 | |||||||||
Other investments, at fair value | 2,494,954 | 1,993,059 | |||||||||
Investments in other ventures, under equity method | 79,750 | 98,068 | |||||||||
Total investments | 22,220,436 | 21,442,659 | |||||||||
Cash and cash equivalents | 1,194,339 | 1,859,019 | |||||||||
Premiums receivable | 5,139,471 | 3,781,542 | |||||||||
Prepaid reinsurance premiums | 1,021,412 | 854,722 | |||||||||
Reinsurance recoverable | 4,710,925 | 4,268,669 | |||||||||
Accrued investment income | 121,501 | 55,740 | |||||||||
Deferred acquisition costs | 1,171,738 | 849,160 | |||||||||
Receivable for investments sold | 350,526 | 380,442 | |||||||||
Other assets | 384,702 | 224,053 | |||||||||
Goodwill and other intangibles | 237,828 | 243,496 | |||||||||
Total assets | $ | 36,552,878 | $ | 33,959,502 | |||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 15,892,573 | $ | 13,294,630 | |||||||
Unearned premiums | 4,559,107 | 3,531,213 | |||||||||
Debt | 1,170,442 | 1,168,353 | |||||||||
Reinsurance balances payable | 3,928,281 | 3,860,963 | |||||||||
Payable for investments purchased | 493,776 | 1,170,568 | |||||||||
Other liabilities | 648,036 | 755,441 | |||||||||
Total liabilities | 26,692,215 | 23,781,168 | |||||||||
Redeemable noncontrolling interests | 4,535,389 | 3,554,053 | |||||||||
Shareholders' Equity | |||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2022 (December 31, 2021 – 30,000) | 750,000 | 750,000 | |||||||||
Common shares: $1.00 par value – 43,717,836 shares issued and outstanding at December 31, 2022 (December 31, 2021 – 44,444,831) | 43,718 | 44,445 | |||||||||
Additional paid-in capital | 475,647 | 608,121 | |||||||||
Accumulated other comprehensive loss | (15,462) | (10,909) | |||||||||
Retained earnings | 4,071,371 | 5,232,624 | |||||||||
Total shareholders' equity attributable to RenaissanceRe | 5,325,274 | 6,624,281 | |||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 36,552,878 | $ | 33,959,502 | |||||||
Book value per common share | $ | 104.65 | $ | 132.17 |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended December 31, 2022 | Three months ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 372,082 | $ | 1,213,194 | $ | 1,585,276 | $ | 384,657 | $ | 928,361 | $ | 1,313,018 | |||||||||||||||||||||||
Net premiums written | $ | 372,998 | $ | 972,618 | $ | 1,345,616 | $ | 375,112 | $ | 741,448 | $ | 1,116,560 | |||||||||||||||||||||||
Net premiums earned | $ | 688,238 | $ | 935,922 | $ | 1,624,160 | $ | 626,359 | $ | 714,931 | $ | 1,341,290 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 240,503 | 582,434 | 822,937 | 243,356 | 447,614 | 690,970 | |||||||||||||||||||||||||||||
Acquisition expenses | 140,872 | 272,345 | 413,217 | 131,007 | 202,979 | 333,986 | |||||||||||||||||||||||||||||
Operational expenses | 49,638 | 22,066 | 71,704 | 28,898 | 10,775 | 39,673 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 257,225 | $ | 59,077 | $ | 316,302 | $ | 223,098 | $ | 53,563 | $ | 276,661 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 370,175 | $ | 607,648 | $ | 977,823 | $ | 274,649 | $ | 457,080 | $ | 731,729 | |||||||||||||||||||||||
Prior accident years | (129,672) | (25,214) | (154,886) | (31,293) | (9,466) | (40,759) | |||||||||||||||||||||||||||||
Total | $ | 240,503 | $ | 582,434 | $ | 822,937 | $ | 243,356 | $ | 447,614 | $ | 690,970 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 53.8 | % | 64.9 | % | 60.2 | % | 43.8 | % | 63.9 | % | 54.6 | % | |||||||||||||||||||||||
Prior accident years | (18.9) | % | (2.7) | % | (9.5) | % | (4.9) | % | (1.3) | % | (3.1) | % | |||||||||||||||||||||||
Calendar year | 34.9 | % | 62.2 | % | 50.7 | % | 38.9 | % | 62.6 | % | 51.5 | % | |||||||||||||||||||||||
Acquisition expense ratio | 20.5 | % | 29.1 | % | 25.4 | % | 20.9 | % | 28.4 | % | 24.9 | % | |||||||||||||||||||||||
Operating expense ratio | 7.2 | % | 2.4 | % | 4.4 | % | 4.6 | % | 1.5 | % | 3.0 | % | |||||||||||||||||||||||
Combined ratio | 62.6 | % | 93.7 | % | 80.5 | % | 64.4 | % | 92.5 | % | 79.4 | % | |||||||||||||||||||||||
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Year ended December 31, 2022 | Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 3,734,241 | $ | 5,479,299 | $ | 9,213,540 | $ | 3,958,724 | $ | 3,875,074 | $ | 7,833,798 | |||||||||||||||||||||||
Net premiums written | $ | 2,847,659 | $ | 4,348,501 | $ | 7,196,160 | $ | 2,868,002 | $ | 3,071,373 | $ | 5,939,375 | |||||||||||||||||||||||
Net premiums earned | $ | 2,770,227 | $ | 3,563,762 | $ | 6,333,989 | $ | 2,608,298 | $ | 2,585,883 | $ | 5,194,181 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 2,044,771 | 2,294,069 | 4,338,840 | 2,163,016 | 1,713,071 | 3,876,087 | |||||||||||||||||||||||||||||
Acquisition expenses | 547,210 | 1,021,396 | 1,568,606 | 487,178 | 727,680 | 1,214,858 | |||||||||||||||||||||||||||||
Operational expenses | 194,355 | 82,336 | 276,691 | 143,608 | 68,576 | 212,184 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | (16,109) | $ | 165,961 | $ | 149,852 | $ | (185,504) | $ | 76,556 | $ | (108,948) | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 2,250,512 | $ | 2,335,910 | $ | 4,586,422 | $ | 2,396,389 | $ | 1,729,168 | $ | 4,125,557 | |||||||||||||||||||||||
Prior accident years | (205,741) | (41,841) | (247,582) | (233,373) | (16,097) | (249,470) | |||||||||||||||||||||||||||||
Total | $ | 2,044,771 | $ | 2,294,069 | $ | 4,338,840 | $ | 2,163,016 | $ | 1,713,071 | $ | 3,876,087 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 81.2 | % | 65.5 | % | 72.4 | % | 91.9 | % | 66.9 | % | 79.4 | % | |||||||||||||||||||||||
Prior accident years | (7.4) | % | (1.1) | % | (3.9) | % | (9.0) | % | (0.7) | % | (4.8) | % | |||||||||||||||||||||||
Calendar year | 73.8 | % | 64.4 | % | 68.5 | % | 82.9 | % | 66.2 | % | 74.6 | % | |||||||||||||||||||||||
Acquisition expense ratio | 19.8 | % | 28.6 | % | 24.8 | % | 18.7 | % | 28.1 | % | 23.4 | % | |||||||||||||||||||||||
Operating expense ratio | 7.0 | % | 2.3 | % | 4.4 | % | 5.5 | % | 2.7 | % | 4.1 | % | |||||||||||||||||||||||
Combined ratio | 100.6 | % | 95.3 | % | 97.7 | % | 107.1 | % | 97.0 | % | 102.1 | % | |||||||||||||||||||||||
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Consolidated Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,585,276 | $ | 2,220,661 | $ | 2,464,639 | $ | 2,942,964 | $ | 1,313,018 | |||||||||||||||||||
Net premiums written | $ | 1,345,616 | $ | 1,821,711 | $ | 1,863,616 | $ | 2,165,217 | $ | 1,116,560 | |||||||||||||||||||
Net premiums earned | $ | 1,624,160 | $ | 1,767,021 | $ | 1,456,383 | $ | 1,486,425 | $ | 1,341,290 | |||||||||||||||||||
Net claims and claim expenses incurred | 822,937 | 1,967,931 | 706,239 | 841,733 | 690,970 | ||||||||||||||||||||||||
