Form 8-K
8-K — RENAISSANCERE HOLDINGS LTD
Accession: 0000913144-26-000063
Filed: 2026-04-28
Period: 2026-04-28
CIK: 0000913144
SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — rnr-20260428.htm (Primary)
EX-99.1 (rnrearningsrelease2026q1.htm)
EX-99.2 (rnrfinancialsupplement2026.htm)
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8-K
8-K (Primary)
Filename: rnr-20260428.htm · Sequence: 1
rnr-20260428
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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): April 28, 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 April 28, 2026, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 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 April 28, 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
April 28, 2026 Robert Qutub
Executive Vice President and Chief Financial Officer
EX-99.1
EX-99.1
Filename: rnrearningsrelease2026q1.htm · Sequence: 2
Document
RenaissanceRe Reports $284.5 Million of Quarterly Net Income Available to Common Shareholders and $590.5 Million of Operating Income Available to Common Shareholders in Q1 2026. Strong Performance Across All Three Drivers of Profit – Underwriting, Fee and Net Investment Income.
•73.0% combined ratio.
•Fee income of $94.1 million, with strong contributions from management and performance fees.
•Net investment income of $420.5 million, up 3.7% from Q1 2025.
•Repurchased $352.5 million of common shares in Q1 2026. Repurchased an additional $104.8 million from April 1, 2026, through April 24, 2026.
•10.5% annualized return on average common equity, including mark-to-market losses of $421.9 million, primarily from increased treasury yields and equity losses.
•21.8% annualized operating return on average common equity.
Pembroke, Bermuda, April 28, 2026 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the first quarter of 2026.
Net Income Available to Common Shareholders per Diluted Common Share: $6.57
Operating Income Available to Common Shareholders per Diluted Common Share: $13.75
Underwriting Income
$588.8M
Fee Income
$94.1M
Net Investment Income
$420.5M
Change in Book Value per Common Share: 1.4%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 1.7%
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 started the year with a strong quarter, with significant contributions across each of our Three Drivers of Profit. We generated $284.5 million in net income available to common shareholders and $590.5 million in operating income available to common shareholders, and delivered an annualized return on average common equity of 10.5% and annualized operating return on average common equity of 21.8%. This strong performance was anchored by underwriting, where we delivered a low combined ratio of 73.0%, reflecting the strength of our underwriting decisions, deliberate portfolio construction and a disciplined reserving approach.
We continue to shape the underwriting portfolio to deliver superior returns for our shareholders. In a competitive, but still attractive environment, we successfully deployed additional limit into our highest margin business, property catastrophe.
Fee and investment income together contributed to a durable and diversified earnings base, with stable management fees, elevated performance fees, and investment income remaining near peak levels. During the quarter, we took advantage of investment market volatility to opportunistically reposition our investment portfolio, reducing our gold position, increasing allocations to investment-grade credit, and extending duration by half a year to further benefit from still attractive interest rate levels.
We also repurchased $352.5 million of shares during the quarter at an attractive premium to book value, reflecting our confidence in the intrinsic value of the franchise and our commitment to disciplined capital management. Taken together, these results reflect the strength and diversification of our platform and position us to continue compounding book value per common share over the long term.”
1
Consolidated Financial Results
Consolidated Highlights
Three months ended March 31,
(in thousands, except per share amounts and percentages) 2026 2025
Gross premiums written
$ 3,478,873 $ 4,155,503
Net premiums written 2,678,296 3,443,529
Net premiums earned
2,183,614 2,720,781
Underwriting income (loss) 588,758 (770,597)
Combined ratio
73.0 % 128.3 %
Adjusted combined ratio (1)
72.0 % 126.4 %
Net Income (Loss)
Available (attributable) to common shareholders
284,535 161,147
Available (attributable) to common shareholders per diluted common share
$ 6.57 $ 3.27
Return on average common equity - annualized
10.5 % 6.6 %
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
590,537 (69,754)
Available (attributable) to common shareholders per diluted common share (1)
$ 13.75 $ (1.49)
Operating return on average common equity - annualized (1)
21.8 % (2.9) %
March 31,
2026 March 31,
2025
Book Value per Common Share
Book value per common share
$ 250.48 $ 196.18
Quarterly change in book value per common share (2)
1.4 % 0.2 %
Quarterly change in book value per common share plus change in accumulated dividends (2)
1.6 % 0.4 %
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$ 233.49 $ 178.31
Tangible book value per common share plus accumulated dividends (1)
$ 263.58 $ 206.79
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)
1.7 % 0.9 %
(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 March 31, 2026, and March 31, 2025, respectively.
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Three Drivers of Profit: Underwriting, Fee and Investment Income
Underwriting Results - Property Segment: Strong combined ratio of 34.1%, with lower catastrophe losses
Property Segment
Three months ended March 31,
Q/Q Change
(in thousands, except percentages) 2026 2025
Gross premiums written
$ 1,707,420 $ 2,130,833 (19.9)%
Net premiums written 1,255,193 1,690,994 (25.8)%
Net premiums earned 900,738 1,247,950 (27.8)%
Underwriting income (loss)
593,863 (607,218)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
27.2 % 145.1 % (117.9) pts
Net claims and claim expense ratio - prior accident years
(17.9) % (15.0) % (2.9) pts
Net claims and claim expense ratio - calendar year
9.3 % 130.1 % (120.8) pts
Underwriting expense ratio
24.8 % 18.6 % 6.2 pts
Combined ratio
34.1 % 148.7 % (114.6) pts
Adjusted combined ratio (1)
33.0 % 147.1 % (114.1) pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $423.4 million, or 19.9%, driven by:
–a decrease of $387.0 million, or 23.2%, in the catastrophe class, as:
–Q1 2025 included $338.4 million of reinstatement premiums, primarily related to the California wildfires; otherwise, not including reinstatement premiums, gross premiums written in the catastrophe class decreased by $42.8 million, or 3.2%, with rate reductions largely offset by other opportunities for growth.
–a decrease of $36.4 million in the other property class, primarily due to rate decreases in catastrophe-exposed business.
•Net claims and claim expense ratio - current accident year improved by 117.9 percentage points, due to:
–a comparatively lower impact from large losses in the quarter, as Q1 2025 included 117.2 percentage points from the California wildfires.
•Net claims and claim expense ratio - prior accident years reflected net favorable development of 17.9%, driven by:
–net favorable development of $62.6 million in the catastrophe class, primarily from the large loss events in 2021, 2022 and 2023; and
–net favorable development of $98.1 million in the other property class, primarily due to favorable attritional loss experience and net favorable development on the large loss events in 2024.
•Underwriting expense ratio increased by 6.2 percentage points, primarily driven by:
–the impact during Q1 2025 of net reinstatement premiums of $335.3 million, primarily from the California wildfires, which benefited the underwriting expense ratio by 6.8 percentage points in Q1 2025.
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•Combined ratio and adjusted combined ratio each improved primarily due to the lower current accident year net losses.
Underwriting Results - Casualty and Specialty Segment: Combined ratio of 100.4% and adjusted combined ratio of 99.4%, with lower impact from large losses compared to Q1 2025
Casualty and Specialty Segment
Three months ended March 31,
Q/Q Change
(in thousands, except percentages)
2026 2025
Gross premiums written
$ 1,771,453 $ 2,024,670 (12.5)%
Net premiums written 1,423,103 1,752,535 (18.8)%
Net premiums earned 1,282,876 1,472,831 (12.9)%
Underwriting income (loss)
(5,105) (163,379)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
70.2 % 76.7 % (6.5) pts
Net claims and claim expense ratio - prior accident years
(0.1) % (0.6) % 0.5 pts
Net claims and claim expense ratio - calendar year
70.1 % 76.1 % (6.0) pts
Underwriting expense ratio
30.3 % 35.0 % (4.7) pts
Combined ratio
100.4 % 111.1 % (10.7) pts
Adjusted combined ratio (1)
99.4 % 108.8 % (9.4) pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $253.2 million, or 12.5%, primarily driven by decreases in the general casualty and other specialty classes.
•Net premiums written decreased by $329.4 million, or 18.8%, 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 6.5 percentage points compared to Q1 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 favorable development of 0.1%, and included an adverse impact of 0.4 percentage points from purchase accounting adjustments.
•Underwriting expense ratio improved by 4.7 percentage points, primarily driven by:
–a 4.0 percentage point decrease in the acquisition expense ratio, due to changes in variable commissions and a decrease in purchase accounting adjustments related to the Validus Acquisition.
•Combined ratio and adjusted combined ratio each improved due to the lower impact of large loss events reflected in the net claims and claim expense ratio - current accident year and the lower underwriting expense ratio.
