Form 8-K
8-K — RENAISSANCERE HOLDINGS LTD
Accession: 0000913144-26-000081
Filed: 2026-07-22
Period: 2026-07-22
CIK: 0000913144
SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — rnr-20260722.htm (Primary)
EX-99.1 (rnrearningsrelease2026q2.htm)
EX-99.2 (rnrfinancialsupplement2026.htm)
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8-K
8-K (Primary)
Filename: rnr-20260722.htm · Sequence: 1
rnr-20260722
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2026
RenaissanceRe Holdings Ltd.
(Exact name of registrant as specified in its charter)
Bermuda 001-14428 98-0141974
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
Renaissance House, 12 Crow Lane, Pembroke, Bermuda HM 19
(Address of Principal Executive Office) (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report).
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNR New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
RNR PRF New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share RNR PRG New York Stock Exchange
Item 2.02 Results of Operations and Financial Condition.
On July 22, 2026, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit # Description
99.1* Copy of the Company’s press release, issued July 22, 2026.
99.2* Copy of the Company’s Financial Supplement.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
* Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item 2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RENAISSANCERE HOLDINGS LTD.
Date: By: /s/ Robert Qutub
July 22, 2026 Robert Qutub
Executive Vice President and Chief Financial Officer
EX-99.1
EX-99.1
Filename: rnrearningsrelease2026q2.htm · Sequence: 2
Document
RenaissanceRe Reports $654.2 Million of Net Income Available to Common Shareholders and $547.8 Million of Operating Income Available to Common Shareholders in Q2 2026. Strong Performance Across All Three Drivers of Profit – Underwriting, Fee and Net Investment Income.
•Annualized return on average common equity of 24.0% and annualized operating return on average common equity of 20.1%.
•72.8% combined ratio driven by strong current year results, low catastrophe losses and favorable prior year development.
•Favorable prior year development of $199.4 million, with $257.5 million of favorable development in Property, partially offset by $58.0 million of adverse development in Casualty and Specialty, which included $54.0 million related to a shift of previously reported loss estimates for the Baltimore Bridge Collapse from Property and $5.5 million from purchase accounting adjustments.
•Fee income of $83.0 million, with strong contributions from management and performance fees.
•Net investment income of $432.5 million, up 4.7% from Q2 2025.
•Repurchased $350.0 million of common shares in Q2 2026.
•5.7% quarterly growth in book value per common share or 24.8% growth since June 30, 2025.
Pembroke, Bermuda, July 22, 2026 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the second quarter of 2026.
Net Income Available to Common Shareholders per Diluted Common Share: $15.48
Operating Income Available to Common Shareholders per Diluted Common Share: $12.92
Underwriting Income
$599.1M
Fee Income
$83.0M
Net Investment Income
$432.5M
Change in Book Value per Common Share: 5.7%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 6.2%
Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends and Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Kevin J. O’Donnell, President and Chief Executive Officer, said, “We delivered strong results in the second quarter, growing book value per common share by 5.7% to $264.77, with annualized return on average common equity of 24.0% and annualized operating return on average common equity of 20.1%. Each of our Three Drivers of Profit – Underwriting, Fee and Net Investment Income – contributed meaningfully to this outcome, with a diversified income base that supports enhanced earnings stability.
Underwriting performance anchored our results, producing a 72.8% combined ratio. At the mid-year renewals, our leadership position allowed us to retain attractive lines, grow limit with high-quality clients and maintain private terms. We continue to make disciplined portfolio decisions, including buying additional retrocessional protection across both Property and Casualty and Specialty.
We repurchased $350 million of our shares during the quarter. Since we began repurchasing our shares two years ago, we have in aggregate repurchased 11.5 million shares for approximately $3 billion, or about 22% of our starting share count. We remain in a strong capital position and through July 20, 2026, we have repurchased an additional $82.9 million of our shares.
This combination of disciplined execution, diversified earnings streams and consistent capital management positions us to continue compounding tangible book value per common share.”
1
Consolidated Financial Results
Consolidated Highlights
Three months ended June 30,
(in thousands, except per share amounts and percentages) 2026 2025
Gross premiums written
$ 2,994,424 $ 3,421,180
Net premiums written 2,276,960 2,770,270
Net premiums earned
2,199,521 2,412,154
Underwriting income (loss) 599,117 601,688
Combined ratio
72.8 % 75.1 %
Adjusted combined ratio (1)
71.7 % 73.0 %
Net Income (Loss)
Available (attributable) to common shareholders
654,234 826,507
Available (attributable) to common shareholders per diluted common share
$ 15.48 $ 17.20
Return on average common equity - annualized
24.0 % 33.7 %
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
547,761 594,583
Available (attributable) to common shareholders per diluted common share (1)
$ 12.92 $ 12.29
Operating return on average common equity - annualized (1)
20.1 % 24.2 %
June 30,
2026 June 30,
2025
Book Value per Common Share
Book value per common share
$ 264.77 $ 212.15
Quarterly change in book value per common share (2)
5.7 % 8.1 %
Quarterly change in book value per common share plus change in accumulated dividends (2)
5.9 % 8.3 %
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$ 247.66 $ 194.86
Tangible book value per common share plus accumulated dividends (1)
$ 278.16 $ 223.74
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)
6.2 % 9.5 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)Represents the percentage change during the three months ended June 30, 2026, and June 30, 2025, respectively.
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Three Drivers of Profit: Underwriting, Fee and Investment Income
Underwriting Results - Property Segment: Strong combined ratio of 27.1%
Property Segment
Three months ended June 30,
Q/Q Change
(in thousands, except percentages) 2026 2025
Gross premiums written
$ 1,551,685 $ 1,731,935 (10.4)%
Net premiums written 1,203,424 1,325,557 (9.2)%
Net premiums earned 881,611 868,010 1.6%
Underwriting income (loss)
642,675 630,171
Underwriting Ratios
Net claims and claim expense ratio - current accident year
28.4 % 29.8 % (1.4) pts
Net claims and claim expense ratio - prior accident years
(29.2) % (30.7) % 1.5 pts
Net claims and claim expense ratio - calendar year
(0.8) % (0.9) % 0.1 pts
Underwriting expense ratio
27.9 % 28.3 % (0.4) pts
Combined ratio
27.1 % 27.4 % (0.3) pts
Adjusted combined ratio (1)
26.0 % 25.8 % 0.2 pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $180.3 million, or 10.4%, driven by:
–a decrease of $187.7 million, or 13.9%, in the catastrophe class, not including reinstatement premiums, with rate reductions being partially offset by growth opportunities; partly offset by
–an increase of $35.0 million in the other property class, as premiums in Q2 2025 were impacted by downwards premium adjustments, in part due to rate decreases in the excess and surplus business.
•Net claims and claim expense ratio - current accident year held relatively flat year over year due to the low level of catastrophe losses in both the current and comparative quarter.
•Net claims and claim expense ratio - prior accident years reflected net favorable development of 29.2%, driven by:
–net favorable development of $132.7 million in the catastrophe class, primarily from the large loss events in 2021, 2022, 2024 and 2025; and
–net favorable development of $124.7 million in the other property class, primarily due to favorable attritional loss experience.
•Underwriting expense ratio remained relatively flat quarter over quarter, as expense growth was largely offset by the Bermuda tax credits.
•Combined ratio and adjusted combined ratio benefited from the low current accident year net losses and prior accident years net favorable development.
3
Underwriting Results - Casualty and Specialty Segment: Lower impact from current accident year large losses compared to Q2 2025
Casualty and Specialty Segment
Three months ended June 30,
Q/Q Change
(in thousands, except percentages)
2026 2025
Gross premiums written
$ 1,442,739 $ 1,689,245 (14.6)%
Net premiums written 1,073,536 1,444,713 (25.7)%
Net premiums earned 1,317,910 1,544,144 (14.7)%
Underwriting income (loss)
(43,558) (28,483)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
67.6 % 68.2 % (0.6) pts
Net claims and claim expense ratio - prior accident years
4.4 % (0.2) % 4.6 pts
Net claims and claim expense ratio - calendar year
72.0 % 68.0 % 4.0 pts
Underwriting expense ratio
31.3 % 33.8 % (2.5) pts
Combined ratio
103.3 % 101.8 % 1.5 pts
Adjusted combined ratio (1)
102.3 % 99.5 % 2.8 pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $246.5 million, or 14.6%, principally due to:
–exposure reductions across the general casualty, professional liability and other specialty classes;
–changes in premium estimates on business underwritten in prior years in the other specialty class, largely from rate pressure in cyber; and
–a decrease in the credit class driven by opportunistic deals written during Q2 2025 that were not up for renewal.
•Net premiums written decreased by $371.2 million, or 25.7%, consistent with the drivers for gross premiums written discussed above, in addition to an increase in the Company’s retrocessional purchases.
•Net claims and claim expense ratio - current accident year improved by 0.6 percentage points compared to Q2 2025, principally driven by the lower impact of large loss events within the other specialty class.
•Net claims and claim expense ratio - prior accident years reflected net adverse development of 4.4%, including $54.0 million, or 4.1 percentage points, from a shift of previously reported loss estimates for the Baltimore Bridge Collapse to Casualty and Specialty from the other property class, and $5.5 million, or 0.4 percentage points, related to purchase accounting adjustments.
•Underwriting expense ratio improved by 2.5 percentage points, driven by:
–a 1.7 percentage point improvement in the operating expense ratio, primarily due to the Bermuda tax credits and an increase in override management fees; and
–a 0.8 percentage point improvement in the acquisition expense ratio, primarily due to a decrease in purchase accounting adjustments.
•Combined ratio and adjusted combined ratio each included adverse development related to the Baltimore Bridge Collapse, which was partially offset by the lower underwriting expense ratio.
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Fee Income: $83.0 million of fee income, with strong contributions from both management and performance fees
Fee Income
Three months ended June 30,
Q/Q Change
(in thousands)
2026 2025
Management fee income
$ 48,138 $ 56,407 $ (8,269)
Performance fee income (loss) (1)
34,889 38,550 (3,661)
Total fee income
$ 83,027 $ 94,957 $ (11,930)
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
•Management fee income decreased as a result of lower management fees in DaVinci, primarily due to a recapture of previously deferred management fees in Q2 2025 which did not repeat in Q2 2026, combined with lower management fees in DaVinci and Fontana due to lower net premiums earned.
•Performance fee income decreased primarily driven by lower prior accident years net favorable development within Upsilon.
•Total fee income in Q2 2026 included $59.4 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss).
Investment Results: Net investment income of $432.5 million, up 4.7% from Q2 2025, and net realized and unrealized gains of $121.6 million
Investment Results
Three months ended June 30,
Q/Q Change
(in thousands, except percentages)
2026 2025
Net investment income $ 432,489 $ 413,108 $ 19,381
Equity in earnings (losses) of other ventures 17,829 20,333 (2,504)
Net realized and unrealized gains (losses) on investments 121,628 349,720 (228,092)
Total investment result
$ 571,946 $ 783,161 $ (211,215)
Net investment income return - annualized 5.0 % 5.0 % — pts
Total investment return - annualized
6.6 % 9.6 % (3.0) pts
•Net investment income increased by $19.4 million, primarily due to higher average invested assets and portfolio reallocation, resulting in increased income from fixed income exchange traded funds.
•Net realized and unrealized gains on investments in Q2 2026 were driven by:
–$217.3 million of net gains on equity-related investments, primarily from equity futures being favorably impacted by equity market movements in the quarter;
–$99.9 million of net gains on fund and direct private equity investments, as a result of favorable equity market movements; partially offset by
–$115.3 million of net losses on fixed maturity-related investments, primarily due to increases in market yields in the quarter; and
–$79.1 million of net losses on commodity-related investments, principally due to decreases in prices for gold futures.
•Total investments were $36.2 billion at June 30, 2026 (December 31, 2025 - $36.1 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.3% and 3.0 years, respectively (December 31, 2025 - 4.8% and 2.6 years, respectively).
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Other Items of Note
•Net income attributable to redeemable noncontrolling interests of $315.3 million was primarily driven by:
–strong underwriting income in DaVinci and Vermeer;
–$118.1 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
–$31.9 million of net realized and unrealized losses in the investment portfolios of the Company’s joint ventures and managed funds; and
–$59.4 million of management and performance fee income.