Acquisition expenses | 413,217 | 417,644 | 361,238 | 376,507 | 333,986 | ||||||||||||||||||||||||
Operational expenses | 71,704 | 64,560 | 72,520 | 67,907 | 39,673 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 316,302 | $ | (683,114) | $ | 316,386 | $ | 200,278 | $ | 276,661 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 977,823 | $ | 1,999,837 | $ | 749,196 | $ | 859,566 | $ | 731,729 | |||||||||||||||||||
Prior accident years | (154,886) | (31,906) | (42,957) | (17,833) | (40,759) | ||||||||||||||||||||||||
Total | $ | 822,937 | $ | 1,967,931 | $ | 706,239 | $ | 841,733 | $ | 690,970 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 60.2 | % | 113.2 | % | 51.4 | % | 57.8 | % | 54.6 | % | |||||||||||||||||||
Prior accident years | (9.5) | % | (1.8) | % | (2.9) | % | (1.2) | % | (3.1) | % | |||||||||||||||||||
Calendar year | 50.7 | % | 111.4 | % | 48.5 | % | 56.6 | % | 51.5 | % | |||||||||||||||||||
Acquisition expense ratio | 25.4 | % | 23.6 | % | 24.8 | % | 25.3 | % | 24.9 | % | |||||||||||||||||||
Operating expense ratio | 4.4 | % | 3.7 | % | 5.0 | % | 4.6 | % | 3.0 | % | |||||||||||||||||||
Combined ratio | 80.5 | % | 138.7 | % | 78.3 | % | 86.5 | % | 79.4 | % |
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Property Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Gross premiums written | $ | 372,082 | $ | 800,330 | $ | 1,218,321 | $ | 1,343,508 | $ | 384,657 | |||||||||||||||||||
Net premiums written | $ | 372,998 | $ | 696,520 | $ | 887,975 | $ | 890,166 | $ | 375,112 | |||||||||||||||||||
Net premiums earned | $ | 688,238 | $ | 839,817 | $ | 623,581 | $ | 618,591 | $ | 626,359 | |||||||||||||||||||
Net claims and claim expenses incurred | 240,503 | 1,372,583 | 171,924 | 259,761 | 243,356 | ||||||||||||||||||||||||
Acquisition expenses | 140,872 | 141,675 | 137,567 | 127,096 | 131,007 | ||||||||||||||||||||||||
Operational expenses | 49,638 | 48,158 | 49,627 | 46,932 | 28,898 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 257,225 | $ | (722,599) | $ | 264,463 | $ | 184,802 | $ | 223,098 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 370,175 | $ | 1,396,842 | $ | 206,976 | $ | 276,519 | $ | 274,649 | |||||||||||||||||||
Prior accident years | (129,672) | (24,259) | (35,052) | (16,758) | (31,293) | ||||||||||||||||||||||||
Total | $ | 240,503 | $ | 1,372,583 | $ | 171,924 | $ | 259,761 | $ | 243,356 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 53.8 | % | 166.3 | % | 33.2 | % | 44.7 | % | 43.8 | % | |||||||||||||||||||
Prior accident years | (18.9) | % | (2.9) | % | (5.6) | % | (2.7) | % | (4.9) | % | |||||||||||||||||||
Calendar year | 34.9 | % | 163.4 | % | 27.6 | % | 42.0 | % | 38.9 | % | |||||||||||||||||||
Acquisition expense ratio | 20.5 | % | 16.9 | % | 22.0 | % | 20.5 | % | 20.9 | % | |||||||||||||||||||
Operating expense ratio | 7.2 | % | 5.7 | % | 8.0 | % | 7.6 | % | 4.6 | % | |||||||||||||||||||
Combined ratio | 62.6 | % | 186.0 | % | 57.6 | % | 70.1 | % | 64.4 | % | |||||||||||||||||||
8 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Casualty and Specialty Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,213,194 | $ | 1,420,331 | $ | 1,246,318 | $ | 1,599,456 | $ | 928,361 | |||||||||||||||||||
Net premiums written | $ | 972,618 | $ | 1,125,191 | $ | 975,641 | $ | 1,275,051 | $ | 741,448 | |||||||||||||||||||
Net premiums earned | $ | 935,922 | $ | 927,204 | $ | 832,802 | $ | 867,834 | $ | 714,931 | |||||||||||||||||||
Net claims and claim expenses incurred | 582,434 | 595,348 | 534,315 | 581,972 | 447,614 | ||||||||||||||||||||||||
Acquisition expenses | 272,345 | 275,969 | 223,671 | 249,411 | 202,979 | ||||||||||||||||||||||||
Operational expenses | 22,066 | 16,402 | 22,893 | 20,975 | 10,775 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 59,077 | $ | 39,485 | $ | 51,923 | $ | 15,476 | $ | 53,563 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 607,648 | $ | 602,995 | $ | 542,220 | $ | 583,047 | $ | 457,080 | |||||||||||||||||||
Prior accident years | (25,214) | (7,647) | (7,905) | (1,075) | (9,466) | ||||||||||||||||||||||||
Total | $ | 582,434 | $ | 595,348 | $ | 534,315 | $ | 581,972 | $ | 447,614 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 64.9 | % | 65.0 | % | 65.1 | % | 67.2 | % | 63.9 | % | |||||||||||||||||||
Prior accident years | (2.7) | % | (0.8) | % | (0.9) | % | (0.1) | % | (1.3) | % | |||||||||||||||||||
Calendar year | 62.2 | % | 64.2 | % | 64.2 | % | 67.1 | % | 62.6 | % | |||||||||||||||||||
Acquisition expense ratio | 29.1 | % | 29.7 | % | 26.9 | % | 28.7 | % | 28.4 | % | |||||||||||||||||||
Operating expense ratio | 2.4 | % | 1.8 | % | 2.7 | % | 2.4 | % | 1.5 | % | |||||||||||||||||||
Combined ratio | 93.7 | % | 95.7 | % | 93.8 | % | 98.2 | % | 92.5 | % |
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended December 31, 2022 | Three months ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | (4,019) | $ | 376,101 | $ | 372,082 | $ | 7,795 | $ | 376,862 | $ | 384,657 | |||||||||||||||||||||||
Net premiums written | $ | (3,158) | $ | 376,156 | $ | 372,998 | $ | 632 | $ | 374,480 | $ | 375,112 | |||||||||||||||||||||||
Net premiums earned | $ | 295,362 | $ | 392,876 | $ | 688,238 | $ | 260,044 | $ | 366,315 | $ | 626,359 | |||||||||||||||||||||||
Net claims and claim expenses incurred | (4,334) | 244,837 | 240,503 | 55,992 | 187,364 | 243,356 | |||||||||||||||||||||||||||||
Acquisition expenses | 38,944 | 101,928 | 140,872 | 29,107 | 101,900 | 131,007 | |||||||||||||||||||||||||||||
Operational expenses | 39,694 | 9,944 | 49,638 | 23,262 | 5,636 | 28,898 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 221,058 | $ | 36,167 | $ | 257,225 | $ | 151,683 | $ | 71,415 | $ | 223,098 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 122,759 | $ | 247,416 | $ | 370,175 | $ | 76,196 | $ | 198,453 | $ | 274,649 | |||||||||||||||||||||||
Prior accident years | (127,093) | (2,579) | (129,672) | (20,204) | (11,089) | (31,293) | |||||||||||||||||||||||||||||
Total | $ | (4,334) | $ | 244,837 | $ | 240,503 | $ | 55,992 | $ | 187,364 | $ | 243,356 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 41.6 | % | 63.0 | % | 53.8 | % | 29.3 | % | 54.2 | % | 43.8 | % | |||||||||||||||||||||||
Prior accident years | (43.1) | % | (0.7) | % | (18.9) | % | (7.8) | % | (3.1) | % | (4.9) | % | |||||||||||||||||||||||
Calendar year | (1.5) | % | 62.3 | % | 34.9 | % | 21.5 | % | 51.1 | % | 38.9 | % | |||||||||||||||||||||||
Acquisition expense ratio | 13.3 | % | 26.0 | % | 20.5 | % | 11.3 | % | 27.9 | % | 20.9 | % | |||||||||||||||||||||||
Operating expense ratio | 13.4 | % | 2.5 | % | 7.2 | % | 8.9 | % | 1.5 | % | 4.6 | % | |||||||||||||||||||||||
Combined ratio | 25.2 | % | 90.8 | % | 62.6 | % | 41.7 | % | 80.5 | % | 64.4 | % | |||||||||||||||||||||||
