RenaissanceRe Reports $2.6 Billion of Annual Net Income Available to Common Shareholders and $1.9 Billion of Operating Income Available to Common Shareholders in 2025.
PEMBROKE, Bermuda--( BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the fourth quarter and full year 2025.
Fourth Quarter 2025
Net Income Available to Common Shareholders per Diluted Common Share: $16.75
Operating Income Available to Common Shareholders per Diluted Common Share: $13.34
Underwriting Income
$668.8M
Fee Income
$101.6M
Net Investment Income
$446.7M
Change in Book Value per Common Share: 6.8%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 7.4%
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 are pleased to report that we grew book value per common share by 26.2% and tangible book value per common share plus change in accumulated dividends by 30.8% in 2025, and that each of these metrics has more than doubled over the last three years. We have accomplished this by consistently executing our strategy and maximizing the returns on each of our Three Drivers of Profit – underwriting, fee and net investment income – while optimizing our capital base through significant capital return to our investors.
At the January 1 renewal, we retained the lines that we targeted and built an underwriting portfolio designed to generate returns well in excess of the cost of capital. Looking forward to 2026, we expect the combination of our attractive underwriting portfolio, strong fee and investment income and robust capital management will continue to generate long-term value for our shareholders.”
Consolidated Financial Results - Fourth Quarter
Consolidated Highlights
Three months ended December 31,
(in thousands, except per share amounts and percentages)
2025
2024
Gross premiums written
$
1,838,111
$
1,916,751
Net premiums written
1,598,599
1,751,628
Net premiums earned
2,334,442
2,527,566
Underwriting income (loss)
668,763
208,550
Combined ratio
71.4
%
91.7
%
Adjusted combined ratio (1)
70.0
%
89.4
%
Net Income (Loss)
Available (attributable) to common shareholders
751,638
(198,503
)
Available (attributable) to common shareholders per diluted common share
$
16.75
$
(3.95
)
Return on average common equity - annualized
27.8
%
(7.8
)%
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
601,145
406,877
Available (attributable) to common shareholders per diluted common share (1)
$
13.34
$
8.06
Operating return on average common equity - annualized (1)
22.3
%
16.0
%
At December 31,
2025
2024
Book Value per Common Share
Book value per common share
$
247.00
$
195.77
Quarterly change in book value per common share (2)
6.8
%
(3.1
)%
Quarterly change in book value per common share plus change in accumulated dividends (2)
7.0
%
(2.9
)%
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$
230.10
$
177.18
Tangible book value per common share plus accumulated dividends (1)
$
259.78
$
205.26
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)
7.4
%
(2.8
)%
(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 December 31, 2025, and December 31, 2024, respectively.
Three Drivers of Profit: Underwriting, Fee and Investment Income - Fourth Quarter
Underwriting Results - Property Segment: Strong combined ratio of 21.8%, including a 10.6 percentage point impact from Hurricane Melissa
Property Segment
Three months ended December 31,
Q/Q Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
346,099
$
390,043
(11.3
)%
Net premiums written
333,320
376,136
(11.4
)%
Net premiums earned
918,776
938,658
(2.1
)%
Underwriting income (loss)
718,857
266,891
Underwriting Ratios
Net claims and claim expense ratio - current accident year
21.3
%
78.0
%
(56.7) pts
Net claims and claim expense ratio - prior accident years
(27.4
)%
(37.1
)%
9.7 pts
Net claims and claim expense ratio - calendar year
(6.1
)%
40.9
%
(47.0) pts
Underwriting expense ratio
27.9
%
30.7
%
(2.8) pts
Combined ratio
21.8
%
71.6
%
(49.8) pts
Adjusted combined ratio (1)
20.4
%
69.2
%
(48.8) pts
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Underwriting Results - Casualty and Specialty Segment: Combined ratio included a 4.4 percentage point impact from recent large loss events
Casualty and Specialty Segment
Three months ended December 31,
Q/Q Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
1,492,012
$
1,526,708
(2.3
)%
Net premiums written
1,265,279
1,375,492
(8.0
)%
Net premiums earned
1,415,666
1,588,908
(10.9
)%
Underwriting income (loss)
(50,094
)
(58,341
)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
70.7
%
69.5
%
1.2 pts
Net claims and claim expense ratio - prior accident years
0.4
%
(0.3
)%
0.7 pts
Net claims and claim expense ratio - calendar year
71.1
%
69.2
%
1.9 pts
Underwriting expense ratio
32.4
%
34.5
%
(2.1) pts
Combined ratio
103.5
%
103.7
%
(0.2) pts
Adjusted combined ratio (1)
102.3
%
101.3
%
1.0 pts
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Fee Income: $101.6 million of fee income, up 31.8% from Q4 2024
Fee Income
Three months ended December 31,
Q/Q Change
(in thousands)
2025
2024
Management fee income
$
52,002
$
53,536
$
(1,534
)
Performance fee income (loss) (1)
49,626
23,568
26,058
Total fee income
$
101,628
$
77,104
$
24,524
(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.
