Net Income (Loss) Attributable to Redeemable Noncontrolling Interests Year ended December 31, 2021 2020 2019 (in thousands) Redeemable noncontrolling interest - DaVinciRe $ (102,932) $ 113,671 $ 127,084 Redeemable noncontrolling interest - Medici 1,492 55,970 25,759 Redeemable noncontrolling interest - Vermeer 38,155 61,012 48,626 Net income (loss) attributable to redeemable noncontrolling interests $ (63,285) $ 230,653 $ 201,469 Our net loss attributable to redeemable noncontrolling interests was $63.3 million compared to net income attributable to redeemable noncontrolling interests of $230.7 million in 2020. This change from 2020 reflects the impact of higher underwriting losses in DaVinci, lower underwriting income in Vermeer, and a decrease in Medici net income, primarily due to foreign exchange losses that are attributable to third party investors. Our net income attributable to redeemable noncontrolling interests was $230.7 million in 2020, compared to $201.5 million in 2019, a change of $29.2 million. The increase was driven by improved performance from Medici and Vermeer, compared to 2019, partially offset by lower underlying performance in DaVinci which was negatively impacted by the 2020 Weather-Related Large Loss Events and the COVID-19 losses. Refer to “Note 10. Noncontrolling Interests” in our “Notes to Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests. FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES Financial Condition As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own. Its assets consist primarily of investments in subsidiaries and cash and securities in amounts which fluctuate over time. We therefore rely on dividends and distributions (and other statutorily permissible payments) from our subsidiaries, investment income and fee income to meet our liquidity requirements, which primarily include making principal and interest payments on our debt and dividend payments to our preference and common shareholders. The payment of dividends by our subsidiaries is, under certain circumstances, limited by the applicable laws and regulations in the various jurisdictions in which our subsidiaries operate In addition, insurance laws require our insurance subsidiaries to maintain certain measures of solvency and liquidity. We believe that each of our insurance subsidiaries and branches exceeded the minimum solvency, capital and surplus requirements in their applicable jurisdictions at December 31, 2021. Certain of our subsidiaries and branches are required to file FCRs, with their regulators, which provide details on solvency and financial performance. Where required, these FCRs will be posted on our website. The regulations governing our and our principal operating subsidiaries’ ability to pay dividends and to maintain certain measures of solvency and liquidity and requirements to file FCRs are discussed in detail in “Part I, Item 1. Business — Regulation” and “Note 18. Statutory Requirements” in our “Notes to the Consolidated Financial Statements.” Liquidity and Cash Flows 1lding C1mpany i3uidity RenaissanceRe’s principal uses of liquidity are: (1) common share related transactions including dividend payments to our common shareholders and common share repurchases, (2) preference share related transactions including dividend payments to our preference shareholders and preference share redemptions, (3) interest and principal payments on debt, (4) capital investments in our subsidiaries, (5) acquisition of new or existing companies or businesses and (6) certain corporate and operating expenses. 90