10 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Year ended December 31, 2022 | Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,076,752 | $ | 1,657,489 | $ | 3,734,241 | $ | 2,235,736 | $ | 1,722,988 | $ | 3,958,724 | |||||||||||||||||||||||
Net premiums written | $ | 1,421,398 | $ | 1,426,261 | $ | 2,847,659 | $ | 1,318,056 | $ | 1,549,946 | $ | 2,868,002 | |||||||||||||||||||||||
Net premiums earned | $ | 1,360,878 | $ | 1,409,349 | $ | 2,770,227 | $ | 1,319,841 | $ | 1,288,457 | $ | 2,608,298 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 895,801 | 1,148,970 | 2,044,771 | 1,283,334 | 879,682 | 2,163,016 | |||||||||||||||||||||||||||||
Acquisition expenses | 149,052 | 398,158 | 547,210 | 130,702 | 356,476 | 487,178 | |||||||||||||||||||||||||||||
Operational expenses | 157,306 | 37,049 | 194,355 | 115,438 | 28,170 | 143,608 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 158,719 | $ | (174,828) | $ | (16,109) | $ | (209,633) | $ | 24,129 | $ | (185,504) | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 1,119,989 | $ | 1,130,523 | $ | 2,250,512 | $ | 1,485,207 | $ | 911,182 | $ | 2,396,389 | |||||||||||||||||||||||
Prior accident years | (224,188) | 18,447 | (205,741) | (201,873) | (31,500) | (233,373) | |||||||||||||||||||||||||||||
Total | $ | 895,801 | $ | 1,148,970 | $ | 2,044,771 | $ | 1,283,334 | $ | 879,682 | $ | 2,163,016 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 82.3 | % | 80.2 | % | 81.2 | % | 112.5 | % | 70.7 | % | 91.9 | % | |||||||||||||||||||||||
Prior accident years | (16.5) | % | 1.3 | % | (7.4) | % | (15.3) | % | (2.4) | % | (9.0) | % | |||||||||||||||||||||||
Calendar year | 65.8 | % | 81.5 | % | 73.8 | % | 97.2 | % | 68.3 | % | 82.9 | % | |||||||||||||||||||||||
Acquisition expense ratio | 10.9 | % | 28.3 | % | 19.8 | % | 10.0 | % | 27.6 | % | 18.7 | % | |||||||||||||||||||||||
Operating expense ratio | 11.6 | % | 2.6 | % | 7.0 | % | 8.7 | % | 2.2 | % | 5.5 | % | |||||||||||||||||||||||
Combined ratio | 88.3 | % | 112.4 | % | 100.6 | % | 115.9 | % | 98.1 | % | 107.1 | % |
11 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 10,993 | $ | 6,813 | $ | 1,840,502 | $ | 1,906,720 | |||||||||||||||
Catastrophe - gross reinstatement premiums | (15,012) | 982 | 236,250 | 329,016 | |||||||||||||||||||
Total catastrophe gross premiums written | $ | (4,019) | $ | 7,795 | $ | 2,076,752 | $ | 2,235,736 | |||||||||||||||
Other property | 366,796 | 375,780 | 1,641,246 | 1,710,196 | |||||||||||||||||||
Other property - gross reinstatement premiums | 9,305 | 1,082 | 16,243 | 12,792 | |||||||||||||||||||
Total other property gross premiums written | $ | 376,101 | $ | 376,862 | $ | 1,657,489 | $ | 1,722,988 | |||||||||||||||
Property segment gross premiums written | $ | 372,082 | $ | 384,657 | $ | 3,734,241 | $ | 3,958,724 | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 359,901 | $ | 281,926 | $ | 1,560,594 | $ | 1,258,536 | |||||||||||||||
Professional liability (2) | 349,925 | 333,257 | 1,728,570 | 1,283,864 | |||||||||||||||||||
Credit (3) | 217,736 | 139,799 | 1,062,183 | 498,946 | |||||||||||||||||||
Other specialty (4) | 285,632 | 173,379 | 1,127,952 | 833,728 | |||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,213,194 | $ | 928,361 | $ | 5,479,299 | $ | 3,875,074 | |||||||||||||||
(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. |
12 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Net Premiums Written | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 10,115 | $ | 22 | $ | 1,209,072 | $ | 1,028,374 | |||||||||||||||
Catastrophe - net reinstatement premiums | (13,273) | 610 | 212,326 | 289,682 | |||||||||||||||||||
Total catastrophe net premiums written | $ | (3,158) | $ | 632 | $ | 1,421,398 | $ | 1,318,056 | |||||||||||||||
Other property | 366,604 | 374,604 | 1,442,166 | 1,544,228 | |||||||||||||||||||
Other property - net reinstatement premiums | 9,552 | (124) | (15,905) | 5,718 | |||||||||||||||||||
Total other property net premiums written | $ | 376,156 | $ | 374,480 | $ | 1,426,261 | $ | 1,549,946 | |||||||||||||||
Property segment net premiums written | $ | 372,998 | $ | 375,112 | $ | 2,847,659 | $ | 2,868,002 | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 301,799 | $ | 233,594 | $ | 1,304,156 | $ | 1,045,160 | |||||||||||||||
Professional liability (2) | 276,390 | 265,037 | 1,362,595 | 1,003,456 | |||||||||||||||||||
Credit (3) | 150,942 | 100,070 | 744,257 | 347,215 | |||||||||||||||||||
Other specialty (4) | 243,487 | 142,747 | 937,493 | 675,542 | |||||||||||||||||||
Casualty and Specialty segment net premiums written | $ | 972,618 | $ | 741,448 | $ | 4,348,501 | 3,071,373 |
(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. |
13 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Net Premiums Earned | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 308,635 | $ | 259,433 | $ | 1,148,552 | $ | 1,030,159 | |||||||||||||||
Catastrophe - net reinstatement premiums | (13,273) | 610 | 212,326 | 289,682 | |||||||||||||||||||
Total catastrophe net premiums earned | $ | 295,362 | $ | 260,043 | $ | 1,360,878 | $ | 1,319,841 | |||||||||||||||
Other property | 383,324 | 366,439 | 1,425,254 | 1,282,739 | |||||||||||||||||||
Other property - net reinstatement premiums | 9,552 | (124) | (15,905) | 5,718 | |||||||||||||||||||
Total other property net premiums earned | $ | 392,876 | $ | 366,315 | $ | 1,409,349 | $ | 1,288,457 | |||||||||||||||
Property segment net premiums earned | $ | 688,238 | $ | 626,358 | $ | 2,770,227 | $ | 2,608,298 | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 319,592 | $ | 251,035 | $ | 1,210,937 | $ | 884,280 | |||||||||||||||
Professional liability (2) | 275,650 | 235,296 | 1,142,943 | 818,251 | |||||||||||||||||||
Credit (3) | 111,982 | 73,224 | 395,312 | 308,132 | |||||||||||||||||||
Other specialty (4) | 228,698 | 155,376 | 814,570 | 575,220 | |||||||||||||||||||
Casualty and Specialty segment net premiums earned | $ | 935,922 | $ | 714,931 | $ | 3,563,762 | $ | 2,585,883 |
(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. |
14 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Property | $ | 1,956,688 | $ | 2,008,891 | $ | 3,570,253 | $ | 7,535,832 | |||||||||||||||
Casualty and Specialty | 1,864,365 | 167,993 | 6,324,383 | 8,356,741 | |||||||||||||||||||
Total | $ | 3,821,053 | $ | 2,176,884 | $ | 9,894,636 | $ | 15,892,573 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Property | $ | 1,555,210 | $ | 1,996,760 | $ | 2,825,718 | $ | 6,377,688 | |||||||||||||||
Casualty and Specialty | 1,784,334 | 128,065 | 5,004,543 | 6,916,942 | |||||||||||||||||||
Total | $ | 3,339,544 | $ | 2,124,825 | $ | 7,830,261 | $ | 13,294,630 | |||||||||||||||
