Premiums Receivable and Reinsurance Recoverable Premiums receivable from ceding companies and reinsurance recoverable from our reinsurers are subject to credit risk. To mitigate credit risk related to reinsurance premiums receivable, we have established standards for ceding companies and, in most cases, have a contractual right of offset allowing us to settle claims net of any reinsurance premiums receivable. To mitigate credit risk related to our reinsurance recoverable amounts, we consider the financial strength of our reinsurers when determining whether to purchase coverage from them. 1e generally obtain reinsurance coverage from companies rated “A-“ or better by SP unless the obligations are collateralized. 1e routinely monitor the financial performance and rating status of all material reinsurers. Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of )perations S Summary of Critical Accounting Estimates S Reinsurance Recoverable” for additional information with respect to reinsurance recoverable. Equity Price Risk Equity price risk is the potential loss arising from changes in the market value of equity investments. As detailed in the table below, we are directly exposed to this risk through our investment in equity investments trading, including certain positions in our strategic investment portfolio, which are traded on nationally recognized stock exchanges and indirectly exposed to this risk through other investments such as our direct private equity investments, private equity funds and hedge fund, whose exit strategies and market values often depend on the wider equity markets. 1e may, from time to time, use equity derivatives in our investment portfolio to either assume equity risk or hedge our equity exposure. The following table summarizes a hypothetical 10 increase or decline in the market value of our equity investments trading, direct private equity investments, private equity funds and hedge funds, holding all other factors constant, at the dates indicated At December 31, 2021 2020 (in thousands, except for percentages) Equity investments trading, at fair value $ 546,016 $ 702,617 Direct private equity investments 88,373 79,807 Private equity funds, at fair value 241,297 140,743 "edge funds, at fair value 11,394 10,553 Total carrying value of investments exposed to equity price risk $ 887,080 $ 933,720 Impact of a hypothetical 10 increase in the carrying value of investments exposed to equity price risk $ 88,708 $ 93,372 Impact of a hypothetical 10 decrease in the carrying value of investments exposed to equity price risk $ (88,708) $ (93,372) ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Reference is made to Item 15 of this Report for the Consolidated Financial Statements of RenaissanceRe and the Notes thereto, as well as the Schedules to the Consolidated Financial Statements. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Under the supervision and with the participation of our management, including our Chief Executive )fficer and Chief Financial )fficer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(b) and 15d-15(b) of the Exchange Act, as of the end of the period covered by this report. Based upon that evaluation, our management, including our 114