Company Quick10K Filing
Quick10K
Renaissancere Holdings
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$161.72 44 $7,140
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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 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
NDAQ Nasdaq 15,110
CVET Covetrus 3,330
UPWK Upwork 1,810
FLOW SPX Flow 1,660
VNET 21Vianet Group 854
MAMS MAM Software Group 116
IKNX Ikonics 14
DPW DPW Holdings 4
DSW DSW 0
PBSK Poage Bankshares 0
RNR 2019-03-31
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-10.3(B) ex103b-ukaccessiontoci.htm
EX-10.4 ex104-confirmationoffa.htm
EX-31.1 ex3112019q1.htm
EX-31.2 ex3122019q1.htm
EX-32.1 ex3212019q1.htm
EX-32.2 ex3222019q1.htm

Renaissancere Holdings Earnings 2019-03-31

RNR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Q   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
OR
o  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
98-014-1974
(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 Offices)
(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, Inc.
Series C 6.08% Preference Shares, Par Value $1.00 per share
RNR PRC
New York Stock Exchange, Inc.
Series E 5.375% Preference Shares, Par Value $1.00 per share
RNR PRE
New York Stock Exchange, Inc.
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, Inc.
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 Q  No o
Indicate by check mark whether the registrant has submitted electronically, if any, 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 Q  No o
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 Q, Accelerated filer o, Non-accelerated filer o (do not check if a smaller reporting company), Smaller reporting company o, Emerging growth company o
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o  No Q
The number of Common Shares, par value US $1.00 per share, outstanding at May 3, 2019 was 44,159,306.
 





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;
risks that the TMR Stock Purchase (as defined herein) disrupts or distracts from current plans and operations;
the ability to recognize the benefits of the TMR Stock Purchase;
the amount of the costs, fees, expenses and charges related to the TMR Stock Purchase;
our ability to maintain our financial strength ratings;  
the effect of climate change on our business;
collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain;
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;
the effect of emerging claims and coverage issues;
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;

3




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;
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;
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; and
our need to make many estimates and judgments in the preparation of our financial statements.
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)
 
March 31,
2019
 
December 31,
2018
Assets
(Unaudited)
 
(Audited)
Fixed maturity investments trading, at fair value – amortized cost $9,442,370
at March 31, 2019 (December 31, 2018 – $8,163,962)
$
9,473,160

 
$
8,088,870

Short term investments, at fair value
4,012,815

 
2,586,520

Equity investments trading, at fair value
389,937

 
310,252

Other investments, at fair value
878,373

 
784,933

Investments in other ventures, under equity method
98,563

 
115,172

Total investments
14,852,848

 
11,885,747

Cash and cash equivalents
1,021,275

 
1,107,922

Premiums receivable
2,753,098

 
1,537,188

Prepaid reinsurance premiums
1,086,027

 
616,185

Reinsurance recoverable
2,908,343

 
2,372,221

Accrued investment income
64,615

 
51,311

Deferred acquisition costs and value of business acquired
841,528

 
476,661

Receivable for investments sold
411,172

 
256,416

Other assets
353,543

 
135,127

Goodwill and other intangible assets
267,151

 
237,418

Total assets
$
24,559,600

 
$
18,676,196

Liabilities, Noncontrolling Interests and Shareholders’ Equity
 
 
 
Liabilities
 
 
 
Reserve for claims and claim expenses
$
8,391,484

 
$
6,076,271

Unearned premiums
3,188,678

 
1,716,021

Debt
1,191,499

 
991,127

Reinsurance balances payable
3,009,492

 
1,902,056

Payable for investments purchased
679,596

 
380,332

Other liabilities
435,418

 
513,609

Total liabilities
16,896,167

 
11,579,416

Commitments and Contingencies


 


Redeemable noncontrolling interests
2,109,400

 
2,051,700

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

 
650,000

Common shares: $1.00 par value – 44,159,375 shares issued and outstanding at March 31, 2019 (December 31, 2018 – 42,207,390)
44,159

 
42,207

Additional paid-in capital
543,889

 
296,099

Accumulated other comprehensive loss
(1,470
)
 