15 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended December 31, 2022 | Three months ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 15,662,955 | $ | 4,969,244 | $ | 10,693,711 | $ | 13,233,244 | $ | 4,192,758 | $ | 9,040,486 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,184,438 | 206,615 | 977,823 | 1,028,496 | 296,767 | 731,729 | |||||||||||||||||||||||||||||
Prior years | (246,611) | (91,725) | (154,886) | (103,058) | (62,299) | (40,759) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 937,827 | 114,890 | 822,937 | 925,438 | 234,468 | 690,970 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 299,294 | 294,667 | 4,627 | 366,464 | 42,629 | 323,835 | |||||||||||||||||||||||||||||
Prior years | 584,126 | 114,832 | 469,294 | 476,322 | 109,345 | 366,977 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 883,420 | 409,499 | 473,921 | 842,786 | 151,974 | 690,812 | |||||||||||||||||||||||||||||
Foreign exchange (1) | 175,211 | 36,290 | 138,921 | (21,266) | (6,583) | (14,683) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 15,892,573 | $ | 4,710,925 | $ | 11,181,648 | $ | 13,294,630 | $ | 4,268,669 | $ | 9,025,961 | |||||||||||||||||||||||
Year ended December 31, 2022 | Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 13,294,630 | $ | 4,268,669 | $ | 9,025,961 | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 6,283,930 | 1,697,508 | 4,586,422 | 6,290,090 | 2,164,533 | 4,125,557 | |||||||||||||||||||||||||||||
Prior years | (432,790) | (185,208) | (247,582) | (384,474) | (135,004) | (249,470) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 5,851,140 | 1,512,300 | 4,338,840 | 5,905,616 | 2,029,529 | 3,876,087 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 417,906 | 312,021 | 105,885 | 660,005 | 85,775 | 574,230 | |||||||||||||||||||||||||||||
Prior years | 2,661,710 | 737,439 | 1,924,271 | 2,241,273 | 591,401 | 1,649,872 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 3,079,616 | 1,049,460 | 2,030,156 | 2,901,278 | 677,176 | 2,224,102 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (173,581) | (20,584) | (152,997) | (90,846) | (9,694) | (81,152) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 15,892,573 | $ | 4,710,925 | $ | 11,181,648 | $ | 13,294,630 | $ | 4,268,669 | $ | 9,025,961 |
16 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Management fee income | |||||||||||||||||||||||
Joint ventures | $ | 13,377 | $ | 8,603 | $ | 56,746 | $ | 43,074 | |||||||||||||||
Structured reinsurance products and other | 6,342 | 8,542 | 26,592 | 34,639 | |||||||||||||||||||
Managed funds | 6,265 | 7,578 | 25,564 | 31,358 | |||||||||||||||||||
Total management fee income | 25,984 | 24,723 | 108,902 | 109,071 | |||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||
Joint ventures | 1,505 | 2,352 | 4,354 | 14,235 | |||||||||||||||||||
Structured reinsurance products and other | 2,391 | 2,392 | 4,451 | 4,917 | |||||||||||||||||||
Managed funds | 467 | 555 | 972 | 280 | |||||||||||||||||||
Total performance fee income (loss) (1) | 4,363 | 5,299 | 9,777 | 19,432 | |||||||||||||||||||
Total fee income | $ | 30,347 | $ | 30,022 | $ | 118,679 | $ | 128,503 |
Three months ended | Twelve months ended | ||||||||||||||||||||||
Fee income contributing to: | December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||
Underwriting income (loss) (1) | $ | 13,668 | $ | 18,074 | $ | 49,946 | $ | 67,287 | |||||||||||||||
Earnings from equity method investments (2) | 25 | — | 94 | 50 | |||||||||||||||||||
Redeemable noncontrolling interests (3) | 16,654 | 11,948 | 68,639 | 61,166 | |||||||||||||||||||
Total fee income | $ | 30,347 | $ | 30,022 | $ | 118,679 | $ | 128,503 | |||||||||||||||
17 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income - Five Quarter Trend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||
Joint ventures | $ | 13,377 | $ | 12,271 | $ | 17,703 | $ | 13,395 | $ | 8,603 | |||||||||||||||||||
Structured reinsurance products and other | 6,342 | 6,377 | 6,649 | 7,224 | 8,542 | ||||||||||||||||||||||||
Managed funds | 6,265 | 6,341 | 6,355 | 6,603 | 7,578 | ||||||||||||||||||||||||
Total management fee income | 25,984 | 24,989 | 30,707 | 27,222 | 24,723 | ||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||
Joint ventures | 1,505 | 1,915 | 1,037 | (103) | 2,352 | ||||||||||||||||||||||||
Structured reinsurance products and other | 2,391 | (1,360) | 2,486 | 934 | 2,392 | ||||||||||||||||||||||||
Managed funds | 467 | 184 | 25 | 296 | 555 | ||||||||||||||||||||||||
Total performance fee income (loss) (1) | 4,363 | 739 | 3,548 | 1,127 | 5,299 | ||||||||||||||||||||||||
Total fee income | $ | 30,347 | $ | 25,728 | $ | 34,255 | $ | 28,349 | $ | 30,022 |
Three months ended | |||||||||||||||||||||||||||||
Fee income contributing to: | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 13,668 | $ | 11,366 | $ | 12,751 | $ | 12,161 | $ | 18,074 | |||||||||||||||||||
Earnings from equity method investments (2) | 25 | 19 | 27 | 23 | — | ||||||||||||||||||||||||
Redeemable noncontrolling interests (3) | 16,654 | 14,343 | 21,477 | 16,165 | 11,948 | ||||||||||||||||||||||||
Total fee income | $ | 30,347 | $ | 25,728 | $ | 34,255 | $ | 28,349 | $ | 30,022 | |||||||||||||||||||
18 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Redeemable noncontrolling interests - DaVinci | $ | (120,178) | $ | (55,098) | $ | 65,514 | $ | 102,932 | |||||||||||||||
Redeemable noncontrolling interests - Medici | (69,131) | 3,580 | 70,504 | (1,492) | |||||||||||||||||||
Redeemable noncontrolling interests - Vermeer | (40,587) | (16,998) | (43,058) | (38,155) | |||||||||||||||||||
Redeemable noncontrolling interests - Fontana | (6,501) | — | 5,653 | — | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (236,397) | $ | (68,516) | $ | 98,613 | $ | 63,285 |
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | (207,176) | $ | (90,370) | $ | (133,163) | $ | 5,584 | |||||||||||||||
Non-operating (income) loss attributable to redeemable noncontrolling interests | (29,221) | 21,854 | 231,776 | 57,701 | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (236,397) | $ | (68,516) | $ | 98,613 | $ | 63,285 | |||||||||||||||
19 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 1,740,300 | $ | 1,499,451 | |||||||
Redeemable noncontrolling interests - Medici | 1,036,218 | 856,820 | |||||||||
Redeemable noncontrolling interests - Vermeer | 1,490,840 | 1,197,782 | |||||||||
Redeemable noncontrolling interests - Fontana | 268,031 | — | |||||||||
Redeemable noncontrolling interests | $ | 4,535,389 | $ | 3,554,053 |
December 31, 2022 | December 31, 2021 | ||||||||||
DaVinci | 69.1 | % | 71.3 | % | |||||||
Medici | 87.2 | % | 85.3 | % | |||||||
Vermeer | 100.0 | % | 100.0 | % | |||||||