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Fee Income: $94.1 million of fee income, with strong contributions from management and performance fees
Fee Income
Three months ended March 31,
Q/Q Change
(in thousands)
2026 2025
Management fee income
$ 47,927 $ 46,061 $ 1,866
Performance fee income (loss) (1)
46,199 (15,604) 61,803
Total fee income
$ 94,126 $ 30,457 $ 63,669
(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.
•Performance fee income increased due to strong current year underwriting results, the recognition of deferred performance fees related to a return of capital in DaVinci, and higher prior accident years net favorable development within DaVinci.
•Total fee income in Q1 2026 included $72.2 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 $420.5 million, up 3.7% from Q1 2025; net realized and unrealized losses of $421.9 million, primarily from increased treasury yields and equity losses
Investment Results
Three months ended March 31,
Q/Q Change
(in thousands, except percentages)
2026 2025
Net investment income $ 420,502 $ 405,353 $ 15,149
Equity in earnings (losses) of other ventures
20,485 17,828 2,657
Net realized and unrealized gains (losses) on investments (421,913) 332,940 (754,853)
Total investment result
$ 19,074 $ 756,121 $ (737,047)
Net investment income return - annualized 4.9 % 5.1 % (0.2) pts
Total investment return - annualized
0.3 % 9.6 % (9.3) pts
•Net investment income increased by $15.1 million, primarily due to higher average invested assets and portfolio reallocation, resulting in increased income from fixed maturity investments trading and fixed income exchange traded funds.
•Net realized and unrealized losses on investments in Q1 2026 were driven by:
–$267.9 million of net losses on fixed maturity-related investments, primarily due to increases in market yields in the quarter;
–$147.4 million of net losses on equity-related investments, primarily due to broader equity market declines;
–$60.4 million of net unrealized losses on direct private equity investments, driven by a decrease in the value of certain of the investments in the Company’s strategic investments portfolio; offset by
–$65.3 million of net gains on commodity-related investments, principally due to realized gains on the sale of a portion of the Company’s gold futures.
•Total investments were $35.2 billion at March 31, 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 5.1% and 2.9 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 $222.5 million was primarily driven by:
–strong underwriting income in DaVinci and Vermeer; and
–$116.4 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
–$65.2 million of net realized and unrealized losses in the investment portfolios of the Company’s joint ventures and managed funds; and
–$72.2 million of management and performance fee income.
•Raised third party capital of $61.4 million, including $46.0 million in Medici and $15.4 million in Medici UCITS.
•Returned third party capital of $930.3 million, including:
–$729.5 million to investors in DaVinci, Vermeer and Top Layer through share repurchases and dividends following strong earnings across these vehicles in 2025; and
–redemptions from certain third-party investors rebalancing their portfolios, primarily because of the strong results noted above.
•Income tax expense of $33.0 million in Q1 2026, compared to a benefit of $45.5 million in Q1 2025. The income tax expense was primarily driven by strong operating profits, partially offset by mark-to-market losses.
•Operational and corporate expenses decreased in Q1 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 $352.5 million and an average price of $289.36 per common share. Repurchased an additional $104.8 million from April 1, 2026, through April 24, 2026.
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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 April 29, 2026, at 11:00 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 exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments
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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
March 31,
2026 March 31,
2025
Revenues
Gross premiums written $ 3,478,873 $ 4,155,503
Net premiums written $ 2,678,296 $ 3,443,529
Decrease (increase) in unearned premiums (494,682) (722,748)
Net premiums earned 2,183,614 2,720,781
Net investment income 420,502 405,353
Net foreign exchange gains (losses) (9,019) (7,328)
Equity in earnings (losses) of other ventures 20,485 17,828
Other income (loss) 1,247 914
Net realized and unrealized gains (losses) on investments (421,913) 332,940
Total revenues
2,194,916 3,470,488
Expenses
Net claims and claim expenses incurred 983,971 2,743,758
Acquisition expenses 521,850 647,435
Operational expenses 89,035 100,185
Corporate expenses 19,460 22,810
Interest expense 31,786 27,086
Total expenses
1,646,102 3,541,274
Income (loss) before taxes 548,814 (70,786)
Income tax benefit (expense) (32,984) 45,525
Net income (loss) 515,830 (25,261)
Net (income) loss attributable to redeemable noncontrolling interests (222,451) 195,252
Net income (loss) attributable to RenaissanceRe 293,379 169,991
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 284,535 $ 161,147
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic $ 6.60 $ 3.29
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted $ 6.57 $ 3.27
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 13.75 $ (1.49)
Average shares outstanding - basic
42,434 48,334
Average shares outstanding - diluted
42,628 48,514
Net claims and claim expense ratio
45.1 % 100.8 %
Underwriting expense ratio
27.9 % 27.5 %
Combined ratio
73.0 % 128.3 %
Return on average common equity - annualized
10.5 % 6.6 %
Operating return on average common equity - annualized (1)
21.8 % (2.9) %
(1)See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.
9
RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
March 31,
2026 December 31,
2025
Assets
Fixed maturity investments trading, at fair value $ 24,901,291 $ 24,884,323
Short-term investments, at fair value
3,883,610 4,759,811
Equity investments, at fair value 1,594,284 1,732,990
Other investments, at fair value 4,651,495 4,574,214
Investments in other ventures, under equity method 140,853 121,871
Total investments 35,171,533 36,073,209
Cash and cash equivalents 1,562,883 1,731,181
Premiums receivable 8,097,885 7,252,454
Prepaid reinsurance premiums 1,354,841 993,781
Reinsurance recoverable 3,730,957 3,899,913
Accrued investment income 234,709 233,688
Deferred acquisition costs and value of business acquired
1,665,666 1,538,540
Deferred tax asset
705,661 701,927
Receivable for investments sold 182,534 414,523
Other assets 393,908 328,087
Goodwill and other intangible assets 617,772 633,087
Total assets $ 53,718,349 $ 53,800,390
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 22,291,058 $ 22,302,345
Unearned premiums 6,885,462 6,028,174
Debt 2,330,051 2,329,201
Reinsurance balances payable 2,821,884 2,540,518
Payable for investments purchased 308,635 533,101
Other liabilities 523,894 856,302
Total liabilities 35,160,984 34,589,641
Redeemable noncontrolling interests 7,043,124 7,602,092
Shareholders’ Equity
Preference shares 750,000 750,000
Common shares 42,974 43,962
Additional paid-in capital — —
Accumulated other comprehensive income (loss) (12,152) (12,626)
Retained earnings 10,733,419 10,827,321
Total shareholders’ equity attributable to RenaissanceRe 11,514,241 11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity $ 53,718,349 $ 53,800,390
Book value per common share $ 250.48 $ 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 March 31, 2026
Property Casualty and Specialty Other Total
Gross premiums written $ 1,707,420 $ 1,771,453 $ — $ 3,478,873
Net premiums written $ 1,255,193 $ 1,423,103 $ — $ 2,678,296
Net premiums earned $ 900,738 $ 1,282,876 $ — $ 2,183,614
Net claims and claim expenses incurred 84,108 899,863 — 983,971
Acquisition expenses 157,031 364,819 — 521,850
Operational expenses 65,736 23,299 — 89,035
Underwriting income (loss) $ 593,863 $ (5,105) $ — 588,758
Net investment income 420,502 420,502
Net foreign exchange gains (losses) (9,019) (9,019)
Equity in earnings (losses) of other ventures
20,485 20,485
Other income (loss) 1,247 1,247
Net realized and unrealized gains (losses) on investments (421,913) (421,913)
Corporate expenses (19,460) (19,460)
Interest expense (31,786) (31,786)
Income (loss) before taxes
548,814
Income tax benefit (expense) (32,984) (32,984)
Net (income) loss attributable to redeemable noncontrolling interests (222,451) (222,451)
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 284,535
