RenaissanceRe Holdings Ltd. Financial Supplement September 30, 2026
Investors:RenaissanceRe Holdings Ltd. Keith McCue
Senior Vice President Finance & Investor Relations T: +1 441 239 4830
Media Contacts: RenaissanceRe Holdings Ltd. Hayden Kenny
Senior Vice President
Investor Relations & Communications T: +1 441 239 4946
Kekst CNC Nicholas Capuano T: +1 917-842-7859
Page
Basis of Presentation i
Financial Highlights 1
Summary Consolidated Financial StatementsConsolidated Statements of Operations 3
Consolidated Balance Sheets 4
Reportable Segments Underwriting Results 5
Underwriting Results - Five Quarter Trend 7
Property Segment - Catastrophe and Other Property Underwriting Results 10
Gross Premiums Written 12
Net Premiums Written 13
Net Premiums Earned 14
Reserves for Claims and Claim Expenses 15
Paid to Incurred Analysis 16
Fee Income 17
Fee Income - Five Quarter Trend 18
Noncontrolling Interests 19
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations 21
Total Investment Result 22
Investments Composition 24
Managed Investments - Credit Rating 25
Retained Investments - Credit Rating 26
Earnings per Share 27
Comments on Non-GAAP Financial Measures 28
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 total investments," "retained total investments, unrealized gain (loss)" and "operating (income) loss attributable to redeemable noncontrolling interests." A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 38 for "Comments on Non-GAAP Financial Measures."
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at https://www.renre.com for further information about RenaissanceRe.
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.
Financial HighlightsThree months ended Nine months ended
September 30, | September 30, | September 30, | September 30, | ||
2026 | 2025 | 2026 | 2025 | ||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (161,384) | $ 907,667 | $ 777,385 | $ 1,895,321 | |
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ 512,559 | $ 733,717 | $ 1,650,857 | $ 1,258,546 | |
Underwriting income | |||||
Gross premiums written | $ 2,104,008 | $ 2,323,626 | $ 8,577,305 | $ 9,900,309 | |
Net premiums written | 1,665,477 | 2,057,802 | 6,620,733 | 8,271,601 | |
Net premiums earned | 2,101,076 | 2,433,805 | 6,484,211 | 7,566,740 | |
Underwriting income (loss) | 426,091 | 770,189 | 1,613,966 | 601,280 | |
Net claims and claim expense ratio: | |||||
Current accident year | 61.6 % | 51.7 % | 55.2 % | 72.8 % | |
Prior accident years | (12.7)% | (15.6)% | (9.7)% | (11.2)% | |
Calendar year | 48.9 % | 36.1 % | 45.5 % | 61.6 % | |
Acquisition expense ratio | 25.8 % | 27.2 % | 25.1 % | 25.9 % | |
Operating expense ratio | 5.0 % | 5.1 % | 4.5 % | 4.6 % | |
Combined ratio | 79.7 % | 68.4 % | 75.1 % | 92.1 % | |
Adjusted combined ratio (1) | 78.6 % | 66.6 % | 74.1 % | 90.1 % | |
Fee income | |||||
Management fee income | $ 48,405 | $ 53,014 | $ 144,470 | $ 155,482 | |
Performance fee income | 33,336 | 48,796 | 114,424 | 71,742 | |
Total fee income | $ 81,741 $ 101,810 $ 258,894 | $ | 227,224 | ||
Investment results - managed | ||||
Net investment income | $ 440,853 | $ 438,354 | $ 1,293,844 | $ 1,256,815 |
Equity in earnings (losses) of other ventures (2) | 28,539 | 12,551 | 66,853 | 50,712 |
Net realized and unrealized gains (losses) on investments | (879,843) | 311,890 | (1,180,128) | 994,550 |
Total investment result (2) $ (410,451) $ 762,795 $ 180,569 $ 2,302,077 | ||||
Investment results - retained (1) | ||||
Net investment income | $ 315,338 | $ 304,617 | $ 933,824 | $ 869,795 |
Equity in earnings (losses) of other ventures (2) | 28,539 | 12,551 | 66,853 | 50,712 |
Net realized and unrealized gains (losses) on investments | (762,875) | 257,560 | (966,098) | 928,894 |
Total investment result (2) $ (418,998) $ 574,728 $ 34,579 $ 1,849,401 | ||||
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
