10-Q 1 rnr-20220331.htm 10-Q rnr-20220331
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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 March 31, 2022
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)
Bermuda98-0141974
(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 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 classTrading
symbol
Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNRNew 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 PRFNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per shareRNR PRGNew 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 Exchange 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 Exchange Act). Yes   No
The number of Common Shares, par value U.S. $1.00 per share, outstanding at May 2, 2022 was 44,188,957.



RENAISSANCERE HOLDINGS LTD.
TABLE OF CONTENTS 

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.
“ASC”Accounting Standards Codification
“A.M. Best”
A.M. Best Company, Inc.
“DaVinci”
DaVinci Reinsurance Ltd.
“DaVinciRe”
DaVinciRe Holdings 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 three months ended March 31, 2022
“IRS”
United States Internal Revenue Service
“Medici”
RenaissanceRe Medici Fund Ltd.
“Moody’s”
Moody’s Investors Service
“Renaissance Reinsurance”
Renaissance Reinsurance Ltd.
“Renaissance Reinsurance of Europe”Renaissance Reinsurance of Europe Unlimited Company    
“Renaissance Reinsurance U.S.”Renaissance Reinsurance U.S. Inc.
“RenaissanceRe”
RenaissanceRe Holdings Ltd.
“RenaissanceRe Finance”RenaissanceRe Finance, Inc.
“RenaissanceRe Specialty U.S.”
RenaissanceRe Specialty U.S. Ltd.
“RenaissanceRe UK”
RenaissanceRe (UK) Limited
“RREAG”RenaissanceRe Europe AG
“S&P”
Standard and Poor’s Rating Services
“SEC”
U.S. Securities and Exchange Commission
“Securities Act”
Securities Act of 1933, as amended
“Syndicate 1458”
RenaissanceRe Syndicate 1458
“TMR”
collectively, Tokio Millennium Re AG and certain associated entities and subsidiaries
“Top Layer Re”
Top Layer Reinsurance Ltd.
“Tower Hill Companies”
collectively, our investments in a group of Tower Hill affiliated companies including Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc.
“U.K.”
United Kingdom
“U.S.”
United States of America
“Upsilon Fund”
RenaissanceRe Upsilon Fund Ltd.
“Upsilon RFO”
Upsilon RFO Re Ltd.
“Vermeer”
Vermeer Reinsurance Ltd.
3


NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of RenaissanceRe Holdings Ltd. contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of 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:
our exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in our financial results;
the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;
the effectiveness of our claims and claim expense reserving process;
the effect of emerging claims and coverage issues;
the highly competitive nature of our industry, resulting in consolidation of competitors, customers and (re)insurance brokers, and our reliance on a small and decreasing number of brokers;
the historically cyclical nature of the (re)insurance industries;
collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms;
the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;
our ability to maintain our financial strength ratings;
the impact of large non-recurring contracts and reinstatement premiums on our financial results;
our ability to attract and retain key executives and employees;
the effect of cybersecurity risks, including technology breaches or failure;
the performance of our investment portfolio and financial market volatility;
the effects of inflation;
our ability to successfully implement our business, strategies and initiatives, and 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 exposure to credit loss from counterparties;
our need to make many estimates and judgments in the preparation of our financial statements;
our ability to effectively manage capital on behalf of investors in joint ventures or other entities we manage;
4


changes to the accounting rules and regulatory systems applicable to our business, including changes in Bermuda laws or regulations or as a result of increased global regulation of the insurance and reinsurance industries;
other political, regulatory or industry initiatives adversely impacting us;
our ability to comply with covenants in our debt agreements;
a contention by the IRS that any of our Bermuda subsidiaries are subject to taxation in the U.S.;
the effects of 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;
our ability to determine any impairments taken on our investments;
the uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on our potential reinsurance, insurance and investment exposures, or other effects that it may have;
foreign currency exchange rate fluctuations;
our ability to raise capital if necessary;
our ability to comply with applicable sanctions and foreign corrupt practices laws;
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; and
difficulties investors may have in serving process or enforcing judgments against us in the U.S.
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 SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and Item 1A of this Quarterly Report on Form 10-Q, 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.
5