Net claims and claim expenses incurred – current accident year $ 244,849 $ 901,137 $ — $ 1,145,986
Net claims and claim expenses incurred – prior accident years (160,741) (1,274) — (162,015)
Net claims and claim expenses incurred – total $ 84,108 $ 899,863 $ — $ 983,971
Net claims and claim expense ratio – current accident year 27.2 % 70.2 % 52.5 %
Net claims and claim expense ratio – prior accident years (17.9) % (0.1) % (7.4) %
Net claims and claim expense ratio – calendar year 9.3 % 70.1 % 45.1 %
Underwriting expense ratio 24.8 % 30.3 % 27.9 %
Combined ratio 34.1 % 100.4 % 73.0 %
Three months ended March 31, 2025
Property Casualty and Specialty Other Total
Gross premiums written $ 2,130,833 $ 2,024,670 $ — $ 4,155,503
Net premiums written $ 1,690,994 $ 1,752,535 $ — $ 3,443,529
Net premiums earned $ 1,247,950 $ 1,472,831 $ — $ 2,720,781
Net claims and claim expenses incurred 1,623,257 1,120,501 — 2,743,758
Acquisition expenses 167,645 479,790 — 647,435
Operational expenses 64,266 35,919 — 100,185
Underwriting income (loss) $ (607,218) $ (163,379) $ — (770,597)
Net investment income 405,353 405,353
Net foreign exchange gains (losses) (7,328) (7,328)
Equity in earnings (losses) of other ventures
17,828 17,828
Other income (loss) 914 914
Net realized and unrealized gains (losses) on investments 332,940 332,940
Corporate expenses (22,810) (22,810)
Interest expense (27,086) (27,086)
Income (loss) before taxes
(70,786)
Income tax benefit (expense) 45,525 45,525
Net (income) loss attributable to redeemable noncontrolling interests 195,252 195,252
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 161,147
Net claims and claim expenses incurred – current accident year $ 1,810,315 $ 1,129,317 $ — $ 2,939,632
Net claims and claim expenses incurred – prior accident years (187,058) (8,816) — (195,874)
Net claims and claim expenses incurred – total $ 1,623,257 $ 1,120,501 $ — $ 2,743,758
Net claims and claim expense ratio – current accident year 145.1 % 76.7 % 108.0 %
Net claims and claim expense ratio – prior accident years (15.0) % (0.6) % (7.2) %
Net claims and claim expense ratio – calendar year 130.1 % 76.1 % 100.8 %
Underwriting expense ratio 18.6 % 35.0 % 27.5 %
Combined ratio 148.7 % 111.1 % 128.3 %
11
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended
March 31,
2026 March 31,
2025
Property Segment
Catastrophe $ 1,279,607 $ 1,666,641
Other property 427,813 464,192
Property segment gross premiums written
$ 1,707,420 $ 2,130,833
Casualty and Specialty Segment
General casualty (1)
$ 500,958 $ 680,449
Professional liability (2)
299,696 236,961
Credit (3)
359,304 400,753
Other specialty (4)
611,495 706,507
Casualty and Specialty segment gross premiums written
$ 1,771,453 $ 2,024,670
(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
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended
March 31,
2026 March 31,
2025
Net investment income
Fixed maturity investments trading $ 294,494 $ 284,723
Short-term investments 34,306 41,029
Equity investments
Fixed income exchange traded funds 21,692 1,184
Common stock (1)
677 726
Other investments
Catastrophe bonds 39,932 54,754
Fund and direct private equity investments (1)
25,211 18,723
Cash and cash equivalents 11,163 11,110
427,475 412,249
Investment expenses (6,973) (6,896)
Net investment income $ 420,502 $ 405,353
Equity in earnings (losses) of other ventures (2)
$ 20,485 $ 17,828
Net realized and unrealized gains (losses) on investments (3)
Fixed maturity-related investments (4)
$ (267,948) $ 312,877
Equity-related investments (5)
(147,426) (49,589)
Commodity-related investments (6)
65,310 117,591
Other investments
Catastrophe bonds
(11,829) (40,413)
Fund and direct private equity investments (1)
(60,020) (7,526)
Net realized and unrealized gains (losses) on investments $ (421,913) $ 332,940
Total investment result (2)
$ 19,074 $ 756,121
Average invested assets $ 35,622,372 $ 33,116,302
Net investment income return - annualized 4.9 % 5.1 %
Total investment return - annualized (2)
0.3 % 9.6 %
(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 have 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 have 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.
13
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.”
14
Three months ended
(in thousands of United States Dollars, except per share amounts and percentages) March 31,
2026 March 31,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 284,535 $ 161,147
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 410,084 (373,353)
Net foreign exchange losses (gains) 9,019 7,328
Expenses (revenues) associated with acquisitions, dispositions and impairments
3 1,436
Acquisition related purchase accounting adjustments (1)
22,706 53,571
Bermuda net deferred tax asset (2)
— —
Income tax expense (benefit) (3)
(79,743) 39,392
Net income (loss) attributable to redeemable noncontrolling interests (4)
(56,067) 40,725
Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 590,537 $ (69,754)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 6.57 $ 3.27
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 9.62 (7.70)
Net foreign exchange losses (gains) 0.21 0.15
Expenses (revenues) associated with acquisitions, dispositions and impairments
— 0.04
Acquisition related purchase accounting adjustments (1)
0.53 1.10
Bermuda net deferred tax asset (2)
— —
Income tax expense (benefit) (3)
(1.86) 0.81
Net income (loss) attributable to redeemable noncontrolling interests (4)
(1.32) 0.84
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 13.75 $ (1.49)
Return on average common equity - annualized 10.5 % 6.6 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 15.2 % (15.4) %
Net foreign exchange losses (gains) 0.3 % 0.3 %
Expenses (revenues) associated with acquisitions, dispositions and impairments
— % 0.1 %
Acquisition related purchase accounting adjustments (1)
0.8 % 2.2 %
Bermuda net deferred tax asset (2)
— % — %
Income tax expense (benefit) (3)
(2.9) % 1.6 %
Net income (loss) attributable to redeemable noncontrolling interests (4)
(2.1) % 1.7 %
Operating return on average common equity - annualized 21.8 % (2.9) %
(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 months ended March 31, 2026 for the acquisitions of Validus of $21.0 million (2025 - $50.7 million); and TMR and Platinum of $1.8 million (2025 - $2.9 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.
15
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.”
March 31,
2026 March 31,
2025
Book value per common share $ 250.48 $ 196.18
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.38) (14.02)
Other goodwill and intangible assets (2)
(0.20) (0.19)
Acquisition related purchase accounting adjustments (3)
(2.41) (3.66)
Tangible book value per common share 233.49 178.31
Adjustment for accumulated dividends 30.09 28.48
Tangible book value per common share plus accumulated dividends $ 263.58 $ 206.79
Quarterly change in book value per common share (4)
1.4 % 0.2 %
Quarterly change in book value per common share plus change in accumulated dividends (4)
1.6 % 0.4 %
Quarterly change in tangible book value per common share plus change in accumulated dividends (4)
1.7 % 0.9 %
(1)Represents the acquired goodwill and other intangible assets at March 31, 2026, of $617.8 million (2025 - $686.1 million) for the acquisitions of Validus of $392.9 million (2025 - $459.2 million), TMR of $24.7 million (2025 - $25.8 million) and Platinum of $200.1 million (2025 - $201.2 million).
(2)At March 31, 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 March 31, 2026 for the acquisitions of Validus of $61.9 million (2025 - $130.2 million), TMR of $42.2 million (2025 - $49.6 million) and Platinum of $(0.5) million (2025 - $(0.6) million). 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 March 31, 2026, and March 31, 2025, respectively.
16
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 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 March 31, 2025
Catastrophe Other
Property Property Casualty and Specialty Total
Combined ratio 175.6 % 83.6 % 148.7 % 111.1 % 128.3 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6) % (1.5) % (1.6) % (2.3) % (1.9) %
Adjusted combined ratio 174.0 % 82.1 % 147.1 % 108.8 % 126.4 %
(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.
17
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.
Segment Underwriting Results - Five Quarter Trend
6
c. Property Segment - Catastrophe and Other Property Underwriting Results
9
d. Gross Premiums Written
10
e. Net Premiums Written
11
f. Net Premiums Earned
12
g. Reserves for Claims and Claim Expenses
13
h. Paid to Incurred Analysis
14
Managed Joint Ventures and Fee Income
a. Fee Income
15
b.
