Company Quick10K Filing
Renaissancere Holdings
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 44 $6,298
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-02-07 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-07-25 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-09 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-07-26 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-07-29 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-07-30 Quarter: 2014-06-30
10-Q 2014-04-30 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-07-27 Quarter: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-10-29 Quarter: 2010-09-30
10-Q 2010-07-28 Quarter: 2010-06-30
10-Q 2010-04-29 Quarter: 2010-03-31
10-K 2010-02-19 Annual: 2009-12-31
8-K 2020-01-06 Enter Agreement, Other Events, Exhibits
8-K 2020-01-06 Other Events, Exhibits
8-K 2019-12-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-06-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-14 Regulation FD
8-K 2019-05-15 Shareholder Vote
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-03-28 Enter Agreement, Other Events, Exhibits
8-K 2019-03-25 Enter Agreement, Exhibits
8-K 2019-03-22 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-22 Enter Agreement, M&A, Sale of Shares, Regulation FD, Exhibits
8-K 2019-03-12 Other Events, Exhibits
8-K 2019-02-07 Other Events, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-12-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-18 Regulation FD, Exhibits
8-K 2018-11-09 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-05 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-30 Enter Agreement, Sale of Shares, Exhibits
8-K 2018-10-17 Earnings, Regulation FD, Exhibits
8-K 2018-10-02 Regulation FD, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-06-18 Shareholder Rights, Other Events, Exhibits
8-K 2018-06-14 Regulation FD
8-K 2018-06-11 Enter Agreement, Other Events, Exhibits
8-K 2018-05-11 Enter Agreement, Officers, Shareholder Vote, Exhibits
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-03-23 Leave Agreement
8-K 2018-01-31 Earnings, Exhibits
8-K 2018-01-18 Regulation FD, Exhibits
8-K 2018-01-11 Regulation FD, Exhibits
8-K 2017-12-29 Enter Agreement, Off-BS Arrangement, Exhibits
RNR 2019-09-30
Part I Financial Information
Item 1. Financial Statements
Note 1. Organization
Note 2. Significant Accounting Policies
Note 3. Acquisition of Tokio Millennium Re
Note 4.Investments
Note 5.Fair Value Measurements
Note 6.Reinsurance
Note 7. Reserve for Claims and Claim Expenses
Note 8. Debt and Credit Facilities
Note 9.Noncontrolling Interests
Note 10.Variable Interest Entities
Note 11.Shareholders' Equity
Note 12.Earnings per Share
Note 13.Segment Reporting
Note 14.Derivative Instruments
Note 15.Commitments, Contingencies and Other Items
Note 16.Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries
Note 17. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex3112019q3.htm
EX-31.2 ex3122019q3.htm
EX-32.1 ex3212019q3.htm
EX-32.2 ex3222019q3.htm

Renaissancere Holdings Earnings 2019-09-30

RNR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ORI 6,689 20,988 15,094 6,574 0 746 992 6,589 0% 6.6 4%
RNR 6,298 24,560 16,896 2,464 0 579 631 6,471 0% 10.3 2%
THG 5,247 12,160 9,219 4,688 0 442 533 5,720 0% 10.7 4%
KMPR 5,145 12,616 8,933 4,802 0 376 690 5,914 0% 8.6 3%
AXS 5,046 25,870 20,304 3,877 0 152 241 3,952 0% 16.4 1%
MTG 5,036 6,056 2,020 1,160 0 659 880 5,643 0% 6.4 11%
RDN 4,834 6,592 2,809 1,421 1,318 620 849 4,755 93% 5.6 9%
ESNT 4,820 3,540 836 791 0 509 606 5,020 0% 8.3 14%
SIGI 4,547 8,576 6,516 2,715 0 241 322 5,164 0% 16.1 3%
AGO 4,405 13,581 6,859 949 0 445 607 5,444 0% 9.0 3%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-14428
RENAISSANCERE HOLDINGS LTD.
(Exact Name Of Registrant As Specified In Its Charter)
Bermuda
98-0141974
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19
(Address of Principal Executive Office)         (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
symbol
Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNR
New York Stock Exchange
Series C 6.08% Preference Shares, Par Value $1.00 per share
RNR PRC
New York Stock Exchange
Series E 5.375% Preference Shares, Par Value $1.00 per share
RNR PRE
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
RNR PRF
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act.
Large accelerated filer , Accelerated filer , Non-accelerated filer , Smaller reporting company , Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   No
The number of Common Shares, par value US $1.00 per share, outstanding at October 25, 2019 was 44,151,949.
 