Fontana | 68.4 | % | — | % |
20 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 943 | $ | 2,240 | $ | 915,064 | $ | 756,670 | |||||||||||||||
Net premiums written | $ | 1,632 | $ | 1,109 | $ | 845,742 | $ | 682,189 | |||||||||||||||
Decrease (increase) in unearned premiums | 177,121 | 134,218 | (31,289) | (10,656) | |||||||||||||||||||
Net premiums earned | 178,753 | 135,327 | 814,453 | 671,533 | |||||||||||||||||||
Net investment income | 36,844 | 6,937 | 88,821 | 28,865 | |||||||||||||||||||
Net foreign exchange gains (losses) | (3,157) | (561) | 2,005 | (1,372) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 14,188 | (20,486) | (278,189) | (45,565) | |||||||||||||||||||
Total revenues | 226,628 | 121,217 | 627,090 | 653,461 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 17,629 | 14,977 | 570,545 | 664,461 | |||||||||||||||||||
Acquisition expenses | 23,876 | 19,242 | 86,525 | 81,642 | |||||||||||||||||||
Operational and corporate expenses | 9,389 | 7,916 | 53,732 | 44,189 | |||||||||||||||||||
Interest expense | 1,859 | 1,859 | 7,434 | 7,434 | |||||||||||||||||||
Total expenses | 52,753 | 43,994 | 718,236 | 797,726 | |||||||||||||||||||
Income (loss) before taxes | 173,875 | 77,223 | (91,146) | (144,265) | |||||||||||||||||||
Income tax benefit (expense) | 14 | — | 9 | (1) | |||||||||||||||||||
Net income (loss) available (attributable) to DaVinci common shareholders | $ | 173,889 | $ | 77,223 | $ | (91,137) | $ | (144,266) | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 82,082 | $ | 26,746 | $ | 697,746 | $ | 778,406 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (64,453) | (11,769) | (127,201) | (113,945) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 17,629 | $ | 14,977 | $ | 570,545 | $ | 664,461 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 45.9 | % | 19.8 | % | 85.7 | % | 115.9 | % | |||||||||||||||
Net claims and claim expense ratio - prior accident years | (36.0) | % | (8.7) | % | (15.6) | % | (17.0) | % | |||||||||||||||
Net claims and claim expense ratio - calendar year | 9.9 | % | 11.1 | % | 70.1 | % | 98.9 | % | |||||||||||||||
Underwriting expense ratio | 18.6 | % | 20.0 | % | 17.2 | % | 18.8 | % | |||||||||||||||
Combined ratio | 28.5 | % | 31.1 | % | 87.3 | % | 117.7 | % |
21 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 136,019 | $ | 55,643 | $ | 109,600 | $ | 50,108 | |||||||||||||||
Short term investments | 23,908 | 464 | 8,850 | 271 | |||||||||||||||||||
Equity investments | 7,474 | 4,077 | 7,474 | 4,077 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 31,441 | 16,527 | 4,693 | 2,809 | |||||||||||||||||||
Other | 13,793 | 8,100 | 13,793 | 8,100 | |||||||||||||||||||
Cash and cash equivalents | 3,947 | 74 | 3,640 | 116 | |||||||||||||||||||
216,582 | 84,885 | 148,050 | 65,481 | ||||||||||||||||||||
Investment expenses | (5,345) | (4,402) | (4,106) | (3,551) | |||||||||||||||||||
Net investment income | $ | 211,237 | $ | 80,483 | $ | 143,944 | $ | 61,930 | |||||||||||||||
Net investment income return - annualized | 4.1 | % | 1.5 | % | 4.1 | % | 1.7 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | (110,762) | (1,472) | (87,817) | 1,071 | |||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 187,900 | (99,504) | 149,844 | (87,718) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | (3,347) | (15,713) | (1,321) | (15,426) | |||||||||||||||||||
Net realized gains (losses) on equity investments | 4,397 | 79,589 | 4,397 | 79,593 | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 55,251 | (5,944) | 55,356 | (5,947) | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 29,578 | (9,958) | 3,385 | (1,404) | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 5,122 | 31,484 | 5,122 | 31,484 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 168,139 | (21,518) | 128,966 | 1,653 | |||||||||||||||||||
Total investment result | $ | 379,376 | $ | 58,965 | $ | 272,910 | $ | 63,583 | |||||||||||||||
Average invested assets | $ | 21,556,792 | $ | 22,093,638 | $ | 14,326,726 | $ | 14,576,632 | |||||||||||||||
Total investment return - annualized | 7.4 | % | 1.1 | % | 7.8 | % | 1.8 | % |
22 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Twelve months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 382,165 | $ | 234,911 | $ | 315,894 | $ | 211,941 | |||||||||||||||
Short term investments | 41,042 | 2,333 | 15,686 | 1,536 | |||||||||||||||||||
Equity investments | 20,864 | 9,017 | 20,864 | 9,017 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 94,784 | 64,860 | 14,072 | 13,222 | |||||||||||||||||||
Other | 37,497 | 28,811 | 37,497 | 28,811 | |||||||||||||||||||
Cash and cash equivalents | 5,197 | 297 | 4,777 | 370 | |||||||||||||||||||
581,549 | 340,229 | 408,790 | 264,897 | ||||||||||||||||||||
Investment expenses | (21,617) | (20,750) | (17,083) | (17,282) | |||||||||||||||||||
Net investment income | $ | 559,932 | $ | 319,479 | $ | 391,707 | $ | 247,615 | |||||||||||||||
Net investment income return - annualized | 2.7 | % | 1.5 | % | 2.8 | % | 1.7 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | (732,561) | 79,588 | (600,400) | 72,584 | |||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (636,762) | (389,376) | (566,272) | (351,693) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | (165,293) | (12,237) | (164,838) | (10,309) | |||||||||||||||||||
Net realized gains (losses) on equity investments | 43,035 | 335,491 | 43,035 | 335,657 | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | (166,823) | (285,882) | (166,720) | (286,144) | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (130,335) | (35,033) | (18,029) | (17,029) | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (11,746) | 89,315 | (11,746) | 89,315 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (1,800,485) | (218,134) | (1,484,970) | (167,619) | |||||||||||||||||||
Total investment result | $ | (1,240,553) | $ | 101,345 | $ | (1,093,263) | $ | 79,996 | |||||||||||||||
Average invested assets | $ | 21,201,054 | $ | 21,765,816 | $ | 14,230,698 | $ | 14,335,127 | |||||||||||||||
Total investment return - annualized | (5.7) | % | 0.5 | % | (7.7) | % | 0.6 | % |
23 | ![]() |
Investments | ||
Investments Composition |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | |||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,180,129 | $ | (186,451) | $ | 5,772,302 | $ | (168,146) | $ | 6,247,779 | $ | (54,534) | $ | 5,175,003 | $ | (47,562) | |||||||||||||||||||||||||||||||
Corporate | 4,390,568 | $ | (331,461) | 3,392,129 | (300,245) | 3,689,286 | 10,472 | 3,156,556 | 11,969 | ||||||||||||||||||||||||||||||||||||||