PART I        FINANCIAL INFORMATION
ITEM 1.        FINANCIAL STATEMENTS
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 Page
6


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Balance Sheets
(in thousands of United States Dollars, except share and per share amounts)
March 31,
2022
December 31,
2021
Assets(Unaudited)(Audited)
Fixed maturity investments trading, at fair value – amortized cost $13,540,901 at March 31, 2022 (December 31, 2021 – $13,552,579)
$13,029,085 $13,507,131 
Short term investments, at fair value4,685,280 5,298,385 
Equity investments trading, at fair value873,268 546,016 
Other investments, at fair value2,182,479 1,993,059 
Investments in other ventures, under equity method81,106 98,068 
Total investments20,851,218 21,442,659 
Cash and cash equivalents1,563,056 1,859,019 
Premiums receivable4,851,513 3,781,542 
Prepaid reinsurance premiums1,185,982 854,722 
Reinsurance recoverable4,319,490 4,268,669 
Accrued investment income60,802 55,740 
Deferred acquisition costs and value of business acquired999,712 849,160 
Receivable for investments sold486,705 380,442 
Other assets287,485 224,053 
Goodwill and other intangible assets242,116 243,496 
Total assets$34,848,079 $33,959,502 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$13,510,304 $13,294,630 
Unearned premiums4,546,305 3,531,213 
Debt1,168,872 1,168,353 
Reinsurance balances payable4,319,657 3,860,963 
Payable for investments purchased907,945 1,170,568 
Other liabilities314,141 755,441 
Total liabilities24,767,224 23,781,168 
Commitments and contingencies
Redeemable noncontrolling interests3,963,895 3,554,053 
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2022 (December 31, 2021 – 30,000)
750,000 750,000 
Common shares: $1.00 par value – 44,192,791 shares issued and outstanding at March 31, 2022 (December 31, 2021 – 44,444,831)
44,193 44,445 
Additional paid-in capital513,631 608,121 
Accumulated other comprehensive income (loss)(12,834)(10,909)
Retained earnings4,821,970 5,232,624 
Total shareholders’ equity attributable to RenaissanceRe6,116,960 6,624,281 
Total liabilities, noncontrolling interests and shareholders’ equity
$34,848,079 $33,959,502 



See accompanying notes to the consolidated financial statements
7


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Operations
For the three months ended March 31, 2022 and 2021
(in thousands of United States Dollars, except per share amounts) (Unaudited)
Three months ended
March 31,
2022
March 31,
2021
Revenues
Gross premiums written$2,942,964 $2,652,442 
Net premiums written$2,165,217 $1,824,083 
Decrease (increase) in unearned premiums(678,792)(670,247)
Net premiums earned1,486,425 1,153,836 
Net investment income83,691 79,804 
Net foreign exchange gains (losses)(15,486)(22,788)
Equity in earnings (losses) of other ventures(6,390)(5,558)
Other income (loss)1,193 2,171 
Net realized and unrealized gains (losses) on investments(673,017)(345,563)
Total revenues876,416 861,902 
Expenses
Net claims and claim expenses incurred841,733 867,051 
Acquisition expenses376,507 267,234 
Operational expenses67,907 55,311 
Corporate expenses12,502 10,405 
Interest expense11,955 11,912 
Total expenses1,310,604 1,211,913 
Income (loss) before taxes(434,188)(350,011)
Income tax benefit (expense)36,707 19,516 
Net income (loss)(397,481)(330,495)
Net (income) loss attributable to redeemable noncontrolling interests11,912 46,850 
Net income (loss) attributable to RenaissanceRe(385,569)(283,645)
Dividends on preference shares(8,844)(7,289)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(394,413)$(290,934)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic$(9.10)$(5.87)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted$(9.10)$(5.87)
Dividends per common share$0.37 $0.36 








