The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: Year ended December 31, 2021 2020 Beginning balance $ 1,560,693 $ 1,435,581 Redemption of shares from redeemable noncontrolling interests, net of adjustments (157,864) 1,450 Sale of shares to redeemable noncontrolling interests 199,554 9,991 Net income (loss) attributable to redeemable noncontrolling interests (102,932) 113,671 Ending balance $ 1,499,451 $ 1,560,693 Redeemable Noncontrolling Interest - Medici RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in the consolidated financial statements of the Company. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. 2021 During 2021, third-party investors subscribed for $201.5 million and redeemed $64.2 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 14.7% at December 31, 2021. Refer to “Note 22. Subsequent Events” for additional information related to the Company’s noncontrolling economic ownership in Medici subsequent to December 31, 2021. 2020 During 2020, third-party investors subscribed for $137.3 million and redeemed $107.4 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 15.7%, at December 31, 2020. The Company expects its noncontrolling economic ownership in Medici to fluctuate over time. The activity in redeemable noncontrolling interest – Medici is detailed in the table below: Year ended December 31, 2021 2020 Beginning balance $ 717,999 $ 632,112 Redemption of shares from redeemable noncontrolling interests, net of adjustments (64,191) (107,386) Sale of shares to redeemable noncontrolling interests 201,520 137,303 Net income (loss) attributable to redeemable noncontrolling interests 1,492 55,970 Ending balance $ 856,820 $ 717,999 Redeemable Noncontrolling Interest – Vermeer RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, PFZW, owns 100% of the non-voting participating shares of Vermeer and retains all of the economic benefits. Vermeer is managed by RUM in return for a management fee. The Company has concluded that Vermeer is a VIE as it has voting rights that are not proportional to its participating rights, and the Company is the primary beneficiary of Vermeer. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been eliminated. As PFZW owns all of the economics of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statement of operations as F-62