•Income tax expense of $139.4 million in Q2 2026, compared to an expense of $176.9 million in Q2 2025. The income tax expense was primarily driven by strong operating profits.
•Operational and corporate expenses decreased in Q2 2026, primarily driven by Bermuda tax credits and partially offset by an increase in compensation expenses.
•Share repurchases of 1.2 million common shares at an aggregate cost of $350.0 million and an average price of $300.82 per common share. Repurchased an additional $82.9 million from July 1, 2026, through July 20, 2026.
6
Conference Call Details and Additional Information
Non-GAAP Financial Measures and Additional Financial Information
This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” and “adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.
Please refer to the “Investors - Reports & Filings” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Conference Call Information
RenaissanceRe will host a conference call on Thursday, July 23, 2026, at 10:00 a.m. ET to discuss this release. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at investor.renre.com. A replay will be available after the call at the same location.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry and government initiatives and regulatory matters affecting the (re)insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by the Company that its current objectives or plans will be achieved. Numerous factors could cause the Company’s actual results to differ materially from those addressed by the forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s
7
exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts globally; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its operating subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
INVESTOR CONTACT:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
(441) 239-4830
MEDIA CONTACT:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Senior Vice President, Investor Relations & Communications
(441) 239-4946
or
Kekst CNC
Nicholas Capuano
(917) 842-7859
8
RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations and Financial Data
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Revenues
Gross premiums written $ 2,994,424 $ 3,421,180 $ 6,473,297 $ 7,576,683
Net premiums written $ 2,276,960 $ 2,770,270 $ 4,955,256 $ 6,213,799
Decrease (increase) in unearned premiums (77,439) (358,116) (572,121) (1,080,864)
Net premiums earned 2,199,521 2,412,154 4,383,135 5,132,935
Net investment income 432,489 413,108 852,991 818,461
Net foreign exchange gains (losses) (7,345) 8,660 (16,364) 1,332
Equity in earnings (losses) of other ventures 17,829 20,333 38,314 38,161
Other income (loss) 4,479 2,624 5,726 3,538
Net realized and unrealized gains (losses) on investments 121,628 349,720 (300,285) 682,660
Total revenues
2,768,601 3,206,599 4,963,517 6,677,087
Expenses
Net claims and claim expenses incurred 942,378 1,042,123 1,926,349 3,785,881
Acquisition expenses 563,279 642,605 1,085,129 1,290,040
Operational expenses 94,747 125,738 183,782 225,923
Corporate expenses 18,681 23,781 38,141 46,591
Interest expense 31,778 31,793 63,564 58,879
Total expenses
1,650,863 1,866,040 3,296,965 5,407,314
Income (loss) before taxes 1,117,738 1,340,559 1,666,552 1,269,773
Income tax benefit (expense) (139,400) (176,869) (172,384) (131,344)
Net income (loss) 978,338 1,163,690 1,494,168 1,138,429
Net (income) loss attributable to redeemable noncontrolling interests (315,260) (328,339) (537,711) (133,087)
Net income (loss) attributable to RenaissanceRe 663,078 835,351 956,457 1,005,342
Dividends on preference shares (8,844) (8,844) (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234 $ 826,507 $ 938,769 $ 987,654
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic $ 15.54 $ 17.25 $ 22.03 $ 20.37
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted $ 15.48 $ 17.20 $ 21.94 $ 20.30
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 12.92 $ 12.29 $ 26.68 $ 10.64
Average shares outstanding - basic
41,379 47,140 41,906 47,737
Average shares outstanding - diluted
41,545 47,286 42,086 47,900
Net claims and claim expense ratio
42.8 % 43.2 % 43.9 % 73.8 %
Underwriting expense ratio
30.0 % 31.9 % 29.0 % 29.5 %
Combined ratio
72.8 % 75.1 % 72.9 % 103.3 %
Return on average common equity - annualized
24.0 % 33.7 % 17.2 % 20.1 %
Operating return on average common equity - annualized (1)
20.1 % 24.2 % 20.9 % 10.7 %
(1)See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.
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RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
June 30,
2026 December 31,
2025
Assets (Unaudited) (Audited)
Fixed maturity investments trading, at fair value $ 25,185,430 $ 24,884,323
Short-term investments, at fair value
3,949,012 4,759,811
Equity investments, at fair value 1,846,152 1,732,990
Other investments, at fair value 5,083,169 4,574,214
Investments in other ventures, under equity method 149,337 121,871
Total investments 36,213,100 36,073,209
Cash and cash equivalents 1,302,160 1,731,181
Premiums receivable 8,269,415 7,252,454
Prepaid reinsurance premiums 1,567,745 993,781
Reinsurance recoverable 3,863,486 3,899,913
Accrued investment income 250,610 233,688
Deferred acquisition costs and value of business acquired
1,706,129 1,538,540
Deferred tax asset
693,186 701,927
Receivable for investments sold 305,237 414,523
Other assets 422,106 328,087
Goodwill and other intangible assets 602,439 633,087
Total assets $ 55,195,613 $ 53,800,390
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 22,269,134 $ 22,302,345
Unearned premiums 7,176,037 6,028,174
Debt 2,330,907 2,329,201
Reinsurance balances payable 3,056,013 2,540,518
Payable for investments purchased 550,409 533,101
Other liabilities 649,551 856,302
Total liabilities 36,032,051 34,589,641
Redeemable noncontrolling interests 7,343,353 7,602,092
Shareholders’ Equity
Preference shares 750,000 750,000
Common shares 41,811 43,962
Additional paid-in capital — —
Accumulated other comprehensive income (loss) (13,045) (12,626)
Retained earnings 11,041,443 10,827,321
Total shareholders’ equity attributable to RenaissanceRe 11,820,209 11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity $ 55,195,613 $ 53,800,390
Book value per common share $ 264.77 $ 247.00
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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended June 30, 2026
Property Casualty and Specialty Other Total
Gross premiums written $ 1,551,685 $ 1,442,739 $ — $ 2,994,424
Net premiums written $ 1,203,424 $ 1,073,536 $ — $ 2,276,960
Net premiums earned $ 881,611 $ 1,317,910 $ — $ 2,199,521
Net claims and claim expenses incurred (7,079) 949,457 — 942,378
Acquisition expenses 175,436 387,843 — 563,279
Operational expenses 70,579 24,168 — 94,747
Underwriting income (loss) $ 642,675 $ (43,558) $ — 599,117
Net investment income 432,489 432,489
Net foreign exchange gains (losses) (7,345) (7,345)
Equity in earnings (losses) of other ventures
17,829 17,829
Other income (loss) 4,479 4,479
Net realized and unrealized gains (losses) on investments 121,628 121,628
Corporate expenses (18,681) (18,681)
Interest expense (31,778) (31,778)
Income (loss) before taxes
1,117,738
Income tax benefit (expense) (139,400) (139,400)
Net (income) loss attributable to redeemable noncontrolling interests (315,260) (315,260)
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234
Net claims and claim expenses incurred – current accident year $ 250,393 $ 891,410 $ — $ 1,141,803
Net claims and claim expenses incurred – prior accident years (257,472) 58,047 — (199,425)
Net claims and claim expenses incurred – total $ (7,079) $ 949,457 $ — $ 942,378
Net claims and claim expense ratio – current accident year 28.4 % 67.6 % 51.9 %
Net claims and claim expense ratio – prior accident years (29.2) % 4.4 % (9.1) %
Net claims and claim expense ratio – calendar year (0.8) % 72.0 % 42.8 %
Underwriting expense ratio 27.9 % 31.3 % 30.0 %
Combined ratio 27.1 % 103.3 % 72.8 %
Three months ended June 30, 2025
Property Casualty and Specialty Other Total
Gross premiums written $ 1,731,935 $ 1,689,245 $ — $ 3,421,180
Net premiums written $ 1,325,557 $ 1,444,713 $ — $ 2,770,270
Net premiums earned $ 868,010 $ 1,544,144 $ — $ 2,412,154
Net claims and claim expenses incurred (7,930) 1,050,053 — 1,042,123
Acquisition expenses 174,200 468,405 — 642,605
Operational expenses 71,569 54,169 — 125,738
Underwriting income (loss) $ 630,171 $ (28,483) $ — 601,688
Net investment income 413,108 413,108
Net foreign exchange gains (losses) 8,660 8,660
Equity in earnings (losses) of other ventures
20,333 20,333
Other income (loss) 2,624 2,624
Net realized and unrealized gains (losses) on investments 349,720 349,720
Corporate expenses (23,781) (23,781)
Interest expense (31,793) (31,793)
Income (loss) before taxes
1,340,559
Income tax benefit (expense) (176,869) (176,869)
Net (income) loss attributable to redeemable noncontrolling interests (328,339) (328,339)
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 826,507
Net claims and claim expenses incurred – current accident year $ 258,646 $ 1,053,187 $ — $ 1,311,833
Net claims and claim expenses incurred – prior accident years (266,576) (3,134) — (269,710)
Net claims and claim expenses incurred – total $ (7,930) $ 1,050,053 $ — $ 1,042,123
Net claims and claim expense ratio – current accident year 29.8 % 68.2 % 54.4 %
Net claims and claim expense ratio – prior accident years (30.7) % (0.2) % (11.2) %
Net claims and claim expense ratio – calendar year (0.9) % 68.0 % 43.2 %
Underwriting expense ratio 28.3 % 33.8 % 31.9 %
Combined ratio 27.4 % 101.8 % 75.1 %
11
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Six months ended June 30, 2026
Property Casualty and Specialty Other Total
Gross premiums written $ 3,259,105 $ 3,214,192 $ — $ 6,473,297
Net premiums written $ 2,458,617 $ 2,496,639 $ — $ 4,955,256
Net premiums earned $ 1,782,349 $ 2,600,786 $ — $ 4,383,135
Net claims and claim expenses incurred 77,029 1,849,320 — 1,926,349
Acquisition expenses 332,467 752,662 — 1,085,129
Operational expenses 136,315 47,467 — 183,782
Underwriting income (loss) $ 1,236,538 $ (48,663) $ — 1,187,875
Net investment income 852,991 852,991
Net foreign exchange gains (losses) (16,364) (16,364)
Equity in earnings (losses) of other ventures
38,314 38,314
Other income (loss) 5,726 5,726
Net realized and unrealized gains (losses) on investments (300,285) (300,285)
Corporate expenses (38,141) (38,141)
Interest expense (63,564) (63,564)
Income (loss) before taxes
1,666,552
Income tax benefit (expense) (172,384) (172,384)
Net (income) loss attributable to redeemable noncontrolling interests (537,711) (537,711)
Dividends on preference shares (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 938,769
Net claims and claim expenses incurred – current accident year $ 495,242 $ 1,792,547 $ — $ 2,287,789
Net claims and claim expenses incurred – prior accident years (418,213) 56,773 — (361,440)
Net claims and claim expenses incurred – total $ 77,029 $ 1,849,320 $ — $ 1,926,349
Net claims and claim expense ratio – current accident year 27.8 % 68.9 % 52.2 %
Net claims and claim expense ratio – prior accident years (23.5) % 2.2 % (8.3) %
Net claims and claim expense ratio – calendar year 4.3 % 71.1 % 43.9 %
Underwriting expense ratio 26.3 % 30.8 % 29.0 %
Combined ratio 30.6 % 101.9 % 72.9 %
Six months ended June 30, 2025
Property Casualty and Specialty Other Total
Gross premiums written $ 3,862,768 $ 3,713,915 $ — $ 7,576,683
Net premiums written $ 3,016,551 $ 3,197,248 $ — $ 6,213,799
Net premiums earned $ 2,115,960 $ 3,016,975 $ — $ 5,132,935
Net claims and claim expenses incurred 1,615,327 2,170,554 — 3,785,881
Acquisition expenses 341,845 948,195 — 1,290,040
Operational expenses 135,835 90,088 — 225,923
Underwriting income (loss) $ 22,953 $ (191,862) $ — (168,909)
Net investment income 818,461 818,461
Net foreign exchange gains (losses) 1,332 1,332
Equity in earnings (losses) of other ventures
38,161 38,161
Other income (loss) 3,538 3,538
Net realized and unrealized gains (losses) on investments 682,660 682,660
Corporate expenses (46,591) (46,591)
Interest expense (58,879) (58,879)
Income (loss) before taxes
1,269,773
Income tax benefit (expense) (131,344) (131,344)
Net (income) loss attributable to redeemable noncontrolling interests (133,087) (133,087)
Dividends on preference shares (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 987,654
Net claims and claim expenses incurred – current accident year $ 2,068,961 $ 2,182,504 $ — $ 4,251,465
Net claims and claim expenses incurred – prior accident years (453,634) (11,950) — (465,584)
Net claims and claim expenses incurred – total $ 1,615,327 $ 2,170,554 $ — $ 3,785,881
Net claims and claim expense ratio – current accident year 97.8 % 72.3 % 82.8 %
Net claims and claim expense ratio – prior accident years (21.5) % (0.4) % (9.0) %
Net claims and claim expense ratio – calendar year 76.3 % 71.9 % 73.8 %
Underwriting expense ratio 22.6 % 34.5 % 29.5 %
Combined ratio 98.9 % 106.4 % 103.3 %
12
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Property Segment
Catastrophe $ 1,147,430 $ 1,362,681 $ 2,427,037 $ 3,029,322
Other property 404,255 369,254 832,068 833,446
Property segment gross premiums written
$ 1,551,685 $ 1,731,935 $ 3,259,105 $ 3,862,768
Casualty and Specialty Segment
General casualty (1)
$ 423,977 $ 513,078 $ 924,935 $ 1,193,527
Professional liability (2)
260,105 266,380 559,801 503,341
Credit (3)
216,408 267,540 575,712 668,293
Other specialty (4)
542,249 642,247 1,153,744 1,348,754
Casualty and Specialty segment gross premiums written
$ 1,442,739 $ 1,689,245 $ 3,214,192 $ 3,713,915
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.