In the fourth quarter of 2025, the Company revised its presentation of "total investment result" to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
Three months ended Nine months ended
September 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -basic
$
(4.02) $ 19.47 $ 18.47 $ 39.60
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -diluted $ (4.02) $ 19.40 $ 18.39 $ 39.46
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ 12.71 | $ 15.62 | $ 39.41 | $ 25.99 |
Average shares outstanding - basic | 40,284 | 45,845 | 41,366 | 47,106 |
Average shares outstanding - diluted | 40,284 | 46,005 | 41,547 | 47,268 |
Return on average common equity - annualized | (6.0)% | 34.9 % | 9.6 % | 25.1 % |
Operating return on average common equity - annualized (1) | 18.9 % | 28.2 % | 20.3 % | 16.7 % |
September 30, 2026 | December 31, 2025 | |||
Book value per common share | $ 259.61 | $ 247.00 | ||
Tangible book value per common share (1) | $ 242.51 | $ 230.10 | ||
Tangible book value per common share plus accumulated dividends (1) | $ 273.42 | $ 259.78 | ||
Year to date change in book value per common share plus change in accumulated dividends | 5.6 % | 27.0 % | |
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 5.9 % | 30.8 % |
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
Three months ended Nine months ended
September 30, | September 30, | September 30, | September 30, | ||
2026 | 2025 | 2026 | 2025 | ||
Revenues | |||||
Gross premiums written | $ 2,104,008 | $ 2,323,626 | $ 8,577,305 | $ 9,900,309 | |
Net premiums written | $ 1,665,477 | $ 2,057,802 | $ 6,620,733 | $ 8,271,601 | |
Decrease (increase) in unearned premiums | 435,599 | 376,003 | (136,522) | (704,861) | |
Net premiums earned | 2,101,076 | 2,433,805 | 6,484,211 | 7,566,740 | |
Net investment income | 440,853 | 438,354 | 1,293,844 | 1,256,815 | |
Net foreign exchange gains (losses) | 831 | 877 | (15,533) | 2,209 | |
Equity in earnings (losses) of other ventures | 28,539 | 12,551 | 66,853 | 50,712 | |
Other income (loss) | 14 | 705 | 5,740 | 4,243 | |
Net realized and unrealized gains (losses) on investments | (879,843) | 311,890 | (1,180,128) | 994,550 | |
Total revenues | 1,691,470 | 3,198,182 | 6,654,987 | 9,875,269 | |
Expenses | |||||
Net claims and claim expenses incurred | 1,026,492 | 878,820 | 2,952,841 | 4,664,701 | |
Acquisition expenses | 542,893 | 659,723 | 1,628,022 | 1,949,763 | |
Operational expenses | 105,600 | 125,073 | 289,382 | 350,996 | |
Corporate expenses | 16,685 | 23,414 | 54,826 | 70,005 | |
Interest expense | 31,794 | 30,582 | 95,358 | 89,461 | |
Total expenses | 1,723,464 | 1,717,612 | 5,020,429 | 7,124,926 | |
Income (loss) before taxes | (31,994) | 1,480,570 | 1,634,558 | 2,750,343 | |
Income tax benefit (expense) | 30,153 | (148,860) | (142,231) | (280,204) | |
Net income (loss) | (1,841) | 1,331,710 | 1,492,327 | 2,470,139 | |
Net (income) loss attributable to redeemable noncontrolling interests | (150,700) | (415,200) | (688,411) | (548,287) | |
Net income (loss) attributable to RenaissanceRe | (152,541) | 916,510 | 803,916 | 1,921,852 | |
Dividends on preference shares | (8,843) | (8,843) | (26,531) | (26,531) | |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (161,384) $ 907,667 $ 777,385 | $ | 1,895,321 | ||
Assets
Consolidated Balance SheetsSeptember 30,
2026
December 31,
2025
Fixed maturity investments trading, at fair value - amortized cost $25,997,879 at September 30, 2026 (December 31, 2025 - $24,658,351) | $ 25,203,247 | $ 24,884,323 |
Short term investments, at fair value - amortized cost $4,010,180 at September 30, 2026 (December 31, 2025 - $4,760,027) | 4,009,923 | 4,759,811 |
Equity investments, at fair value | 1,767,229 | 1,732,990 |
Other investments, at fair value | 5,047,962 | 4,574,214 |
Investments in other ventures, under equity method | 162,677 | 121,871 |