RENAISSANCERE HOLDINGS LTD.
TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
ITEM 1.
 
 
 
 
 
 
 
ITEM 2.
ITEM 3.
ITEM 4.
 
 
 
 
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 
 
 


2



NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Form 10-Q”) of RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may”, “should”, “estimate”, “expect”, “anticipate”, “intend”, “believe”, “predict”, “potential”, or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates. This Form 10-Q also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the reinsurance and insurance industries.
The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:
the frequency and severity of catastrophic and other events we cover;
the effectiveness of our claims and claim expense reserving process;
our ability to maintain our financial strength ratings;  
the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;
collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain;
the effect of emerging claims and coverage issues;
the effects of United States (“U.S.”) tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of our shareholders or investors in our joint ventures or other entities we manage;
soft reinsurance underwriting market conditions;
our reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of our revenue;
our exposure to credit loss from counterparties in the normal course of business;
the effect of continued challenging economic conditions throughout the world;
a contention by the Internal Revenue Service (the “IRS”) that Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), or any of our other Bermuda subsidiaries, is subject to taxation in the U.S.;
the success of any of our strategic investments or acquisitions, including our ability to manage our operations as our product and geographical diversity increases;
our ability to retain our key senior officers and to attract or retain the executives and employees necessary to manage our business;
the performance of our investment portfolio;
losses we could face from terrorism, political unrest or war;
the effect of cybersecurity risks, including technology breaches or failure, on our business;
our ability to successfully implement our business strategies and initiatives;

3



our ability to determine the impairments taken on our investments;
the effects of inflation;
the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;
the effect of operational risks, including system or human failures;
our ability to effectively manage capital on behalf of investors in joint ventures or other entities we manage;
foreign currency exchange rate fluctuations;
our ability to raise capital if necessary;
our ability to comply with covenants in our debt agreements;
changes to the regulatory systems under which we operate, including as a result of increased global regulation of the insurance and reinsurance industries;
changes in Bermuda laws and regulations and the political environment in Bermuda;
our dependence on the ability of our operating subsidiaries to declare and pay dividends;
aspects of our corporate structure that may discourage third-party takeovers and other transactions;
the cyclical nature of the reinsurance and insurance industries;
adverse legislative developments that reduce the size of the private markets we serve or impede their future growth;
consolidation of competitors, customers and insurance and reinsurance brokers;
the effect on our business of the highly competitive nature of our industry, including the effect of new entrants to, competing products for and consolidation in the (re)insurance industry;
other political, regulatory or industry initiatives adversely impacting us;
increasing barriers to free trade and the free flow of capital;
our ability to comply with applicable sanctions and foreign corrupt practices laws;
international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market;
the effect of Organisation for Economic Co-operation and Development (the “OECD”) or European Union (“EU”) measures to increase our taxes and reporting requirements;
the effect of the vote by the United Kingdom (the “U.K.”) to leave the EU;
changes in regulatory regimes and accounting rules that may impact financial results irrespective of business operations;
our need to make many estimates and judgments in the preparation of our financial statements;
risks that the ongoing integration of the TMR Group Entities (as defined herein) disrupts or distracts from current plans and operations; and
our ability to recognize the benefits of the TMR Stock Purchase (as defined herein).
As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, which are discussed in more detail in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2018, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

4



PART I        FINANCIAL INFORMATION
ITEM 1.        FINANCIAL STATEMENTS
RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Balance Sheets
(in thousands of United States Dollars, except share and per share amounts)
 
September 30,
2019
 
December 31,
2018
Assets
(Unaudited)
 
(Audited)
Fixed maturity investments trading, at fair value – amortized cost $11,214,394 at September 30, 2019 (December 31, 2018 – $8,163,962)
$
11,386,228