13
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net investment income
Fixed maturity investments trading $ 297,222 $ 282,173 $ 591,716 $ 566,896
Short-term investments 32,957 48,415 67,263 89,444
Equity investments
Fixed income exchange traded funds 26,119 6,528 47,811 7,712
Common stock (1)
676 615 1,353 1,341
Other investments
Catastrophe bonds 40,095 47,948 80,027 102,702
Fund and direct private equity investments (1)
33,333 21,692 58,544 40,415
Cash and cash equivalents 9,420 12,333 20,583 23,443
439,822 419,704 867,297 831,953
Investment expenses (7,333) (6,596) (14,306) (13,492)
Net investment income $ 432,489 $ 413,108 $ 852,991 $ 818,461
Equity in earnings (losses) of other ventures (2)
$ 17,829 $ 20,333 $ 38,314 $ 38,161
Net realized and unrealized gains (losses) on investments (3)
Fixed maturity-related investments (4)
$ (115,341) $ 149,510 $ (383,289) $ 462,387
Equity-related investments (5)
217,292 111,118 69,866 61,529
Commodity-related investments (6)
(79,131) 33,253 (13,821) 150,844
Other investments
Catastrophe bonds (1,125) (14,016) (12,954) (54,429)
Fund and direct private equity investments (1)
99,933 69,855 39,913 62,329
Net realized and unrealized gains (losses) on investments $ 121,628 $ 349,720 $ (300,285) $ 682,660
Total investment result (2)
$ 571,946 $ 783,161 $ 591,020 $ 1,539,282
Average invested assets $ 35,692,318 $ 34,044,766 $ 35,819,281 $ 33,576,329
Net investment income return - annualized 5.0 % 5.0 % 4.9 % 5.0 %
Total investment return - annualized (2)
6.6 % 9.6 % 3.4 % 9.5 %
(1)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(2)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(3)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(4)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(5)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(6)Includes commodity-related derivatives, which includes commodity futures and commodity options.
14
Comments on Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax and the Bermuda deferred tax benefit resulting from Bermuda law changes enacted in 2025, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”
The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability. Additionally, management believes that these measures provide a view of the Company’s underlying business that allows for better comparisons of the Company’s performance over time by focusing on the Company’s core business operations.
The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”
15
Three months ended Six months ended
(in thousands of United States Dollars, except per share amounts and percentages) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234 $ 826,507 $ 938,769 $ 987,654
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (122,753) (363,736) 287,331 (737,089)
Net foreign exchange losses (gains) 7,345 (8,660) 16,364 (1,332)
Expenses (revenues) associated with acquisitions, dispositions and impairments
— 1,996 3 3,432
Acquisition related purchase accounting adjustments (1)
22,707 50,312 45,413 103,883
Bermuda net deferred tax asset (2)
— — — —
Income tax expense (benefit) (3)
19,984 56,964 (59,759) 96,356
Net income (loss) attributable to redeemable noncontrolling interests (4)
(33,756) 31,200 (89,823) 71,925
Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 547,761 $ 594,583 $ 1,138,298 $ 524,829
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48 $ 17.20 $ 21.94 $ 20.30
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (2.95) (7.69) 6.83 (15.39)
Net foreign exchange losses (gains) 0.18 (0.18) 0.39 (0.03)
Expenses (revenues) associated with acquisitions, dispositions and impairments
— 0.04 — 0.08
Acquisition related purchase accounting adjustments (1)
0.55 1.06 1.08 2.17
Bermuda net deferred tax asset (2)
— — — —
Income tax expense (benefit) (3)
0.47 1.20 (1.43) 2.01
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.81) 0.66 (2.13) 1.50
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 12.92 $ 12.29 $ 26.68 $ 10.64
Return on average common equity - annualized 24.0 % 33.7 % 17.2 % 20.1 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (4.5) % (14.8) % 5.3 % (15.0) %
Net foreign exchange losses (gains) 0.3 % (0.4) % 0.3 % — %
Expenses (revenues) associated with acquisitions, dispositions and impairments
— % 0.1 % — % — %
Acquisition related purchase accounting adjustments (1)
0.8 % 2.0 % 0.8 % 2.1 %
Bermuda net deferred tax asset (2)
— % — % — % — %
Income tax expense (benefit) (3)
0.7 % 2.3 % (1.1) % 2.0 %
Net income (loss) attributable to redeemable noncontrolling interests (4)
(1.2) % 1.3 % (1.6) % 1.5 %
Operating return on average common equity - annualized 20.1 % 24.2 % 20.9 % 10.7 %
(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and six months ended June 30, 2026 for the acquisitions of Validus of $21.0 million and $41.9 million (2025 - $48.0 million and $98.7 million); and TMR and Platinum of $1.8 million and $3.5 million (2025 - $2.4 million and $5.2 million).
(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date and the deferred tax benefit related to Bermuda law changes enacted in 2025.
(3)Represents the income tax expense or benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory income tax rates of applicable jurisdictions, adjusted for relevant factors and other applicable income taxes.
(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.
16
Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.
The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns by excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments to provide for better comparability and a more accurate measure of the Company’s underlying operations. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
June 30,
2026 June 30,
2025
Book value per common share $ 264.77 $ 212.15
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.41) (14.12)
Other goodwill and intangible assets (2)
(0.22) (0.18)
Acquisition related purchase accounting adjustments (3)
(2.48) (2.99)
Tangible book value per common share 247.66 194.86
Adjustment for accumulated dividends 30.50 28.88
Tangible book value per common share plus accumulated dividends $ 278.16 $ 223.74
Quarterly change in book value per common share (4)
5.7 % 8.1 %
Quarterly change in book value per common share plus change in accumulated dividends (4)
5.9 % 8.3 %
Quarterly change in tangible book value per common share plus change in accumulated dividends (4)
6.2 % 9.5 %
(1)Represents the acquired goodwill and other intangible assets at June 30, 2026, of $602.4 million (2025 - $668.8 million) for the acquisitions of Validus, TMR and Platinum of $377.9 million, $24.5 million and $200.1 million, respectively (2025 - $442.1 million, $25.5 million and $201.1 million, respectively).
(2)At June 30, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.
(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at June 30, 2026 for the acquisitions of Validus, TMR and Platinum of $63.7 million, $40.7 million and $(0.5) million, respectively (2025 - $94.6 million, $47.7 million and $(0.6) million, respectively). As of December 31, 2025, the purchase accounting adjustments related to the VOBA were fully amortized.
(4)Represents the percentage change during the three months ended June 30, 2026, and June 30, 2025, respectively.
17
Adjusted Combined Ratio
The Company has included in this Press Release “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”
Three months ended June 30, 2026
Catastrophe Other
Property Property Casualty and Specialty Total
Combined ratio 10.2 % 52.2 % 27.1 % 103.3 % 72.8 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.4) % (0.7) % (1.1) % (1.0) % (1.1) %
Adjusted combined ratio 8.8 % 51.5 % 26.0 % 102.3 % 71.7 %
Three months ended June 30, 2025
Catastrophe Other
Property Property Casualty and Specialty Total
Combined ratio 18.2 % 43.7 % 27.4 % 101.8 % 75.1 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.8) % (1.2) % (1.6) % (2.3) % (2.1) %
Adjusted combined ratio 16.4 % 42.5 % 25.8 % 99.5 % 73.0 %
(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.
18
EX-99.2
EX-99.2
Filename: rnrfinancialsupplement2026.htm · Sequence: 3
Document
RenaissanceRe Holdings Ltd.
Contents
Page
Basis of Presentation
i
Financial Highlights
1
Summary Consolidated Financial Statements
a. Consolidated Statements of Operations
3
b. Consolidated Balance Sheets
4
Underwriting and Reserves
a.
Segment Underwriting Results
5
b. Underwriting Results - Five Quarter Trend
7
c. Property Segment - Catastrophe and Other Property Underwriting Results
10
d. Gross Premiums Written
12
e. Net Premiums Written
13
f. Net Premiums Earned
14
g. Reserves for Claims and Claim Expenses
15
h. Paid to Incurred Analysis
16
Managed Joint Ventures and Fee Income
a. Fee Income
17
b.
Fee Income - Five Quarter Trend
18
c. Noncontrolling Interests
19
d. DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
21
Investments
a. Total Investment Result
22
b. Investments Composition
24
c. Managed Investments - Credit Rating
25
d. Retained Investments - Credit Rating
26
Other Items
a. Earnings per Share
27
Comments on Non-GAAP Financial Measures
28
RenaissanceRe Holdings Ltd.
Basis of Presentation
RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.
This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 38 for “Comments on Non-GAAP Financial Measures.”
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.
i
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry and government initiatives and regulatory matters affecting the (re)insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by the Company that its current objectives or plans will be achieved. Numerous factors could cause the Company’s actual results to differ materially from those addressed by the forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts globally; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its operating subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
ii
RenaissanceRe Holdings Ltd.
