RenaissanceRe Holdings Ltd. Q3 2024 10-Q Filing

TL;DR

RenaissanceRe Q3 2024 10-Q filed. Financials detailed.

AI Summary

RenaissanceRe Holdings Ltd. reported its third quarter 2024 results, ending September 30, 2024. The company's filing details its financial performance for the period, including various income and expense line items relevant to its insurance and reinsurance operations. Specific financial figures and operational details are presented within the 10-Q filing.

Why It Matters

This filing provides investors and analysts with a detailed look into RenaissanceRe's financial health and operational performance for the third quarter of 2024, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company in the insurance sector, RenaissanceRe is subject to market, regulatory, and operational risks inherent in its industry.

Key Players & Entities

• RENAISSANCERE HOLDINGS LTD (company) — Filer
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date
• 001-14428 (company) — SEC File Number

FAQ

Key Financial Figures

• $1.00 — ch registered Common Shares, Par Value $1.00 per share RNR New York Stock Exchange

Filing Documents

• rnr-20240930.htm (10-Q) — 3552KB
• ex3112024q3.htm (EX-31.1) — 10KB
• ex3122024q3.htm (EX-31.2) — 10KB
• ex3212024q3.htm (EX-32.1) — 4KB
• ex3222024q3.htm (EX-32.2) — 4KB
• 0000913144-24-000125.txt ( ) — 16196KB
• rnr-20240930.xsd (EX-101.SCH) — 60KB
• rnr-20240930_cal.xml (EX-101.CAL) — 111KB
• rnr-20240930_def.xml (EX-101.DEF) — 425KB
• rnr-20240930_lab.xml (EX-101.LAB) — 830KB
• rnr-20240930_pre.xml (EX-101.PRE) — 641KB
• rnr-20240930_htm.xml (XML) — 3804KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 7 ITEM 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 58 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 106 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 106 PART II ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 107 ITEM 1A.

RISK FACTORS

RISK FACTORS 107 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 107 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 108 ITEM 4. MINE SAFETY DISCLOSURES 108 ITEM 5. OTHER INFORMATION 108 ITEM 6. EXHIBITS 109

SIGNATURES

SIGNATURES 110 2 GLOSSARY OF DEFINED TERMS In this Form 10-Q, references to "RenaissanceRe" refer to RenaissanceRe Holdings Ltd. (the parent company) and references to "we," "us," "our" and the "Company" refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. "2023 Large Loss Events" includes: (1) the wildfires in Hawaii in August 2023 and Hurricane Idalia; (2) a series of large, severe weather events in Texas and other Southern and Central U.S. states in June 2023; (3) the earthquakes in Southern and Central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023 and (4) certain aggregate loss contracts triggered during 2023. "2024 Large Loss Events" Hurricane Helene and the Other 2024 Large Loss Events "AIG" American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries) "ASC" Accounting Standards Codification "AlphaCat Managers" AlphaCat Managers Ltd. "A.M. Best" A.M. Best Company, Inc. "Baltimore Bridge Collapse" the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024 "DaVinci" DaVinciRe Holdings Ltd. and its subsidiaries "DaVinci Reinsurance" DaVinci Reinsurance Ltd. "ERM" enterprise risk management "Exchange Act" the Securities Exchange Act of 1934, as amended "FAL" a deposit that must be submitted to support the underwriting capacity of a member of Lloyd's "FASB" Financial Accounting Standards Board "FCR" financial condition report "Fitch" Fitch Ratings Ltd. "Fontana" Fontana Holdings L.P. and its subsidiaries "Form 10-K" Annual Report on Form 10-K "Form 10-Q" this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 "IRS" United States Internal Revenue Serv

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Consolidated Balance Sheets at September 30, 2024 (unaudited) and December 31, 2023 8 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 9 Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended Sep tember 30, 2024 and 2023 10 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 11 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 12 Notes to the Consolidated Financial Statements 13 Note 1. Organization 13 Note 2. Significant Accounting Policies 13 Note 3. Investments 14 Note 4. Fair Value Measurements 17 Note 5. Reinsurance 28 Note 6. Reserve for Claims and Claim Expenses 30 Note 7. Debt and Credit Facilities 34 Note 8. Noncontrolling Interests 35 Note 9. Variable Interest Entities 39 Note 10. Shareholders' Equity 44 Note 11. Earnings per Share 45 Note 12. Segment Reporting 46 Note 13. Derivative Instruments 49 Note 14. Commitments and Contingencies and Other Items 56 Note 15. Subsequent Events 57 7 RenaissanceRe Holdings Ltd. and Subsidiaries Consolidated Balance Sheets (in thousands of United States Dollars, except share and per share amounts) September 30, 2024 December 31, 2023 Assets (Unaudited) (Audited) Fixed maturity investments trading, at fair value – amortized cost $ 23,927,291 at September 30, 2024 (December 31, 2023 – $ 20,872,450 ) $ 24,287,185 $ 20,877,108 Short term investments, at fair value – amortized cost $ 4,302,346 at September 30, 2024 (December 31, 2023 – $ 4,603,340 ) 4,302,991 4,604,079 Equity investments, at fair value 133,091 106,766 Other investments, at fair value 4,172,451 3,515,566 Investments in other ventures, under equity method 137,959 112,624 Total investments 33,033,677 29,21

View Full Filing

View this 10-Q filing on SEC EDGAR