 
$
8,088,870

Short term investments, at fair value
4,116,156

 
2,586,520

Equity investments trading, at fair value
379,422

 
310,252

Other investments, at fair value
962,109

 
784,933

Investments in other ventures, under equity method
103,978

 
115,172

Total investments
16,947,893

 
11,885,747

Cash and cash equivalents
871,251

 
1,107,922

Premiums receivable
2,799,954

 
1,537,188

Prepaid reinsurance premiums
972,047

 
616,185

Reinsurance recoverable
2,438,299

 
2,372,221

Accrued investment income
73,509

 
51,311

Deferred acquisition costs and value of business acquired
708,258

 
476,661

Receivable for investments sold
225,147

 
256,416

Other assets
344,593

 
135,127

Goodwill and other intangible assets
263,259

 
237,418

Total assets
$
25,644,210

 
$
18,676,196

Liabilities, Noncontrolling Interests and Shareholders’ Equity
 
 
 
Liabilities
 
 
 
Reserve for claims and claim expenses
$
8,602,437

 
$
6,076,271

Unearned premiums
2,967,535

 
1,716,021

Debt
1,383,498

 
991,127

Reinsurance balances payable
2,910,601

 
1,902,056

Payable for investments purchased
654,685

 
380,332

Other liabilities
395,186

 
513,609

Total liabilities
16,913,942

 
11,579,416

Commitments and Contingencies


 


Redeemable noncontrolling interests
2,779,033

 
2,051,700

Shareholders’ Equity
 
 
 
Preference shares: $1.00 par value – 16,010,000 shares issued and outstanding at September 30, 2019 (December 31, 2018 – 16,010,000)
650,000

 
650,000

Common shares: $1.00 par value – 44,151,949 shares issued and outstanding at September 30, 2019 (December 31, 2018 – 42,207,390)
44,152

 
42,207

Additional paid-in capital
560,166

 
296,099

Accumulated other comprehensive income (loss)
4,988

 
(1,433
)
Retained earnings
4,691,929

 
4,058,207

Total shareholders’ equity attributable to RenaissanceRe
5,951,235

 
5,045,080

Total liabilities, noncontrolling interests and shareholders’ equity
$
25,644,210

 
$
18,676,196



See accompanying notes to the consolidated financial statements

5



RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Operations
For the three and nine months ended September 30, 2019 and 2018
(in thousands of United States Dollars, except per share amounts) (Unaudited)
 
Three months ended
 
Nine months ended
 
September 30,
2019
 
September 30,
2018
 
September 30,
2019
 
September 30,
2018
Revenues
 
 
 
 
 
 
 
Gross premiums written
$
861,068

 
$
625,677

 
$
3,902,271

 
$
2,762,672

Net premiums written
$
704,130

 
$
453,255

 
$
2,656,126

 
$
1,720,808

Decrease (increase) in unearned premiums
202,618

 
78,594

 
(287,848
)
 
(319,292
)
Net premiums earned
906,748

 
531,849

 
2,368,278

 
1,401,516

Net investment income
113,844

 
80,696

 
311,138

 
208,528

Net foreign exchange losses
(8,275
)
 
(4,566
)
 
(1,812
)
 
(11,496
)
Equity in earnings of other ventures
5,877

 
7,648

 
17,350

 
14,331

Other income
1,016

 
497

 
5,109

 
480

Net realized and unrealized gains (losses) on investments
31,938

 
13,630

 
396,586

 
(86,415
)
Total revenues
1,051,148

 
629,754

 
3,096,649

 
1,526,944

Expenses
 
 
 
 
 
 
 
Net claims and claim expenses incurred
654,520

 
410,510

 
1,334,928

 
642,380

Acquisition expenses
202,181

 
109,761

 
553,614

 
312,524

Operational expenses
53,415

 
40,593

 
158,162

 
119,408

Corporate expenses
13,844

 
6,841

 
76,480

 
21,875

Interest expense
15,580

 
11,769

 
42,868

 
35,304

Total expenses
939,540

 
579,474

 
2,166,052

 
1,131,491

Income before taxes
111,608

 
50,280

 
930,597

 
395,453

Income tax expense
(3,664
)
 
(1,451
)
 
(20,670
)
 
(2,550
)
Net income
107,944

 
48,829

 
909,927

 
392,903

Net income attributable to redeemable noncontrolling interests
(62,057
)
 
(6,440
)
 
(204,091
)
 
(90,822
)
Net income attributable to RenaissanceRe
45,887

 
42,389

 
705,836

 
302,081

Dividends on preference shares
(9,189
)
 
(9,708
)
 