See accompanying notes to the consolidated financial statements
8


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2022 and 2021
(in thousands of United States Dollars) (Unaudited) 
Three months ended
March 31,
2022
March 31,
2021
Comprehensive income (loss)
Net income (loss)$(397,481)$(330,495)
Change in net unrealized gains (losses) on investments, net of tax834 (1,811)
Foreign currency translation adjustments, net of tax(2,759)2,071 
Comprehensive income (loss)(399,406)(330,235)
Net (income) loss attributable to redeemable noncontrolling interests11,912 46,850 
Comprehensive income (loss) attributable to redeemable noncontrolling interests11,912 46,850 
Comprehensive income (loss) attributable to RenaissanceRe$(387,494)$(283,385)
 
























See accompanying notes to the consolidated financial statements
9


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the three months ended March 31, 2022 and 2021
(in thousands of United States Dollars) (Unaudited) 
Three months ended
March 31,
2022
March 31,
2021
Preference shares
Beginning balance$750,000 $525,000 
Issuance of shares
  
Repurchase of shares
  
Ending balance750,000 525,000 
Common shares
Beginning balance44,445 50,811 
Issuance of shares
  
Repurchase of shares
(577)(1,076)
Issuance of restricted stock awards325 235 
Ending balance44,193 49,970 
Additional paid-in capital
Beginning balance608,121 1,623,206 
Issuance of shares
  
Repurchase of shares
(92,857)(170,569)
Offering expenses
  
Change in redeemable noncontrolling interests
(863)(1,865)
Issuance of restricted stock awards(770)(145)
Ending balance513,631 1,450,627 
Accumulated other comprehensive income (loss)
Beginning balance(10,909)(12,642)
Change in net unrealized gains (loss) on investments, net of tax834 (1,811)
Foreign currency translation adjustments, net of tax
(2,759)2,071 
Ending balance(12,834)(12,382)
Retained earnings
Beginning balance5,232,624 5,373,873 
Net income (loss) (397,481)(330,495)
Net (income) loss attributable to redeemable noncontrolling interests11,912 46,850 
Dividends on common shares
(16,241)(17,817)
Dividends on preference shares
(8,844)(7,289)
Ending balance
4,821,970 5,065,122 
Total shareholders’ equity
$6,116,960 $7,078,337 
 




See accompanying notes to the consolidated financial statements
10


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the three months ended March 31, 2022 and 2021
(in thousands of United States Dollars) (Unaudited)
Three months ended
March 31,
2022
March 31,
2021
Cash flows provided by (used in) operating activities
Net income (loss)$(397,481)$(330,495)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Amortization, accretion and depreciation(9,337)1,747 
Equity in undistributed (earnings) losses of other ventures16,069 17,891 
Net realized and unrealized (gains) losses on investments632,729 360,424 
Change in:
Premiums receivable(1,069,971)(1,033,491)
Prepaid reinsurance premiums(331,260)(406,134)
Reinsurance recoverable(50,821)(234,657)
Deferred acquisition costs and value of business acquired(150,552)(153,420)
Reserve for claims and claim expenses215,674 572,245 
Unearned premiums1,015,092 1,069,556 
Reinsurance balances payable458,694 766,293 
Other(160,607)(423,421)
Net cash provided by (used in) operating activities168,229 206,538 
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading3,958,948 3,469,130 
Purchases of fixed maturity investments trading(4,405,789)(3,808,597)
Net sales (purchases) of equity investments trading(374,292)128,020 
Net sales (purchases) of short term investments626,639 (111,085)
Net sales (purchases) of other investments(210,840)(127,661)
Net sales (purchases) of investments in other ventures(779)(15,542)
Return of investment from investment in other ventures2,213 2,604 
Net cash provided by (used in) investing activities(403,900)(463,131)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares(16,241)(17,817)
Dividends paid – preference shares(8,940)(7,289)
RenaissanceRe common share repurchases(97,259)(171,645)
Net third-party redeemable noncontrolling interest share transactions66,729 13,006 
Taxes paid on withholding shares(10,782)(9,834)
Net cash provided by (used in) financing activities(66,493)(193,579)
Effect of exchange rate changes on foreign currency cash6,201 20 
Net increase (decrease) in cash and cash equivalents(295,963)(450,152)
Cash and cash equivalents, beginning of period1,859,019 1,736,813 
Cash and cash equivalents, end of period$1,563,056 $1,286,661 