Financial Highlights
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234 $ 826,507 $ 938,769 $ 987,654
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$ 547,761 $ 594,583 $ 1,138,298 $ 524,829
Underwriting income
Gross premiums written $ 2,994,424 $ 3,421,180 $ 6,473,297 $ 7,576,683
Net premiums written 2,276,960 2,770,270 4,955,256 6,213,799
Net premiums earned
2,199,521 2,412,154 4,383,135 5,132,935
Underwriting income (loss) 599,117 601,688 1,187,875 (168,909)
Net claims and claim expense ratio:
Current accident year 51.9 % 54.4 % 52.2 % 82.8 %
Prior accident years (9.1) % (11.2) % (8.3) % (9.0) %
Calendar year 42.8 % 43.2 % 43.9 % 73.8 %
Acquisition expense ratio 25.7 % 26.7 % 24.8 % 25.1 %
Operating expense ratio 4.3 % 5.2 % 4.2 % 4.4 %
Combined ratio 72.8 % 75.1 % 72.9 % 103.3 %
Adjusted combined ratio (1)
71.7 % 73.0 % 71.9 % 101.3 %
Fee income
Management fee income $ 48,138 $ 56,407 $ 96,065 $ 102,468
Performance fee income 34,889 38,550 81,088 22,946
Total fee income $ 83,027 $ 94,957 $ 177,153 $ 125,414
Investment results - managed
Net investment income $ 432,489 $ 413,108 $ 852,991 $ 818,461
Equity in earnings (losses) of other ventures (2)
17,829 20,333 38,314 38,161
Net realized and unrealized gains (losses) on investments 121,628 349,720 (300,285) 682,660
Total investment result (2)
$ 571,946 $ 783,161 $ 591,020 $ 1,539,282
Investment results - retained (1)
Net investment income $ 314,342 $ 286,072 $ 618,486 $ 565,178
Equity in earnings (losses) of other ventures (2)
17,829 20,333 38,314 38,161
Net realized and unrealized gains (losses) on investments 153,531 343,022 (203,223) 671,334
Total investment result (2)
$ 485,702 $ 649,427 $ 453,577 $ 1,274,673
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
1
Financial Highlights - Per Share Data & ROE
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 15.54 $ 17.25 $ 22.03 $ 20.37
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48 $ 17.20 $ 21.94 $ 20.30
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 12.92 $ 12.29 $ 26.68 $ 10.64
Average shares outstanding - basic 41,379 47,140 41,906 47,737
Average shares outstanding - diluted 41,545 47,286 42,086 47,900
Return on average common equity - annualized 24.0 % 33.7 % 17.2 % 20.1 %
Operating return on average common equity - annualized (1)
20.1 % 24.2 % 20.9 % 10.7 %
June 30,
2026 December 31,
2025
Book value per common share $ 264.77 $ 247.00
Tangible book value per common share (1)
$ 247.66 $ 230.10
Tangible book value per common share plus accumulated dividends (1)
$ 278.16 $ 259.78
Year to date change in book value per common share plus change in accumulated dividends 7.5 % 27.0 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)
8.0 % 30.8 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
2
Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Revenues
Gross premiums written $ 2,994,424 $ 3,421,180 $ 6,473,297 $ 7,576,683
Net premiums written $ 2,276,960 $ 2,770,270 $ 4,955,256 $ 6,213,799
Decrease (increase) in unearned premiums (77,439) (358,116) (572,121) (1,080,864)
Net premiums earned 2,199,521 2,412,154 4,383,135 5,132,935
Net investment income 432,489 413,108 852,991 818,461
Net foreign exchange gains (losses) (7,345) 8,660 (16,364) 1,332
Equity in earnings (losses) of other ventures 17,829 20,333 38,314 38,161
Other income (loss) 4,479 2,624 5,726 3,538
Net realized and unrealized gains (losses) on investments 121,628 349,720 (300,285) 682,660
Total revenues 2,768,601 3,206,599 4,963,517 6,677,087
Expenses
Net claims and claim expenses incurred 942,378 1,042,123 1,926,349 3,785,881
Acquisition expenses 563,279 642,605 1,085,129 1,290,040
Operational expenses 94,747 125,738 183,782 225,923
Corporate expenses 18,681 23,781 38,141 46,591
Interest expense 31,778 31,793 63,564 58,879
Total expenses 1,650,863 1,866,040 3,296,965 5,407,314
Income (loss) before taxes 1,117,738 1,340,559 1,666,552 1,269,773
Income tax benefit (expense) (139,400) (176,869) (172,384) (131,344)
Net income (loss) 978,338 1,163,690 1,494,168 1,138,429
Net (income) loss attributable to redeemable noncontrolling interests (315,260) (328,339) (537,711) (133,087)
Net income (loss) attributable to RenaissanceRe 663,078 835,351 956,457 1,005,342
Dividends on preference shares (8,844) (8,844) (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234 $ 826,507 $ 938,769 $ 987,654
3
Summary Consolidated Financial Statements
Consolidated Balance Sheets
June 30,
2026 December 31,
2025
Assets
Fixed maturity investments trading, at fair value – amortized cost $25,281,536 at June 30, 2026 (December 31, 2025 – $24,658,351)
$ 25,185,430 $ 24,884,323
Short term investments, at fair value – amortized cost $3,952,780 at June 30, 2026 (December 31, 2025 – $4,760,027)
3,949,012 4,759,811
Equity investments, at fair value 1,846,152 1,732,990
Other investments, at fair value 5,083,169 4,574,214
Investments in other ventures, under equity method 149,337 121,871
Total investments 36,213,100 36,073,209
Cash and cash equivalents 1,302,160 1,731,181
Premiums receivable 8,269,415 7,252,454
Prepaid reinsurance premiums 1,567,745 993,781
Reinsurance recoverable 3,863,486 3,899,913
Accrued investment income 250,610 233,688
Deferred acquisition costs and value of business acquired
1,706,129 1,538,540
Deferred tax asset
693,186 701,927
Receivable for investments sold 305,237 414,523
Other assets 422,106 328,087
Goodwill and other intangibles 602,439 633,087
Total assets $ 55,195,613 $ 53,800,390
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 22,269,134 $ 22,302,345
Unearned premiums 7,176,037 6,028,174
Debt 2,330,907 2,329,201
Reinsurance balances payable 3,056,013 2,540,518
Payable for investments purchased 550,409 533,101
Other liabilities 649,551 856,302
Total liabilities 36,032,051 34,589,641
Redeemable noncontrolling interests 7,343,353 7,602,092
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at June 30, 2026 (December 31, 2025 – 30,000)
750,000 750,000
Common shares: $1.00 par value – 41,811,353 shares issued and outstanding at June 30, 2026 (December 31, 2025 – 43,961,539)
41,811 43,962
Additional paid-in capital — —
Accumulated other comprehensive loss (13,045) (12,626)
Retained earnings 11,041,443 10,827,321
Total shareholders’ equity attributable to RenaissanceRe
11,820,209 11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity
$ 55,195,613 $ 53,800,390
Book value per common share $ 264.77 $ 247.00
4
Underwriting and Reserves
Segment Underwriting Results
Three months ended June 30, 2026 Three months ended June 30, 2025
Property Casualty and Specialty Total Property Casualty and Specialty Total
Gross premiums written $ 1,551,685 $ 1,442,739 $ 2,994,424 $ 1,731,935 $ 1,689,245 $ 3,421,180
Net premiums written $ 1,203,424 $ 1,073,536 $ 2,276,960 $ 1,325,557 $ 1,444,713 $ 2,770,270
Net premiums earned $ 881,611 $ 1,317,910 $ 2,199,521 $ 868,010 $ 1,544,144 $ 2,412,154
Net claims and claim expenses incurred (7,079) 949,457 942,378 (7,930) 1,050,053 1,042,123
Acquisition expenses 175,436 387,843 563,279 174,200 468,405 642,605
Operational expenses 70,579 24,168 94,747 71,569 54,169 125,738
Underwriting income (loss) $ 642,675 $ (43,558) $ 599,117 $ 630,171 $ (28,483) $ 601,688
Net claims and claim expenses incurred:
Current accident year $ 250,393 $ 891,410 $ 1,141,803 $ 258,646 $ 1,053,187 $ 1,311,833
Prior accident years (257,472) 58,047 (199,425) (266,576) (3,134) (269,710)
Total $ (7,079) $ 949,457 $ 942,378 $ (7,930) $ 1,050,053 $ 1,042,123
Net claims and claim expense ratio:
Current accident year 28.4 % 67.6 % 51.9 % 29.8 % 68.2 % 54.4 %
Prior accident years (29.2) % 4.4 % (9.1) % (30.7) % (0.2) % (11.2) %
Calendar year (0.8) % 72.0 % 42.8 % (0.9) % 68.0 % 43.2 %
Acquisition expense ratio 19.9 % 29.5 % 25.7 % 20.1 % 30.3 % 26.7 %
Operating expense ratio 8.0 % 1.8 % 4.3 % 8.2 % 3.5 % 5.2 %
Combined ratio 27.1 % 103.3 % 72.8 % 27.4 % 101.8 % 75.1 %
Adjusted combined ratio (1)
26.0 % 102.3 % 71.7 % 25.8 % 99.5 % 73.0 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
5
Underwriting and Reserves
Segment Underwriting Results
Six months ended June 30, 2026 Six months ended June 30, 2025
Property Casualty and Specialty Total Property Casualty and Specialty Total
Gross premiums written $ 3,259,105 $ 3,214,192 $ 6,473,297 $ 3,862,768 $ 3,713,915 $ 7,576,683
Net premiums written $ 2,458,617 $ 2,496,639 $ 4,955,256 $ 3,016,551 $ 3,197,248 $ 6,213,799
Net premiums earned $ 1,782,349 $ 2,600,786 $ 4,383,135 $ 2,115,960 $ 3,016,975 $ 5,132,935
Net claims and claim expenses incurred 77,029 1,849,320 1,926,349 1,615,327 2,170,554 3,785,881
Acquisition expenses 332,467 752,662 1,085,129 341,845 948,195 1,290,040
Operational expenses 136,315 47,467 183,782 135,835 90,088 225,923
Underwriting income (loss) $ 1,236,538 $ (48,663) $ 1,187,875 $ 22,953 $ (191,862) $ (168,909)
Net claims and claim expenses incurred:
Current accident year $ 495,242 $ 1,792,547 $ 2,287,789 $ 2,068,961 $ 2,182,504 $ 4,251,465
Prior accident years (418,213) 56,773 (361,440) (453,634) (11,950) (465,584)
Total $ 77,029 $ 1,849,320 $ 1,926,349 $ 1,615,327 $ 2,170,554 $ 3,785,881
Net claims and claim expense ratio:
Current accident year 27.8 % 68.9 % 52.2 % 97.8 % 72.3 % 82.8 %
Prior accident years (23.5) % 2.2 % (8.3) % (21.5) % (0.4) % (9.0) %
Calendar year 4.3 % 71.1 % 43.9 % 76.3 % 71.9 % 73.8 %
Acquisition expense ratio 18.7 % 29.0 % 24.8 % 16.2 % 31.4 % 25.1 %
Operating expense ratio 7.6 % 1.8 % 4.2 % 6.4 % 3.1 % 4.4 %
Combined ratio 30.6 % 101.9 % 72.9 % 98.9 % 106.4 % 103.3 %
Adjusted combined ratio (1)
29.6 % 100.8 % 71.9 % 97.3 % 104.0 % 101.3 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
6
Underwriting and Reserves
Total Underwriting Results - Five Quarter Trend
Total
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Gross premiums written $ 2,994,424 $ 3,478,873 $ 1,838,111 $ 2,323,626 $ 3,421,180
Net premiums written $ 2,276,960 $ 2,678,296 $ 1,598,599 $ 2,057,802 $ 2,770,270
Net premiums earned $ 2,199,521 $ 2,183,614 $ 2,334,442 $ 2,433,805 $ 2,412,154
Net claims and claim expenses incurred 942,378 983,971 951,138 878,820 1,042,123
Acquisition expenses 563,279 521,850 601,060 659,723 642,605
Operational expenses 94,747 89,035 113,481 125,073 125,738
Underwriting income (loss) $ 599,117 $ 588,758 $ 668,763 $ 770,189 $ 601,688
Net claims and claim expenses incurred:
Current accident year $ 1,141,803 $ 1,145,986 $ 1,196,436 $ 1,258,871 $ 1,311,833
Prior accident years (199,425) (162,015) (245,298) (380,051) (269,710)
Total $ 942,378 $ 983,971 $ 951,138 $ 878,820 $ 1,042,123
Net claims and claim expense ratio:
Current accident year 51.9 % 52.5 % 51.3 % 51.7 % 54.4 %
Prior accident years (9.1) % (7.4) % (10.6) % (15.6) % (11.2) %