Other (3) | 2,780,705 | (169,237) | 2,339,897 | (140,789) | 3,570,066 | (1,386) | 3,085,843 | (2,084) | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 14,351,402 | (687,149) | 11,504,328 | (609,180) | 13,507,131 | (45,448) | 11,417,402 | (37,677) | |||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,669,272 | (2,309) | 1,131,408 | (817) | 5,298,385 | — | 1,450,158 | — | |||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 625,058 | (10,590) | 624,870 | (10,600) | 546,016 | 156,245 | 545,708 | 156,120 | |||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,241,468 | (182,798) | 209,114 | (51,841) | 1,104,034 | (63,665) | 217,493 | (36,249) | |||||||||||||||||||||||||||||||||||||||
Fund investments | 1,086,706 | 111,423 | 1,086,706 | 111,423 | 725,802 | 138,045 | 725,803 | 138,046 | |||||||||||||||||||||||||||||||||||||||
Term loans | 100,000 | — | 100,000 | — | 74,850 | — | 74,850 | — | |||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 66,780 | (31,484) | 66,780 | (31,484) | 88,373 | (4,768) | 88,373 | (4,768) | |||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,494,954 | (102,859) | 1,462,600 | 28,098 | 1,993,059 | 69,612 | 1,106,519 | 97,029 | |||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 79,750 | — | 79,750 | — | 98,068 | — | 98,068 | — | |||||||||||||||||||||||||||||||||||||||
Total investments | $ | 22,220,436 | $ | (802,907) | $ | 14,802,956 | $ | (592,499) | $ | 21,442,659 | $ | 180,409 | $ | 14,617,855 | $ | 215,472 | |||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||
Weighted average yield to maturity of investments (4) | 5.7 | % | 5.6 | % | 1.6 | % | 1.8 | % | |||||||||||||||
Average duration of investments, in years (4) | 2.5 | 3.2 | 2.8 | 3.5 | |||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5) | $ | (13.93) | $ | (0.85) |
24 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Managed Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | Fair Value | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,180,129 | $ | 20,532 | $ | 7,159,597 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 4,390,568 | 191,679 | 393,590 | 1,367,062 | 1,426,758 | 975,818 | 35,661 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 395,149 | 36,018 | 359,131 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 383,838 | 151,726 | 219,250 | 8,922 | 2,802 | 1,138 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 710,429 | 41,631 | 513,674 | 1,936 | 7,664 | 92,087 | 53,437 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 213,987 | 162,358 | 31,675 | 875 | 11,113 | 4,400 | 3,566 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,077,302 | 693,998 | 196,642 | 63,222 | 42,347 | 73,551 | 7,542 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 14,351,402 | 1,297,942 | 8,873,559 | 1,442,017 | 1,490,684 | 1,146,994 | 100,206 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,669,272 | 4,641,616 | 24,751 | 1,292 | 677 | 366 | 570 | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds (4) | 295,481 | — | — | 8,405 | 201,112 | 85,964 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other equity investments | 329,577 | — | — | — | — | — | — | 329,577 | ||||||||||||||||||||||||||||||||||||||||||
Total equity investments, at fair value | 625,058 | — | — | 8,405 | 201,112 | 85,964 | — | 329,577 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,241,468 | — | — | — | — | 1,241,468 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 771,383 | — | — | — | — | — | — | 771,383 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 315,323 | — | — | — | — | — | — | 315,323 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 100,000 | — | — | 100,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 66,780 | — | — | — | — | — | — | 66,780 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,494,954 | — | — | 100,000 | — | 1,241,468 | — | 1,153,486 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 79,750 | — | — | — | — | — | — | 79,750 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 22,220,436 | $ | 5,939,558 | $ | 8,898,310 | $ | 1,551,714 | $ | 1,692,473 | $ | 2,474,792 | $ | 100,776 | $ | 1,562,813 | ||||||||||||||||||||||||||||||||||
100.0 | % | 26.7 | % | 40.1 | % | 7.0 | % | 7.6 | % | 11.1 | % | 0.5 | % | 7.0 | % | |||||||||||||||||||||||||||||||||||
25 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | Fair Value | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,772,302 | $ | 20,532 | $ | 5,751,770 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 3,392,129 | 140,345 | 303,513 | 1,046,822 | 1,030,873 | 840,402 | 30,174 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 313,837 | 31,725 | 282,112 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 332,256 | 135,790 | 183,604 | 8,922 | 2,802 | 1,138 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 518,061 | 30,808 | 332,129 | 1,936 | 7,664 | 92,087 | 53,437 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 149,981 | 102,704 | 27,323 | 875 | 11,113 | 4,400 | 3,566 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,025,762 | 644,111 | 195,868 | 62,341 | 42,347 | 73,551 | 7,544 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 11,504,328 | 1,106,015 | 7,076,319 | 1,120,896 | 1,094,799 | 1,011,578 | 94,721 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 1,131,408 | 1,113,850 | 15,086 | 1,292 | 446 | 366 | 368 | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds (4) | 295,481 | — | — | 8,405 | 201,112 | 85,964 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other equity investments | 329,389 | — | — | — | — | — | — | 329,389 | ||||||||||||||||||||||||||||||||||||||||||
Total equity investments, at fair value | 624,870 | — | — | 8,405 | 201,112 | 85,964 | — | 329,389 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 209,114 | — | — | — | — | 209,114 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 771,383 | — | — | — | — | — | — | 771,383 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 315,323 | — | — | — | — | — | — | 315,323 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 100,000 | — | — | 100,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 66,780 | — | — | — | — | — | — | 66,780 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 1,462,600 | — | — | 100,000 | — | 209,114 | — | 1,153,486 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 79,750 | — | — | — | — | — | — | 79,750 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 14,802,956 | $ | 2,219,865 | $ | 7,091,405 | $ | 1,230,593 | $ | 1,296,357 | $ | 1,307,022 | $ | 95,089 | $ | 1,562,625 | ||||||||||||||||||||||||||||||||||
100.0 | % | 15.0 | % | 47.9 | % | 8.3 | % | 8.8 | % | 8.8 | % | 0.6 | % | 10.6 | % | |||||||||||||||||||||||||||||||||||
26 | ![]() |
Other Items | |||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