(1,433
)
Retained earnings
4,317,455

 
4,058,207

Total shareholders’ equity attributable to RenaissanceRe
5,554,033

 
5,045,080

Total liabilities, noncontrolling interests and shareholders’ equity
$
24,559,600

 
$
18,676,196



See accompanying notes to the consolidated financial statements

5




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Operations
For the three months ended March 31, 2019 and 2018
(in thousands of United States Dollars, except per share amounts) (Unaudited)
 
Three months ended
 
March 31,
2019
 
March 31,
2018
Revenues
 
 
 
Gross premiums written
$
1,564,295

 
$
1,159,652

Net premiums written
$
929,031

 
$
663,044

Increase in unearned premiums
(379,003
)
 
(222,762
)
Net premiums earned
550,028

 
440,282

Net investment income
81,462

 
56,476

Net foreign exchange (losses) gains
(2,846
)
 
3,757

Equity in earnings of other ventures
4,661

 
857

Other income (loss)
3,171

 
(1,242
)
Net realized and unrealized gains (losses) on investments
170,645

 
(82,144
)
Total revenues
807,121

 
417,986

Expenses
 
 
 
Net claims and claim expenses incurred
227,035

 
171,703

Acquisition expenses
123,951

 
97,711

Operational expenses
44,933

 
41,272

Corporate expenses
38,789

 
6,733

Interest expense
11,754

 
11,767

Total expenses
446,462

 
329,186

Income before taxes
360,659

 
88,800

Income tax (expense) benefit
(7,531
)
 
3,407

Net income
353,128

 
92,207

Net income attributable to redeemable noncontrolling interests
(70,222
)
 
(29,899
)
Net income attributable to RenaissanceRe
282,906

 
62,308

Dividends on preference shares
(9,189
)
 
(5,595
)
Net income available to RenaissanceRe common shareholders
$
273,717

 
$
56,713

Net income available to RenaissanceRe common shareholders per common share – basic
$
6.43

 
$
1.42

Net income available to RenaissanceRe common shareholders per common share – diluted
$
6.43

 
$
1.42

Dividends per common share
$
0.34

 
$
0.33















See accompanying notes to the consolidated financial statements

6




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Comprehensive Income
For the three months ended March 31, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
 
Three months ended
 
March 31,
2019
 
March 31,
2018
Comprehensive income
 
 
 
Net income
$
353,128

 
$
92,207

Change in net unrealized losses on investments
(37
)
 
(30
)
Comprehensive income
353,091

 
92,177

Net income attributable to redeemable noncontrolling interests
(70,222
)
 
(29,899
)
Comprehensive income attributable to redeemable noncontrolling interests
(70,222
)
 
(29,899
)
Comprehensive income attributable to RenaissanceRe
$
282,869

 
$
62,278

 






































See accompanying notes to the consolidated financial statements

7




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the three months ended March 31, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
 
Three months ended
 
March 31,
2019
 
March 31,
2018
Preference shares
 
 
 
Balance – January 1
$
650,000

 
$
400,000

Balance – March 31
650,000

 
400,000

Common shares
 
 
 
Balance – January 1
42,207

 
40,024

Issuance of shares
1,739

 

Exercise of options and issuance of restricted stock awards
213

 
222

Balance – March 31
44,159

 
40,246

Additional paid-in capital
 
 
 
Balance – January 1
296,099

 
37,355

Issuance of shares
248,259

 

Change in redeemable noncontrolling interests
(3
)
 
56

Exercise of options and issuance of restricted stock awards
(466
)
 
1,141

Balance – March 31
543,889

 
38,552

Accumulated other comprehensive (loss) income
 
 
 
Balance – January 1
(1,433
)
 
224

Change in net unrealized (losses) gains on investments
(37
)
 
(30
)
Balance – March 31
(1,470
)
 
194

Retained earnings
 
 
 
Balance – January 1
4,058,207

 
3,913,772

Net income
353,128

 
92,207

Net income attributable to redeemable noncontrolling interests
(70,222
)
 
(29,899
)
Dividends on common shares
(14,469
)
 
(13,224
)
Dividends on preference shares
(9,189
)
 