Fee Income - Five Quarter Trend
16
c. Noncontrolling Interests
17
d. DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
19
Investments
a. Total Investment Result
20
b. Investments Composition
21
c. Managed Investments - Credit Rating
22
d. Retained Investments - Credit Rating
23
Other Items
a. Earnings per Share
24
Comments on Non-GAAP Financial Measures
25
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 25 through 33 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
March 31,
2026 March 31,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 284,535 $ 161,147
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$ 590,537 $ (69,754)
Underwriting income
Gross premiums written $ 3,478,873 $ 4,155,503
Net premiums written 2,678,296 3,443,529
Net premiums earned
2,183,614 2,720,781
Underwriting income (loss) 588,758 (770,597)
Net claims and claim expense ratio:
Current accident year 52.5 % 108.0 %
Prior accident years (7.4) % (7.2) %
Calendar year 45.1 % 100.8 %
Acquisition expense ratio 23.8 % 23.8 %
Operating expense ratio 4.1 % 3.7 %
Combined ratio 73.0 % 128.3 %
Adjusted combined ratio (1)
72.0 % 126.4 %
Fee income
Management fee income $ 47,927 $ 46,061
Performance fee income 46,199 (15,604)
Total fee income $ 94,126 $ 30,457
Investment results - managed
Net investment income $ 420,502 $ 405,353
Equity in earnings (losses) of other ventures (2)
20,485 17,828
Net realized and unrealized gains (losses) on investments (421,913) 332,940
Total investment result (2)
$ 19,074 $ 756,121
Investment results - retained (1)
Net investment income $ 304,144 $ 279,106
Equity in earnings (losses) of other ventures (2)
20,485 17,828
Net realized and unrealized gains (losses) on investments (356,754) 328,312
Total investment result (2)
$ (32,125) $ 625,246
(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 have been updated to conform to the current presentation.
1
Financial Highlights - Per Share Data & ROE
Three months ended
March 31,
2026 March 31,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 6.60 $ 3.29
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 6.57 $ 3.27
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 13.75 $ (1.49)
Average shares outstanding - basic 42,434 48,334
Average shares outstanding - diluted 42,628 48,514
Return on average common equity - annualized 10.5 % 6.6 %
Operating return on average common equity - annualized (1)
21.8 % (2.9) %
March 31,
2026 December 31,
2025
Book value per common share $ 250.48 $ 247.00
Tangible book value per common share (1)
$ 233.49 $ 230.10
Tangible book value per common share plus accumulated dividends (1)
$ 263.58 $ 259.78
Year to date change in book value per common share plus change in accumulated dividends 1.6 % 27.0 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)
1.7 % 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
March 31,
2026 March 31,
2025
Revenues
Gross premiums written $ 3,478,873 $ 4,155,503
Net premiums written $ 2,678,296 $ 3,443,529
Decrease (increase) in unearned premiums (494,682) (722,748)
Net premiums earned 2,183,614 2,720,781
Net investment income 420,502 405,353
Net foreign exchange gains (losses) (9,019) (7,328)
Equity in earnings (losses) of other ventures 20,485 17,828
Other income (loss) 1,247 914
Net realized and unrealized gains (losses) on investments (421,913) 332,940
Total revenues 2,194,916 3,470,488
Expenses
Net claims and claim expenses incurred 983,971 2,743,758
Acquisition expenses 521,850 647,435
Operational expenses 89,035 100,185
Corporate expenses 19,460 22,810
Interest expense 31,786 27,086
Total expenses 1,646,102 3,541,274
Income (loss) before taxes 548,814 (70,786)
Income tax benefit (expense) (32,984) 45,525
Net income (loss) 515,830 (25,261)
Net (income) loss attributable to redeemable noncontrolling interests (222,451) 195,252
Net income (loss) attributable to RenaissanceRe 293,379 169,991
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 284,535 $ 161,147
3
Summary Consolidated Financial Statements
Consolidated Balance Sheets
March 31,
2026 December 31,
2025
Assets
Fixed maturity investments trading, at fair value – amortized cost $24,893,245 at March 31, 2026 (December 31, 2025 – $24,658,351)
$ 24,901,291 $ 24,884,323
Short term investments, at fair value – amortized cost $3,887,637 at March 31, 2026 (December 31, 2025 – $4,760,027)
3,883,610 4,759,811
Equity investments, at fair value 1,594,284 1,732,990
Other investments, at fair value 4,651,495 4,574,214
Investments in other ventures, under equity method 140,853 121,871
Total investments 35,171,533 36,073,209
Cash and cash equivalents 1,562,883 1,731,181
Premiums receivable 8,097,885 7,252,454
Prepaid reinsurance premiums 1,354,841 993,781
Reinsurance recoverable 3,730,957 3,899,913
Accrued investment income 234,709 233,688
Deferred acquisition costs and value of business acquired
1,665,666 1,538,540
Deferred tax asset
705,661 701,927
Receivable for investments sold 182,534 414,523
Other assets 393,908 328,087
Goodwill and other intangibles 617,772 633,087
Total assets $ 53,718,349 $ 53,800,390
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 22,291,058 $ 22,302,345
Unearned premiums 6,885,462 6,028,174
Debt 2,330,051 2,329,201
Reinsurance balances payable 2,821,884 2,540,518
Payable for investments purchased 308,635 533,101
Other liabilities 523,894 856,302
Total liabilities 35,160,984 34,589,641
Redeemable noncontrolling interests 7,043,124 7,602,092
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2026 (December 31, 2025 – 30,000)
750,000 750,000
Common shares: $1.00 par value – 42,973,774 shares issued and outstanding at March 31, 2026 (December 31, 2025 – 43,961,539)
42,974 43,962
Additional paid-in capital — —
Accumulated other comprehensive loss (12,152) (12,626)
Retained earnings 10,733,419 10,827,321
Total shareholders’ equity attributable to RenaissanceRe
11,514,241 11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity
$ 53,718,349 $ 53,800,390
Book value per common share $ 250.48 $ 247.00
4
Underwriting and Reserves
Segment Underwriting Results
Three months ended March 31, 2026 Three months ended March 31, 2025
Property Casualty and Specialty Total Property Casualty and Specialty Total
Gross premiums written $ 1,707,420 $ 1,771,453 $ 3,478,873 $ 2,130,833 $ 2,024,670 $ 4,155,503
Net premiums written $ 1,255,193 $ 1,423,103 $ 2,678,296 $ 1,690,994 $ 1,752,535 $ 3,443,529
Net premiums earned $ 900,738 $ 1,282,876 $ 2,183,614 $ 1,247,950 $ 1,472,831 $ 2,720,781
Net claims and claim expenses incurred 84,108 899,863 983,971 1,623,257 1,120,501 2,743,758
Acquisition expenses 157,031 364,819 521,850 167,645 479,790 647,435
Operational expenses 65,736 23,299 89,035 64,266 35,919 100,185
Underwriting income (loss) $ 593,863 $ (5,105) $ 588,758 $ (607,218) $ (163,379) $ (770,597)
Net claims and claim expenses incurred:
Current accident year $ 244,849 $ 901,137 $ 1,145,986 $ 1,810,315 $ 1,129,317 $ 2,939,632
Prior accident years (160,741) (1,274) (162,015) (187,058) (8,816) (195,874)
Total $ 84,108 $ 899,863 $ 983,971 $ 1,623,257 $ 1,120,501 $ 2,743,758
Net claims and claim expense ratio:
Current accident year 27.2 % 70.2 % 52.5 % 145.1 % 76.7 % 108.0 %
Prior accident years (17.9) % (0.1) % (7.4) % (15.0) % (0.6) % (7.2) %
Calendar year 9.3 % 70.1 % 45.1 % 130.1 % 76.1 % 100.8 %
Acquisition expense ratio 17.5 % 28.5 % 23.8 % 13.5 % 32.5 % 23.8 %
Operating expense ratio 7.3 % 1.8 % 4.1 % 5.1 % 2.5 % 3.7 %
Combined ratio 34.1 % 100.4 % 73.0 % 148.7 % 111.1 % 128.3 %
Adjusted combined ratio (1)
33.0 % 99.4 % 72.0 % 147.1 % 108.8 % 126.4 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
5
Underwriting and Reserves
Underwriting Results - Five Quarter Trend
Total