(common shares in thousands) | December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 448,092 | $ | 210,917 | $ | (1,096,578) | $ | (73,421) | |||||||||||||||
Amount allocated to participating common shareholders (1) | (7,431) | (3,022) | (1,079) | (727) | |||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 440,661 | $ | 207,895 | $ | (1,097,657) | $ | (74,148) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 42,795 | 44,722 | 43,040 | 47,171 | |||||||||||||||||||
Per common share equivalents of non-vested shares (2) | 119 | 26 | — | — | |||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 42,914 | 44,748 | 43,040 | 47,171 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 10.30 | $ | 4.65 | $ | (25.50) | $ | (1.57) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 10.27 | $ | 4.65 | $ | (25.50) | $ | (1.57) | |||||||||||||||
27 | ![]() |
Comments on Regulation G |
28 | ![]() |
Comments on Regulation G |
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 448,092 | $ | 210,917 | $ | (1,096,578) | $ | (73,421) | |||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (138,561) | 11,560 | 1,670,150 | 183,101 | |||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | (10,781) | 16,697 | 56,909 | 41,006 | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | — | — | 135 | |||||||||||||||||||
Adjustment for income tax expense (benefit) (1) | (5,818) | (3,628) | (83,149) | (11,521) | |||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2) | 29,221 | (21,854) | (231,776) | (57,701) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 322,153 | $ | 213,692 | $ | 315,556 | $ | 81,599 | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 10.27 | $ | 4.65 | $ | (25.50) | $ | (1.57) | |||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (3.23) | 0.26 | 38.80 | 3.88 | |||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | (0.25) | 0.37 | 1.32 | 0.87 | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | — | — | — | |||||||||||||||||||
Adjustment for income tax expense (benefit) (1) | (0.14) | (0.08) | (1.93) | (0.24) | |||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2) | 0.68 | (0.49) | (5.39) | (1.22) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 7.33 | $ | 4.71 | $ | 7.30 | $ | 1.72 | |||||||||||||||
Return on average common equity - annualized | 41.2 | % | 14.2 | % | (22.0) | % | (1.1) | % | |||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (12.8) | % | 0.8 | % | 33.5 | % | 2.9 | % | |||||||||||||||
Adjustment for net foreign exchange losses (gains) | (1.0) | % | 1.1 | % | 1.1 | % | 0.6 | % | |||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | % | — | % | — | % | — | % | |||||||||||||||
Adjustment for income tax expense (benefit) (1) | (0.5) | % | (0.2) | % | (1.7) | % | (0.2) | % | |||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2) | 2.7 | % | (1.5) | % | (4.6) | % | (0.9) | % | |||||||||||||||
Operating return on average common equity - annualized | 29.6 | % | 14.4 | % | 6.3 | % | 1.3 | % |
29 | ![]() |
Comments on Regulation G |
December 31, 2022 | December 31, 2021 | ||||||||||
Book value per common share | $ | 104.65 | $ | 132.17 | |||||||
Adjustment for goodwill and other intangibles (1) | (5.84) | (5.90) | |||||||||
Tangible book value per common share | 98.81 | 126.27 | |||||||||
Adjustment for accumulated dividends | 25.00 | 23.52 | |||||||||
Tangible book value per common share plus accumulated dividends | $ | 123.81 | $ | 149.79 | |||||||
Year to date change in book value per common share | (20.8) | % | (4.5) | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | (20.6) | % | (4.0) | % |
30 | ![]() |
Comments on Regulation G |
Three months ended December 31, 2022 | Three months ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 136,019 | $ | (26,419) | $ | 109,600 | $ | 55,643 | $ | (5,535) | $ | 50,108 | |||||||||||||||||||||||
Short term investments | 23,908 | (15,058) | 8,850 | 464 | (193) | 271 | |||||||||||||||||||||||||||||
Equity investments | 7,474 | — | 7,474 | 4,077 | — | 4,077 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 31,441 | (26,748) | 4,693 | 16,527 | (13,718) | 2,809 | |||||||||||||||||||||||||||||
Other | 13,793 | — | 13,793 | 8,100 | — | 8,100 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 3,947 | (307) | 3,640 | 74 | 42 | 116 | |||||||||||||||||||||||||||||
216,582 | (68,532) | 148,050 | 84,885 | (19,404) | 65,481 | ||||||||||||||||||||||||||||||
Investment expenses | (5,345) | 1,239 | (4,106) | (4,402) | 851 | (3,551) | |||||||||||||||||||||||||||||
Net investment income | $ | 211,237 | $ | (67,293) | $ | 143,944 | $ | 80,483 | $ | (18,553) | $ | 61,930 | |||||||||||||||||||||||
Net investment income return - annualized | 4.1 | % | — | % | 4.1 | % | 1.5 | % | 0.2 | % | 1.7 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | (110,762) | 22,945 | (87,817) | (1,472) | 2,543 | 1,071 | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 187,900 | (38,056) | 149,844 | (99,504) | 11,786 | (87,718) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | (3,347) | 2,026 | (1,321) | (15,713) | 287 | (15,426) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | 4,397 | — | 4,397 | 79,589 | 4 | 79,593 | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 55,251 | 105 | 55,356 | (5,944) | (3) | (5,947) | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 29,578 | (26,193) | 3,385 | (9,958) | 8,554 | (1,404) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 5,122 | — | 5,122 | 31,484 | — | 31,484 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 168,139 | (39,173) | 128,966 | (21,518) | 23,171 | 1,653 | |||||||||||||||||||||||||||||
Total investment result | $ | 379,376 | $ | (106,466) | $ | 272,910 | $ | 58,965 | $ | 4,618 | $ | 63,583 | |||||||||||||||||||||||
Average invested assets | $ | 21,556,792 | $ | (7,230,066) | $ | 14,326,726 | $ | 22,093,638 | $ | (7,517,006) | $ | 14,576,632 | |||||||||||||||||||||||
Total investment return - annualized | 7.4 | % | 0.4 | % | 7.8 | % | 1.1 | % | 0.7 | % | 1.8 | % |
31 | ![]() |
Comments on Regulation G |
Year ended December 31, 2022 | Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 382,165 | $ | (66,271) | $ | 315,894 | $ | 234,911 | $ | (22,970) | $ | 211,941 | |||||||||||||||||||||||
Short term investments | 41,042 | (25,356) | 15,686 | 2,333 | (797) | 1,536 | |||||||||||||||||||||||||||||
Equity investments | 20,864 | — | 20,864 | 9,017 | — | 9,017 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 94,784 | (80,712) | 14,072 | 64,860 | (51,638) | 13,222 | |||||||||||||||||||||||||||||
Other | 37,497 | — | 37,497 | 28,811 | — | 28,811 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 5,197 | (420) | 4,777 | 297 | 73 | 370 | |||||||||||||||||||||||||||||