(5,595
)
Balance – March 31
4,317,455

 
3,957,261

Total shareholders’ equity
$
5,554,033

 
$
4,436,253

 
















See accompanying notes to the consolidated financial statements

8




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the three months ended March 31, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
Three months ended
 
March 31,
2019
 
March 31,
2018
Cash flows provided by (used in) operating activities
 
 
 
Net income
$
353,128

 
$
92,207

Adjustments to reconcile net income to net cash provided by (used in) operating activities
 
 
 
Amortization, accretion and depreciation
(3,606
)
 
13,740

Equity in undistributed earnings of other ventures
5,965

 
(314
)
Net realized and unrealized (gains) losses on investments
(170,645
)
 
82,144

Net unrealized gains included in net investment income
(2,969
)
 
(1,465
)
Change in:
 
 
 
Premiums receivable
(578,175
)
 
(380,008
)
Prepaid reinsurance premiums
(330,044
)
 
(261,375
)
Reinsurance recoverable
12,619

 
14,309

Deferred acquisition costs
(58,861
)
 
(50,459
)
Reserve for claims and claim expenses
(92,303
)
 
(167,681
)
Unearned premiums
709,046

 
484,137

Reinsurance balances payable
837,333

 
769,858

Other
(304,339
)
 
(632,442
)
Net cash provided by (used in) operating activities
377,149

 
(37,349
)
Cash flows used in investing activities
 
 
 
Proceeds from sales and maturities of fixed maturity investments trading
4,600,808

 
2,318,859

Purchases of fixed maturity investments trading
(3,519,277
)
 
(2,312,461
)
Net (purchases) sales of equity investments trading
(4,601
)
 
137

Net purchases of short term investments
(1,374,632
)
 
(594,641
)
Net purchases of other investments
(51,811
)
 
(98,639
)
Net purchases of investments in other ventures
(1,573
)
 
(17,974
)
Return of investment from investment in other ventures
11,250

 

Net purchase of the TMR Group Entities
(276,206
)
 

Net cash used in investing activities
(616,042
)
 
(704,719
)
Cash flows provided by financing activities
 
 
 
Dividends paid – RenaissanceRe common shares
(14,469
)
 
(13,224
)
Dividends paid – preference shares
(9,189
)
 
(5,595
)
Drawdown of RenaissanceRe Revolving Credit Facility
200,000

 

Net third party redeemable noncontrolling interest share transactions
(16,847
)
 
52,759

Taxes paid on withholding shares
(6,957
)
 
(7,034
)
Net cash provided by financing activities
152,538

 
26,906

Effect of exchange rate changes on foreign currency cash
(292
)
 
1,543

Net decrease in cash and cash equivalents
(86,647
)
 
(713,619
)
Cash and cash equivalents, beginning of period
1,107,922

 
1,361,592

Cash and cash equivalents, end of period
$
1,021,275

 
$
647,973








See accompanying notes to the consolidated financial statements

9




RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2019
(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars,
except shares, per share amounts and percentages) (Unaudited)
NOTE 1.    ORGANIZATION
This report on Form 10-Q should be read in conjunction with the RenaissanceRe’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2018.
RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries and DaVinciRe (as defined below), the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.
On March 22, 2019, the Company’s wholly owned subsidiary, RenaissanceRe Specialty Holdings (UK) Limited, completed its previously announced purchase of all of the share capital of Tokio Millennium Re AG (now known as RenaissanceRe Europe AG) (“RenaissanceRe Europe”), Tokio Millennium Re (UK) Limited (now known as RenaissanceRe (UK) Limited) (“RenaissanceRe UK”), and their respective subsidiaries (collectively, the “TMR Group Entities”) pursuant to a Stock Purchase Agreement by and among the Company, Tokio Marine & Nichido Fire Insurance Co. Ltd. (“Tokio”) and, with respect to certain sections only, Tokio Marine Holdings, Inc. entered into on October 30, 2018 (the “TMR Stock Purchase Agreement”) (the “TMR Stock Purchase”). See “Note 3. Acquisition of Tokio Millennium Re” for additional information regarding the TMR Stock Purchase.
Renaissance Reinsurance, a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.
Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that provides property, casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas.
RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in the state of Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled reinsurer, which operates subject to U.S. federal income tax, and RenaissanceRe Syndicate 1458 (“Syndicate 1458”).
Syndicate 1458 is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member and RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.
RenaissanceRe Europe, a Swiss-domiciled reinsurance company, provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.
RenaissanceRe UK, a U.K.-domiciled reinsurance company in run-off, provided property, casualty and specialty reinsurance coverages on a worldwide basis. RenaissanceRe UK was placed into run-off effective July 1, 2015, from which date all new and renewal business was written by the U.K. branch of RenaissanceRe Europe.
The Company also manages property, casualty and specialty reinsurance business written on behalf of joint ventures, which include Top Layer Reinsurance Ltd. (“Top Layer Re”), recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. (“DaVinci”). Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci’s parent, DaVinciRe Holdings Ltd. (“DaVinciRe”), the results of DaVinci and DaVinciRe are consolidated in the Company’s consolidated financial statements and all significant intercompany transactions have been eliminated. Redeemable noncontrolling interest - DaVinciRe represents the interests of external parties with respect to the net income and shareholders’ equity of DaVinciRe. Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary of RenaissanceRe,