Investment Results: Total investment result of $654.0 million; including net investment income of $446.7 million and net realized and unrealized gains of $186.7 million
Investment Results
Three months ended December 31,
Q/Q Change
(in thousands, except percentages)
2025
2024
Net investment income
$
446,660
$
428,810
$
17,850
Equity in earnings (losses) of other ventures
20,620
14,652
5,968
Net realized and unrealized gains (losses) on investments
186,718
(630,347
)
817,065
Total investment result
$
653,998
$
(186,885
)
$
840,883
Net investment income return - annualized
5.1
%
5.3
%
(0.2) pts
Total investment return - annualized
7.5
%
(2.1
)%
9.6 pts
Other Items of Note - Fourth Quarter
Consolidated Financial Results - Full Year
Consolidated Highlights
Year ended December 31,
(in thousands, except per share amounts and percentages)
2025
2024
Gross premiums written
$
11,738,420
$
11,733,066
Net premiums written
9,870,200
9,952,216
Net premiums earned
9,901,182
10,095,760
Underwriting income (loss)
1,270,043
1,622,324
Combined ratio
87.2
%
83.9
%
Adjusted combined ratio (1)
85.4
%
81.5
%
Net Income (Loss)
Available (attributable) to common shareholders
$
2,646,959
$
1,834,985
Available (attributable) to common shareholders per diluted common share
$
56.03
$
35.21
Return on average common equity - annualized
25.9
%
19.3
%
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
$
1,859,691
$
2,234,426
Available (attributable) to common shareholders per diluted common share (1)
$
39.10
$
42.99
Operating return on average common equity (1)
18.2
%
23.5
%
At December 31,
2025
2024
Book Value per Common Share
Book value per common share
$
247.00
$
195.77
Year to date change in book value per common share (2)
26.2
%
18.5
%
Year to date change in book value per common share plus change in accumulated dividends (2)
27.0
%
19.4
%
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$
230.10
$
177.18
Tangible book value per common share plus accumulated dividends (1)
$
259.78
$
205.26
Year to date change in tangible book value per common share plus change in accumulated dividends (1) (2)
30.8
%
26.0
%
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Represents the percentage change during the year ended December 31, 2025, and December 31, 2024, respectively.
Three Drivers of Profit: Underwriting, Fee and Investment Income - Full Year
Underwriting Results - Property Segment: Combined ratio of 61.4%; including 35.7 percentage points from the 2025 Large Loss Events
Property Segment
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
4,942,141
$
4,823,731
2.5
%
Net premiums written
4,043,996
3,833,636
5.5
%
Net premiums earned
3,971,669
3,850,352
3.2
%
Underwriting income (loss)
1,533,321
1,647,712
Underwriting Ratios
Net claims and claim expense ratio - current accident year
63.3
%
50.9
%
12.4 pts
Net claims and claim expense ratio - prior accident years
(27.4
)%
(21.2
)%
(6.2) pts
Net claims and claim expense ratio - calendar year
35.9
%
29.7
%
6.2 pts
Underwriting expense ratio
25.5
%
27.5
%
(2.0) pts
Combined ratio
61.4
%
57.2
%
4.2 pts
Adjusted combined ratio (1)
59.9
%
54.9
%
5.0 pts
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Underwriting Results - Casualty and Specialty Segment: Combined ratio included a 3.8 percentage point impact from the 2025 Large Loss Events
Casualty and Specialty Segment
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
6,796,279
$
6,909,335
(1.6
)%
Net premiums written
5,826,204
6,118,580
(4.8
)%
Net premiums earned
5,929,513
6,245,408
(5.1
)%
Underwriting income (loss)
(263,278
)
(25,388
)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
70.7
%
67.6
%
3.1 pts
Net claims and claim expense ratio - prior accident years
—
%
(0.5
)%
0.5 pts
Net claims and claim expense ratio - calendar year
70.7
%
67.1
%
3.6 pts
Underwriting expense ratio
33.7
%
33.3
%
0.4 pts
Combined ratio
104.4
%
100.4
%
4.0 pts
Adjusted combined ratio (1)
102.4
%
98.0