581,549 | (172,759) | 408,790 | 340,229 | (75,332) | 264,897 | ||||||||||||||||||||||||||||||
Investment expenses | (21,617) | 4,534 | (17,083) | (20,750) | 3,468 | (17,282) | |||||||||||||||||||||||||||||
Net investment income | $ | 559,932 | $ | (168,225) | $ | 391,707 | $ | 319,479 | $ | (71,864) | $ | 247,615 | |||||||||||||||||||||||
Net investment income return - annualized | 2.7 | % | 0.1 | % | 2.8 | % | 1.5 | % | 0.2 | % | 1.7 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | (732,561) | 132,161 | (600,400) | 79,588 | (7,004) | 72,584 | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (636,762) | 70,490 | (566,272) | (389,376) | 37,683 | (351,693) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | (165,293) | 455 | (164,838) | (12,237) | 1,928 | (10,309) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | 43,035 | — | 43,035 | 335,491 | 166 | 335,657 | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | (166,823) | 103 | (166,720) | (285,882) | (262) | (286,144) | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (130,335) | 112,306 | (18,029) | (35,033) | 18,004 | (17,029) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (11,746) | — | (11,746) | 89,315 | — | 89,315 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (1,800,485) | 315,515 | (1,484,970) | (218,134) | 50,515 | (167,619) | |||||||||||||||||||||||||||||
Total investment result | $ | (1,240,553) | $ | 147,290 | $ | (1,093,263) | $ | 101,345 | $ | (21,349) | $ | 79,996 | |||||||||||||||||||||||
Average invested assets | $ | 21,201,054 | $ | (6,970,356) | $ | 14,230,698 | $ | 21,765,816 | $ | (7,430,689) | $ | 14,335,127 | |||||||||||||||||||||||
Total investment return - annualized | (5.7) | % | (2.0) | % | (7.7) | % | 0.5 | % | 0.1 | % | 0.6 | % |
32 | ![]() |
Comments on Regulation G |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||
U.S. treasuries | 7,180,129 | (1,407,827) | 5,772,302 | 6,247,779 | (1,072,776) | 5,175,003 | |||||||||||||||||||||||||||||
Corporate (4) | 4,390,568 | (998,439) | 3,392,129 | 3,689,286 | (532,730) | 3,156,556 | |||||||||||||||||||||||||||||
Agencies | 395,149 | (81,312) | 313,837 | 361,684 | (58,997) | 302,687 | |||||||||||||||||||||||||||||
Non-U.S. government | 383,838 | (51,582) | 332,256 | 549,613 | (83,792) | 465,821 | |||||||||||||||||||||||||||||
Residential mortgage-backed | 710,429 | (192,368) | 518,061 | 955,301 | (222,661) | 732,640 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 213,987 | (64,006) | 149,981 | 634,925 | (74,577) | 560,348 | |||||||||||||||||||||||||||||
Asset-backed | 1,077,302 | (51,540) | 1,025,762 | 1,068,543 | (44,196) | 1,024,347 | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 14,351,402 | (2,847,074) | 11,504,328 | 13,507,131 | (2,089,729) | 11,417,402 | |||||||||||||||||||||||||||||
Short term investments, at fair value | $ | 4,669,272 | $ | (3,537,864) | $ | 1,131,408 | $ | 5,298,385 | $ | (3,848,227) | $ | 1,450,158 | |||||||||||||||||||||||
Equity investments, at fair value | |||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds | 295,481 | — | 295,481 | 90,422 | — | 90,422 | |||||||||||||||||||||||||||||
Other equity investments | 329,577 | (188) | 329,389 | 455,594 | (308) | 455,286 | |||||||||||||||||||||||||||||
Total equity investments trading, at fair value | 625,058 | (188) | 624,870 | 546,016 | (308) | 545,708 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,241,468 | (1,032,354) | 209,114 | 1,104,034 | (886,541) | 217,493 | |||||||||||||||||||||||||||||
Fund investments: | |||||||||||||||||||||||||||||||||||
Private credit funds | 771,383 | — | 771,383 | 473,112 | — | 473,112 | |||||||||||||||||||||||||||||
Private equity funds | 315,323 | — | 315,323 | 241,297 | — | 241,297 | |||||||||||||||||||||||||||||
Hedge funds | — | — | — | 11,393 | 1 | 11,394 | |||||||||||||||||||||||||||||
Term loans | 100,000 | — | 100,000 | 74,850 | — | 74,850 | |||||||||||||||||||||||||||||
Direct private equity investments | 66,780 | — | 66,780 | 88,373 | — | 88,373 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 2,494,954 | (1,032,354) | 1,462,600 | 1,993,059 | (886,540) | 1,106,519 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 79,750 | — | 79,750 | 98,068 | — | 98,068 | |||||||||||||||||||||||||||||
Total investments | $ | 22,220,436 | (7,417,480) | $ | 14,802,956 | 21,442,659 | (6,824,804) | 14,617,855 |
33 | ![]() |
Comments on Regulation G |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Type of Investment | Unrealized Gain (Loss) - Managed (1) | Adjustment (2) | Unrealized Gain (Loss) - Retained (3) | Unrealized Gain (Loss) - Managed (1) | Adjustment (2) | Unrealized Gain (Loss) - Retained (3) | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | (186,451) | $ | 18,305 | $ | (168,146) | $ | (54,534) | $ | 6,972 | $ | (47,562) | |||||||||||||||||||||||
Corporate | (331,461) | 31,216 | (300,245) | 10,472 | 1,497 | 11,969 | |||||||||||||||||||||||||||||
Other (4) | (169,237) | 28,448 | (140,789) | (1,386) | (698) | (2,084) | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | (687,149) | 77,969 | (609,180) | (45,448) | 7,771 | (37,677) | |||||||||||||||||||||||||||||
Short term investments, at fair value | (2,309) | 1,492 | (817) | — | — | — | |||||||||||||||||||||||||||||
Equity investments, at fair value | (10,590) | (10) | (10,600) | 156,245 | (125) | 156,120 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | (182,798) | 130,957 | (51,841) | (63,665) | 27,416 | (36,249) | |||||||||||||||||||||||||||||
Fund investments | 111,423 | — | 111,423 | 138,045 | 1 | 138,046 | |||||||||||||||||||||||||||||
Direct private equity investments | (31,484) | — | (31,484) | (4,768) | — | (4,768) | |||||||||||||||||||||||||||||
Total other investments, at fair value | (102,859) | 130,957 | 28,098 | 69,612 | 27,417 | 97,029 | |||||||||||||||||||||||||||||
Total investments | $ | (802,907) | $ | 210,408 | $ | (592,499) | $ | 180,409 | $ | 35,063 | $ | 215,472 | |||||||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5) | $ | (13.93) | $ | (0.85) | |||||||||||||||||||||||||||||||
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Comments on Regulation G |
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (236,397) | $ | (68,516) | $ | 98,613 | $ | 63,285 | |||||||||||||||
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | (12,996) | 14,616 | 203,172 | 32,510 | |||||||||||||||||||
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | (16,224) | 7,238 | 28,604 | 25,191 | |||||||||||||||||||
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | (29,220) | 21,854 | 231,776 | 57,701 | |||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests | $ | (207,177) | $ | (90,370) | $ | (133,163) | $ | 5,584 |
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