Total investments | 36,191,038 | 36,073,209 |
Cash and cash equivalents | 1,098,282 | 1,731,181 |
Premiums receivable | 7,534,224 | 7,252,454 |
Prepaid reinsurance premiums | 1,446,607 | 993,781 |
Reinsurance recoverable | 3,828,262 | 3,899,913 |
Accrued investment income | 242,834 | 233,688 |
Deferred acquisition costs and value of business acquired | 1,687,757 | 1,538,540 |
Deferred tax asset | 728,227 | 701,927 |
Receivable for investments sold | 1,034,240 | 414,523 |
Other assets | 452,618 | 328,087 |
Goodwill and other intangible assets | 587,107 | 633,087 |
Total assets | $ 54,831,196 | $ 53,800,390 |
Liabilities, Noncontrolling Interests and Shareholders' Equity | ||
Liabilities | ||
Reserve for claims and claim expenses | $ 22,294,195 | $ 22,302,345 |
Unearned premiums | 6,619,452 | 6,028,174 |
Debt | 2,331,768 | 2,329,201 |
Reinsurance balances payable | 2,730,064 | 2,540,518 |
Payable for investments purchased | 1,406,784 | 533,101 |
Other liabilities | 662,632 | 856,302 |
Total liabilities | 36,044,895 | 34,589,641 |
Redeemable noncontrolling interests | 7,433,760 | 7,602,092 |
Shareholders' Equity | ||
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at September 30, 2026 (December 31, 2025 - 30,000) | 750,000 | 750,000 |
Common shares: $1.00 par value - 40,841,495 shares issued and outstanding at September 30, 2026 (December 31, 2025 - 43,961,539) | 40,841 | 43,962 |
Additional paid-in capital | - | - |
Accumulated other comprehensive income (loss) | (13,349) | (12,626) |
Retained earnings | 10,575,049 | 10,827,321 |
Total shareholders' equity attributable to RenaissanceRe | 11,352,541 | 11,608,657 |
Total liabilities, noncontrolling interests and shareholders' equity | $ 54,831,196 | $ 53,800,390 |
Book value per common share | $ 259.61 | $ 247.00 |
Three months ended September 30, 2026 Three months ended September 30, 2025
Total
Reportable Segments Total
Reportable Segments
Underwriting Portfolio
Property
Casualty and Specialty
Underwriting Portfolio
Property
Casualty and Specialty
Gross premiums written | $ 2,104,008 $ 628,750 $ 1,475,258 | $ 2,323,626 $ 733,274 $ 1,590,352 | ||||
Net premiums written | $ 1,665,477 $ 580,989 $ 1,084,488 | $ 2,057,802 $ 694,125 $ 1,363,677 | ||||
Net premiums earned | $ 2,101,076 $ 829,762 $ 1,271,314 | $ 2,433,805 $ 936,933 $ 1,496,872 | ||||
Net claims and claim expenses incurred | 1,026,492 34,268 992,224 | 878,820 (133,504) 1,012,324 | ||||
Acquisition expenses | 542,893 158,814 384,079 | 659,723 192,347 467,376 | ||||
Operational expenses | 105,600 76,057 29,543 | 125,073 86,579 38,494 | ||||
Underwriting income (loss) | $ 426,091 $ 560,623 $ (134,532) | $ 770,189 $ 791,511 $ (21,322) | ||||
Net claims and claim expenses incurred: | ||||||
Current accident year | $ 1,293,637 | $ 299,300 | $ 994,337 | $ 1,258,871 | $ 250,169 | $ 1,008,702 |
Prior accident years | (267,145) | (265,032) | (2,113) | (380,051) | (383,673) | 3,622 |
Total | $ 1,026,492 $ 34,268 $ 992,224 | $ 878,820 $ (133,504) $ 1,012,324 | ||||
Net claims and claim expense ratio: | ||||||
Current accident year | 61.6 % | 36.1 % | 78.2 % | 51.7 % | 26.7 % | 67.4 % |
Prior accident years | (12.7)% | (32.0)% | (0.2)% | (15.6)% | (40.9)% | 0.2 % |
Calendar year | 48.9 % | 4.1 % | 78.0 % | 36.1 % | (14.2)% | 67.6 % |
Acquisition expense ratio | 25.8 % | 19.1 % | 30.3 % | 27.2 % | 20.5 % | 31.2 % |
Operating expense ratio | 5.0 % | 9.2 % | 2.3 % | 5.1 % | 9.2 % | 2.6 % |
Combined ratio | 79.7 % 32.4 % 110.6 % | 68.4 % 15.5 % | 101.4 % | |||
Adjusted combined ratio (1) | 78.6 % | 31.3 % | 109.5 % | 66.6 % | 14.2 % | 99.3 % |
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
Nine months ended September 30, 2026 Nine months ended September 30, 2025
Total
Reportable Segments Total
Reportable Segments
Underwriting Portfolio
Property
Casualty and Specialty
Underwriting Portfolio
Property