%
4.4 pts
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Fee Income: Consistently strong fee income of $328.9 million
Fee Income
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Total management fee income
$
207,484
$
219,860
$
(12,376
)
Total performance fee income (loss) (1)
121,368
106,936
14,432
Total fee income
$
328,852
$
326,796
$
2,056
(1)
Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
Investment Results: Total investment result of $3.0 billion, driven by net investment income of $1.7 billion and net realized and unrealized gains on investments of $1.2 billion
Investment Results
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Net investment income
$
1,703,475
$
1,654,289
$
49,186
Equity in earnings (losses) of other ventures
71,332
47,087
24,245
Net realized and unrealized gains (losses) on investments
1,181,268
(27,840
)
1,209,108
Total investment result
$
2,956,075
$
1,673,536
$
1,282,539
Net investment income return
5.0
%
5.5
%
(0.5) pts
Total investment return
8.6
%
5.6
%
3.0 pts
Other Items of Note - Full Year and Subsequent Events
Net Negative Impact
Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result, (2) redeemable noncontrolling interest and (3) income tax benefit (expense) beginning in the first quarter of 2025. Prior to January 1, 2025, net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders did not include any related income tax benefit (expense) as it was not meaningful prior to the implementation of the corporate income tax in Bermuda effective January 1, 2025.
The Company’s estimates of net negative impact are based on a review of the Company’s potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.
Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of the events, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.
Net negative impact on the segment underwriting results and consolidated combined ratio
Year ended December 31, 2025
California Wildfires (1)
Hurricane Melissa
Other 2025 Large Loss Events (2)
2025 Large Loss Events (3)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result
$
(1,094,657
)
$
(86,558
)
$
(2,060
)
$
(1,183,275
)
Net negative impact on Casualty and Specialty segment underwriting result
(40,442
)
(2,006
)
(188,139
)
(230,587
)
Net negative impact on underwriting result
$
(1,135,099
)
$
(88,564
)
$
(190,199
)
$
(1,413,862
)
Percentage point impact on consolidated combined ratio
12.3
0.9
2.1
15.3
Net negative impact on the consolidated financial statements
Year ended December 31, 2025
California Wildfires (1)
Hurricane Melissa
Other 2025 Large Loss Events (2)
2025 Large Loss Events (3)
(in thousands)
Net claims and claim expenses incurred
$
(1,470,746
)
$
(100,426
)
$
(204,823
)
$
(1,775,995
)
Assumed reinstatement premiums earned
332,733
12,215
28,307
373,255
Ceded reinstatement premiums earned
(20,983
)
(133
)
(13,683
)
(34,799
)
Earned (lost) profit commissions
23,897
(220
)
—
23,677
Net negative impact on underwriting result
(1,135,099
)
(88,564
)
(190,199
)
(1,413,862
)
Redeemable noncontrolling interest
432,891
20,373
35,973
489,237
Income tax benefit (expense)
107,776
9,071
22,050
138,897
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders
$
(594,432
)
$
(59,120
)
$
(132,176
)
$
(785,728
)
(1)
The “California Wildfires” were a series of wildfires that burned throughout southern California in January 2025.
(2)
“Other 2025 Large Loss Events” represents: the crash of American Airlines flight 5342, certain refinery fires in the first quarter of 2025, the crash of UPS Airlines flight 2976, and the Grasberg mine landslide.
(3)
“2025 Large Loss Events” includes the California Wildfires, Hurricane Melissa and the Other 2025 Large Loss Events.
Conference Call Details and Additional Information
Non-GAAP Financial Measures and Additional Financial Information
This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” and “adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.