10




acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation.
RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted fund, incorporated under the laws of Bermuda. Medici’s objective is to seek to invest substantially all of its assets in various insurance based investment instruments that have returns primarily tied to property catastrophe risk. Third-party investors have subscribed for a portion of the participating, non-voting common shares of Medici. Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of Medici’s parent, RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), the results of Medici and Fund Holdings are consolidated in the Company’s consolidated financial statements and all significant inter-company transactions have been eliminated. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders’ equity of Medici.
Upsilon RFO Re Ltd., formerly known as Upsilon Reinsurance II Ltd. (“Upsilon RFO”), a Bermuda domiciled special purpose insurer (“SPI”), is a managed joint venture formed by the Company primarily to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. Upsilon RFO is considered a variable interest entity (“VIE”) and the Company is considered the primary beneficiary. As a result, Upsilon RFO is consolidated by the Company and all significant inter-company transactions have been eliminated.
RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted Bermuda segregated accounts company, was formed by the Company to provide a fund structure through which third-party investors can invest in reinsurance risk managed by the Company. As a segregated accounts company, Upsilon Fund is permitted to establish segregated accounts to invest in and hold identified pools of assets and liabilities. Each pool of assets and liabilities in each segregated account is structured to be ring-fenced from any claims from the creditors of Upsilon Fund’s general account and from the creditors of other segregated accounts within Upsilon Fund. Third-party investors purchase redeemable, non-voting preference shares linked to specific segregated accounts of Upsilon Fund and own 100% of these shares. Upsilon Fund is an investment company and is considered a VIE. The Company is not considered the primary beneficiary of Upsilon Fund and, as a result, the Company does not consolidate the financial position and results of operations of Upsilon Fund.
Fibonacci Reinsurance Ltd. ("Fibonacci Re"), a Bermuda-domiciled SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raises capital from third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange. Fibonacci Re is considered a VIE. The Company is not considered the primary beneficiary of Fibonacci Re and, as a result, the Company does not consolidate the financial position and results of operations of Fibonacci Re.
Effective December 22, 2017, the Company and Reinsurance Group of America, Incorporated closed an initiative (“Langhorne”) to source third party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne Holdings LLC (“Langhorne Holdings”) is a company that owns and manages certain reinsurance entities within Langhorne. Langhorne Partners LLC (“Langhorne Partners”) is the general partner for Langhorne and the entity which manages the third-party investors investing into Langhorne Holdings. The Company concluded that Langhorne Holdings meets the definition of a VIE. The Company is not the primary beneficiary of Langhorne Holdings and as a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company concluded that Langhorne Partners is not a VIE. The Company will account for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.
Effective December 17, 2018, the Company formed Vermeer Reinsurance Ltd. (“Vermeer”), an exempted Bermuda reinsurer, with PGGM, a Dutch pension fund manager. Vermeer provides capacity focused on risk remote layers in the U.S. property catastrophe market. Vermeer is managed by RUM in return for a management fee. The Company maintains a majority voting control of Vermeer, while PGGM retains economic benefits. Vermeer is considered a VIE, as it has voting rights that are not proportional to its participating rights and the Company is the primary beneficiary. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been