March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 March 31,
2025
Gross premiums written $ 3,478,873 $ 1,838,111 $ 2,323,626 $ 3,421,180 $ 4,155,503
Net premiums written $ 2,678,296 $ 1,598,599 $ 2,057,802 $ 2,770,270 $ 3,443,529
Net premiums earned $ 2,183,614 $ 2,334,442 $ 2,433,805 $ 2,412,154 $ 2,720,781
Net claims and claim expenses incurred 983,971 951,138 878,820 1,042,123 2,743,758
Acquisition expenses 521,850 601,060 659,723 642,605 647,435
Operational expenses 89,035 113,481 125,073 125,738 100,185
Underwriting income (loss) $ 588,758 $ 668,763 $ 770,189 $ 601,688 $ (770,597)
Net claims and claim expenses incurred:
Current accident year $ 1,145,986 $ 1,196,436 $ 1,258,871 $ 1,311,833 $ 2,939,632
Prior accident years (162,015) (245,298) (380,051) (269,710) (195,874)
Total $ 983,971 $ 951,138 $ 878,820 $ 1,042,123 $ 2,743,758
Net claims and claim expense ratio:
Current accident year 52.5 % 51.3 % 51.7 % 54.4 % 108.0 %
Prior accident years (7.4) % (10.6) % (15.6) % (11.2) % (7.2) %
Calendar year 45.1 % 40.7 % 36.1 % 43.2 % 100.8 %
Acquisition expense ratio 23.8 % 25.8 % 27.2 % 26.7 % 23.8 %
Operating expense ratio 4.1 % 4.9 % 5.1 % 5.2 % 3.7 %
Combined ratio 73.0 % 71.4 % 68.4 % 75.1 % 128.3 %
Adjusted combined ratio (1)
72.0 % 70.0 % 66.6 % 73.0 % 126.4 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
6
Underwriting and Reserves
Property Segment Underwriting Results - Five Quarter Trend
Property
March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 March 31,
2025
Gross premiums written $ 1,707,420 $ 346,099 $ 733,274 $ 1,731,935 $ 2,130,833
Net premiums written $ 1,255,193 $ 333,320 $ 694,125 $ 1,325,557 $ 1,690,994
Net premiums earned $ 900,738 $ 918,776 $ 936,933 $ 868,010 $ 1,247,950
Net claims and claim expenses incurred 84,108 (55,808) (133,504) (7,930) 1,623,257
Acquisition expenses 157,031 180,660 192,347 174,200 167,645
Operational expenses 65,736 75,067 86,579 71,569 64,266
Underwriting income (loss) $ 593,863 $ 718,857 $ 791,511 $ 630,171 $ (607,218)
Net claims and claim expenses incurred:
Current accident year $ 244,849 $ 196,081 $ 250,169 $ 258,646 $ 1,810,315
Prior accident years (160,741) (251,889) (383,673) (266,576) (187,058)
Total $ 84,108 $ (55,808) $ (133,504) $ (7,930) $ 1,623,257
Net claims and claim expense ratio:
Current accident year 27.2 % 21.3 % 26.7 % 29.8 % 145.1 %
Prior accident years (17.9) % (27.4) % (40.9) % (30.7) % (15.0) %
Calendar year 9.3 % (6.1) % (14.2) % (0.9) % 130.1 %
Acquisition expense ratio 17.5 % 19.7 % 20.5 % 20.1 % 13.5 %
Operating expense ratio 7.3 % 8.2 % 9.2 % 8.2 % 5.1 %
Combined ratio 34.1 % 21.8 % 15.5 % 27.4 % 148.7 %
Adjusted combined ratio (1)
33.0 % 20.4 % 14.2 % 25.8 % 147.1 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
7
Underwriting and Reserves
Casualty and Specialty Segment Underwriting Results - Five Quarter Trend
Casualty and Specialty
March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 March 31,
2025
Gross premiums written $ 1,771,453 $ 1,492,012 $ 1,590,352 $ 1,689,245 $ 2,024,670
Net premiums written $ 1,423,103 $ 1,265,279 $ 1,363,677 $ 1,444,713 $ 1,752,535
Net premiums earned $ 1,282,876 $ 1,415,666 $ 1,496,872 $ 1,544,144 $ 1,472,831
Net claims and claim expenses incurred 899,863 1,006,946 1,012,324 1,050,053 1,120,501
Acquisition expenses 364,819 420,400 467,376 468,405 479,790
Operational expenses 23,299 38,414 38,494 54,169 35,919
Underwriting income (loss) $ (5,105) $ (50,094) $ (21,322) $ (28,483) $ (163,379)
Net claims and claim expenses incurred:
Current accident year $ 901,137 $ 1,000,355 $ 1,008,702 $ 1,053,187 $ 1,129,317
Prior accident years (1,274) 6,591 3,622 (3,134) (8,816)
Total $ 899,863 $ 1,006,946 $ 1,012,324 $ 1,050,053 $ 1,120,501
Net claims and claim expense ratio:
Current accident year 70.2 % 70.7 % 67.4 % 68.2 % 76.7 %
Prior accident years (0.1) % 0.4 % 0.2 % (0.2) % (0.6) %
Calendar year 70.1 % 71.1 % 67.6 % 68.0 % 76.1 %
Acquisition expense ratio 28.5 % 29.7 % 31.2 % 30.3 % 32.5 %
Operating expense ratio 1.8 % 2.7 % 2.6 % 3.5 % 2.5 %
Combined ratio 100.4 % 103.5 % 101.4 % 101.8 % 111.1 %
Adjusted combined ratio (1)
99.4 % 102.3 % 99.3 % 99.5 % 108.8 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
8
Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended March 31, 2026 Three months ended March 31, 2025
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 1,279,607 $ 427,813 $ 1,707,420 $ 1,666,641 $ 464,192 $ 2,130,833
Net premiums written $ 998,122 $ 257,071 $ 1,255,193 $ 1,411,050 $ 279,944 $ 1,690,994
Net premiums earned $ 562,721 $ 338,017 $ 900,738 $ 882,819 $ 365,131 $ 1,247,950
Net claims and claim expenses incurred (5,443) 89,551 84,108 1,431,394 191,863 1,623,257
Acquisition expenses 64,641 92,390 157,031 66,581 101,064 167,645
Operational expenses 55,567 10,169 65,736 51,837 12,429 64,266
Underwriting income (loss) $ 447,956 $ 145,907 $ 593,863 $ (666,993) $ 59,775 $ (607,218)
Net claims and claim expenses incurred:
Current accident year $ 57,201 $ 187,648 $ 244,849 $ 1,498,773 $ 311,542 $ 1,810,315
Prior accident years (62,644) (98,097) (160,741) (67,379) (119,679) (187,058)
Total $ (5,443) $ 89,551 $ 84,108 $ 1,431,394 $ 191,863 $ 1,623,257
Net claims and claim expense ratio:
Current accident year 10.2 % 55.5 % 27.2 % 169.8 % 85.3 % 145.1 %
Prior accident years (11.2) % (29.0) % (17.9) % (7.7) % (32.8) % (15.0) %
Calendar year (1.0) % 26.5 % 9.3 % 162.1 % 52.5 % 130.1 %
Acquisition expense ratio 11.5 % 27.3 % 17.5 % 7.6 % 27.7 % 13.5 %
Operating expense ratio 9.9 % 3.0 % 7.3 % 5.9 % 3.4 % 5.1 %
Combined ratio 20.4 % 56.8 % 34.1 % 175.6 % 83.6 % 148.7 %
Adjusted combined ratio (1)
19.2 % 56.1 % 33.0 % 174.0 % 82.1 % 147.1 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
9
Underwriting and Reserves
Gross Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2026 March 31,
2025
Property Segment
Catastrophe $ 1,285,442 $ 1,328,261 $ (42,819) (3.2) %
Catastrophe - gross reinstatement premiums (5,835) 338,380 (344,215) (101.7) %
Total catastrophe gross premiums written 1,279,607 1,666,641 (387,034) (23.2) %
Other property 428,612 462,717 (34,105) (7.4) %
Other property - gross reinstatement premiums (799) 1,475 (2,274) (154.2) %
Total other property gross premiums written 427,813 464,192 (36,379) (7.8) %
Property segment gross premiums written $ 1,707,420 $ 2,130,833 $ (423,413) (19.9) %
Casualty and Specialty Segment
General casualty (1)
$ 500,958 $ 680,449 $ (179,491) (26.4) %
Professional liability (2)
299,696 236,961 62,735 26.5 %
Credit (3)
359,304 400,753 (41,449) (10.3) %
Other specialty (4)
611,495 706,507 (95,012) (13.4) %
Casualty and Specialty segment gross premiums written $ 1,771,453 $ 2,024,670 $ (253,217) (12.5) %
(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.
10
Underwriting and Reserves
Net Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2026 March 31,
2025
Property Segment
Catastrophe $ 1,000,555 $ 1,077,335 $ (76,780) (7.1) %
Catastrophe - net reinstatement premiums (2,433) 333,715 (336,148) (100.7) %
Total catastrophe net premiums written 998,122 1,411,050 (412,928) (29.3) %
Other property 258,341 278,395 (20,054) (7.2) %
Other property - net reinstatement premiums (1,270) 1,549 (2,819) (182.0) %
Total other property net premiums written 257,071 279,944 (22,873) (8.2) %
Property segment net premiums written $ 1,255,193 $ 1,690,994 $ (435,801) (25.8) %
Casualty and Specialty Segment
General casualty (1)
$ 434,097 $ 633,167 $ (199,070) (31.4) %
Professional liability (2)
250,246 221,721 28,525 12.9 %
Credit (3)
291,291 345,821 (54,530) (15.8) %
Other specialty (4)
447,469 551,826 (104,357) (18.9) %
Casualty and Specialty segment net premiums written $ 1,423,103 $ 1,752,535 $ (329,432) (18.8) %
(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.