Please refer to the “Investors - Reports & Filings” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Conference Call Information
RenaissanceRe will host a conference call on Wednesday, February 4, 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, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry 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.
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
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenues
Gross premiums written
$
1,838,111
$
1,916,751
$
11,738,420
$
11,733,066
Net premiums written
$
1,598,599
$
1,751,628
$
9,870,200
$
9,952,216
Decrease (increase) in unearned premiums
735,843
775,938
30,982
143,544
Net premiums earned
2,334,442
2,527,566
9,901,182
10,095,760
Net investment income
446,660
428,810
1,703,475
1,654,289
Net foreign exchange gains (losses)
(15,713
)
(48,382
)
(13,504
)
(76,076
)
Equity in earnings (losses) of other ventures
20,620
14,652
71,332
47,087
Other income (loss)
78
1,129
4,321
1,928
Net realized and unrealized gains (losses) on investments
186,718
(630,347
)
1,181,268
(27,840
)
Total revenues
2,972,805
2,293,428
12,848,074
11,695,148
Expenses
Net claims and claim expenses incurred
951,138
1,483,742
5,615,839
5,332,981
Acquisition expenses
601,060
678,170
2,550,823
2,643,867
Operational expenses
113,481
157,104
464,477
496,588
Corporate expenses
12,003
34,295
82,008
134,784
Interest expense
31,391
23,246
120,852
93,768
Total expenses
1,709,073
2,376,557
8,833,999
8,701,988
Income (loss) before taxes
1,263,732
(83,129
)
4,014,075
2,993,160
Income tax benefit (expense)
(116,128
)
63,908
(396,332
)
(32,628
)
Net income (loss)
1,147,604
(19,221
)
3,617,743
2,960,532
Net (income) loss attributable to redeemable noncontrolling interests
(387,122
)
(170,438
)
(935,409
)
(1,090,172
)
Net income (loss) attributable to RenaissanceRe
760,482
(189,659
)
2,682,334
1,870,360
Dividends on preference shares
(8,844
)
(8,844
)
(35,375
)
(35,375
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
751,638
$
(198,503
)
$
2,646,959
$
1,834,985
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic
$
16.82
$
(3.95
)
$
56.23
$
35.31
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted
$
16.75
$
(3.95
)
$
56.03
$
35.21
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$
13.34
$
8.06
$
39.10
$
42.99
Average shares outstanding - basic
43,943
50,429
46,316
51,186
Average shares outstanding - diluted
44,126
50,429
46,483
51,339
Net claims and claim expense ratio
40.7
%
58.7
%
56.7
%
52.8
%
Underwriting expense ratio
30.7
%
33.0
%
30.5
%
31.1
%
Combined ratio
71.4
%
91.7
%
87.2
%
83.9
%
Return on average common equity - annualized
27.8
%
(7.8
)%
25.9
%
19.3
%
Operating return on average common equity - annualized (1)
22.3
%
16.0
%
18.2
%
23.5
%
(1)
See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.
RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
December 31,
2025
December 31,
2024
Assets
Fixed maturity investments trading, at fair value
$
24,884,323
$
23,562,514
Short-term investments, at fair value
4,759,811
4,531,655
Equity investments, at fair value
1,732,990
117,756
Other investments, at fair value
4,574,214
4,324,761
Investments in other ventures, under equity method
121,871
102,770
Total investments
36,073,209
32,639,456
Cash and cash equivalents
1,731,181
1,676,604
Premiums receivable
7,252,454
7,290,228
Prepaid reinsurance premiums
993,781
888,332
Reinsurance recoverable
3,899,913
4,481,390
Accrued investment income
233,688
238,290
Deferred acquisition costs and value of business acquired
1,538,540
1,552,359
Deferred tax asset
701,927
701,053
Receivable for investments sold
414,523
91,669
Other assets
328,087
444,037
Goodwill and other intangible assets
633,087
704,132
Total assets
$
53,800,390
$
50,707,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses
$
22,302,345
$
21,303,491
Unearned premiums
6,028,174
5,950,415
Debt
2,329,201
1,886,689
Reinsurance balances payable
2,540,518
2,804,344
Payable for investments purchased
533,101
150,721
Other liabilities
856,302
1,060,129