Casualty and Specialty
Gross premiums written | $ 8,577,305 $ 3,887,855 $ 4,689,450 | $ 9,900,309 $ 4,596,042 $ 5,304,267 | ||||
Net premiums written | $ 6,620,733 $ 3,039,606 $ 3,581,127 | $ 8,271,601 $ 3,710,676 $ 4,560,925 | ||||
Net premiums earned | $ 6,484,211 $ 2,612,111 $ 3,872,100 | $ 7,566,740 $ 3,052,893 $ 4,513,847 | ||||
Net claims and claim expenses incurred | 2,952,841 111,297 2,841,544 | 4,664,701 1,481,823 3,182,878 | ||||
Acquisition expenses | 1,628,022 491,281 1,136,741 | 1,949,763 534,192 1,415,571 | ||||
Operational expenses | 289,382 212,372 77,010 | 350,996 222,414 128,582 | ||||
Underwriting income (loss) | $ 1,613,966 $ 1,797,161 $ (183,195) | $ 601,280 $ 814,464 $ (213,184) | ||||
Net claims and claim expenses incurred: | ||||||
Current accident year | $ 3,581,426 | $ 794,542 | $ 2,786,884 | $ 5,510,336 | $ 2,319,130 | $ 3,191,206 |
Prior accident years | (628,585) | (683,245) | 54,660 | (845,635) | (837,307) | (8,328) |
Total | $ 2,952,841 $ 111,297 $ 2,841,544 | $ 4,664,701 $ 1,481,823 $ 3,182,878 | ||||
Net claims and claim expense ratio: | ||||||
Current accident year | 55.2 % | 30.4 % | 72.0 % | 72.8 % | 76.0 % | 70.7 % |
Prior accident years | (9.7)% | (26.1)% | 1.4 % | (11.2)% | (27.5)% | (0.2)% |
Calendar year | 45.5 % | 4.3 % | 73.4 % | 61.6 % | 48.5 % | 70.5 % |
Acquisition expense ratio | 25.1 % | 18.8 % | 29.3 % | 25.9 % | 17.5 % | 31.4 % |
Operating expense ratio | 4.5 % | 8.1 % | 2.0 % | 4.6 % | 7.3 % | 2.8 % |
Combined ratio | 75.1 % 31.2 % 104.7 % | 92.1 % 73.3 % | 104.7 % | |||
Adjusted combined ratio (1) | 74.1 % | 30.1 % | 103.7 % | 90.1 % | 71.8 % | 102.5 % |
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
Total Underwriting Portfolio
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Gross premiums written | $ 2,104,008 $ 2,994,424 $ 3,478,873 $ 1,838,111 $ 2,323,626 | ||||
Net premiums written | $ 1,665,477 $ 2,276,960 $ 2,678,296 $ 1,598,599 $ 2,057,802 | ||||
Net premiums earned | $ 2,101,076 $ 2,199,521 $ 2,183,614 $ 2,334,442 $ 2,433,805 | ||||
Net claims and claim expenses incurred | 1,026,492 942,378 983,971 951,138 878,820 | ||||
Acquisition expenses | 542,893 563,279 521,850 601,060 659,723 | ||||
Operational expenses | 105,600 94,747 89,035 113,481 125,073 | ||||
Underwriting income (loss) | $ 426,091 $ 599,117 $ 588,758 $ 668,763 $ 770,189 | ||||
Net claims and claim expenses incurred: | |||||
Current accident year | $ 1,293,637 | $ 1,141,803 | $ 1,145,986 | $ 1,196,436 | $ 1,258,871 |
Prior accident years | (267,145) | (199,425) | (162,015) | (245,298) | (380,051) |
Total | $ 1,026,492 $ 942,378 $ 983,971 $ 951,138 $ 878,820 | ||||
Net claims and claim expense ratio: | |||||
Current accident year | 61.6 % | 51.9 % | 52.5 % | 51.3 % | 51.7 % |
Prior accident years | (12.7)% | (9.1)% | (7.4)% | (10.6)% | (15.6)% |
Calendar year | 48.9 % | 42.8 % | 45.1 % | 40.7 % | 36.1 % |
Acquisition expense ratio | 25.8 % | 25.7 % | 23.8 % | 25.8 % | 27.2 % |
Operating expense ratio | 5.0 % | 4.3 % | 4.1 % | 4.9 % | 5.1 % |
Adjusted combined ratio (1) 78.6 % 71.7 % 72.0 % 70.0 % 66.6 %
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
Gross premiums written | $ 628,750 $ 1,551,685 $ 1,707,420 $ 346,099 $ 733,274 | ||||
Net premiums written | $ 580,989 $ 1,203,424 $ 1,255,193 $ 333,320 $ 694,125 | ||||
Net premiums earned | $ 829,762 $ 881,611 $ 900,738 $ 918,776 $ 936,933 | ||||
Net claims and claim expenses incurred | 34,268 (7,079) 84,108 (55,808) (133,504) | ||||
Acquisition expenses | 158,814 175,436 157,031 180,660 192,347 | ||||
Operational expenses | 76,057 70,579 65,736 75,067 86,579 | ||||
Underwriting income (loss) | $ 560,623 $ 642,675 $ 593,863 $ 718,857 $ 791,511 | ||||
Net claims and claim expenses incurred: | |||||
Current accident year | $ 299,300 | $ 250,393 | $ 244,849 | $ 196,081 | $ 250,169 |