11
Underwriting and Reserves
Net Premiums Earned
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2026 March 31,
2025
Property Segment
Catastrophe $ 565,154 $ 549,104 $ 16,050 2.9 %
Catastrophe - net reinstatement premiums (2,433) 333,715 (336,148) (100.7) %
Total catastrophe net premiums earned 562,721 882,819 (320,098) (36.3) %
Other property 339,287 363,582 (24,295) (6.7) %
Other property - net reinstatement premiums (1,270) 1,549 (2,819) (182.0) %
Total other property net premiums earned 338,017 365,131 (27,114) (7.4) %
Property segment net premiums earned $ 900,738 $ 1,247,950 $ (347,212) (27.8) %
Casualty and Specialty Segment
General casualty (1)
$ 436,766 $ 608,597 $ (171,831) (28.2) %
Professional liability (2)
274,130 202,729 71,401 35.2 %
Credit (3)
184,303 211,614 (27,311) (12.9) %
Other specialty (4)
387,677 449,891 (62,214) (13.8) %
Casualty and Specialty segment net premiums earned $ 1,282,876 $ 1,472,831 $ (189,955) (12.9) %
(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.
12
Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case Reserves Additional Case Reserves IBNR Total
March 31, 2026
Property $ 1,749,063 $ 1,562,377 $ 2,039,860 $ 5,351,300
Casualty and Specialty 3,645,622 334,902 12,959,234 16,939,758
Total
$ 5,394,685 $ 1,897,279 $ 14,999,094 $ 22,291,058
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
13
RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
Three months ended March 31, 2026 Three months ended March 31, 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 1,286,578 140,592 1,145,986 3,455,425 515,793 2,939,632
Prior years (253,548) (91,533) (162,015) (350,583) (154,709) (195,874)
Total incurred claims and claim expenses 1,033,030 49,059 983,971 3,104,842 361,084 2,743,758
Paid claims and claim expenses
Current year 52,143 9,561 42,582 536,752 44,638 492,114
Prior years 964,845 188,844 776,001 1,084,089 196,057 888,032
Total paid claims and claim expenses 1,016,988 198,405 818,583 1,620,841 240,695 1,380,146
Foreign exchange and other (1)
(27,329) (19,610) (7,719) 69,639 (23,884) 93,523
Reserve for claims and claim expenses, end of period $ 22,291,058 $ 3,730,957 $ 18,560,101 $ 22,857,131 $ 4,577,895 $ 18,279,236
(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.
14
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
March 31,
2026 March 31,
2025
Management fee income $ 47,927 $ 46,061
Performance fee income (loss) (1)
46,199 (15,604)
Total fee income $ 94,126 $ 30,457
(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
March 31,
2026 March 31,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
$ 72,171 $ (8,942)
Underwriting income (loss) (1)
21,955 39,399
Total fee income $ 94,126 $ 30,457
(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.
15
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
March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 March 31,
2025
Management fee income $ 47,927 $ 52,002 $ 53,014 $ 56,407 $ 46,061
Performance fee income (loss) (1)
46,199 49,626 48,796 38,550 (15,604)
Total fee income $ 94,126 $ 101,628 $ 101,810 $ 94,957 $ 30,457
(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
March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 March 31,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
$ 72,171 $ 87,877 $ 88,689 $ 82,465 $ (8,942)
Underwriting income (loss) (1)
21,955 13,751 13,121 12,492 39,399
Total fee income $ 94,126 $ 101,628 $ 101,810 $ 94,957 $ 30,457
(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.
16
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
March 31,
2026 March 31,
2025
Redeemable noncontrolling interests - DaVinci
$ (156,900) $ 112,441
Redeemable noncontrolling interests - Medici (19,807) (15,163)
Redeemable noncontrolling interests - Vermeer (51,699) 107,080
Redeemable noncontrolling interests - Fontana 5,955 (9,106)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (222,451) $ 195,252
Three months ended
March 31,
2026 March 31,
2025
Operating (income) loss attributable to redeemable noncontrolling interests (2)
$ (278,518) $ 235,977
Non-operating (income) loss attributable to redeemable noncontrolling interests 56,067 (40,725)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (222,451) $ 195,252
(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.
17
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:
March 31,
2026 December 31,
2025
Redeemable noncontrolling interests - DaVinci
$ 3,291,360 $ 3,701,637
Redeemable noncontrolling interests - Medici 1,433,068 1,398,166
Redeemable noncontrolling interests - Vermeer 1,824,130 1,922,431
Redeemable noncontrolling interests - Fontana 494,566 579,858
Redeemable noncontrolling interests
$ 7,043,124 $ 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:
March 31,
2026 December 31,
2025
DaVinci 73.7 % 75.7 %
Medici 88.8 % 88.7 %
Vermeer 100.0 % 100.0 %
Fontana 61.6 % 71.3 %
18
Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations and Balance Sheet Data
Three months ended
March 31,
2026 March 31,
2025
Revenues
Gross premiums written $ 656,778 $ 854,865
Net premiums written $ 600,189 $ 802,238
Decrease (increase) in unearned premiums (290,933) (342,462)
Net premiums earned 309,256 459,776
Net investment income 65,117 63,412
Net foreign exchange gains (losses) (1,658) (2,384)
Net realized and unrealized gains (losses) on investments (49,913) 36,488
Total revenues 322,802 557,292
Expenses
Net claims and claim expenses incurred (9,664) 697,271
Acquisition expenses 84,542 (18,392)
Operational expenses
31,832 22,493
Corporate expenses
103 38
Interest expense 4,543 3,198
Total expenses 111,356 704,608
Income (loss) before taxes 211,446 (147,316)
Income tax benefit (expense) (641) (1,178)
Net income (loss) available (attributable) to DaVinci common shareholders $ 210,805 $ (148,494)
Net claims and claim expense ratio - current accident year
12.1 % 158.7 %
Net claims and claim expense ratio - prior accident years
(15.2) % (7.0) %
Net claims and claim expense ratio - calendar year
(3.1) % 151.7 %
Underwriting expense ratio
37.6 % 0.8 %
Combined ratio
34.5 % 152.5 %
Balance Sheet Data:
March 31,
2026 December 31,
2025
Total investments $ 5,724,399 $ 6,246,947
Total assets 7,035,483 7,225,478
Reserve for claims and claim expenses 1,408,234 1,485,378
Debt 297,052 296,972
Total shareholders’ equity 4,349,174 4,888,369
19
Investments
Total Investment Result
Managed (1)
Retained (2)
Three months ended Three months ended
March 31,
2026 March 31,
2025 March 31,
2026 March 31,
2025
Net investment income
Fixed maturity investments trading $ 294,494 $ 284,723 $ 232,641 $ 226,828
Short term investments 34,306 41,029 13,684 17,913
Equity investments
Fixed income exchange traded funds 21,692 1,184 21,692 1,184
Common stock (3)
677 726 677 722
Other investments
Catastrophe bonds 39,932 54,754 5,288 8,897
Fund and direct private equity investments (3)
25,211 18,723 25,119 18,723
Cash and cash equivalents 11,163 11,110 10,390 10,270
427,475 412,249 309,491 284,537
Investment expenses (6,973) (6,896) (5,347) (5,431)
Net investment income $ 420,502 $ 405,353 $ 304,144 $ 279,106
Equity in earnings (losses) of other ventures (4)
$ 20,485 $ 17,828 $ 20,485 $ 17,828
Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)
$ (267,948) $ 312,877 $ (215,763) $ 274,754
Equity-related investments (7)
(147,426) (49,589) (146,422) (49,716)
Commodity-related investments (8)
65,310 117,591 65,310 117,591
Other investments
Catastrophe bonds (11,829) (40,413) (468) (6,791)
Fund and direct private equity investments (3)
(60,020) (7,526) (59,411) (7,526)
Net realized and unrealized gains (losses) on investments $ (421,913) $ 332,940 $ (356,754) $ 328,312
Total investment result (4)
$ 19,074 $ 756,121 $ (32,125) $ 625,246
Average invested assets $ 35,622,372 $ 33,116,302 $ 25,914,519 $ 23,796,175
Net investment income return - annualized 4.9 % 5.1 % 4.8 % 4.8 %
Total investment return - annualized (4)
0.3 % 9.6 % (0.5) % 10.9 %
(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 have 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 have 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.