Total liabilities
34,589,641
33,155,789
Redeemable noncontrolling interests
7,602,092
6,977,749
Shareholders’ Equity
Preference shares
750,000
750,000
Common shares
43,962
50,181
Additional paid-in capital
—
1,512,435
Accumulated other comprehensive income (loss)
(12,626
)
(14,756
)
Retained earnings
10,827,321
8,276,152
Total shareholders’ equity attributable to RenaissanceRe
11,608,657
10,574,012
Total liabilities, noncontrolling interests and shareholders’ equity
$
53,800,390
$
50,707,550
Book value per common share
$
247.00
$
195.77
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended December 31, 2025
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
346,099
$
1,492,012
$
—
$
1,838,111
Net premiums written
$
333,320
$
1,265,279
$
—
$
1,598,599
Net premiums earned
$
918,776
$
1,415,666
$
—
$
2,334,442
Net claims and claim expenses incurred
(55,808
)
1,006,946
—
951,138
Acquisition expenses
180,660
420,400
—
601,060
Operational expenses
75,067
38,414
—
113,481
Underwriting income (loss)
$
718,857
$
(50,094
)
$
—
668,763
Net investment income
446,660
446,660
Net foreign exchange gains (losses)
(15,713
)
(15,713
)
Equity in earnings (losses) of other ventures
20,620
20,620
Other income (loss)
78
78
Net realized and unrealized gains (losses) on investments
186,718
186,718
Corporate expenses
(12,003
)
(12,003
)
Interest expense
(31,391
)
(31,391
)
Income (loss) before taxes
1,263,732
Income tax benefit (expense)
(116,128
)
(116,128
)
Net (income) loss attributable to redeemable noncontrolling interests
(387,122
)
(387,122
)
Dividends on preference shares
(8,844
)
(8,844
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
751,638
Net claims and claim expenses incurred – current accident year
$
196,081
$
1,000,355
$
—
$
1,196,436
Net claims and claim expenses incurred – prior accident years
(251,889
)
6,591
—
(245,298
)
Net claims and claim expenses incurred – total
$
(55,808
)
$
1,006,946
$
—
$
951,138
Net claims and claim expense ratio – current accident year
21.3
%
70.7
%
51.3
%
Net claims and claim expense ratio – prior accident years
(27.4
)%
0.4
%
(10.6
)%
Net claims and claim expense ratio – calendar year
(6.1
)%
71.1
%
40.7
%
Underwriting expense ratio
27.9
%
32.4
%
30.7
%
Combined ratio
21.8
%
103.5
%
71.4
%
Three months ended December 31, 2024
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
390,043
$
1,526,708
$
—
$
1,916,751
Net premiums written
$
376,136
$
1,375,492
$
—
$
1,751,628
Net premiums earned
$
938,658
$
1,588,908
$
—
$
2,527,566
Net claims and claim expenses incurred
384,156
1,099,586
—
1,483,742
Acquisition expenses
191,988
486,182
—
678,170
Operational expenses
95,623
61,481
—
157,104
Underwriting income (loss)
$
266,891
$
(58,341
)
$
—
208,550
Net investment income
428,810
428,810
Net foreign exchange gains (losses)
(48,382
)
(48,382
)
Equity in earnings (losses) of other ventures
14,652
14,652
Other income (loss)
1,129
1,129
Net realized and unrealized gains (losses) on investments
(630,347
)
(630,347
)
Corporate expenses
(34,295
)
(34,295
)
Interest expense
(23,246
)
(23,246
)
Income (loss) before taxes
(83,129
)
Income tax benefit (expense)
63,908
63,908
Net (income) loss attributable to redeemable noncontrolling interests
(170,438
)
(170,438
)
Dividends on preference shares
(8,844
)
(8,844
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
(198,503
)
Net claims and claim expenses incurred – current accident year
$
732,207
$
1,105,011
$
—
$
1,837,218
Net claims and claim expenses incurred – prior accident years
(348,051
)
(5,425
)
—
(353,476
)
Net claims and claim expenses incurred – total
$
384,156
$
1,099,586
$
—
$
1,483,742
Net claims and claim expense ratio – current accident year
78.0
%
69.5
%
72.7
%
Net claims and claim expense ratio – prior accident years
(37.1
)%
(0.3
)%
(14.0
)%
Net claims and claim expense ratio – calendar year
40.9
%
69.2
%
58.7
%
Underwriting expense ratio
30.7
%
34.5
%
33.0
%
Combined ratio
71.6
%
103.7
%
91.7
%
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Year ended December 31, 2025
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