(27,567
)
 
(20,899
)
Net income available to RenaissanceRe common shareholders
$
36,698

 
$
32,681

 
$
678,269

 
$
281,182

Net income available to RenaissanceRe common shareholders per common share – basic
$
0.83

 
$
0.82

 
$
15.58

 
$
7.02

Net income available to RenaissanceRe common shareholders per common share – diluted
$
0.83

 
$
0.82

 
$
15.57

 
$
7.02

Dividends per common share
$
0.34

 
$
0.33

 
$
1.02

 
$
0.99












See accompanying notes to the consolidated financial statements

6



RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Comprehensive Income
For the three and nine months ended September 30, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
 
Three months ended
 
Nine months ended
 
September 30,
2019
 
September 30,
2018
 
September 30,
2019
 
September 30,
2018
Comprehensive income
 
 
 
 
 
 
 
Net income
$
107,944

 
$
48,829

 
$
909,927

 
$
392,903

Change in net unrealized gains on investments, net of tax
608

 
(382
)
 
1,880

 
(1,707
)
Foreign currency translation adjustments, net of tax
8,249

 

 
4,541

 

Comprehensive income
116,801

 
48,447

 
916,348

 
391,196

Net income attributable to redeemable noncontrolling interests
(62,057
)
 
(6,440
)
 
(204,091
)
 
(90,822
)
Comprehensive income attributable to redeemable noncontrolling interests
(62,057
)
 
(6,440
)
 
(204,091
)
 
(90,822
)
Comprehensive income attributable to RenaissanceRe
$
54,744

 
$
42,007

 
$
712,257

 
$
300,374

 

































See accompanying notes to the consolidated financial statements

7



RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the three and nine months ended September 30, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
 
Three months ended
 
Nine months ended
 
September 30,
2019
 
September 30,
2018
 
September 30,
2019
 
September 30,
2018
Preference shares
 
 
 
 
 
 
 
Beginning balance
$
650,000

 
$
650,000

 
$
650,000

 
$
400,000

Issuance of shares

 

 

 
250,000

Ending balance
650,000

 
650,000

 
650,000

 
650,000

Common shares
 
 
 
 
 
 
 
Beginning balance
44,162

 
40,263

 
42,207

 
40,024

Issuance of shares

 

 
1,739

 

Exercise of options and issuance of restricted stock awards
(10
)
 
3

 
206

 
242

Ending balance
44,152

 
40,266

 
44,152

 
40,266

Additional paid-in capital
 
 
 
 
 
 
 
Beginning balance
552,210

 
35,094

 
296,099

 
37,355

Issuance of shares

 

 
248,259

 

Offering expenses

 
615

 

 
(7,883
)
Change in redeemable noncontrolling interests
(145
)
 
13

 
(361
)
 
340

Exercise of options and issuance of restricted stock awards
8,101

 
6,673

 
16,169

 
12,583

Ending balance
560,166

 
42,395

 
560,166

 
42,395

Accumulated other comprehensive income (loss)
 
 
 
 
 
 
 
Beginning balance
(3,869
)
 
(1,101
)
 
(1,433
)
 
224

Change in net unrealized gains on investments, net of tax
608

 
(382
)
 
1,880

 
(1,707
)
Foreign currency translation adjustments, net of tax
8,249

 

 
4,541

 

Ending balance
4,988

 
(1,483
)
 
4,988

 
(1,483
)
Retained earnings
 
 
 
 
 
 
 
Beginning balance
4,670,339

 
4,135,805

 
4,058,207

 
3,913,772

Net income
107,944

 
48,829

 
909,927

 
392,903

Net income attributable to redeemable noncontrolling interests
(62,057
)
 
(6,440
)
 
(204,091
)
 
(90,822
)
Dividends on common shares
(15,108
)
 
(13,143
)
 
(44,547
)
 
(39,611
)
Dividends on preference shares
(9,189
)
 
(9,708
)
 
(27,567
)
 
(20,899
)
Ending balance
4,691,929

 
4,155,343

 
4,691,929

 
4,155,343

Total shareholders’ equity
$
5,951,235

 
$
4,886,521

 
$
5,951,235

 
$
4,886,521

 





See accompanying notes to the consolidated financial statements

8



RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the nine months ended September 30, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
Nine months ended
 
September 30,
2019