Calendar year 42.8 % 45.1 % 40.7 % 36.1 % 43.2 %
Acquisition expense ratio 25.7 % 23.8 % 25.8 % 27.2 % 26.7 %
Operating expense ratio 4.3 % 4.1 % 4.9 % 5.1 % 5.2 %
Combined ratio 72.8 % 73.0 % 71.4 % 68.4 % 75.1 %
Adjusted combined ratio (1)
71.7 % 72.0 % 70.0 % 66.6 % 73.0 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
7
Underwriting and Reserves
Property Segment Underwriting Results - Five Quarter Trend
Property
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Gross premiums written $ 1,551,685 $ 1,707,420 $ 346,099 $ 733,274 $ 1,731,935
Net premiums written $ 1,203,424 $ 1,255,193 $ 333,320 $ 694,125 $ 1,325,557
Net premiums earned $ 881,611 $ 900,738 $ 918,776 $ 936,933 $ 868,010
Net claims and claim expenses incurred (7,079) 84,108 (55,808) (133,504) (7,930)
Acquisition expenses 175,436 157,031 180,660 192,347 174,200
Operational expenses 70,579 65,736 75,067 86,579 71,569
Underwriting income (loss) $ 642,675 $ 593,863 $ 718,857 $ 791,511 $ 630,171
Net claims and claim expenses incurred:
Current accident year $ 250,393 $ 244,849 $ 196,081 $ 250,169 $ 258,646
Prior accident years (257,472) (160,741) (251,889) (383,673) (266,576)
Total $ (7,079) $ 84,108 $ (55,808) $ (133,504) $ (7,930)
Net claims and claim expense ratio:
Current accident year 28.4 % 27.2 % 21.3 % 26.7 % 29.8 %
Prior accident years (29.2) % (17.9) % (27.4) % (40.9) % (30.7) %
Calendar year (0.8) % 9.3 % (6.1) % (14.2) % (0.9) %
Acquisition expense ratio 19.9 % 17.5 % 19.7 % 20.5 % 20.1 %
Operating expense ratio 8.0 % 7.3 % 8.2 % 9.2 % 8.2 %
Combined ratio 27.1 % 34.1 % 21.8 % 15.5 % 27.4 %
Adjusted combined ratio (1)
26.0 % 33.0 % 20.4 % 14.2 % 25.8 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
8
Underwriting and Reserves
Casualty and Specialty Segment Underwriting Results - Five Quarter Trend
Casualty and Specialty
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Gross premiums written $ 1,442,739 $ 1,771,453 $ 1,492,012 $ 1,590,352 $ 1,689,245
Net premiums written $ 1,073,536 $ 1,423,103 $ 1,265,279 $ 1,363,677 $ 1,444,713
Net premiums earned $ 1,317,910 $ 1,282,876 $ 1,415,666 $ 1,496,872 $ 1,544,144
Net claims and claim expenses incurred 949,457 899,863 1,006,946 1,012,324 1,050,053
Acquisition expenses 387,843 364,819 420,400 467,376 468,405
Operational expenses 24,168 23,299 38,414 38,494 54,169
Underwriting income (loss) $ (43,558) $ (5,105) $ (50,094) $ (21,322) $ (28,483)
Net claims and claim expenses incurred:
Current accident year $ 891,410 $ 901,137 $ 1,000,355 $ 1,008,702 $ 1,053,187
Prior accident years 58,047 (1,274) 6,591 3,622 (3,134)
Total $ 949,457 $ 899,863 $ 1,006,946 $ 1,012,324 $ 1,050,053
Net claims and claim expense ratio:
Current accident year 67.6 % 70.2 % 70.7 % 67.4 % 68.2 %
Prior accident years 4.4 % (0.1) % 0.4 % 0.2 % (0.2) %
Calendar year 72.0 % 70.1 % 71.1 % 67.6 % 68.0 %
Acquisition expense ratio 29.5 % 28.5 % 29.7 % 31.2 % 30.3 %
Operating expense ratio 1.8 % 1.8 % 2.7 % 2.6 % 3.5 %
Combined ratio 103.3 % 100.4 % 103.5 % 101.4 % 101.8 %
Adjusted combined ratio (1)
102.3 % 99.4 % 102.3 % 99.3 % 99.5 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
9
Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended June 30, 2026 Three months ended June 30, 2025
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 1,147,430 $ 404,255 $ 1,551,685 $ 1,362,681 $ 369,254 $ 1,731,935
Net premiums written $ 828,277 $ 375,147 $ 1,203,424 $ 980,478 $ 345,079 $ 1,325,557
Net premiums earned $ 526,334 $ 355,277 $ 881,611 $ 554,275 $ 313,735 $ 868,010
Net claims and claim expenses incurred (71,041) 63,962 (7,079) (40,642) 32,712 (7,930)
Acquisition expenses 64,539 110,897 175,436 82,232 91,968 174,200
Operational expenses 59,987 10,592 70,579 59,176 12,393 71,569
Underwriting income (loss) $ 472,849 $ 169,826 $ 642,675 $ 453,509 $ 176,662 $ 630,171
Net claims and claim expenses incurred:
Current accident year $ 61,689 $ 188,704 $ 250,393 $ 90,827 $ 167,819 $ 258,646
Prior accident years (132,730) (124,742) (257,472) (131,469) (135,107) (266,576)
Total $ (71,041) $ 63,962 $ (7,079) $ (40,642) $ 32,712 $ (7,930)
Net claims and claim expense ratio:
Current accident year 11.7 % 53.1 % 28.4 % 16.4 % 53.5 % 29.8 %
Prior accident years (25.2) % (35.1) % (29.2) % (23.7) % (43.1) % (30.7) %
Calendar year (13.5) % 18.0 % (0.8) % (7.3) % 10.4 % (0.9) %
Acquisition expense ratio 12.3 % 31.2 % 19.9 % 14.8 % 29.3 % 20.1 %
Operating expense ratio 11.4 % 3.0 % 8.0 % 10.7 % 4.0 % 8.2 %
Combined ratio 10.2 % 52.2 % 27.1 % 18.2 % 43.7 % 27.4 %
Adjusted combined ratio (1)
8.8 % 51.5 % 26.0 % 16.4 % 42.5 % 25.8 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
10
Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Six months ended June 30, 2026 Six months ended June 30, 2025
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 2,427,037 $ 832,068 $ 3,259,105 $ 3,029,322 $ 833,446 $ 3,862,768
Net premiums written $ 1,826,399 $ 632,218 $ 2,458,617 $ 2,391,528 $ 625,023 $ 3,016,551
Net premiums earned $ 1,089,055 $ 693,294 $ 1,782,349 $ 1,437,094 $ 678,866 $ 2,115,960
Net claims and claim expenses incurred (76,484) 153,513 77,029 1,390,752 224,575 1,615,327
Acquisition expenses 129,180 203,287 332,467 148,813 193,032 341,845
Operational expenses 115,554 20,761 136,315 111,013 24,822 135,835
Underwriting income (loss) $ 920,805 $ 315,733 $ 1,236,538 $ (213,484) $ 236,437 $ 22,953
Net claims and claim expenses incurred:
Current accident year $ 118,890 $ 376,352 $ 495,242 $ 1,589,600 $ 479,361 $ 2,068,961
Prior accident years (195,374) (222,839) (418,213) (198,848) (254,786) (453,634)
Total $ (76,484) $ 153,513 $ 77,029 $ 1,390,752 $ 224,575 $ 1,615,327
Net claims and claim expense ratio:
Current accident year 10.9 % 54.3 % 27.8 % 110.6 % 70.6 % 97.8 %
Prior accident years (17.9) % (32.2) % (23.5) % (13.8) % (37.5) % (21.5) %
Calendar year (7.0) % 22.1 % 4.3 % 96.8 % 33.1 % 76.3 %
Acquisition expense ratio 11.8 % 29.4 % 18.7 % 10.4 % 28.4 % 16.2 %
Operating expense ratio 10.6 % 3.0 % 7.6 % 7.7 % 3.7 % 6.4 %
Combined ratio 15.4 % 54.5 % 30.6 % 114.9 % 65.2 % 98.9 %
Adjusted combined ratio (1)
14.2 % 53.8 % 29.6 % 113.2 % 63.8 % 97.3 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
11
Underwriting and Reserves
Gross Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change Six months ended
Y/Y $
Change
Y/Y % Change
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Property Segment
Catastrophe $ 1,164,911 $ 1,352,658 $ (187,747) (13.9) % $ 2,450,353 $ 2,680,919 $ (230,566) (8.6) %
Catastrophe - gross reinstatement premiums (17,481) 10,023 (27,504) (274.4) % (23,316) 348,403 (371,719) (106.7) %
Total catastrophe gross premiums written 1,147,430 1,362,681 (215,251) (15.8) % 2,427,037 3,029,322 (602,285) (19.9) %
Other property 400,948 367,195 33,753 9.2 % 829,560 829,912 (352) — %
Other property - gross reinstatement premiums 3,307 2,059 1,248 60.6 % 2,508 3,534 (1,026) (29.0) %
Total other property gross premiums written 404,255 369,254 35,001 9.5 % 832,068 833,446 (1,378) (0.2) %
Property segment gross premiums written $ 1,551,685 $ 1,731,935 $ (180,250) (10.4) % $ 3,259,105 $ 3,862,768 $ (603,663) (15.6) %
Casualty and Specialty Segment
General casualty (1)
$ 423,977 $ 513,078 $ (89,101) (17.4) % $ 924,935 $ 1,193,527 $ (268,592) (22.5) %
Professional liability (2)
260,105 266,380 (6,275) (2.4) % 559,801 503,341 56,460 11.2 %
Credit (3)
216,408 267,540 (51,132) (19.1) % 575,712 668,293 (92,581) (13.9) %
Other specialty (4)
542,249 642,247 (99,998) (15.6) % 1,153,744 1,348,754 (195,010) (14.5) %
Casualty and Specialty segment gross premiums written $ 1,442,739 $ 1,689,245 $ (246,506) (14.6) % $ 3,214,192 $ 3,713,915 $ (499,723) (13.5) %
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.
12
Underwriting and Reserves
Net Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change Six months ended
Y/Y $
Change
Y/Y % Change
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Property Segment
Catastrophe $ 845,441 $ 966,645 $ (121,204) (12.5) % $ 1,845,996 $ 2,043,980 $ (197,984) (9.7) %
Catastrophe - net reinstatement premiums (17,164) 13,833 (30,997) (224.1) % (19,597) 347,548 (367,145) (105.6) %
Total catastrophe net premiums written 828,277 980,478 (152,201) (15.5) % 1,826,399 2,391,528 (565,129) (23.6) %
Other property 369,930 341,955 27,975 8.2 % 628,271 620,350 7,921 1.3 %
Other property - net reinstatement premiums 5,217 3,124 2,093 67.0 % 3,947 4,673 (726) (15.5) %
Total other property net premiums written 375,147 345,079 30,068 8.7 % 632,218 625,023 7,195 1.2 %
Property segment net premiums written $ 1,203,424 $ 1,325,557 $ (122,133) (9.2) % $ 2,458,617 $ 3,016,551 $ (557,934) (18.5) %
Casualty and Specialty Segment
General casualty (1)
$ 316,411 $ 487,630 $ (171,219) (35.1) % $ 750,508 $ 1,120,797 $ (370,289) (33.0) %
Professional liability (2)
187,077 245,979 (58,902) (23.9) % 437,323 467,700 (30,377) (6.5) %
Credit (3)
166,882 204,354 (37,472) (18.3) % 458,173 550,175 (92,002) (16.7) %
Other specialty (4)
403,166 506,750 (103,584) (20.4) % 850,635 1,058,576 (207,941) (19.6) %
Casualty and Specialty segment net premiums written $ 1,073,536 $ 1,444,713 $ (371,177) (25.7) % $ 2,496,639 3,197,248 $ (700,609) (21.9) %
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.
13
Underwriting and Reserves
Net Premiums Earned
Three months ended
Q/Q $
Change
Q/Q % Change Six months ended
Y/Y $
Change
Y/Y % Change
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Property Segment
Catastrophe $ 543,498 $ 540,442 $ 3,056 0.6 % $ 1,108,652 $ 1,089,546 $ 19,106 1.8 %
Catastrophe - net reinstatement premiums (17,164) 13,833 (30,997) (224.1) % (19,597) 347,548 (367,145) (105.6) %
Total catastrophe net premiums earned 526,334 554,275 (27,941) (5.0) % 1,089,055 1,437,094 (348,039) (24.2) %
Other property 350,060 310,611 39,449 12.7 % 689,347 674,193 15,154 2.2 %
Other property - net reinstatement premiums 5,217 3,124 2,093 67.0 % 3,947 4,673 (726) (15.5) %
Total other property net premiums earned 355,277 313,735 41,542 13.2 % 693,294 678,866 14,428 2.1 %
Property segment net premiums earned $ 881,611 $ 868,010 $ 13,601 1.6 % $ 1,782,349 $ 2,115,960 $ (333,611) (15.8) %
Casualty and Specialty Segment
General casualty (1)
$ 420,028 $ 550,882 $ (130,854) (23.8) % $ 856,794 $ 1,159,479 $ (302,685) (26.1) %
Professional liability (2)
240,711 274,807 (34,096) (12.4) % 514,841 477,536 37,305 7.8 %
Credit (3)
218,917 228,484 (9,567) (4.2) % 403,220 440,098 (36,878) (8.4) %
Other specialty (4)
438,254 489,971 (51,717) (10.6) % 825,931 939,862 (113,931) (12.1) %
Casualty and Specialty segment net premiums earned $ 1,317,910 $ 1,544,144 $ (226,234) (14.7) % $ 2,600,786 $ 3,016,975 $ (416,189) (13.8) %
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.
14
Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case Reserves Additional Case Reserves IBNR Total
June 30, 2026
Property $ 1,618,503 $ 1,436,824 $ 1,972,558 $ 5,027,885
Casualty and Specialty 3,769,361 451,036 13,020,852 17,241,249
Total
$ 5,387,864 $ 1,887,860 $ 14,993,410 $ 22,269,134
December 31, 2025
Property $ 1,797,427 $ 1,679,848 $ 2,208,709 $ 5,685,984
Casualty and Specialty 3,393,451 327,941 12,894,969 16,616,361
Total $ 5,190,878 $ 2,007,789 $ 15,103,678 $ 22,302,345
15
RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
Three months ended June 30, 2026 Three months ended June 30, 2025
Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period $ 22,291,058 $ 3,730,957 $ 18,560,101 $ 22,857,131 $ 4,577,895 $ 18,279,236
Incurred claims and claim expenses
Current year 1,318,655 176,852 1,141,803 1,454,999 143,166 1,311,833
Prior years (72,541) 126,884 (199,425) (387,891) (118,181) (269,710)
Total incurred claims and claim expenses 1,246,114 303,736 942,378 1,067,108 24,985 1,042,123
Paid claims and claim expenses
Current year 78,535 10,652 67,883 214,570 28,327 186,243
Prior years 1,166,092 157,799 1,008,293 1,017,230 306,558 710,672
Total paid claims and claim expenses 1,244,627 168,451 1,076,176 1,231,800 334,885 896,915
Foreign exchange and other (1)
(23,411) (2,756) (20,655) 221,324 32,978 188,346
Reserve for claims and claim expenses, end of period $ 22,269,134 $ 3,863,486 $ 18,405,648 $ 22,913,763 $ 4,300,973 $ 18,612,790
Six months ended June 30, 2026 Six months ended June 30, 2025
Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period $ 22,302,345 $ 3,899,913 $ 18,402,432 $ 21,303,491 $ 4,481,390 $ 16,822,101
Incurred claims and claim expenses
Current year 2,605,233 317,444 2,287,789 4,910,424 658,959 4,251,465
Prior years (326,089) 35,351 (361,440) (738,474) (272,890) (465,584)
Total incurred claims and claim expenses 2,279,144 352,795 1,926,349 4,171,950 386,069 3,785,881
Paid claims and claim expenses
Current year 130,678 20,213 110,465 751,322 72,965 678,357
Prior years 2,130,937 346,643 1,784,294 2,101,319 502,615 1,598,704
Total paid claims and claim expenses 2,261,615 366,856 1,894,759 2,852,641 575,580 2,277,061
Foreign exchange and other (1)
(50,740) (22,366) (28,374) 290,963 9,094 281,869
Reserve for claims and claim expenses, end of period $ 22,269,134 $ 3,863,486 $ 18,405,648 $ 22,913,763 $ 4,300,973 $ 18,612,790
(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.
16
Managed Joint Ventures and Fee Income
Fee Income
The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Management fee income $ 48,138 $ 56,407 $ 96,065 $ 102,468
Performance fee income (loss) (1)
34,889 38,550 81,088 22,946
Total fee income $ 83,027 $ 94,957 $ 177,153 $ 125,414
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
$ 59,390 $ 82,465 $ 131,561 $ 73,523
Underwriting income (loss) (1)
23,637 12,492 45,592 51,891
Total fee income $ 83,027 $ 94,957 $ 177,153 $ 125,414
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
17
Managed Joint Ventures and Fee Income
Fee Income - Five Quarter Trend
The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.
Three months ended
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Management fee income $ 48,138 $ 47,927 $ 52,002 $ 53,014 $ 56,407
Performance fee income (loss) (1)
34,889 46,199 49,626 48,796 38,550
Total fee income $ 83,027 $ 94,126 $ 101,628 $ 101,810 $ 94,957
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.
Three months ended
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
$ 59,390 $ 72,171 $ 87,877 $ 88,689 $ 82,465
Underwriting income (loss) (1)
23,637 21,955 13,751 13,121 12,492
Total fee income $ 83,027 $ 94,126 $ 101,628 $ 101,810 $ 94,957
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
18
Managed Joint Ventures and Fee Income
Noncontrolling Interests
The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana Holdings L.P. and its subsidiaries (“Fontana”) (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.
A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Redeemable noncontrolling interests - DaVinci
$ (205,117) $ (218,453) $ (362,017) $ (106,012)
Redeemable noncontrolling interests - Medici (26,313) (38,993) (46,120) (54,156)
Redeemable noncontrolling interests - Vermeer (64,783) (57,425) (116,482) 49,655
Redeemable noncontrolling interests - Fontana (19,047) (13,468) (13,092) (22,574)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (315,260) $ (328,339) $ (537,711) $ (133,087)
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Operating (income) loss attributable to redeemable noncontrolling interests (2)
$ (349,016) $ (297,139) $ (627,534) $ (61,162)
Non-operating (income) loss attributable to redeemable noncontrolling interests 33,756 (31,200) 89,823 (71,925)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (315,260) $ (328,339) $ (537,711) $ (133,087)
(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
19
Managed Joint Ventures and Fee Income
Noncontrolling Interests
A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheets is set forth below:
June 30,
2026 December 31,
2025
Redeemable noncontrolling interests - DaVinci
$ 3,496,477 $ 3,701,637
Redeemable noncontrolling interests - Medici 1,444,350 1,398,166
Redeemable noncontrolling interests - Vermeer 1,888,913 1,922,431
Redeemable noncontrolling interests - Fontana 513,613 579,858
Redeemable noncontrolling interests
$ 7,343,353 $ 7,602,092
A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:
June 30,
2026 December 31,
2025
DaVinci 73.7 % 75.7 %
Medici 81.1 % 88.7 %
Vermeer 100.0 % 100.0 %
Fontana 61.6 % 71.3 %
20
Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations and Balance Sheet Data
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Revenues
Gross premiums written $ 540,267 $ 606,642 $ 1,197,045 $ 1,461,507
Net premiums written $ 467,486 $ 527,741 $ 1,067,675 $ 1,329,979
Decrease (increase) in unearned premiums (173,561) (219,320) (464,494) (561,782)
Net premiums earned 293,925 308,421 603,181 768,197
Net investment income 66,834 68,155 131,951 131,567
Net foreign exchange gains (losses) (723) (547) (2,381) (2,931)
Net realized and unrealized gains (losses) on investments (36,581) 13,723 (86,494) 50,211
Total revenues 323,455 389,752 646,257 947,044
Expenses
Net claims and claim expenses incurred (53,847) (28,991) (63,511) 668,280
Acquisition expenses 88,911 88,194 173,453 69,802
Operational expenses
29,511 35,758 61,343 58,251
Corporate expenses
117 205 220 243
Interest expense 4,445 5,185 8,988 8,383
Total expenses 69,137 100,351 180,493 804,959
Income (loss) before taxes 254,318 289,401 465,764 142,085
Income tax benefit (expense) (707) (902) (1,348) (2,080)
Net income (loss) available (attributable) to DaVinci common shareholders $ 253,611 $ 288,499 $ 464,416 $ 140,005
Net claims and claim expense ratio - current accident year
12.9 % 18.8 % 12.5 % 102.6 %
Net claims and claim expense ratio - prior accident years
(31.2) % (28.2) % (23.0) % (15.6) %
Net claims and claim expense ratio - calendar year
(18.3) % (9.4) % (10.5) % 87.0 %
Underwriting expense ratio
40.3 % 40.2 % 38.9 % 16.7 %
Combined ratio
22.0 % 30.8 % 28.4 % 103.7 %
Balance Sheet Data:
June 30,
2026 December 31,
2025
Total investments $ 5,940,496 $ 6,246,947
Total assets 7,540,155 7,225,478
Reserve for claims and claim expenses 1,280,665 1,485,378
Debt 297,134 296,972
Total shareholders’ equity 4,602,785 4,888,369
21
Investments
Total Investment Result
Managed (1)
Retained (2)
Three months ended Three months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net investment income
Fixed maturity investments trading $ 297,222 $ 282,173 $ 235,395 $ 219,737
Short term investments 32,957 48,415 12,138 24,672
Equity investments
Fixed income exchange traded funds 26,119 6,528 23,197 6,528
Common stock (3)
676 615 676 615
Other investments
Catastrophe bonds 40,095 47,948 6,205 6,988
Fund and direct private equity investments (3)
33,333 21,692 33,636 21,692
Cash and cash equivalents 9,420 12,333 8,879 11,045
439,822 419,704 320,126 291,277
Investment expenses (7,333) (6,596) (5,784) (5,205)
Net investment income $ 432,489 $ 413,108 $ 314,342 $ 286,072
Equity in earnings (losses) of other ventures (4)
$ 17,829 $ 20,333 $ 17,829 $ 20,333
Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)
$ (115,341) $ 149,510 $ (85,392) $ 130,497
Equity-related investments (7)
217,292 111,118 217,908 111,146
Commodity-related investments (8)
(79,131) 33,253 (79,131) 33,254
Other investments
Catastrophe bonds (1,125) (14,016) 829 (1,730)
Fund and direct private equity investments (3)
99,933 69,855 99,317 69,855
Net realized and unrealized gains (losses) on investments $ 121,628 $ 349,720 $ 153,531 $ 343,022
Total investment result (4)
$ 571,946 $ 783,161 $ 485,702 $ 649,427
Average invested assets $ 35,692,318 $ 34,044,766 $ 26,224,468 $ 24,554,890
Net investment income return - annualized 5.0 % 5.0 % 4.9 % 4.7 %
Total investment return - annualized (4)
6.6 % 9.6 % 7.6 % 11.0 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(4)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(5)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(6)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(7)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(8)Includes commodity-related derivatives, which includes commodity futures and commodity options.
22
Investments
Total Investment Result
Managed (1)
Retained (2)
Six months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net investment income
Fixed maturity investments trading $ 591,716 $ 566,896 $ 468,036 $ 446,565
Short term investments 67,263 89,444 25,822 42,585
Equity investments
Fixed income exchange traded funds 47,811 7,712 44,889 7,712
Common stock (3)
1,353 1,341 1,353 1,337
Other investments
Catastrophe bonds 80,027 102,702 11,493 15,885
Fund and direct private equity investments (3)
58,544 40,415 58,755 40,415
Cash and cash equivalents 20,583 23,443 19,269 21,315
867,297 831,953 629,617 575,814
Investment expenses (14,306) (13,492) (11,131) (10,636)
Net investment income $ 852,991 $ 818,461 $ 618,486 $ 565,178
Equity in earnings (losses) of other ventures (4)
$ 38,314 $ 38,161 $ 38,314 $ 38,161
Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)
$ (383,289) $ 462,387 $ (301,155) $ 405,251
Equity-related investments (7)
69,866 61,529 71,486 61,430
Commodity-related investments (8)
(13,821) 150,844 (13,821) 150,845
Other investments
Catastrophe bonds (12,954) (54,429) 361 (8,521)
Fund and direct private equity investments (3)
39,913 62,329 39,906 62,329
Net realized and unrealized gains (losses) on investments $ (300,285) $ 682,660 $ (203,223) $ 671,334
Total investment result (4)
$ 591,020 $ 1,539,282 $ 453,577 $ 1,274,673
Average invested assets $ 35,819,281 $ 33,576,329 $ 26,134,807 $ 24,166,665
Net investment income return - annualized 4.9 % 5.0 % 4.8 % 4.7 %
Total investment return - annualized (4)
3.4 % 9.5 % 3.5 % 10.8 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(4)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(5)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(6)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(7)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(8)Includes commodity-related derivatives, which includes commodity futures and commodity options.
23
Investments
Investments Composition
June 30, 2026 December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Fair Value Unrealized Gain (Loss) Fair Value Unrealized Gain (Loss) Fair Value Unrealized Gain (Loss) Fair Value Unrealized Gain (Loss)
Fixed maturity investments trading, at fair value
Corporate $ 9,916,723 $ (35,129) $ 8,092,112 $ (39,093) $ 8,528,828 $ 75,453 $ 6,654,252 $ 49,673
U.S. treasuries 9,308,212 (22,850) 6,659,009 (16,892) 10,641,503 134,072 7,651,734 101,770
Other (3)
5,960,495 (38,127) 5,072,627 (28,963) 5,713,992 16,447 4,787,279 18,137
Total fixed maturity investments trading, at fair value 25,185,430 (96,106) 19,823,748 (84,948) 24,884,323 225,972 19,093,265 169,580
Short term investments, at fair value 3,949,012 (3,768) 1,306,844 (3,697) 4,759,811 (216) 1,831,823 (10)
Equity investments, at fair value
Fixed income exchange traded funds 1,603,299 (20,791) 1,433,543 (19,316) 1,582,811 26,827 1,582,811 26,827
Equity exchange traded funds 102,273 (12,747) 102,273 (12,747) — — — —
Common stock
140,580 93,534 140,119 93,773 150,179 95,243 146,514 95,056
Total equity investments, at fair value 1,846,152 59,996 1,675,935 61,710 1,732,990 122,070 1,729,325 121,883
Other investments, at fair value
Catastrophe bonds 1,772,044 6,906 331,529 1,292 1,613,710 25,617 231,893 1,445
Fund investments 3,156,249 462,703 3,133,115 463,129 2,775,499 381,941 2,762,301 382,200
Direct private equity investments 154,876 41,481 154,876 41,481 185,005 71,612 185,005 71,612
Total other investments, at fair value 5,083,169 511,090 3,619,520 505,902 4,574,214 479,170 3,179,199 455,257
Investments in other ventures, under equity method 149,337 — 149,337 — 121,871 — 121,871 —
Total investments $ 36,213,100 $ 471,212 $ 26,575,384 $ 478,967 $ 36,073,209 $ 826,996 $ 25,955,483 $ 746,710
June 30, 2026 December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Weighted average yield to maturity of investments (4)
5.3 % 5.3 % 4.8 % 4.8 %
Average duration of investments, in years (4)
3.0 3.5 2.6 3.0
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$ (2.03) $ 3.86
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.
(4)Excludes equity exchange traded funds, common stock, direct private equity investments, private equity funds, multi-strategy funds, equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.
(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.
24
Investments
Managed Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
June 30, 2026 Fair Value AAA AA A BBB Non-
Investment
Grade Not Rated
Fixed maturity investments trading, at fair value
Corporate
$ 9,916,723 $ 81,588 $ 393,526 $ 4,098,024 $ 4,488,306 $ 847,153 $ 8,126 $ —
U.S. treasuries 9,308,212 — 9,308,212 — — — — —
Residential mortgage-backed 2,690,648 146,373 2,415,568 360 2,993 59,412 65,942 —
Asset-backed 1,688,500 1,130,514 206,871 228,261 112,185 — 10,669 —
Non-U.S. government 683,983 405,955 158,479 106,555 11,558 1,436 — —
Agencies 560,030 — 560,030 — — — — —
Commercial mortgage-backed 337,334 275,237 60,344 1,678 — — 75 —
Total fixed maturity investments trading, at fair value 25,185,430 2,039,667 13,103,030 4,434,878 4,615,042 908,001 84,812 —
Short term investments, at fair value 3,949,012 2,806,516 1,139,584 682 313 1,851 66 —
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,603,299 — — 224,365 — 1,378,934 — —
Common stock and equity exchange traded funds
242,853 — — — — — — 242,853
Total equity investments, at fair value
1,846,152 — — 224,365 — 1,378,934 — 242,853
Other investments, at fair value
Catastrophe bonds 1,772,044 — — — — 1,772,044 — —
Fund investments
Private credit funds 1,531,757 — — — — — — 1,531,757
Private equity funds 793,136 — — — — — — 793,136
Multi-strategy funds (4)
593,071 — — — — — — 593,071
Insurance-linked securities funds
162,192 — — — — — — 162,192
Equity funds 76,093 — — — — — — 76,093
Direct private equity investments 154,876 — — — — — — 154,876
Total other investments, at fair value 5,083,169 — — — — 1,772,044 — 3,311,125
Investments in other ventures, under equity method 149,337 — — — — — — 149,337
Total investments $ 36,213,100 $ 4,846,183 $ 14,242,614 $ 4,659,925 $ 4,615,355 $ 4,060,830 $ 84,878 $ 3,703,315
100.0 % 13.5 % 39.3 % 12.9 % 12.7 % 11.2 % 0.2 % 10.2 %
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(3)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
25
Investments
Retained Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
June 30, 2026
Fair Value
AAA AA A BBB
Non-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
Corporate
$ 8,092,112 $ 62,939 $ 341,022 $ 3,413,242 $ 3,644,696 $ 622,633 $ 7,580 $ —
U.S. treasuries 6,659,009 — 6,659,009 — — — — —
Residential mortgage-backed 2,221,657 123,720 1,969,230 360 2,993 59,412 65,942 —
Asset-backed 1,552,233 1,061,203 203,158 176,820 101,543 — 9,509 —
Non-U.S. government 569,635 334,972 133,772 87,897 11,558 1,436 — —
Agencies 447,466 — 447,466 — — — — —
Commercial mortgage-backed 281,636 242,945 37,859 757 — — 75 —
Total fixed maturity investments trading, at fair value 19,823,748 1,825,779 9,791,516 3,679,076 3,760,790 683,481 83,106 —
Short term investments, at fair value 1,306,844 743,789 560,376 682 241 1,706 50 —
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,433,543 — — 224,365 — 1,209,178 — —
Common stock and equity exchange traded funds
242,392 — — — — — — 242,392
Total equity investments, at fair value 1,675,935 — — 224,365 — 1,209,178 — 242,392
Other investments, at fair value
Catastrophe bonds 331,529 — — — — 331,529 — —
Fund investments
Private credit funds 1,508,623 — — — — — — 1,508,623
Private equity funds 793,136 — — — — — — 793,136
Multi-strategy funds (4)
593,071 — — — — — — 593,071
Insurance-linked securities funds
162,192 — — — — — — 162,192
Equity funds 76,093 — — — — — — 76,093
Direct private equity investments 154,876 — — — — — — 154,876
Total other investments, at fair value 3,619,520 — — — — 331,529 — 3,287,991
Investments in other ventures, under equity method 149,337 — — — — — — 149,337
Total investments $ 26,575,384 $ 2,569,568 $ 10,351,892 $ 3,904,123 $ 3,761,031 $ 2,225,894 $ 83,156 $ 3,679,720
100.0 % 9.6 % 39.0 % 14.7 % 14.2 % 8.4 % 0.3 % 13.8 %
(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(3)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
26
Other Items
Earnings per Share
Three months ended Six months ended
(common shares in thousands) June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234 $ 826,507 $ 938,769 $ 987,654
Amount allocated to participating common shareholders (1)
(11,065) (13,344) (15,411) (15,269)
Net income (loss) allocated to RenaissanceRe common shareholders $ 643,169 $ 813,163 $ 923,358 $ 972,385
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)
41,379 47,140 41,906 47,737
Per common share equivalents of non-vested shares (2)
166 146 180 163
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)
41,545 47,286 42,086 47,900
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 15.54 $ 17.25 $ 22.03 $ 20.37
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48 $ 17.20 $ 21.94 $ 20.30
(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.
(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.
27
Comments on Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
28
Comments on Non-GAAP Financial Measures
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax and the Bermuda deferred tax benefit resulting from Bermuda law changes enacted in 2025, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”
The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability. Additionally, management believes that these measures provide a view of the Company’s underlying business that allows for better comparisons of the Company’s performance over time by focusing on the Company’s core business operations.
The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”
29
Comments on Non-GAAP Financial Measures
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234 $ 826,507 $ 938,769 $ 987,654
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (122,753) (363,736) 287,331 (737,089)
Net foreign exchange losses (gains) 7,345 (8,660) 16,364 (1,332)
Expenses (revenues) associated with acquisitions, dispositions and impairments
— 1,996 3 3,432
Acquisition related purchase accounting adjustments (1)
22,707 50,312 45,413 103,883
Bermuda net deferred tax asset (2)
— — — —
Income tax expense (benefit) (3)
19,984 56,964 (59,759) 96,356
Net income (loss) attributable to redeemable noncontrolling interests (4)
(33,756) 31,200 (89,823) 71,925
Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 547,761 $ 594,583 $ 1,138,298 $ 524,829
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48 $ 17.20 $ 21.94 $ 20.30
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (2.95) (7.69) 6.83 (15.39)
Net foreign exchange losses (gains) 0.18 (0.18) 0.39 (0.03)
Expenses (revenues) associated with acquisitions, dispositions and impairments
— 0.04 — 0.08
Acquisition related purchase accounting adjustments (1)
0.55 1.06 1.08 2.17
Bermuda net deferred tax asset (2)
— — — —
Income tax expense (benefit) (3)
0.47 1.20 (1.43) 2.01
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.81) 0.66 (2.13) 1.50
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 12.92 $ 12.29 $ 26.68 $ 10.64
Return on average common equity - annualized 24.0 % 33.7 % 17.2 % 20.1 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (4.5) % (14.8) % 5.3 % (15.0) %
Net foreign exchange losses (gains) 0.3 % (0.4) % 0.3 % — %
Expenses (revenues) associated with acquisitions, dispositions and impairments
— % 0.1 % — % — %
Acquisition related purchase accounting adjustments (1)
0.8 % 2.0 % 0.8 % 2.1 %
Bermuda net deferred tax asset (2)
— % — % — % — %
Income tax expense (benefit) (3)
0.7 % 2.3 % (1.1) % 2.0 %
Net income (loss) attributable to redeemable noncontrolling interests (4)
(1.2) % 1.3 % (1.6) % 1.5 %
Operating return on average common equity - annualized 20.1 % 24.2 % 20.9 % 10.7 %
(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and six months ended June 30, 2026 for the acquisitions of Validus of $21.0 million and $41.9 million (2025 - $48.0 million and $98.7 million); and TMR and Platinum of $1.8 million and $3.5 million (2025 - $2.4 million and $5.2 million).
(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date and the deferred tax benefit related to Bermuda law changes enacted in 2025.
(3)Represents the income tax expense or benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory income tax rates of applicable jurisdictions, adjusted for relevant factors and other applicable income taxes.
(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.
30
Comments on Non-GAAP Financial Measures
Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.
The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns by excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments to provide for better comparability and a more accurate measure of the Company’s underlying operations. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
June 30,
2026 December 31,
2025
Book value per common share $ 264.77 $ 247.00
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.41) (14.40)
Other goodwill and intangible assets (2)
(0.22) (0.21)
Acquisition related purchase accounting adjustments (3)
(2.48) (2.29)
Tangible book value per common share 247.66 230.10
Adjustment for accumulated dividends 30.50 29.68
Tangible book value per common share plus accumulated dividends $ 278.16 $ 259.78
Year to date change in book value per common share 7.2 % 26.2 %
Year to date change in book value per common share plus change in accumulated dividends 7.5 % 27.0 %
Year to date change in tangible book value per common share plus change in accumulated dividends 8.0 % 30.8 %
(1)Represents the acquired goodwill and other intangible assets at June 30, 2026 of $602.4 million (December 31, 2025 - $633.1 million) for the acquisitions of Validus, TMR and Platinum of $377.9 million, $24.5 million and $200.1 million, respectively (December 31, 2025 - $408.0 million, $25.0 million and $200.1 million, respectively).
(2)At June 30, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.
(3)Represents the purchase accounting adjustments related to the fair value adjustments to reserves at June 30, 2026 for the acquisitions of Validus, TMR and Platinum of $63.7 million, $40.7 million and $(0.5) million, respectively (December 31, 2025 - $57.7 million, $43.6 million and $(0.5) million, respectively).