4,942,141
$
6,796,279
$
—
$
11,738,420
Net premiums written
$
4,043,996
$
5,826,204
$
—
$
9,870,200
Net premiums earned
$
3,971,669
$
5,929,513
$
—
$
9,901,182
Net claims and claim expenses incurred
1,426,015
4,189,824
—
5,615,839
Acquisition expenses
714,852
1,835,971
—
2,550,823
Operational expenses
297,481
166,996
—
464,477
Underwriting income (loss)
$
1,533,321
$
(263,278
)
$
—
1,270,043
Net investment income
1,703,475
1,703,475
Net foreign exchange gains (losses)
(13,504
)
(13,504
)
Equity in earnings (losses) of other ventures
71,332
71,332
Other income (loss)
4,321
4,321
Net realized and unrealized gains (losses) on investments
1,181,268
1,181,268
Corporate expenses
(82,008
)
(82,008
)
Interest expense
(120,852
)
(120,852
)
Income (loss) before taxes
4,014,075
Income tax benefit (expense)
(396,332
)
(396,332
)
Net (income) loss attributable to redeemable noncontrolling interests
(935,409
)
(935,409
)
Dividends on preference shares
(35,375
)
(35,375
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
2,646,959
Net claims and claim expenses incurred – current accident year
$
2,515,211
$
4,191,561
$
—
$
6,706,772
Net claims and claim expenses incurred – prior accident years
(1,089,196
)
(1,737
)
—
(1,090,933
)
Net claims and claim expenses incurred – total
$
1,426,015
$
4,189,824
$
—
$
5,615,839
Net claims and claim expense ratio – current accident year
63.3
%
70.7
%
67.7
%
Net claims and claim expense ratio – prior accident years
(27.4
)%
—
%
(11.0
)%
Net claims and claim expense ratio – calendar year
35.9
%
70.7
%
56.7
%
Underwriting expense ratio
25.5
%
33.7
%
30.5
%
Combined ratio
61.4
%
104.4
%
87.2
%
Year ended December 31, 2024
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
4,823,731
$
6,909,335
$
—
$
11,733,066
Net premiums written
$
3,833,636
$
6,118,580
$
—
$
9,952,216
Net premiums earned
$
3,850,352
$
6,245,408
$
—
$
10,095,760
Net claims and claim expenses incurred
1,141,726
4,191,255
—
5,332,981
Acquisition expenses
758,554
1,885,313
—
2,643,867
Operational expenses
302,360
194,228
—
496,588
Underwriting income (loss)
$
1,647,712
$
(25,388
)
$
—
1,622,324
Net investment income
1,654,289
1,654,289
Net foreign exchange gains (losses)
(76,076
)
(76,076
)
Equity in earnings (losses) of other ventures
47,087
47,087
Other income (loss)
1,928
1,928
Net realized and unrealized gains (losses) on investments
(27,840
)
(27,840
)
Corporate expenses
(134,784
)
(134,784
)
Interest expense
(93,768
)
(93,768
)
Income (loss) before taxes
2,993,160
Income tax benefit (expense)
(32,628
)
(32,628
)
Net (income) loss attributable to redeemable noncontrolling interests
(1,090,172
)
(1,090,172
)
Dividends on preference shares
(35,375
)
(35,375
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
1,834,985
Net claims and claim expenses incurred – current accident year
$
1,960,578
$
4,223,737
$
—
$
6,184,315
Net claims and claim expenses incurred – prior accident years
(818,852
)
(32,482
)
—
(851,334
)
Net claims and claim expenses incurred – total
$
1,141,726
$
4,191,255
$
—
$
5,332,981
Net claims and claim expense ratio – current accident year
50.9
%
67.6
%
61.3
%
Net claims and claim expense ratio – prior accident years
(21.2
)%
(0.5
)%
(8.5
)%
Net claims and claim expense ratio – calendar year
29.7
%
67.1
%
52.8
%
Underwriting expense ratio
27.5
%
33.3
%
31.1
%
Combined ratio
57.2
%
100.4
%
83.9
%
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Property Segment
Catastrophe
$
458
$
47,159
$
3,318,186
$
2,996,890
Other property
345,641
342,884
1,623,955
1,826,841
Property segment gross premiums written
$
346,099
$
390,043
$
4,942,141
$
4,823,731
Casualty and Specialty Segment
General casualty (1)
$
468,080
$
541,354
$
2,145,495
$
2,280,818
Professional liability (2)
278,638
295,938
1,076,897
1,212,134
Credit (3)
302,710
136,412
1,224,716
901,716
Other specialty (4)
442,584
553,004
2,349,171
2,514,667
Casualty and Specialty segment gross premiums written
$
1,492,012
$
1,526,708
$
6,796,279
$
6,909,335
(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.
