Investments in Other Ventures, under Equity Method The table below shows our investments in other ventures, under equity method: At December 31, 2021 2020 (in thousands, except percentages) Investment Ownership % Carrying Value Investment Ownership % Carrying Value Tower "ill Companies $ 78,698 2.0% - 25.0% $ 25,575 $ 64,750 2.0% - 25.0% $ 30,470 Top Layer Re 65,375 50.0 % 25,903 65,375 50.0 % 26,958 Other 46,698 22.4 % 46,590 42,652 25.0 % 40,945 Total investments in other ventures, under equity method $ 190,771 $ 98,068 $ 172,777 $ 98,373 The equity in earnings of the Tower "ill Companies and investments in other ventures are reported one quarter in arrears and Top Layer is reported on a current quarter basis. The realized value we ultimately attain for our investments in other ventures, under equity method will likely differ from the carrying value, perhaps materially. Ratings Financial strength ratings are important to the competitive position of reinsurance and insurance companies. We have received high long-term issuer credit and financial strength ratings and scores from A.M. est, SP, Moody’s and Fitch, as applicable. These ratings represent independent opinions of an insurer’s financial strength, operating performance and ability to meet policyholder obligations, and are not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold any of our securities. Rating organizations continually review the financial positions of our principal operating subsidiaries and joint ventures and ratings may be revised or revoked by the agencies which issue them. Additionally, rating organizations may change their rating methodology, which could have a material impact on our financial strength ratings. The ratings of our principal operating subsidiaries and joint ventures and the ERM score of RenaissanceRe as of February 2, 2022 are presented below. A.M. Best (1) S&P (2) Moody's (3) Fitch (4) Renaissance Reinsurance Ltd. A A A1 A DaVinci Reinsurance Ltd. A A A3 S Renaissance Reinsurance of Europe Unlimited Company A A S S Renaissance Reinsurance U.S. Inc. A A S S RenaissanceRe Europe AG A A S S RenaissanceRe Specialty U.S. Ltd. A A S S Top Layer Reinsurance Ltd. A AA S S Vermeer Reinsurance Ltd. A S S S RenaissanceRe Syndicate 1458 S S S S Lloyds Overall Market Rating A A S AA- RenaissanceRe ERM Score Very Strong Very Strong S S (1) The A.M. est ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. RenaissanceRe has been assigned a “Very Strong” ERM score by A.M. est. 103