See accompanying notes to the consolidated financial statements
11


RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(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 RenaissanceRe’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2021. RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.
Renaissance Reinsurance Ltd. (“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. 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 Syndicate 1458 (“Syndicate 1458”) is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited, a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member. RenaissanceRe Syndicate Management Ltd., a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.
RenaissanceRe Europe AG (“RREAG”), a Swiss-domiciled reinsurance company, which has branches in Australia, Bermuda, the U.K. and the U.S., provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.
RenaissanceRe Specialty U.S. Ltd., a Bermuda-domiciled insurer, which operates subject to U.S. federal income tax.
DaVinci Reinsurance Ltd. (“DaVinci”), a wholly-owned subsidiary of DaVinciRe Holdings Ltd. (“DaVinciRe”), is a managed joint venture formed by the Company to principally write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis.
Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to write casualty and specialty risks in line with the Company’s book of business. Fontana launched effective April 1, 2022.
Top Layer Reinsurance Ltd. is a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance.
RenaissanceRe Underwriting Managers U.S. LLC, is licensed as a reinsurance intermediary broker in the State of Connecticut and underwrites specialty treaty reinsurance solutions on both a quota share and excess of loss basis on behalf of affiliates.
Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly-owned subsidiary of RenaissanceRe, acts as exclusive underwriting manager for certain of our joint ventures or managed funds in return for fee-based income and profit participation.
RenaissanceRe Fund Management Ltd. (“RFM”) is a wholly owned Bermuda exempted company and acts as the exclusive investment fund manager for several of the Company’s joint ventures or managed funds, in return for a management fee, a performance based incentive fee, or both. RFM is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission and serves as the investment adviser to third-party investors in the various private investment partnerships and insurance-related investment products offered by the Company.
12


RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk.
Upsilon RFO Re Ltd. (“Upsilon RFO”), an exempted company incorporated in Bermuda and registered as a segregated accounts company and as a collateralized insurer, is a managed fund formed by the Company principally to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market.
RenaissanceRe Upsilon Fund Ltd., an exempted company incorporated in Bermuda and registered as a segregated accounts company and a Class A Professional Fund, provides a fund structure through which third-party investors can invest in reinsurance risk managed by the Company.
Vermeer Reinsurance Ltd. (“Vermeer”), an exempted company incorporated in Bermuda and registered as a Class 3B insurer, provides capacity focused on risk remote layers in the U.S. property catastrophe market. The Company maintains a majority voting control of Vermeer, while Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, retains economic benefits.
Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled special purpose insurer (“SPI”), provides reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes.
Fibonacci Reinsurance Ltd. (“Fibonacci Re”), an exempted company incorporated in Bermuda and registered as a SPI, provides 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.
The Company and Reinsurance Group of America, Incorporated are engaged in an initiative (“Langhorne”) to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne Holdings LLC (“Langhorne Holdings”) was incorporated to own and manage certain reinsurance entities within Langhorne. Langhorne Partners LLC (“Langhorne Partners”) is the general partner for Langhorne and manages the third-parties investing in Langhorne Holdings.
Following the acquisition of Tokio Millennium Re AG and certain associated entities and subsidiaries (collectively, “TMR”) on March 22, 2019, the Company managed Shima Reinsurance Ltd. (“Shima Re”), Norwood Re Ltd. (“Norwood Re”) and Blizzard Re Ltd. (“Blizzard,” together with Shima Re and Norwood Re, the “TMR managed third-party capital vehicles”), which provided third-party investors with access to reinsurance risk. The TMR managed third-party capital vehicles no longer write new business. The Company ceased providing management services to Blizzard effective November 1, 2020, and to Shima Re and Norwood Re effective December 1, 2020.
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, 2021, except as described 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.
13


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 recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs and the value of business acquired and the Company’s deferred tax valuation allowance.

NOTE 3. INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
March 31,
2022
December 31,
2021
U.S. treasuries$5,792,746 $6,247,779 
Agencies363,256 361,684 
Non-U.S. government485,193 549,613 
Non-U.S. government-backed corporate431,008 474,848 
Corporate3,420,946 3,214,438 
Agency mortgage-backed714,176 721,955 
Non-agency mortgage-backed212,145 233,346 
Commercial mortgage-backed567,186 634,925 
Asset-backed1,042,429 1,068,543 
Total fixed maturity investments trading$13,029,085 $13,507,131 








14


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, 2022Amortized 
Cost
Fair Value
Due in less than one year
$435,206 $434,040 
Due after one through five years
6,363,352 6,147,438 
Due after five through ten years
3,870,535 3,650,795 
Due after ten years
282,741 260,876 
Mortgage-backed
1,535,330 1,493,507 
Asset-backed1,053,737 1,042,429 
Total
$13,540,901 $13,029,085 
Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
March 31,
2022
December 31,
2021
Financials$125,395 $146,615 
Communications and technology74,567 82,444 
Consumer48,634 51,083 
Industrial, utilities and energy29,028 26,645 
Healthcare28,135 28,796 
Basic materials4,915 5,092 
Equity exchange traded funds107,814 114,919 
Fixed income exchange traded funds454,780 90,422 
Total$873,268 $546,016 
Pledged Investments
At March 31, 2022, $8.4 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities (December 31, 2021 - $8.7 billion). Of this amount, $1.7 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2021 - $1.8 billion).
Reverse Repurchase Agreements
At March 31, 2022, the Company held $256.6 million (December 31, 2021 - $5.1 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.





15


Net Investment Income
The components of net investment income are as follows:
Three months ended
March 31,
2022
March 31,
2021
Fixed maturity investments$62,417 $62,933 
Short term investments1,136 573 
Equity investments2,754 1,491 
Other investments
Catastrophe bonds17,360 14,468 
Other5,552 3,801 
Cash and cash equivalents(41)102 
 89,178 83,368 
Investment expenses(5,487)(3,564)
Net investment income$83,691 $79,804 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months ended
March 31,
2022
March 31,
2021
Net realized gains (losses) on fixed maturity investments trading$(121,152)$20,398 
Net unrealized gains (losses) on fixed maturity investments trading(464,177)(297,018)
Net realized and unrealized gains (losses) on fixed maturity investments trading(585,329)(276,620)
Net realized and unrealized gains (losses) on investments-related derivatives(40,288)14,861 
Net realized gains (losses) on equity investments trading sold during the period(20)109,887 
Net unrealized gains (losses) on equity investments trading still held at reporting date(48,669)(177,809)
Net realized and unrealized gains (losses) on equity investments trading(48,689)(67,922)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(8,261)(19,083)
Net realized and unrealized gains (losses) on other investments - other
9,550 3,201 
Net realized and unrealized gains (losses) on investments$(673,017)$(345,563)
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 13. Derivative Instruments” for additional information.
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NOTE 4. FAIR VALUE MEASUREMENTS
The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains or losses arising from changes in fair value in its consolidated statements of operations.
FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:
Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;
Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and
Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.
In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. 
There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.
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Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:
At March 31, 2022TotalQuoted
Prices in Active
Markets for
Identical 
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed maturity investments
U.S. treasuries$5,792,746 $5,792,746 $ $ 
Agencies363,256  363,256  
Non-U.S. government485,193  485,193  
Non-U.S. government-backed corporate431,008  431,008  
Corporate3,420,946  3,420,946  
Agency mortgage-backed714,176  714,176  
Non-agency mortgage-backed212,145  212,145  
Commercial mortgage-backed567,186  567,186  
Asset-backed1,042,429  1,042,429  
Total fixed maturity investments13,029,085 5,792,746 7,236,339  
Short term investments4,685,280  4,685,280