20
Investments
Investments Composition
March 31, 2026 December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Type of Investment 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
U.S. treasuries $ 10,253,936 $ 46,066 $ 7,488,394 $ 35,709 $ 10,641,503 $ 134,072 $ 7,651,734 $ 101,770
Corporate 8,984,951 (18,441) 7,372,851 (21,646) 8,528,828 75,453 6,654,252 49,673
Other (3)
5,662,404 (19,579) 4,835,753 (13,745) 5,713,992 16,447 4,787,279 18,137
Total fixed maturity investments trading, at fair value 24,901,291 8,046 19,696,998 318 24,884,323 225,972 19,093,265 169,580
Short term investments, at fair value 3,883,610 (4,027) 1,191,542 (3,855) 4,759,811 (216) 1,831,823 (10)
Equity investments, at fair value
Fixed income exchange traded funds 1,359,777 (25,313) 1,293,249 (24,574) 1,582,811 26,827 1,582,811 26,827
Equity exchange traded funds 106,569 (8,451) 106,569 (8,451) — — — —
Common stock
127,938 80,534 127,265 80,620 150,179 95,243 146,514 95,056
Total equity investments, at fair value 1,594,284 46,770 1,527,083 47,595 1,732,990 122,070 1,729,325 121,883
Other investments, at fair value
Catastrophe bonds 1,609,000 9,582 288,916 475 1,613,710 25,617 231,893 1,445
Fund investments 2,917,837 383,870 2,903,505 384,611 2,775,499 381,941 2,762,301 382,200
Direct private equity investments 124,658 11,265 124,658 11,265 185,005 71,612 185,005 71,612
Total other investments, at fair value 4,651,495 404,717 3,317,079 396,351 4,574,214 479,170 3,179,199 455,257
Investments in other ventures, under equity method 140,853 — 140,853 — 121,871 — 121,871 —
Total investments $ 35,171,533 $ 455,506 $ 25,873,555 $ 440,409 $ 36,073,209 $ 826,996 $ 25,955,483 $ 746,710
March 31, 2026 December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Weighted average yield to maturity of investments (4)
5.1 % 5.1 % 4.8 % 4.8 %
Average duration of investments, in years (4)
2.9 3.4 2.6 3.0
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$ 0.01 $ 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.
21
Investments
Managed Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
March 31, 2026 Fair Value AAA AA A BBB Non-
Investment
Grade Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries $ 10,253,936 $ — $ 10,253,936 $ — $ — $ — $ — $ —
Corporate
8,984,951 114,393 312,348 3,618,125 4,005,467 926,109 8,509 —
Residential mortgage-backed 2,514,249 148,113 2,238,324 372 3,118 62,374 61,948 —
Asset-backed 1,629,118 1,145,489 215,976 174,130 84,848 — 8,675 —
Non-U.S. government 697,691 434,220 159,861 99,852 2,774 984 — —
Agencies 499,011 — 498,579 — — 432 — —
Commercial mortgage-backed 322,335 270,219 49,820 2,221 — — 75 —
Total fixed maturity investments trading, at fair value 24,901,291 2,112,434 13,728,844 3,894,700 4,096,207 989,899 79,207 —
Short term investments, at fair value 3,883,610 2,642,574 1,231,198 3,863 5,113 601 261 —
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,359,777 — — 223,951 — 1,135,826 — —
Common stock and equity exchange traded funds
234,507 — — — — — — 234,507
Total equity investments, at fair value
1,594,284 — — 223,951 — 1,135,826 — 234,507
Other investments, at fair value
Catastrophe bonds 1,609,000 — — — — 1,609,000 — —
Fund investments
Private credit funds 1,465,531 — — — — — — 1,465,531
Private equity funds 703,805 — — — — — — 703,805
Multi-strategy funds (4)
543,612 — — — — — — 543,612
Insurance-linked securities funds
158,982 — — — — — — 158,982
Equity funds 45,907 — — — — — — 45,907
Direct private equity investments 124,658 — — — — — — 124,658
Total other investments, at fair value 4,651,495 — — — — 1,609,000 — 3,042,495
Investments in other ventures, under equity method 140,853 — — — — — — 140,853
Total investments $ 35,171,533 $ 4,755,008 $ 14,960,042 $ 4,122,514 $ 4,101,320 $ 3,735,326 $ 79,468 $ 3,417,855
100.0 % 13.6 % 42.5 % 11.7 % 11.7 % 10.6 % 0.2 % 9.7 %
(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.”
22
Investments
Retained Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
March 31, 2026
Fair Value
AAA AA A BBB
Non-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries $ 7,488,394 $ — $ 7,488,394 $ — $ — $ — $ — $ —
Corporate
7,372,851 90,071 270,105 3,051,696 3,292,733 661,201 7,045 —
Residential mortgage-backed 2,091,627 123,337 1,840,478 372 3,118 62,374 61,948 —
Asset-backed 1,489,123 1,062,779 212,144 131,716 74,944 — 7,540 —
Non-U.S. government 569,777 353,974 131,276 80,769 2,774 984 — —
Agencies 408,399 — 408,082 — — 317 — —
Commercial mortgage-backed 276,827 240,600 34,839 1,313 — — 75 —
Total fixed maturity investments trading, at fair value 19,696,998 1,870,761 10,385,318 3,265,866 3,373,569 724,876 76,608 —
Short term investments, at fair value 1,191,542 521,588 660,406 3,863 5,051 393 241 —
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,293,249 — — 223,951 — 1,069,298 — —
Common stock and equity exchange traded funds
233,834 — — — — — — 233,834
Total equity investments, at fair value 1,527,083 — — 223,951 — 1,069,298 — 233,834
Other investments, at fair value
Catastrophe bonds 288,916 — — — — 288,916 — —
Fund investments
Private credit funds 1,451,199 — — — — — — 1,451,199
Private equity funds 703,805 — — — — — — 703,805
Multi-strategy funds (4)
543,612 — — — — — — 543,612
Insurance-linked securities funds
158,982 — — — — — — 158,982
Equity funds 45,907 — — — — — — 45,907
Direct private equity investments 124,658 — — — — — — 124,658
Total other investments, at fair value 3,317,079 — — — — 288,916 — 3,028,163
Investments in other ventures, under equity method 140,853 — — — — — — 140,853
Total investments $ 25,873,555 $ 2,392,349 $ 11,045,724 $ 3,493,680 $ 3,378,620 $ 2,083,483 $ 76,849 $ 3,402,850
100.0 % 9.1 % 42.7 % 13.5 % 13.1 % 8.1 % 0.3 % 13.2 %
(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.”
23
Other Items
Earnings per Share
Three months ended
(common shares in thousands) March 31,
2026 March 31,
2025
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 284,535 $ 161,147
Amount allocated to participating common shareholders (1)
(4,572) (2,365)
Net income (loss) allocated to RenaissanceRe common shareholders $ 279,963 $ 158,782
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)
42,434 48,334
Per common share equivalents of non-vested shares (2)
194 180
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)
42,628 48,514
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 6.60 $ 3.29
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 6.57 $ 3.27
(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.
24
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.
25
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.”
26
Comments on Non-GAAP Financial Measures
Three months ended
March 31,
2026 March 31,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 284,535 $ 161,147
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 410,084 (373,353)
Net foreign exchange losses (gains) 9,019 7,328
Expenses (revenues) associated with acquisitions, dispositions and impairments
3 1,436
Acquisition related purchase accounting adjustments (1)
22,706 53,571
Bermuda net deferred tax asset (2)
— —
Income tax expense (benefit) (3)
(79,743) 39,392
Net income (loss) attributable to redeemable noncontrolling interests (4)
(56,067) 40,725
Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 590,537 $ (69,754)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 6.57 $ 3.27
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 9.62 (7.70)
Net foreign exchange losses (gains) 0.21 0.15
Expenses (revenues) associated with acquisitions, dispositions and impairments
— 0.04
Acquisition related purchase accounting adjustments (1)
0.53 1.10
Bermuda net deferred tax asset (2)
— —
Income tax expense (benefit) (3)
(1.86) 0.81
Net income (loss) attributable to redeemable noncontrolling interests (4)
(1.32) 0.84
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 13.75 $ (1.49)
Return on average common equity - annualized 10.5 % 6.6 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 15.2 % (15.4) %
Net foreign exchange losses (gains) 0.3 % 0.3 %
Expenses (revenues) associated with acquisitions, dispositions and impairments
— % 0.1 %
Acquisition related purchase accounting adjustments (1)
0.8 % 2.2 %
Bermuda net deferred tax asset (2)
— % — %
Income tax expense (benefit) (3)
(2.9) % 1.6 %
Net income (loss) attributable to redeemable noncontrolling interests (4)
(2.1) % 1.7 %
Operating return on average common equity - annualized 21.8 % (2.9) %
(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 months ended March 31, 2026 for the acquisitions of Validus of $21.0 million (2025 - $50.7 million); and TMR and Platinum of $1.8 million (2025 - $2.9 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.
27
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.”
March 31,
2026 December 31,
2025
Book value per common share $ 250.48 $ 247.00
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.38) (14.40)
Other goodwill and intangible assets (2)
(0.20) (0.21)
Acquisition related purchase accounting adjustments (3)
(2.41) (2.29)
Tangible book value per common share 233.49 230.10
Adjustment for accumulated dividends 30.09 29.68
Tangible book value per common share plus accumulated dividends $ 263.58 $ 259.78
Year to date change in book value per common share 1.4 % 26.2 %
Year to date change in book value per common share plus change in accumulated dividends 1.6 % 27.0 %
Year to date change in tangible book value per common share plus change in accumulated dividends 1.7 % 30.8 %
(1)Represents the acquired goodwill and other intangible assets at March 31, 2026 of $617.8 million (December 31, 2025 - $633.1 million) for the acquisitions of Validus of $392.9 million (December 31, 2025 - $408.0 million), TMR of $24.7 million (December 31, 2025 - $25.0 million) and Platinum of $200.1 million (December 31, 2025 - $200.1 million).
(2)At March 31, 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 March 31, 2026 for the acquisitions of Validus of $61.9 million (December 31, 2025 - $57.7 million), TMR of $42.2 million (December 31, 2025 - $43.6 million) and Platinum of $(0.5) million (December 31, 2025 - $(0.5) million).
28
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 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 %
Three months ended March 31, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 175.6 % 83.6 % 148.7 % 111.1 % 128.3 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6) % (1.5) % (1.6) % (2.3) % (1.9) %
Adjusted combined ratio 174.0 % 82.1 % 147.1 % 108.8 % 126.4 %
(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.
29
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 March 31, 2026 Three months ended March 31, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Net investment income
Fixed maturity investments trading $ 294,494 $ (61,853) $ 232,641 $ 284,723 $ (57,895) $ 226,828
Short term investments 34,306 (20,622) 13,684 41,029 (23,116) 17,913
Equity investments
Fixed income exchange traded funds 21,692 — 21,692 1,184 — 1,184
Common stock (4)
677 — 677 726 (4) 722
Other investments
Catastrophe bonds 39,932 (34,644) 5,288 54,754 (45,857) 8,897
Fund and direct private equity investments (4)
25,211 (92) 25,119 18,723 — 18,723
Cash and cash equivalents 11,163 (773) 10,390 11,110 (840) 10,270
427,475 (117,984) 309,491 412,249 (127,712) 284,537
Investment expenses (6,973) 1,626 (5,347) (6,896) 1,465 (5,431)
Net investment income $ 420,502 $ (116,358) $ 304,144 $ 405,353 $ (126,247) $ 279,106
Equity in earnings (losses) of other ventures (5)
$ 20,485 $ — $ 20,485 $ 17,828 $ — $ 17,828
Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)
$ (267,948) $ 52,185 $ (215,763) $ 312,877 $ (38,123) $ 274,754
Equity-related investments (8)
(147,426) 1,004 (146,422) (49,589) (127) (49,716)
Commodity-related investments (9)
65,310 — 65,310 117,591 — 117,591
Other investments
Catastrophe bonds (11,829) 11,361 (468) (40,413) 33,622 (6,791)
Fund and direct private equity investments (4)
(60,020) 609 (59,411) (7,526) — (7,526)
Net realized and unrealized gains (losses) on investments $ (421,913) $ 65,159 $ (356,754) $ 332,940 $ (4,628) $ 328,312
Total investment result (5)
$ 19,074 $ (51,199) $ (32,125) $ 756,121 $ (130,875) $ 625,246
Average invested assets $ 35,622,372 $ (9,707,853) $ 25,914,519 $ 33,116,302 $ (9,320,127) $ 23,796,175
Net investment income return - annualized 4.9 % (0.1) % 4.8 % 5.1 % (0.3) % 4.8 %
Total investment return - annualized (5)
0.3 % (0.8) % (0.5) % 9.6 % 1.3 % 10.9 %
(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 have 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 have 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.
30
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.”
March 31, 2026 December 31, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries $ 10,253,936 $ (2,765,542) $ 7,488,394 $ 10,641,503 $ (2,989,769) $ 7,651,734
Corporate
8,984,951 (1,612,100) 7,372,851 8,528,828 (1,874,576) 6,654,252
Residential mortgage-backed 2,514,249 (422,622) 2,091,627 2,606,882 (491,472) 2,115,410
Asset-backed 1,629,118 (139,995) 1,489,123 1,606,790 (130,875) 1,475,915
Non-U.S. government 697,691 (127,914) 569,777 691,912 (142,679) 549,233
Agencies 499,011 (90,612) 408,399 486,817 (107,519) 379,298
Commercial mortgage-backed 322,335 (45,508) 276,827 321,591 (54,168) 267,423
Total fixed maturity investments trading, at fair value 24,901,291 (5,204,293) 19,696,998 24,884,323 (5,791,058) 19,093,265
Short term investments, at fair value 3,883,610 (2,692,068) 1,191,542 4,759,811 (2,927,988) 1,831,823
Equity investments, at fair value
Fixed income exchange traded funds 1,359,777 (66,528) 1,293,249 1,582,811 — 1,582,811
Equity exchange traded funds 106,569 — 106,569 — — —
Common stock
127,938 (673) 127,265 150,179 (3,665) 146,514
Total equity investments, at fair value
1,594,284 (67,201) 1,527,083 1,732,990 (3,665) 1,729,325
Other investments, at fair value
Catastrophe bonds 1,609,000 (1,320,084) 288,916 1,613,710 (1,381,817) 231,893
Fund investments
Private credit funds 1,465,531 (14,332) 1,451,199 1,445,158 (13,198) 1,431,960
Private equity funds 703,805 — 703,805 701,837 — 701,837
Multi-strategy funds (4)
543,612 — 543,612 473,990 — 473,990
Insurance-linked securities funds
158,982 — 158,982 154,514 — 154,514
Equity funds 45,907 — 45,907 — — —
Direct private equity investments 124,658 — 124,658 185,005 — 185,005
Total other investments, at fair value 4,651,495 (1,334,416) 3,317,079 4,574,214 (1,395,015) 3,179,199
Investments in other ventures, under equity method 140,853 — 140,853 121,871 — 121,871
Total investments $ 35,171,533 $ (9,297,978) $ 25,873,555 $ 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.”
31
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).”
March 31, 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
U.S. treasuries $ 46,066 $ (10,357) $ 35,709 $ 134,072 $ (32,302) $ 101,770
Corporate
(18,441) (3,205) (21,646) 75,453 (25,780) 49,673
Other (4)
(19,579) 5,834 (13,745) 16,447 1,690 18,137
Total fixed maturity investments trading, at fair value 8,046 (7,728) 318 225,972 (56,392) 169,580
Short term investments, at fair value (4,027) 172 (3,855) (216) 206 (10)
Equity investments, at fair value
Fixed income exchange traded funds (25,313) 739 (24,574) 26,827 — 26,827
Equity exchange traded funds (8,451) — (8,451) — — —
Common stock
80,534 86 80,620 95,243 (187) 95,056
Total equity investments, at fair value 46,770 825 47,595 122,070 (187) 121,883
Other investments, at fair value
Catastrophe bonds 9,582 (9,107) 475 25,617 (24,172) 1,445
Fund investments 383,870 741 384,611 381,941 259 382,200
Direct private equity investments 11,265 — 11,265 71,612 — 71,612
Total other investments, at fair value 404,717 (8,366) 396,351 479,170 (23,913) 455,257
Investments in other ventures, under equity method — — — — — —
Total investments $ 455,506 $ (15,097) $ 440,409 $ 826,996 $ (80,286) $ 746,710
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$ 0.01 $ 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 $0.3 million at March 31, 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.
32
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
March 31,
2026 March 31,
2025
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (222,451) $ 195,252
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests 53,490 (36,921)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests 2,577 (3,804)
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)
56,067 (40,725)
Operating (income) loss attributable to redeemable noncontrolling interests
$ (278,518) $ 235,977
(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.
33
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Namespace Prefix:
Data Type:
na
Balance Type:
Period Type: