RenaissanceRe Reports $907.7 Million of Net Income Available to Common Shareholders and $733.7 million of Operating Income Available to Common Shareholders in Q3 2025.

PEMBROKE, Bermuda--( BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the third quarter of 2025.

Net Income Available to Common Shareholders per Diluted Common Share: $19.40

Operating Income Available to Common Shareholders per Diluted Common Share: $15.62

Underwriting Income

$770.2M

Fee Income

$101.8M

Net Investment Income

$438.4M

Change in Book Value per Common Share: 9.0%

Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 10.3%

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 exceptional results this quarter with growth in book value per common share and tangible book value per common share plus change in accumulated dividends of 9.0% and 10.3%, respectively. This benefited from low catastrophe activity and continued outperformance in our three drivers of profit - underwriting, fee, and net investment income.

Year to date, we have grown book value per share and tangible book value per share plus change in accumulated dividends by 18.1% and 21.8%, respectively – a particularly strong result given that this includes the impact of the California Wildfires in the first quarter. These outcomes reflect the consistent execution of our strategy, our disciplined underwriting approach and the resulting diversification of our income streams. Looking ahead, we remain confident in the sustainability of our strong earnings and our ability to generate consistent, superior returns and long-term value for our shareholders.”

Consolidated Financial Results

Consolidated Highlights

Three months ended September 30,

(in thousands, except per share amounts and percentages)

2025

2024

Gross premiums written

2,323,626

2,400,136

Net premiums written

2,057,802

2,162,504

Net premiums earned

2,433,805

2,582,969

Underwriting income (loss)

770,189

393,756

Combined ratio

68.4

84.8

Adjusted combined ratio (1)

66.6

82.4

Net Income (Loss)

Available (attributable) to common shareholders

907,667

1,173,644

Available (attributable) to common shareholders per diluted common share

19.40

22.62

Return on average common equity - annualized

34.9

47.1

Operating Income (Loss) (1)

Available (attributable) to common shareholders (1)

733,717

540,322

Available (attributable) to common shareholders per diluted common share (1)

15.62

10.23

Operating return on average common equity - annualized (1)

28.2

21.7

At September 30,

2025

2024

Book Value per Common Share

Book value per common share

231.23

202.01

Quarterly change in book value per common share (2)

9.0

12.3

Quarterly change in book value per common share plus change in accumulated dividends (2)

9.2

12.5

Tangible Book Value per Common Share (1)

Tangible book value per common share (1)

214.57

182.76

Tangible book value per common share plus accumulated dividends (1)

243.85

210.45

Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)

10.3

15.0

(1)

(2)

Three Drivers of Profit: Underwriting, Fee and Investment Income

Underwriting Results - Property Segment: Combined ratio of 15.5% with 21.9% underlying growth, without the impact of reinstatement premiums, in the catastrophe class gross premiums written

Property Segment

Three months ended September 30,

Q/Q Change

(in thousands, except percentages)

2025

2024

Gross premiums written

733,274

790,709

(7.3

Net premiums written

694,125

701,222

(1.0

Net premiums earned

936,933

994,777

(5.8

Underwriting income (loss)

791,511

394,683

Underwriting Ratios

Net claims and claim expense ratio - current accident year

26.7

62.5

(35.8) pts

Net claims and claim expense ratio - prior accident years

(40.9

(29.3

(11.6) pts

Net claims and claim expense ratio - calendar year

(14.2

33.2

(47.4) pts

Underwriting expense ratio

29.7

27.1

2.6 pts

Combined ratio

15.5

60.3

(44.8) pts

Adjusted combined ratio (1)

14.2

58.1

(43.9) pts

(1)

Underwriting Results - Casualty and Specialty Segment: Combined ratio of 101.4% and adjusted combined ratio of 99.3%

Casualty and Specialty Segment

Three months ended September 30,

Q/Q Change

(in thousands, except percentages)

2025

2024

Gross premiums written

1,590,352

1,609,427

(1.2

Net premiums written

1,363,677

1,461,282

(6.7

Net premiums earned

1,496,872

1,588,192

(5.7

Underwriting income (loss)

(21,322

)

(927

)

Underwriting Ratios

Net claims and claim expense ratio - current accident year

67.4

65.8

1.6 pts

Net claims and claim expense ratio - prior accident years

0.2

(0.1

0.3 pts

Net claims and claim expense ratio - calendar year

67.6

65.7

1.9 pts

Underwriting expense ratio

33.8

34.4

(0.6) pts

Combined ratio

101.4

100.1

1.3 pts

Adjusted combined ratio (1)

99.3

97.7

1.6 pts

(1)

Fee Income: $101.8 million of fee income, up 24.1% from Q3 2024

Fee Income

Three months ended September 30,

Q/Q Change

(in thousands)

2025

2024

Management fee income

53,014

54,945

(1,931

)

Performance fee income (loss) (1)

48,796

27,120

21,676

Total fee income

101,810

82,065

19,745

(1)

Investment Results: Total investment result of $750.2 million; reflecting net investment income of $438.4 million and net realized and unrealized gains of $311.9 million

Investment Results

Three months ended September 30,

Q/Q Change

(in thousands, except percentages)

2025

2024

Net investment income

438,354

423,859

14,495

Net realized and unrealized gains (losses) on investments

311,890

943,745

(631,855

)

Total investment result

750,244

1,367,604

(617,360

)

Net investment income return - annualized

5.2

5.7

(0.5) pts

Total investment return - annualized

8.9

18.3

(9.4) pts

Other Items of Note

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 Wednesday, October 29, 2025, 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, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

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, industry capital, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such 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 between Russia and Ukraine, and in the Middle East; 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 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.

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

Nine months ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Revenues

Gross premiums written

2,323,626

2,400,136

9,900,309

9,816,315

Net premiums written

2,057,802

2,162,504

8,271,601

8,200,588

Decrease (increase) in unearned premiums

376,003

420,465

(704,861

)

(632,394

)

Net premiums earned

2,433,805

2,582,969

7,566,740

7,568,194

Net investment income

438,354

423,859

1,256,815

1,225,479

Net foreign exchange gains (losses)

877

16,804

2,209

(27,694

)

Equity in earnings (losses) of other ventures

12,551

5,718

50,712

32,435

Other income (loss)

705

680

4,243

799

Net realized and unrealized gains (losses) on investments

311,890

943,745

994,550

602,507

Total revenues

3,198,182

3,973,775

9,875,269

9,401,720

Expenses

Net claims and claim expenses incurred

878,820

1,373,614

4,664,701

3,849,239

Acquisition expenses

659,723

690,338

1,949,763

1,965,697

Operational expenses

125,073

125,261

350,996

339,484

Corporate expenses

23,414

26,078

70,005

100,489

Interest expense

30,582

23,809

89,461

70,522

Total expenses

1,717,612

2,239,100

7,124,926

6,325,431

Income (loss) before taxes

1,480,570

1,734,675

2,750,343

3,076,289

Income tax benefit (expense)

(148,860

)

(102,012

)

(280,204

)

(96,536

)

Net income (loss)

1,331,710

1,632,663

2,470,139

2,979,753

Net (income) loss attributable to redeemable noncontrolling interests

(415,200

)

(450,176

)

(548,287

)

(919,734

)

Net income (loss) attributable to RenaissanceRe

916,510

1,182,487

1,921,852

2,060,019

Dividends on preference shares

(8,843

)

(8,843

)

(26,531

)

(26,531

)

Net income (loss) available (attributable) to RenaissanceRe common shareholders

907,667

1,173,644

1,895,321

2,033,488

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic

19.47

22.68

39.60

38.95

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted

19.40

22.62

39.46

38.84

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)

15.62

10.23

25.99

34.86

Average shares outstanding - basic

45,845

50,959

47,106

51,439

Average shares outstanding - diluted

46,005

51,104

47,268

51,582

Net claims and claim expense ratio

36.1

53.2

61.6

50.9

Underwriting expense ratio

32.3

31.6

30.5

30.4

Combined ratio

68.4

84.8

92.1

81.3

Return on average common equity - annualized

34.9

47.1

25.1

28.8

Operating return on average common equity - annualized (1)

28.2

21.7

16.7

26.0

(1)

RenaissanceRe Holdings Ltd.

Summary Consolidated Balance Sheets

(in thousands of United States Dollars, except per share amounts)

September 30,

2025

December 31,

2024

Assets

Fixed maturity investments trading, at fair value

23,772,222

23,562,514

Short-term investments, at fair value

6,018,146

4,531,655

Equity investments, at fair value

1,465,833

117,756

Other investments, at fair value

4,432,389

4,324,761

Investments in other ventures, under equity method

115,597

102,770

Total investments

35,804,187

32,639,456

Cash and cash equivalents

1,701,568

1,676,604

Premiums receivable

8,130,508

7,290,228

Prepaid reinsurance premiums

1,216,757

888,332

Reinsurance recoverable

4,085,093

4,481,390

Accrued investment income

225,254

238,290

Deferred acquisition costs and value of business acquired

1,656,042

1,552,359

Deferred tax asset

705,469

701,053

Receivable for investments sold

54,571

91,669

Other assets

267,297

444,037

Goodwill and other intangible assets

651,328

704,132

Total assets

54,498,074

50,707,550

Liabilities, Noncontrolling Interests and Shareholders’ Equity

Liabilities

Reserve for claims and claim expenses

22,712,860

21,303,491

Unearned premiums

6,986,618

5,950,415

Debt

2,229,135

1,886,689

Reinsurance balances payable

2,703,090

2,804,344

Payable for investments purchased

298,908

150,721

Other liabilities

596,038

1,060,129

Total liabilities

35,526,649

33,155,789

Redeemable noncontrolling interests

7,469,059

6,977,749

Shareholders’ Equity

Preference shares

750,000

Common shares

46,501

50,181

Additional paid-in capital

605,305

1,512,435

Accumulated other comprehensive income (loss)

(13,647

)

(14,756

)

Retained earnings

10,114,207

8,276,152

Total shareholders’ equity attributable to RenaissanceRe

11,502,366

10,574,012

Total liabilities, noncontrolling interests and shareholders’ equity

54,498,074

50,707,550

Book value per common share

231.23

195.77

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars, except percentages)

(Unaudited)

Three months ended September 30, 2025

Property

Casualty and Specialty

Other

Total

Gross premiums written

733,274

1,590,352

—

2,323,626

Net premiums written

694,125

1,363,677

—

2,057,802

Net premiums earned

936,933

1,496,872

—

2,433,805

Net claims and claim expenses incurred

(133,504

)

1,012,324

—

878,820

Acquisition expenses

192,347

467,376

—

659,723

Operational expenses

86,579

38,494

—

125,073

Underwriting income (loss)

791,511

(21,322

)

—

770,189

Net investment income

438,354

Net foreign exchange gains (losses)

877

Equity in earnings (losses) of other ventures

12,551

Other income (loss)

705

Net realized and unrealized gains (losses) on investments

311,890

Corporate expenses

(23,414

)

(23,414

)

Interest expense

(30,582

)

(30,582

)

Income (loss) before taxes

1,480,570

Income tax benefit (expense)

(148,860

)

(148,860

)

Net (income) loss attributable to redeemable noncontrolling interests

(415,200

)

(415,200

)

Dividends on preference shares

(8,843

)

(8,843

)

Net income (loss) available (attributable) to RenaissanceRe common shareholders

907,667

Net claims and claim expenses incurred – current accident year

250,169

1,008,702

—

1,258,871

Net claims and claim expenses incurred – prior accident years

(383,673

)

3,622

—

(380,051

)

Net claims and claim expenses incurred – total

(133,504

)

1,012,324

—

878,820

Net claims and claim expense ratio – current accident year

26.7

67.4

51.7

Net claims and claim expense ratio – prior accident years

(40.9

0.2

(15.6

Net claims and claim expense ratio – calendar year

(14.2

67.6

36.1

Underwriting expense ratio

29.7

33.8

32.3

Combined ratio

15.5

101.4

68.4

Three months ended September 30, 2024

Property

Casualty and Specialty

Other

Total

Gross premiums written

790,709

1,609,427

—

2,400,136

Net premiums written

701,222

1,461,282

—

2,162,504

Net premiums earned

994,777

1,588,192

—

2,582,969

Net claims and claim expenses incurred

329,967

1,043,647

—

1,373,614

Acquisition expenses

192,439

497,899

—

690,338

Operational expenses

77,688

47,573

—

125,261

Underwriting income (loss)

394,683

(927

)

—

393,756

Net investment income

423,859

Net foreign exchange gains (losses)

16,804

Equity in earnings (losses) of other ventures

5,718

Other income (loss)

680

Net realized and unrealized gains (losses) on investments

943,745

Corporate expenses

(26,078

)

(26,078

)

Interest expense

(23,809

)

(23,809

)

Income (loss) before taxes

1,734,675

Income tax benefit (expense)

(102,012

)

(102,012

)

Net (income) loss attributable to redeemable noncontrolling interests

(450,176

)

(450,176

)

Dividends on preference shares

(8,843

)

(8,843

)

Net income (loss) available (attributable) to RenaissanceRe common shareholders

1,173,644

Net claims and claim expenses incurred – current accident year

621,710

1,044,410

—

1,666,120

Net claims and claim expenses incurred – prior accident years

(291,743

)

(763

)

—

(292,506

)

Net claims and claim expenses incurred – total

329,967

1,043,647

—

1,373,614

Net claims and claim expense ratio – current accident year

62.5

65.8

64.5

Net claims and claim expense ratio – prior accident years

(29.3

(0.1

(11.3

Net claims and claim expense ratio – calendar year

33.2

65.7

53.2

Underwriting expense ratio

27.1

34.4

31.6

Combined ratio

60.3

100.1

84.8

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Segment Information

(in thousands of United States Dollars, except percentages)

(Unaudited)

Nine months ended September 30, 2025

Property

Casualty and Specialty

Other

Total

Gross premiums written

4,596,042

5,304,267

—

9,900,309

Net premiums written

3,710,676

4,560,925

—

8,271,601

Net premiums earned

3,052,893

4,513,847

—

7,566,740

Net claims and claim expenses incurred

1,481,823

3,182,878

—

4,664,701

Acquisition expenses

534,192

1,415,571

—

1,949,763

Operational expenses

222,414

128,582

—

350,996

Underwriting income (loss)

814,464

(213,184

)

—

601,280

Net investment income

1,256,815

Net foreign exchange gains (losses)

2,209

Equity in earnings of other ventures

50,712

Other income (loss)

4,243

Net realized and unrealized gains (losses) on investments

994,550

Corporate expenses

(70,005

)

(70,005

)

Interest expense

(89,461

)

(89,461

)

Income (loss) before taxes and redeemable noncontrolling interests

2,750,343

Income tax benefit (expense)

(280,204

)

(280,204

)

Net (income) loss attributable to redeemable noncontrolling interests

(548,287

)

(548,287

)

Dividends on preference shares

(26,531

)

(26,531

)

Net income (loss) available (attributable) to RenaissanceRe common shareholders

1,895,321

Net claims and claim expenses incurred – current accident year

2,319,130

3,191,206

—

5,510,336

Net claims and claim expenses incurred – prior accident years

(837,307

)

(8,328

)

—

(845,635

)

Net claims and claim expenses incurred – total

1,481,823

3,182,878

—

4,664,701

Net claims and claim expense ratio – current accident year

76.0

70.7

72.8

Net claims and claim expense ratio – prior accident years

(27.5

(0.2

(11.2

Net claims and claim expense ratio – calendar year

48.5

70.5

61.6

Underwriting expense ratio

24.8

34.2

30.5

Combined ratio

73.3

104.7

92.1

Nine months ended September 30, 2024

Property

Casualty and Specialty

Other

Total

Gross premiums written

4,433,688

5,382,627

—

9,816,315

Net premiums written

3,457,500

4,743,088

—

8,200,588

Net premiums earned

2,911,694

4,656,500

—

7,568,194

Net claims and claim expenses incurred

757,570

3,091,669

—

3,849,239

Acquisition expenses

566,566

1,399,131

—

1,965,697

Operational expenses

206,737

132,747

—

339,484

Underwriting income (loss)