11




eliminated. The Company does not currently expect its voting or economic interest in Vermeer to fluctuate.
In connection with the acquisition of the TMR Group Entities, the Company will manage Shima Reinsurance Ltd. (“Shima Re”), Norwood Re Ltd. (“Norwood Re”) and Blizzard Re Ltd. (“Blizzard Re”), which provide third-party investors with access to reinsurance risk formerly managed by the TMR Group Entities.
NOTE 2.    SIGNIFICANT ACCOUNTING POLICIES
There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2018, except as noted below.
BASIS OF PRESENTATION
These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.
Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.
USE OF ESTIMATES IN FINANCIAL STATEMENTS
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance.
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
Leases
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases and subsequently issued a number of other ASUs to amend the guidance, each ultimately reflected in FASB Accounting Standards Codification (“ASC”) Topic Leases. FASB ASC Topic Leases requires, among other items, lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under the previous guidance. FASB ASC Topic Leases was effective for public business entities for annual and interim periods beginning after December 15, 2018. The Company has adopted FASB ASC Topic Leases through the application of the modified retrospective transition approach. In addition, the Company employed certain practical expedients permitted under the guidance and utilized its incremental borrowing rate in determining the present value of lease payments, not yet paid. The adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position. The Company determined it was not required to record a cumulative effect adjustment to opening retained earnings as of January 1, 2019.
Intra-Entity Transfers of Assets Other Than Inventory

12




In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 was effective for public business entities for annual and interim periods beginning after December 15, 2018. The adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED
Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 modifies the recognition of credit losses by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is applicable to financial assets such as loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and other financial assets that have the contractual right to receive cash. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company's invested assets are measured at fair value through net income, and therefore those invested assets would not be impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as reinsurance recoverables, that could be impacted by the adoption of ASU 2016-13. ASU 2016-13 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.
Simplifying the Test for Goodwill Impairment
In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). Among other things, ASU 2017-04 requires the following: (1) the elimination of step two of the goodwill impairment test; entities will no longer utilize the implied fair value of their assets and liabilities for purposes of testing goodwill for impairment, (2) the quantitative portion of the goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount; an impairment charge is to be recognized for the excess of carrying amount over fair value, but only to the extent of the amount of goodwill allocated to that reporting unit, and (3) foreign currency translation adjustments are not to be allocated to a reporting unit from an entity’s accumulated other comprehensive income; the reporting unit’s carrying amount should include only the currently translated balances of the assets and liabilities assigned to the reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods, or any interim goodwill impairment tests in annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.
Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The ASU 2018-13 modifies the disclosure requirements of fair value measurements as part of the disclosure framework project with the objective to improve the effectiveness of disclosures in the notes to the financial statements. ASU 2018-13 allows for removal of the amount and reasons for transfer between Level 1 and Level 2 of the fair value hierarchy; the policy for transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