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net investment income
Fixed maturity investments trading
$
290,236
$
295,773
$
1,144,271
$
1,116,649
Short-term investments
49,250
41,230
190,549
183,153
Equity investments
Fixed income exchange traded funds
25,309
—
48,897
—
Common stock (1)
720
641
2,671
2,460
Other investments
Catastrophe bonds
47,260
60,984
200,465
238,844
Fund and direct private equity investments (1)
29,178
22,932
96,629
82,457
Cash and cash equivalents
11,891
13,894
47,379
54,241
453,844
435,454
1,730,861
1,677,804
Investment expenses
(7,184
)
(6,644
)
(27,386
)
(23,515
)
Net investment income
$
446,660
$
428,810
$
1,703,475
$
1,654,289
Equity in earnings (losses) of other ventures (2)
$
20,620
$
14,652
$
71,332
$
47,087
Net realized and unrealized gains (losses) on investments (3)
Fixed maturity-related investments (4)
$
(3,966
)
$
(656,656
)
$
504,000
$
(382,580
)
Equity-related investments (5)
41,637
(22,787
)
188,270
13,309
Commodity-related investments (6)
121,083
(9,608
)
415,495
76,545
Other investments
Catastrophe bonds
(1,141
)
11,262
(10,978
)
62,353
Fund and direct private equity investments (1)
29,105
47,442
84,481
202,533
Net realized and unrealized gains (losses) on investments
$
186,718
$
(630,347
)
$
1,181,268
$
(27,840
)
Total investment result (2)
$
653,998
$
(186,885
)
$
2,956,075
$
1,673,536
Average invested assets
$
35,938,698
$
32,836,567
$
34,521,277
$
31,010,883
Net investment income return - annualized
5.1
%
5.3
%
5.0
%
5.5
%
Total investment return - annualized (2)
7.5
%
(2.1
)%
8.6
%
5.6
%
(1)
In 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 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 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)
Represents commodity-related derivatives, which includes commodity futures and commodity options.
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.”
Three months ended
Year ended
(in thousands of United States Dollars, except per share amounts and percentages)
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
751,638
$
(198,503
)
$
2,646,959
$
1,834,985
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
(187,859
)
641,609
(1,192,246
)
90,193
Net foreign exchange losses (gains)
15,713
48,382
13,504
76,076
Expenses (revenues) associated with acquisitions, dispositions and impairments
34
15,975
5,418
70,943
Acquisition related purchase accounting adjustments (1)
30,440
59,763
177,406
242,938
Bermuda net deferred tax asset (2)
(41,841
)
(449
)
(41,841
)
(8,339
)
Income tax expense (benefit) (3)
41,983
(33,035
)
177,594
13,290
Net income (loss) attributable to redeemable noncontrolling interests (4)
(8,963
)
(126,865
)
72,897
(85,660
)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders
$
601,145
$
406,877
$
1,859,691
$
2,234,426
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted
$
16.75
$
(3.95
)
$
56.03
$
35.21
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
(4.26
)
12.72
(25.65
)
1.76
Net foreign exchange losses (gains)
0.36
0.96
0.29
1.48
Expenses (revenues) associated with acquisitions, dispositions and impairments
—
0.33
0.12
1.38
Acquisition related purchase accounting adjustments (1)
0.69
1.19
3.82
4.73
Bermuda net deferred tax asset (2)
(0.95
)
(0.01
)
(0.90
)
(0.16
)
Income tax expense (benefit) (3)
0.95
(0.66
)
3.82
0.26
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.20
)
(2.52
)
1.57
(1.67
)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted
$
13.34
$
8.06
$
39.10
$
42.99
Return on average common equity - annualized
27.8
%
(7.8
)%
25.9
%
19.3
%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
(7.0
)%
25.3
%
(11.7
)%
0.9
%
Net foreign exchange losses (gains)
0.6
%
1.9
%
0.1
%
0.8
%
Expenses (revenues) associated with acquisitions, dispositions and impairments
—
%
0.5
%
0.2
%
0.8
%
Acquisition related purchase accounting adjustments (1)
1.1
%
2.4
%
1.7
%
2.6
%
Bermuda net deferred tax asset (2)
(1.5
)%
—
%
(0.4
)%
(0.1
)%
Income tax expense (benefit) (3)
1.6
%
(1.3
)%
1.7
%
0.1
%
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.3
)%
(5.0
)%
0.7
%
(0.9
)%
Operating return on average common equity - annualized
22.3
%
16.0
%
18.2
%
23.5
%
(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 and year ended December 31, 2025 for the acquisitions of Validus $27.3 million and $166.6 million, respectively (2024 - $56.0 million and $227.9 million, respectively); and TMR and Platinum $3.2 million and $10.8 million, respectively (2024 - $3.8 million and $15.0 million, respectively).
(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.
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.”
December 31,
2025
December 31,
2024
Book value per common share
$
247.00
$
195.77
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.40
)
(14.03
)
Other goodwill and intangible assets (2)
(0.21
)
(0.18
)
Acquisition related purchase accounting adjustments (3)
(2.29
)
(4.38
)
Tangible book value per common share
230.10
177.18
Adjustment for accumulated dividends
29.68
28.08
Tangible book value per common share plus accumulated dividends
$
259.78
$
205.26
Quarterly change in book value per common share (4)
6.8
%
(3.1
)%
Quarterly change in book value per common share plus change in accumulated dividends (4)
7.0
%
(2.9
)%
Quarterly change in tangible book value per common share plus change in accumulated dividends (4)
7.4
%
(2.8
)%
Year to date change in book value per common share
26.2
%
18.5
%
Year to date change in book value per common share plus change in accumulated dividends
27.0
%
19.4
%
Year to date change in tangible book value per common share plus change in accumulated dividends
30.8
%
26.0
%
(1)
Represents the acquired goodwill and other intangible assets at December 31, 2025, of $633.1 million (2024 - $704.1 million) for the acquisitions of Validus $408.0 million (2024 - $476.3 million), TMR $25.0 million (2024 - $26.0 million) and Platinum $200.1 million (2024 - $201.8 million).
(2)
At December 31, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (2024 - $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 December 31, 2025 for the acquisitions of Validus $57.7 million (2024 - $168.6 million), TMR $43.6 million (2024 - $51.6 million) and Platinum $(0.5) million (2024 - $(0.6) million).
(4)
Represents the percentage change during the three months ended December 31, 2025, and December 31, 2024, respectively.
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 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 December 31, 2024
Catastrophe
Other
Property
Property
Casualty and Specialty
Total
Combined ratio
50.2
%
106.3
%
71.6
%
103.7
%
91.7
%
Adjustment for acquisition related purchase accounting adjustments (1)
(2.8
)%
(1.8
)%
(2.4
)%
(2.4
)%
(2.3
)%
Adjusted combined ratio
47.4
%
104.5
%
69.2
%
101.3
%
89.4
%
Year ended December 31, 2025
Catastrophe
Other
Property
Property
Casualty and Specialty
Total
Combined ratio
61.6
%
60.9
%
61.4
%
104.4
%
87.2
%
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6
)%
(1.1
)%
(1.5
)%
(2.0
)%
(1.8
)%
Adjusted combined ratio
60.0
%
59.8
%
59.9
%
102.4
%
85.4
%
Year ended December 31, 2024
Catastrophe
Other
Property
Property
Casualty and Specialty
Total
Combined ratio
35.6
%
89.2
%
57.2
%
100.4
%
83.9
%
Adjustment for acquisition related purchase accounting adjustments (1)
(3.1
)%
(1.1
)%
(2.3
)%
(2.4
)%
(2.4
)%
Adjusted combined ratio
32.5
%
88.1
%
54.9
%
98.0
%
81.5
%
(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.