1,380,821

32,953

—

1,413,774

Net investment income

1,225,479

Net foreign exchange gains (losses)

(27,694

)

(27,694

)

Equity in earnings of other ventures

32,435

Other income (loss)

799

Net realized and unrealized gains (losses) on investments

602,507

Corporate expenses

(100,489

)

(100,489

)

Interest expense

(70,522

)

(70,522

)

Income (loss) before taxes and redeemable noncontrolling interests

3,076,289

Income tax benefit (expense)

(96,536

)

(96,536

)

Net (income) loss attributable to redeemable noncontrolling interests

(919,734

)

(919,734

)

Dividends on preference shares

(26,531

)

(26,531

)

Net income (loss) available (attributable) to RenaissanceRe common shareholders

2,033,488

Net claims and claim expenses incurred – current accident year

1,228,371

3,118,726

—

4,347,097

Net claims and claim expenses incurred – prior accident years

(470,801

)

(27,057

)

—

(497,858

)

Net claims and claim expenses incurred – total

757,570

3,091,669

—

3,849,239

Net claims and claim expense ratio – current accident year

42.2

67.0

57.4

Net claims and claim expense ratio – prior accident years

(16.2

(0.6

(6.5

Net claims and claim expense ratio – calendar year

26.0

66.4

50.9

Underwriting expense ratio

26.6

32.9

30.4

Combined ratio

52.6

99.3

81.3

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Gross Premiums Written

(in thousands of United States Dollars)

(Unaudited)

Three months ended

Nine months ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Property Segment

Catastrophe

288,406

344,005

3,317,728

2,949,731

Other property

444,868

446,704

1,278,314

1,483,957

Property segment gross premiums written

733,274

790,709

4,596,042

4,433,688

Casualty and Specialty Segment

General casualty (1)

483,888

519,555

1,677,415

1,739,464

Professional liability (2)

294,918

331,610

798,259

916,196

Credit (3)

253,713

213,826

922,006

765,304

Other specialty (4)

557,833

544,436

1,906,587

1,961,663

Casualty and Specialty segment gross premiums written

1,590,352

1,609,427

5,304,267

5,382,627

(1)

(2)

(3)

(4)

RenaissanceRe Holdings Ltd.

Supplemental Financial Data - Total Investment Result

(in thousands of United States Dollars, except percentages)

(Unaudited)

Three months ended

Nine months ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Fixed maturity investments trading

287,139

289,687

854,035

820,876

Short-term investments

51,855

46,746

141,299

141,923

Equity investments

Fixed income exchange traded funds

15,876

—

23,588

—

Other equity investments

610

670

1,951

1,819

Other investments

Catastrophe bonds

50,503

61,175

153,205

177,860

Other

27,036

20,937

67,451

59,525

Cash and cash equivalents

12,045

10,226

35,488

40,347

445,064

429,441

1,277,017

1,242,350

Investment expenses

(6,710

)

(5,582

)

(20,202

)

(16,871

)

Net investment income

438,354

423,859

1,256,815

1,225,479

Net investment income return - annualized

5.2

5.7

5.0

5.5

Net realized gains (losses) on fixed maturity investments trading

19,293

22,052

27,561

(33,965

)

Net unrealized gains (losses) on fixed maturity investments trading

66,796

590,309

389,382

353,465

Net realized and unrealized gains (losses) on investment-related derivatives

181,012

97,534

498,089

50,102

Net realized gains (losses) on equity investments

541

340

613

355

Net unrealized gains (losses) on equity investments

6,609

18,778

33,366

26,368

Net realized and unrealized gains (losses) on other investments - catastrophe bonds

44,592

66,291

(9,837

)

51,091

Net realized and unrealized gains (losses) on other investments - other

(6,953

)

148,441

55,376

155,091

Net realized and unrealized gains (losses) on investments

311,890

943,745

994,550

602,507

Total investment result

750,244

1,367,604

2,251,365

1,827,986

Total investment return - annualized

8.9

18.3

9.0

8.2

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, (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.

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.”

Three months ended

Nine months ended

(in thousands of United States Dollars, except per share amounts and percentages)

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Net income (loss) available (attributable) to RenaissanceRe common shareholders

907,667

1,173,644

1,895,321

2,033,488

Adjustment for:

Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds

(267,298

)

(877,454

)

(1,004,387

)

(551,416

)

Net foreign exchange losses (gains)

(877

)

(16,804

)

(2,209

)

27,694

Expenses (revenues) associated with acquisitions, dispositions and impairments

1,952

17,400

5,384

54,968

Acquisition related purchase accounting adjustments (1)

43,083

59,812

146,966

183,175

Bermuda net deferred tax asset (2)

—

(7,890

)

Income tax expense (benefit) (3)

39,255

65,285

135,611

46,325

Net income (loss) attributable to redeemable noncontrolling interests (4)

9,935

118,439

81,860

41,205

Operating income (loss) available (attributable) to RenaissanceRe common shareholders

733,717

540,322

1,258,546

1,827,549

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted

19.40

22.62

39.46

38.84

Adjustment for:

Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds

(5.81

)

(17.17

)

(21.25

)

(10.69

)

Net foreign exchange losses (gains)

(0.02

)

(0.33

)

(0.05

)

0.54

Expenses (revenues) associated with acquisitions, dispositions and impairments

0.04

0.34

0.12

1.07

Acquisition related purchase accounting adjustments (1)

0.94

1.17

3.11

3.55

Bermuda net deferred tax asset (2)

—

(0.15

)

Income tax expense (benefit) (3)

0.85

1.28

2.87

0.90

Net income (loss) attributable to redeemable noncontrolling interests (4)

0.22

2.32

1.73

0.80

Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted

15.62

10.23

25.99

34.86

Return on average common equity - annualized

34.9

47.1

25.1

28.8

Adjustment for:

Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds

(10.3

(35.2

(13.3

(7.8

Net foreign exchange losses (gains)

—

(0.7

—

0.4

Expenses (revenues) associated with acquisitions, dispositions and impairments

—

0.7

0.1

0.8

Acquisition related purchase accounting adjustments (1)

1.7

2.4

1.9

2.6

Bermuda net deferred tax asset (2)

—

(0.1

Income tax expense (benefit) (3)

1.5

2.6

1.8

0.7

Net income (loss) attributable to redeemable noncontrolling interests (4)

0.4

4.8

1.1

0.6

Operating return on average common equity - annualized

28.2

21.7

16.7

26.0

(1)

(2)

(3)

(4)

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, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. 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.”

September 30,

2025

September 30,

2024

Book value per common share

231.23

202.01

Adjustment for:

Acquisition related goodwill and other intangible assets (1)

(14.01

)

(13.81

)

Other goodwill and intangible assets (2)

(0.19

)

(0.17

)

Acquisition related purchase accounting adjustments (3)

(2.46

)

(5.27

)

Tangible book value per common share

214.57

182.76

Adjustment for accumulated dividends

29.28

27.69

Tangible book value per common share plus accumulated dividends

243.85

210.45

Quarterly change in book value per common share (4)

9.0

12.3

Quarterly change in book value per common share plus change in accumulated dividends (4)

9.2

12.5

Quarterly change in tangible book value per common share plus change in accumulated dividends (4)

10.3

15.0

Year to date change in book value per common share

18.1

22.3

Year to date change in book value per common share plus change in accumulated dividends

18.7

23.0

Year to date change in tangible book value per common share plus change in accumulated dividends

21.8

29.6

(1)

(2)

(3)

(4)

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 September 30, 2025

Catastrophe

Other

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 September 30, 2024

Catastrophe

Other

Property

Casualty and Specialty

Total

Combined ratio

43.2

85.6

60.3

100.1

84.8

Adjustment for acquisition related purchase accounting adjustments (1)

(2.9

(1.3

(2.2

(2.4

Adjusted combined ratio

40.3

84.3

58.1

97.7

82.4

(1)