31
Comments on Non-GAAP Financial Measures
Adjusted Combined Ratio
The Company has included in this Financial Supplement “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”
Three months ended June 30, 2026
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 10.2 % 52.2 % 27.1 % 103.3 % 72.8 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.4) % (0.7) % (1.1) % (1.0) % (1.1) %
Adjusted combined ratio 8.8 % 51.5 % 26.0 % 102.3 % 71.7 %
Three months ended March 31, 2026
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 20.4 % 56.8 % 34.1 % 100.4 % 73.0 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.2) % (0.7) % (1.1) % (1.0) % (1.0) %
Adjusted combined ratio 19.2 % 56.1 % 33.0 % 99.4 % 72.0 %
Three months ended December 31, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio (9.3) % 70.6 % 21.8 % 103.5 % 71.4 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.7) % (0.9) % (1.4) % (1.2) % (1.4) %
Adjusted combined ratio (11.0) % 69.7 % 20.4 % 102.3 % 70.0 %
Three months ended September 30, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio (6.0) % 45.0 % 15.5 % 101.4 % 68.4 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6) % (0.8) % (1.3) % (2.1) % (1.8) %
Adjusted combined ratio (7.6) % 44.2 % 14.2 % 99.3 % 66.6 %
Three months ended June 30, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 18.2 % 43.7 % 27.4 % 101.8 % 75.1 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.8) % (1.2) % (1.6) % (2.3) % (2.1) %
Adjusted combined ratio 16.4 % 42.5 % 25.8 % 99.5 % 73.0 %
(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.
32
Comments on Non-GAAP Financial Measures
Adjusted Combined Ratio
Six months ended June 30, 2026
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 15.4 % 54.5 % 30.6 % 101.9 % 72.9 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.2) % (0.7) % (1.0) % (1.1) % (1.0) %
Adjusted combined ratio 14.2 % 53.8 % 29.6 % 100.8 % 71.9 %
Six months ended June 30, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 114.9 % 65.2 % 98.9 % 106.4 % 103.3 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.7) % (1.4) % (1.6) % (2.4) % (2.0) %
Adjusted combined ratio 113.2 % 63.8 % 97.3 % 104.0 % 101.3 %
(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.
33
Comments on Non-GAAP Financial Measures
Retained Total Investment Result
The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”
Three months ended June 30, 2026 Three months ended June 30, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Net investment income
Fixed maturity investments trading $ 297,222 $ (61,827) $ 235,395 $ 282,173 $ (62,436) $ 219,737
Short term investments 32,957 (20,819) 12,138 48,415 (23,743) 24,672
Equity investments
Fixed income exchange traded funds 26,119 (2,922) 23,197 6,528 — 6,528
Common stock (4)
676 — 676 615 — 615
Other investments
Catastrophe bonds 40,095 (33,890) 6,205 47,948 (40,960) 6,988
Fund and direct private equity investments (4)
33,333 303 33,636 21,692 — 21,692
Cash and cash equivalents 9,420 (541) 8,879 12,333 (1,288) 11,045
439,822 (119,696) 320,126 419,704 (128,427) 291,277
Investment expenses (7,333) 1,549 (5,784) (6,596) 1,391 (5,205)
Net investment income $ 432,489 $ (118,147) $ 314,342 $ 413,108 $ (127,036) $ 286,072
Equity in earnings (losses) of other ventures (5)
$ 17,829 $ — $ 17,829 $ 20,333 $ — $ 20,333
Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)
$ (115,341) $ 29,949 $ (85,392) $ 149,510 $ (19,013) $ 130,497
Equity-related investments (8)
217,292 616 217,908 111,118 28 111,146
Commodity-related investments (9)
(79,131) — (79,131) 33,253 1 33,254
Other investments
Catastrophe bonds (1,125) 1,954 829 (14,016) 12,286 (1,730)
Fund and direct private equity investments (4)
99,933 (616) 99,317 69,855 — 69,855
Net realized and unrealized gains (losses) on investments $ 121,628 $ 31,903 $ 153,531 $ 349,720 $ (6,698) $ 343,022
Total investment result (5)
$ 571,946 $ (86,244) $ 485,702 $ 783,161 $ (133,734) $ 649,427
Average invested assets $ 35,692,318 $ (9,467,850) $ 26,224,468 $ 34,044,766 $ (9,489,876) $ 24,554,890
Net investment income return - annualized 5.0 % (0.1) % 4.9 % 5.0 % (0.3) % 4.7 %
Total investment return - annualized (5)
6.6 % 1.0 % 7.6 % 9.6 % 1.4 % 11.0 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(5)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(6)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(7)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(8)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(9)Includes commodity-related derivatives, which includes commodity futures and commodity options.
34
Comments on Non-GAAP Financial Measures
Retained Total Investment Result
Six months ended June 30, 2026 Six months ended June 30, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Net investment income
Fixed maturity investments trading $ 591,716 $ (123,680) $ 468,036 $ 566,896 $ (120,331) $ 446,565
Short term investments 67,263 (41,441) 25,822 89,444 (46,859) 42,585
Equity investments
Fixed income exchange traded funds 47,811 (2,922) 44,889 7,712 — 7,712
Common stock (4)
1,353 — 1,353 1,341 (4) 1,337
Other investments
Catastrophe bonds 80,027 (68,534) 11,493 102,702 (86,817) 15,885
Fund and direct private equity investments (4)
58,544 211 58,755 40,415 — 40,415
Cash and cash equivalents 20,583 (1,314) 19,269 23,443 (2,128) 21,315
867,297 (237,680) 629,617 831,953 (256,139) 575,814
Investment expenses (14,306) 3,175 (11,131) (13,492) 2,856 (10,636)
Net investment income $ 852,991 $ (234,505) $ 618,486 $ 818,461 $ (253,283) $ 565,178
Equity in earnings (losses) of other ventures (5)
$ 38,314 $ — $ 38,314 $ 38,161 $ — $ 38,161
Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)
$ (383,289) $ 82,134 $ (301,155) $ 462,387 $ (57,136) $ 405,251
Equity-related investments (8)
69,866 1,620 71,486 61,529 (99) 61,430
Commodity-related investments (9)
(13,821) — (13,821) 150,844 1 150,845
Other investments
Catastrophe bonds (12,954) 13,315 361 (54,429) 45,908 (8,521)
Fund and direct private equity investments (4)
39,913 (7) 39,906 62,329 — 62,329
Net realized and unrealized gains (losses) on investments $ (300,285) $ 97,062 $ (203,223) $ 682,660 $ (11,326) $ 671,334
Total investment result (5)
$ 591,020 $ (137,443) $ 453,577 $ 1,539,282 $ (264,609) $ 1,274,673
Average invested assets $ 35,819,281 $ (9,684,474) $ 26,134,807 $ 33,576,329 $ (9,409,664) $ 24,166,665
Net investment income return - annualized 4.9 % (0.1) % 4.8 % 5.0 % (0.3) % 4.7 %
Total investment return - annualized (5)
3.4 % 0.1 % 3.5 % 9.5 % 1.3 % 10.8 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(5)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(6)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(7)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(8)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(9)Includes commodity-related derivatives, which includes commodity futures and commodity options.
35
Comments on Non-GAAP Financial Measures
Retained Total Investments
The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investments to “retained total investments.”
June 30, 2026 December 31, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading, at fair value
Corporate
$ 9,916,723 $ (1,824,611) $ 8,092,112 $ 8,528,828 $ (1,874,576) $ 6,654,252
U.S. treasuries 9,308,212 (2,649,203) 6,659,009 10,641,503 (2,989,769) 7,651,734
Residential mortgage-backed 2,690,648 (468,991) 2,221,657 2,606,882 (491,472) 2,115,410
Asset-backed 1,688,500 (136,267) 1,552,233 1,606,790 (130,875) 1,475,915
Non-U.S. government 683,983 (114,348) 569,635 691,912 (142,679) 549,233
Agencies 560,030 (112,564) 447,466 486,817 (107,519) 379,298
Commercial mortgage-backed 337,334 (55,698) 281,636 321,591 (54,168) 267,423
Total fixed maturity investments trading, at fair value 25,185,430 (5,361,682) 19,823,748 24,884,323 (5,791,058) 19,093,265
Short term investments, at fair value 3,949,012 (2,642,168) 1,306,844 4,759,811 (2,927,988) 1,831,823
Equity investments, at fair value
Fixed income exchange traded funds 1,603,299 (169,756) 1,433,543 1,582,811 — 1,582,811
Equity exchange traded funds 102,273 — 102,273 — — —
Common stock
140,580 (461) 140,119 150,179 (3,665) 146,514
Total equity investments, at fair value
1,846,152 (170,217) 1,675,935 1,732,990 (3,665) 1,729,325
Other investments, at fair value
Catastrophe bonds 1,772,044 (1,440,515) 331,529 1,613,710 (1,381,817) 231,893
Fund investments
Private credit funds 1,531,757 (23,134) 1,508,623 1,445,158 (13,198) 1,431,960
Private equity funds 793,136 — 793,136 701,837 — 701,837
Multi-strategy funds (4)
593,071 — 593,071 473,990 — 473,990
Insurance-linked securities funds
162,192 — 162,192 154,514 — 154,514
Equity funds 76,093 — 76,093 — — —
Direct private equity investments 154,876 — 154,876 185,005 — 185,005
Total other investments, at fair value 5,083,169 (1,463,649) 3,619,520 4,574,214 (1,395,015) 3,179,199
Investments in other ventures, under equity method 149,337 — 149,337 121,871 — 121,871
Total investments $ 36,213,100 $ (9,637,716) $ 26,575,384 $ 36,073,209 $ (10,117,726) $ 25,955,483
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
36
Comments on Non-GAAP Financial Measures
Retained Total Investments, Unrealized Gain (Loss)
The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”
June 30, 2026 December 31, 2025
Unrealized Gain (Loss) - Managed (1)
Adjustment (2)
Unrealized Gain (Loss) - Retained (3)
Unrealized Gain (Loss) - Managed (1)
Adjustment (2)
Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
Corporate
$ (35,129) $ (3,964) $ (39,093) $ 75,453 $ (25,780) $ 49,673
U.S. treasuries (22,850) 5,958 (16,892) 134,072 (32,302) 101,770
Other (4)
(38,127) 9,164 (28,963) 16,447 1,690 18,137
Total fixed maturity investments trading, at fair value (96,106) 11,158 (84,948) 225,972 (56,392) 169,580
Short term investments, at fair value (3,768) 71 (3,697) (216) 206 (10)
Equity investments, at fair value
Fixed income exchange traded funds (20,791) 1,475 (19,316) 26,827 — 26,827
Equity exchange traded funds (12,747) — (12,747) — — —
Common stock
93,534 239 93,773 95,243 (187) 95,056
Total equity investments, at fair value 59,996 1,714 61,710 122,070 (187) 121,883
Other investments, at fair value
Catastrophe bonds 6,906 (5,614) 1,292 25,617 (24,172) 1,445
Fund investments 462,703 426 463,129 381,941 259 382,200
Direct private equity investments 41,481 — 41,481 71,612 — 71,612
Total other investments, at fair value 511,090 (5,188) 505,902 479,170 (23,913) 455,257
Investments in other ventures, under equity method — — — — — —
Total investments $ 471,212 $ 7,755 $ 478,967 $ 826,996 $ (80,286) $ 746,710
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$ (2.03) $ 3.86
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.
(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $(84.9) million at June 30, 2026 (December 31, 2025 - $169.6 million). Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.
37
Comments on Non-GAAP Financial Measures
Operating (income) loss attributable to redeemable noncontrolling interests
The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”
Three months ended Six months ended
June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (315,260) $ (328,339) $ (537,711) $ (133,087)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests 29,910 (18,500) 83,400 (55,421)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests 3,846 (12,700) 6,423 (16,504)
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)
33,756 (31,200) 89,823 (71,925)
Operating (income) loss attributable to redeemable noncontrolling interests
$ (349,016) $ (297,139) $ (627,534) $ (61,162)
(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.
38
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na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember
Namespace Prefix:
Data Type:
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Balance Type:
Period Type:
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- Details
Name:
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Namespace Prefix:
Data Type:
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Balance Type:
Period Type:
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- Details
Name:
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Namespace Prefix:
Data Type:
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Balance Type:
Period Type: