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. X RenaissanceRe Upsilon Fund &td., an exempted company incorporated in Bermuda and registered as a segregated accounts company and a Class A *rofessional Fund, provides a fund structure through which third-party investors can invest in reinsurance risk managed by the Company. X 0ermeer Reinsurance &td. (V0ermeerW), 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 0ermeer, while Stichting *ensioenfonds 4org en Welzijn (V*F4WW), a pension fund represented by *GGM 0ermogensbeheer B.0., a Dutch pension fund manager, retains economic benefits. X Mona &isa Re &td. (VMona &isa ReW), a Bermuda domiciled S*I, provides reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and Da0inci, through reinsurance agreements which are collateralized and funded by Mona &isa Re through the issuance of one or more series of principal-at-risk variable rate notes. X Fibonacci Reinsurance &td. (VFibonacci ReW), an exempted company incorporated in Bermuda and registered as a special purpose insurer (VS*IW), 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. X The Company and Reinsurance Group of America, Incorporated are engaged in an initiative (V&anghorneW) to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. &anghorne "oldings &&C (V&anghorne "oldingsW) was incorporated to own and manage certain reinsurance entities within &anghorne. &anghorne *artners &&C (V&anghorne *artnersW) is the general partner for &anghorne and manages the third-parties investing in &anghorne "oldings. X Following the acquisition of Tokio Millennium Re AG and certain associated entities and subsidiaries (collectively, VTMRW) on March 22, 2019, the Company managed Shima Reinsurance &td. (VShima ReW), Norwood Re &td. (VNorwood ReW) and Blizzard Re &td. (VBlizzard,W together with Shima Re and Norwood Re, the VTMR managed third-party capital vehiclesW), 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 BASIS OF PRESENTATION These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (VGAA*W). All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. USE OF ESTIMATES IN FINANCIAL STATEMENTS The preparation of consolidated financial statements in conformity with GAA* 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 Company’s deferred tax valuation allowance. F-10