13




NOTE 3.     ACQUISITION OF TOKIO MILLENNIUM RE
Overview
The aggregate consideration for the TMR Stock Purchase, which closed on March 22, 2019, was $1.6 billion, consisting of cash, RenaissanceRe common shares and a special dividend from the TMR Group Entities, as described in more detail below. The aggregate consideration paid at closing for the TMR Stock Purchase was based on the Company’s good faith estimate of the closing tangible book value of the TMR Group Entities and is subject to post-closing adjustment under the terms of the TMR Stock Purchase Agreement, which we expect to be completed no later than the third quarter of 2019.
In connection with the closing of the TMR Stock Purchase, Tokio, RenaissanceRe Europe and RenaissanceRe UK entered into a reserve development agreement whereby RenaissanceRe Europe and RenaissanceRe UK agreed to cede to Tokio, and Tokio agreed to indemnify and reimburse RenaissanceRe Europe and RenaissanceRe UK for, substantially all of RenaissanceRe Europe and RenaissanceRe UK’s adverse development on stated reserves at time of the closing, including unearned premium reserves, subject to certain terms and conditions. The reserve development agreement provides the Company with indemnification on stated reserves, including unearned premium reserves, for RenaissanceRe Europe and RenaissanceRe UK, on a whole-account basis, and takes into consideration adverse performance across the Company’s reportable segments. To the extent the combined performance of acquired reserves for claims and claim expenses or unearned premiums is worse than expected on an aggregate basis across reportable segments, the Company is indemnified under the terms of the reserve development agreement and would expect to collect under the reserve development agreement.
At closing, RenaissanceRe Europe and Tokio entered into a retrocessional agreement pursuant to which RenaissanceRe Europe ceded to Tokio all of its liabilities arising from certain stop loss reinsurance contracts RenaissanceRe Europe entered into with third party capital partners which were either in force as of the closing date or which incept prior to December 31, 2021.
In connection with the acquisition of the TMR Group Entities, during the first quarter of 2019, the Company recorded $25.5 million of corporate expenses associated with the acquisition, comprised of $12.9 million of transaction-related costs, $5.9 million of integration-related costs, and $6.7 million of compensation-related costs.
Purchase Price
The Company's total purchase price for the TMR Group Entities was calculated as follows:
 
 
 
 
 
 
 
Special Dividend
 
 
 
 
 
Special Dividend paid to common shareholders of Tokio and holders of Tokio equity awards
 
 
$
500,000

 
 
RenaissanceRe common shares
 
 
 
 
 
Common shares issued by RenaissanceRe to Tokio
1,739,071

 
 
 
 
Common share price of RenaissanceRe (1)
$
143.75

 
 
 
 
Market value of RenaissanceRe common shares issued by RenaissanceRe to Tokio
 
 
249,998

 
 
Cash consideration
 
 
 
 
 
Cash consideration paid by RenaissanceRe as acquisition consideration
 
 
813,595

 
 
Total purchase price
 
 
1,563,593

 
 
Less: Special Dividend paid to Tokio
 
 
(500,000
)
 
 
Net purchase price
 
 
$
1,063,593

 
 
 
 
 
 
 
(1)
RenaissanceRe common share price is based on the 30-day trailing volume weighted average price of $143.7539 as of market close on March 15, 2019, which approximates fair value.


14




Fair Value of Net Assets Acquired and Liabilities Assumed
The purchase price was allocated to the acquired assets and liabilities of the Company based on estimated fair values on March 22, 2019, the date the transaction closed, as detailed below. The Company recognized goodwill of $13.1 million primarily attributable to the excess of the purchase price over the fair value of the net assets of the acquired TMR Group Entities. There were no other adjustments to carried goodwill during the period ended March 31, 2019 reflected on the Company’s consolidated balance sheet at March 31, 2019. The Company recognized identifiable finite lived intangible assets of $11.2 million, which will be amortized over a weighted average period of 10.5 years, identifiable indefinite lived intangible assets of $6.8 million, and certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity of the TMR Group Entities at March 22, 2019 as summarized in the table below:
 
 
 
 
 
Shareholders’ equity of the TMR Group Entities at March 22, 2019
$
1,032,961

 
 
Adjustments for fair value, by applicable balance sheet caption:
 
 
 
Net deferred acquisition costs and value of business acquired
(56,788
)
 
 
Net reserve for claims and claim expenses
67,782

 
 
Goodwill and intangible assets at March 22, 2019 of the TMR Group Entities
(6,569
)
 
 
Total adjustments for fair value by applicable balance sheet caption before tax impact
4,425

 
 
Other assets - net deferred tax liability related to fair value adjustments and value of business acquired
(2,606
)
 
 
Total adjustments for fair value by applicable balance sheet caption, net of tax
1,819

 
 
Adjustments for fair value of the identifiable intangible assets:
 
 
 
Identifiable indefinite lived intangible assets (insurance licenses)
6,800

 
 
Identifiable finite lived intangible assets (top broker relationships and renewal rights)
11,200

 
 
Identifiable intangible assets before tax impact
18,000

 
 
Other assets - deferred tax liability on identifiable intangible assets
(2,281
)
 
 
Total adjustments for fair value of the identifiable intangible assets and value of business acquired, net of tax
15,719

 
 
Total adjustments for fair value by applicable balance sheet caption, identifiable intangible assets and value of business acquired, net of tax
17,538

 
 
Shareholders’ equity of the TMR Group Entities at fair value
1,050,499

 
 
Total net purchase price paid by RenaissanceRe
1,063,593

 
 
Excess purchase price over the fair value of net assets acquired assigned to goodwill
$
13,094

 
 
 
 
 

An explanation of the significant fair value adjustments and related future amortization is as follows:
Net deferred acquisition costs and value of business acquired (“VOBA”) - to reflect the elimination of the TMR Group Entities’ net deferred acquisition costs, partially offset by the establishment of the value of business acquired asset, which represents the present value of the expected underwriting profit within the unearned premiums liability, net of reinsurance, less costs to service the related policies and a risk premium. The adjustment for VOBA will be amortized to acquisition expenses over approximately two years, as the contracts for business in-force as of the acquisition date expire. VOBA at March 22, 2019 and at March 31, 2019 was $287.6 million;
Reserve for claims and claim expenses - to reflect a decrease related to the present value of the net unpaid claims and claim expenses based on the estimated payout pattern, partially offset by an increase in net claims and claim expenses related to the estimated market based risk margin. The risk margin represents the estimated cost of capital required by a market participant to assume the net claims and claim expenses. This will be amortized using the projected discount and risk margin patterns of the net claims and claims expenses as of the acquisition date;
Identifiable indefinite lived and finite lived intangible assets - to establish the fair value of identifiable intangible assets related to the acquisition of the TMR Group Entities described in detail below; and

15




Other assets - to reflect the net deferred tax liability on identifiable intangible assets.
Identifiable intangible assets at March 22, 2019 and at March 31, 2019, consisted of the following, and are included in goodwill and other intangible assets on the Company’s consolidated balance sheet:
 
 
 
 
 
 
 
 
Amount
 
Economic Useful Life
 
 
Top broker relationships
$
10,000

 
10.0 years
 
 
Renewal rights
1,200

 
15.0 years
 
 
Insurance licenses
6,800

 
Indefinite
 
 
Net identifiable intangible assets at March 31, 2019 related to the acquisition of the TMR Group Entities
$
18,000

 
 
 
 
 
 
 
 
 

Amortization from the acquisition date, March 22, 2019, through March 31, 2019 was not material and, as a result, was not included in the Company's consolidated statements of operations for the three months ended March 31, 2019.
An explanation of the identifiable intangible assets is as follows:
Top broker relationships - the value of the TMR Group Entities’ relationships with their top four brokers (Marsh & McLennan Companies, Inc., Aon plc, Willis Group Holdings Public Limited Company and Jardine Lloyd Thompson Group plc.) after taking into consideration the expectation of the renewal of these relationships and the associated expenses. These will be amortized on a straight-line basis over the economic useful life as of the acquisition date;
Renewal rights - the value of policy renewal rights after taking into consideration written premium on assumed retention ratios and the insurance cash flows and the associated equity cash flows from these renewal policies over the expected life of the renewals. These will be amortized on a straight-line basis over the economic useful life as of the acquisition date; and
Insurance licenses - the value of insurance licenses acquired which provide the ability to write reinsurance in all 50 states of the U.S. and the District of Columbia.
As part of the allocation of the purchase price, included in the adjustment to other assets in the table above is a deferred tax liability of $2.3 million related to the estimated fair value of the intangible assets recorded, as well as a net deferred tax liability of $2.6 million related to certain other adjustments to the fair values of the assets acquired, VOBA, liabilities assumed and shareholders’ equity. Other net deferred tax liabilities recorded primarily relate to differences between financial reporting and tax bases of the acquired assets and liabilities as of the acquisition date, March 22, 2019. The Company estimates that none of the goodwill that was recorded will be deductible for income tax purposes.
Financial Results
The operating activities of the TMR Group Entities from the closing date, March 22, 2019, through March 31, 2019 were not material, and as a result were not included in the Company’s consolidated statements of operations for the three months ended March 31, 2019. As at March 31, 2019, the Company’s consolidated balance sheet reflects the combined entities.
Taxation
A net deferred tax liability of $5.7 million was established in conjunction with the acquisition of the TMR Group Entities. A valuation allowance of $35.7 million has been recorded against the TMR Group Entities deferred tax assets, a predominant amount of which was related to the Company’s U.S. operations and was recorded prior to acquisition of the TMR Group Entities.
The acquisition of the TMR Group Entities had no effect on the Company’s overall income tax expense in the first quarter of 2019. In addition, the acquisition of the TMR Group Entities had no effect on the Company’s existing valuation allowance condition, as a valuation allowance continues to be provided against a substantial portion of the Company’s deferred tax assets in Ireland, the U.K., Singapore and Switzerland as these operations have produced historical GAAP taxable losses, among other facts. A small valuation allowance continues to be recorded against finite lived tax carryforwards in the U.S. operations.

16




Supplemental Pro Forma Information
The following table presents unaudited pro forma consolidated financial information for the three months ended March 31, 2019 and 2018 and assumes the acquisition of the TMR Group Entities occurred on January 1, 2018. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2018 or that may be achieved in the future. The unaudited pro forma consolidated financial information does not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may result from the acquisition of the TMR Group Entities. In addition, unaudited pro forma consolidated financial information does not include the effects of costs associated with any restructuring or integration activities resulting from the acquisition of the TMR Group Entities, as they are nonrecurring.
 
 
 
 
 
 
 
 
Three months ended
 
 
 
March 31, 2019
 
March 31, 2018
 
 
Total revenues
$
1,148,146

 
$
725,269

 
 
Net income available to RenaissanceRe common shareholders
330,394

 
27,605

 
 
 
 
 
 
 

Among other adjustments, and in addition to the fair value adjustments and recognition of goodwill, VOBA and identifiable intangible assets noted above, other material nonrecurring pro forma adjustments directly attributable to the acquisition of the TMR Group Entities principally included certain adjustments to recognize transaction related costs, align accounting policies, and amortize fair value adjustments, VOBA, and identifiable definite lived intangible assets, net of related tax impacts.
Defined Benefit Pension Plan
The TMR Group Entities have a contributory defined benefit pension plan for certain employees, which was not material to RenaissanceRe’s results of operations, financial condition or cash flows.
The plan offers mandatory benefits as prescribed by the applicable law, as well as voluntary benefits. The TMR Group Entities and the members of the plan contribute a defined percentage of salary to the pension arrangement. At retirement, the accumulated contributions are converted into a pension.
At March 22, 2019, the net balance sheet liability was $6.1 million, comprising $21.2 million of projected benefit obligation and $15.1 million of plan assets at fair value.

17




NOTE 4.INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
 
 
 
 
 
 
 
 
March 31,
2019
 
December 31,
2018
 
 
U.S. treasuries
$
3,097,089

 
$
3,331,411

 
 
Agencies
182,904

 
174,883

 
 
Municipal
256,967

 
6,854

 
 
Non-U.S. government
687,021

 
279,818

 
 
Non-U.S. government-backed corporate
286,331

 
160,063

 
 
Corporate
2,971,018

 
2,450,244

 
 
Agency mortgage-backed
955,616

 
817,880

 
 
Non-agency mortgage-backed
272,880

 
278,680

 
 
Commercial mortgage-backed
245,323

 
282,294

 
 
Asset-backed
518,011

 
306,743

 
 
Total fixed maturity investments trading (1)
$
9,473,160

 
$
8,088,870

 
 
 
 
 
 
 

(1)
Included in total fixed maturity investments trading at March 31, 2019 was $2.2 billion of fixed maturity investments trading acquired as a result of the acquisition of the TMR Group Entities. See “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of the TMR Group Entities.
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
 
 
 
 
 
 
March 31, 2019
Amortized 
Cost
 
Fair Value
 
 
Due in less than one year
$
746,898

 
$
744,030

 
 
Due after one through five years
5,287,434

 
5,301,425

 
 
Due after five through ten years
1,147,028

 
1,154,682

 
 
Due after ten years
281,009