Prior accident years | (265,032) | (257,472) | (160,741) | (251,889) | (383,673) |
Total | $ 34,268 $ (7,079) $ 84,108 $ (55,808) $ (133,504) | ||||
Net claims and claim expense ratio: | |||||
Current accident year | 36.1 % | 28.4 % | 27.2 % | 21.3 % | 26.7 % |
Prior accident years | (32.0)% | (29.2)% | (17.9)% | (27.4)% | (40.9)% |
Calendar year | 4.1 % | (0.8)% | 9.3 % | (6.1)% | (14.2)% |
Acquisition expense ratio | 19.1 % | 19.9 % | 17.5 % | 19.7 % | 20.5 % |
Operating expense ratio | 9.2 % | 8.0 % | 7.3 % | 8.2 % | 9.2 % |
Property | ||||
September 30, | June 30, | March 31, | December 31, | September 30, |
2026 | 2026 | 2026 | 2025 | 2025 |
Adjusted combined ratio (1) 31.3 % 26.0 % 33.0 % 20.4 % 14.2 %
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
Casualty and Specialty
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Gross premiums written | $ 1,475,258 $ 1,442,739 $ 1,771,453 $ 1,492,012 $ 1,590,352 | ||||
Net premiums written | $ 1,084,488 $ 1,073,536 $ 1,423,103 $ 1,265,279 $ 1,363,677 | ||||
Net premiums earned | $ 1,271,314 $ 1,317,910 $ 1,282,876 $ 1,415,666 $ 1,496,872 | ||||
Net claims and claim expenses incurred | 992,224 949,457 899,863 1,006,946 1,012,324 | ||||
Acquisition expenses | 384,079 387,843 364,819 420,400 467,376 | ||||
Operational expenses | 29,543 24,168 23,299 38,414 38,494 | ||||
Underwriting income (loss) | $ (134,532) $ (43,558) $ (5,105) $ (50,094) $ (21,322) | ||||
Net claims and claim expenses incurred: | |||||
Current accident year | $ 994,337 | $ 891,410 | $ 901,137 | $ 1,000,355 | $ 1,008,702 |
Prior accident years | (2,113) | 58,047 | (1,274) | 6,591 | 3,622 |
Total | $ 992,224 $ 949,457 $ 899,863 $ 1,006,946 $ 1,012,324 | ||||
Net claims and claim expense ratio: | |||||
Current accident year | 78.2 % | 67.6 % | 70.2 % | 70.7 % | 67.4 % |
Prior accident years | (0.2)% | 4.4 % | (0.1)% | 0.4 % | 0.2 % |
Calendar year | 78.0 % | 72.0 % | 70.1 % | 71.1 % | 67.6 % |
Acquisition expense ratio | 30.3 % | 29.5 % | 28.5 % | 29.7 % | 31.2 % |
Operating expense ratio | 2.3 % | 1.8 % | 1.8 % | 2.7 % | 2.6 % |
Adjusted combined ratio (1) 109.5 % 102.3 % 99.4 % 102.3 % 99.3 %
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
Three months ended September 30, 2026 Three months ended September 30, 2025
Total Property Catastrophe
Other
Property Total Property Catastrophe
Other Property
Gross premiums written | $ 628,750 $ 231,076 $ 397,674 | $ 733,274 $ 288,406 $ 444,868 | ||||
Net premiums written | $ 580,989 $ 200,969 $ 380,020 | $ 694,125 $ 256,077 $ 438,048 | ||||
Net premiums earned | $ 829,762 $ 489,025 $ 340,737 | $ 936,933 $ 541,637 $ 395,296 | ||||
Net claims and claim expenses incurred | 34,268 (70,280) 104,548 | (133,504) (183,652) 50,148 | ||||
Acquisition expenses | 158,814 55,896 102,918 | 192,347 76,640 115,707 | ||||
Operational expenses | 76,057 63,570 12,487 | 86,579 74,709 11,870 | ||||
Underwriting income (loss) | $ 560,623 $ 439,839 $ 120,784 | $ 791,511 $ 573,940 $ 217,571 | ||||
Net claims and claim expenses incurred: | ||||||
Current accident year | $ 299,300 | $ 107,893 | $ 191,407 | $ 250,169 | $ 53,185 | $ 196,984 |
Prior accident years | (265,032) | (178,173) | (86,859) | (383,673) | (236,837) | (146,836) |
Total | $ 34,268 $ (70,280) $ 104,548 | $ (133,504) $ (183,652) $ 50,148 | ||||
Net claims and claim expense ratio: | ||||||
Current accident year | 36.1 % | 22.1 % | 56.2 % | 26.7 % | 9.8 % | 49.8 % |
Prior accident years | (32.0)% | (36.5)% | (25.5)% | (40.9)% | (43.7)% | (37.1)% |
Calendar year | 4.1 % | (14.4)% | 30.7 % | (14.2)% | (33.9)% | 12.7 % |
Acquisition expense ratio | 19.1 % | 11.5 % | 30.2 % | 20.5 % | 14.1 % | 29.3 % |
Operating expense ratio | 9.2 % | 13.0 % | 3.7 % | 9.2 % | 13.8 % | 3.0 % |
Combined ratio | 32.4 % 10.1 % 64.6 % | 15.5 % (6.0)% | 45.0 % | |||
Adjusted combined ratio (1) | 31.3 % | 8.6 % | 63.9 % | 14.2 % | (7.6)% | 44.2 % |
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
Nine months ended September 30, 2026 Nine months ended September 30, 2025
Total Property Catastrophe
Other
Property Total Property Catastrophe
Other Property
Gross premiums written | $ 3,887,855 $ 2,658,113 $ 1,229,742 | $ 4,596,042 $ 3,317,728 $ 1,278,314 | ||||
Net premiums written | $ 3,039,606 $ 2,027,368 $ 1,012,238 | $ 3,710,676 $ 2,647,605 $ 1,063,071 | ||||
Net premiums earned | $ 2,612,111 $ 1,578,080 $ 1,034,031 | $ 3,052,893 $ 1,978,731 $ 1,074,162 | ||||
Net claims and claim expenses incurred | 111,297 (146,764) 258,061 | 1,481,823 1,207,100 274,723 | ||||
Acquisition expenses | 491,281 185,076 306,205 | 534,192 225,453 308,739 | ||||
Operational expenses | 212,372 179,124 33,248 | 222,414 185,722 36,692 | ||||
Underwriting income (loss) | $ 1,797,161 $ 1,360,644 $ 436,517 | $ 814,464 $ 360,456 $ 454,008 | ||||
Net claims and claim expenses incurred: | ||||||
Current accident year | $ 794,542 | $ 226,783 | $ 567,759 | $ 2,319,130 | $ 1,642,785 | $ 676,345 |
Prior accident years | (683,245) | (373,547) | (309,698) | (837,307) | (435,685) | (401,622) |
Total | $ 111,297 $ (146,764) $ 258,061 | $ 1,481,823 $ 1,207,100 $ 274,723 | ||||
Net claims and claim expense ratio: | ||||||
Current accident year | 30.4 % | 14.4 % | 54.9 % | 76.0 % | 83.0 % | 63.0 % |
Prior accident years | (26.1)% | (23.7)% | (29.9)% | (27.5)% | (22.0)% | (37.4)% |
Calendar year | 4.3 % | (9.3)% | 25.0 % | 48.5 % | 61.0 % | 25.6 % |
Acquisition expense ratio | 18.8 % | 11.7 % | 29.6 % | 17.5 % | 11.4 % | 28.7 % |
Operating expense ratio | 8.1 % | 11.4 % | 3.2 % | 7.3 % | 9.4 % | 3.4 % |
Combined ratio | 31.2 % 13.8 % 57.8 % | 73.3 % 81.8 % | 57.7 % | |||
Adjusted combined ratio (1) | 30.1 % | 12.5 % | 57.1 % | 71.8 % | 80.1 % | 56.6 % |
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
September 30, 2026 | September 30, 2025 | Q/Q $ Change | Q/Q % Change | September 30, 2026 | September 30, 2025 | Y/Y $ Change | Y/Y % Change | |||||||
Property Segment | ||||||||||||||
Catastrophe | $ | 259,019 | $ | 338,525 | $ | (79,506) | (23.5)% | $ | 2,709,372 | $ | 3,019,444 | $ | (310,072) | (10.3)% |
Catastrophe - gross reinstatement premiums | (27,943) | (50,119) | 22,176 | (44.2)% | (51,259) | 298,284 | (349,543) | (117.2)% | ||||||
Total catastrophe gross premiums written | 231,076 | 288,406 | (57,330) | (19.9)% | 2,658,113 | 3,317,728 | (659,615) | (19.9)% | ||||||
Other property | 386,471 | 444,234 | (57,763) | (13.0)% | 1,216,031 | 1,274,146 | (58,115) | (4.6)% | ||||||
Other property - gross reinstatement premiums | 11,203 | 634 | 10,569 | 1667.0 % | 13,711 | 4,168 | 9,543 | 229.0 % | ||||||
Total other property gross premiums written | 397,674 | 444,868 | (47,194) | (10.6)% | 1,229,742 | 1,278,314 | (48,572) | (3.8)% | ||||||
Property segment gross premiums written | $ 628,750 | $ 733,274 $ (104,524) | (14.3)% | $ 3,887,855 | $ 4,596,042 $ (708,187) | (15.4)% | ||||||||
Casualty and Specialty Segment | ||||||||||||||
General casualty (1) | $ 388,825 | $ 483,888 | $ (95,063) | (19.6)% | $ 1,313,760 | $ 1,677,415 | $ (363,655) | (21.7)% | ||||||
Professional liability (2) | 260,369 | 294,918 | (34,549) | (11.7)% | 820,170 | 798,259 | 21,911 | 2.7 % | ||||||
Credit (3) | 266,924 | 253,713 | 13,211 | 5.2 % | 842,636 | 922,006 | (79,370) | (8.6)% | ||||||
Other specialty (4) | 559,140 | 557,833 | 1,307 | 0.2 % | 1,712,884 | 1,906,587 | (193,703) | (10.2)% | ||||||
Casualty and Specialty segment gross premiums written | $ 1,475,258 | $ 1,590,352 $ (115,094) | (7.2)% | $ 4,689,450 | $ 5,304,267 $ (614,817) | (11.6)% | ||||||||
Includes automobile liability, casualty clash, employers' liability, umbrella or excess casualty, workers' compensation and general liability.
Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
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.
September 30, 2026 | September 30, 2025 | Q/Q $ Change | Q/Q % Change | September 30, 2026 | September 30, 2025 | Y/Y $ Change | Y/Y % Change | |||||||
Property Segment | ||||||||||||||
Catastrophe | $ | 225,654 | $ | 292,921 | $ | (67,267) | (23.0)% | $ | 2,071,650 | $ | 2,336,901 | $ | (265,251) | (11.4)% |
Catastrophe - net reinstatement premiums | (24,685) | (36,844) | 12,159 | (33.0)% | (44,282) | 310,704 | (354,986) | (114.3)% | ||||||
Total catastrophe net premiums written | 200,969 | 256,077 | (55,108) | (21.5)% | 2,027,368 | 2,647,605 | (620,237) | (23.4)% | ||||||
Other property | 369,136 | 436,679 | (67,543) | (15.5)% | 997,407 | 1,057,029 | (59,622) | (5.6)% | ||||||
Other property - net reinstatement premiums | 10,884 | 1,369 | 9,515 | 695.0 % | 14,831 | 6,042 | 8,789 | 145.5 % | ||||||
Total other property net premiums written | 380,020 | 438,048 | (58,028) | (13.2)% | 1,012,238 | 1,063,071 | (50,833) | (4.8)% | ||||||
Property segment net premiums written $ 580,989 $ 694,125 $ (113,136) (16.3)% $ 3,039,606 $ 3,710,676 $ (671,070) (18.1)%
Casualty and Specialty SegmentGeneral casualty (1) | $ 280,723 | $ 460,528 | $ (179,805) | (39.0)% | $ 1,031,231 | $ 1,581,325 | $ (550,094) | (34.8)% |
Professional liability (2) | 182,312 | 273,721 | (91,409) | (33.4)% | 619,635 | 741,421 | (121,786) | (16.4)% |
Credit (3) | 194,483 | 198,623 | (4,140) | (2.1)% | 652,656 | 748,798 | (96,142) | (12.8)% |
Other specialty (4) | 426,970 | 430,805 | (3,835) | (0.9)% | 1,277,605 | 1,489,381 | (211,776) | (14.2)% |
Casualty and Specialty segment net premiums written | $ 1,084,488 $ 1,363,677 $ (279,189) | (20.5)% $ 3,581,127 $ 4,560,925 $ (979,798) | (21.5)% | |||||
Includes automobile liability, casualty clash, employers' liability, umbrella or excess casualty, workers' compensation and general liability.
Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
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.
September 30, 2026 | September 30, 2025 | Q/Q $ Change | Q/Q % Change | September 30, 2026 | September 30, 2025 | Y/Y $ Change | Y/Y % Change | |||||||
Property Segment | ||||||||||||||
Catastrophe | $ | 513,710 | $ | 578,481 | $ | (64,771) | (11.2)% | $ | 1,622,362 | $ | 1,668,027 | $ | (45,665) | (2.7)% |
Catastrophe - net reinstatement premiums | (24,685) | (36,844) | 12,159 | (33.0)% | (44,282) | 310,704 | (354,986) | (114.3)% | ||||||
Total catastrophe net premiums earned | 489,025 | 541,637 | (52,612) | (9.7)% | 1,578,080 | 1,978,731 | (400,651) | (20.2)% | ||||||
Other property | 329,853 | 393,927 | (64,074) | (16.3)% | 1,019,200 | 1,068,120 | (48,920) | (4.6)% | ||||||
Other property - net reinstatement premiums | 10,884 | 1,369 | 9,515 | 695.0 % | 14,831 | 6,042 | 8,789 | 145.5 % | ||||||
Total other property net premiums earned | 340,737 | 395,296 | (54,559) | (13.8)% | 1,034,031 | 1,074,162 | (40,131) | (3.7)% | ||||||
Property segment net premiums earned $ 829,762 $ 936,933 $ (107,171) (11.4)% $ 2,612,111 $ 3,052,893 $ (440,782) (14.4)%
Casualty and Specialty SegmentGeneral casualty (1) | $ 373,914 | $ 529,410 | $ (155,496) | (29.4)% | $ 1,230,708 | $ 1,688,889 | $ (458,181) | (27.1)% |
Professional liability (2) | 235,174 | 300,764 | (65,590) | (21.8)% | 750,015 | 778,300 | (28,285) | (3.6)% |
Credit (3) | 209,852 | 211,159 | (1,307) | (0.6)% | 613,072 | 651,257 | (38,185) | (5.9)% |
Other specialty (4) | 452,374 | 455,539 | (3,165) | (0.7)% | 1,278,305 | 1,395,401 | (117,096) | (8.4)% |
Casualty and Specialty segment net premiums earned | $ 1,271,314 $ 1,496,872 $ (225,558) | (15.1)% $ 3,872,100 $ 4,513,847 $ (641,747) | (14.2)% | |||||
Includes automobile liability, casualty clash, employers' liability, umbrella or excess casualty, workers' compensation and general liability.
Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
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.
Case Reserves | Case Reserves | IBNR | Total | |
September 30, 2026 | ||||
Property | $ 1,578,831 | $ 1,216,667 | $ 1,851,913 | $ 4,647,411 |
Casualty and Specialty | 3,800,390 | 341,878 | 13,504,516 | 17,646,784 |
Total | $ 5,379,221 | $ 1,558,545 | $ 15,356,429 | $ 22,294,195 |
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 |
Three months ended September 30, 2026 Three months ended September 30, 2025 Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period | $ 22,269,134 $ 3,863,486 $ 18,405,648 | $ 22,913,763 $ 4,300,973 $ 18,612,790 | ||||
Incurred claims and claim expenses | ||||||
Current year | 1,585,623 291,986 1,293,637 | 1,387,603 128,732 1,258,871 | ||||
Prior years | (316,291) (49,146) (267,145) | (445,044) (64,993) (380,051) | ||||
Total incurred claims and claim expenses | 1,269,332 242,840 1,026,492 | 942,559 63,739 878,820 | ||||
Paid claims and claim expenses | ||||||
Current year | 116,453 24,046 92,407 | 166,093 81,355 84,738 | ||||
Prior years | 1,119,248 247,482 871,766 | 959,462 184,983 774,479 | ||||
Total paid claims and claim expenses | 1,235,701 271,528 964,173 | 1,125,555 266,338 859,217 | ||||
Foreign exchange and other (1) | (8,570) (6,536) (2,034) | (17,907) (13,281) (4,626) | ||||
Reserve for claims and claim expenses, end of period | $ 22,294,195 $ 3,828,262 $ 18,465,933 | $ 22,712,860 $ 4,085,093 $ 18,627,767 | ||||
Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | |||||
Gross | Recoveries | Net | Gross | Recoveries | Net | |
Reserve for claims and claim expenses, beginning of period | $ 22,302,345 | $ 3,899,913 | $ 18,402,432 | $ 21,303,491 | $ 4,481,390 | $ 16,822,101 |
Incurred claims and claim expenses | ||||||
Current year | 4,190,856 | 609,430 | 3,581,426 | 6,298,027 | 787,691 | 5,510,336 |
Prior years | (642,380) | (13,795) | (628,585) | (1,183,518) | (337,883) | (845,635) |
Total incurred claims and claim expenses | 3,548,476 | 595,635 | 2,952,841 | 5,114,509 | 449,808 | 4,664,701 |
Paid claims and claim expenses | ||||||
Current year | 247,131 | 44,259 | 202,872 | 917,415 | 154,320 | 763,095 |
Prior years | 3,250,185 | 594,125 | 2,656,060 | 3,060,781 | 687,598 | 2,373,183 |
Total paid claims and claim expenses | 3,497,316 | 638,384 | 2,858,932 | 3,978,196 | 841,918 | 3,136,278 |
Foreign exchange and other (1) | (59,310) | (28,902) | (30,408) | 273,056 | (4,187) | 277,243 |
Reserve for claims and claim expenses, end of period | $ 22,294,195 | $ 3,828,262 | $ 18,465,933 | $ 22,712,860 | $ 4,085,093 | $ 18,627,767 |
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.
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 Nine months ended
September 30, | September 30, | September 30, | September 30, |
2026 | 2025 | 2026 | 2025 |
Management fee income | $ 48,405 | $ 53,014 $ 144,470 | $ 155,482 |
Performance fee income (loss) (1) | 33,336 | 48,796 114,424 | 71,742 |
Total fee income | $ 81,741 | $ 101,810 $ 258,894 | $ 227,224 |
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 Nine months ended
September 30, | September 30, | September 30, | September 30, | |
2026 | 2025 | 2026 | 2025 | |
Fee income contributing to: | ||||
Net income (loss) attributable to redeemable noncontrolling interests | $ 56,552 | $ 88,689 | $ 188,113 | $ 162,212 |
Underwriting income (loss) (1) | 25,189 | 13,121 | 70,781 | 65,012 |
Total fee income $ 81,741 $ 101,810 $ 258,894 $ 227,224 | ||||
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.
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
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |
Management fee income | $ 48,405 | $ 48,138 | $ 47,927 | $ 52,002 | $ 53,014 |
Performance fee income (loss) (1) | 33,336 | 34,889 | 46,199 | 49,626 | 48,796 |
Total fee income | $ 81,741 | $ 83,027 | $ 94,126 | $ 101,628 | $ 101,810 |
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
September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |
Fee income contributing to: | |||||
Net income (loss) attributable to redeemable noncontrolling interests | $ 56,552 | $ 59,390 | $ 72,171 | $ 87,877 | $ 88,689 |
Underwriting income (loss) (1) | 25,189 | 23,637 | 21,955 | 13,751 | 13,121 |
Total fee income | $ 81,741 | $ 83,027 | $ 94,126 | $ 101,628 | $ 101,810 |
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.
The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. ("DaVinci"), Vermeer Reinsurance Ltd. ("Vermeer"), RenaissanceRe Medici Fund Ltd. ("Medici") and Fontana Holdings L.P. and its subsidiaries ("Fontana") (collectively, the "Consolidated Managed Joint Ventures and Funds"), 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 and Funds attributable to third-party investors in these Consolidated Managed Joint Ventures and Funds. 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 and Funds included on the Company's consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures and Funds.
A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:
Three months ended | Nine months ended | |
September 30, September 30, 2026 2025 | September 30, September 30, 2026 2025 | |
Redeemable noncontrolling interest - DaVinci (1) | $ (75,569) $ (243,464) | $ (437,586) $ (349,476) |
Redeemable noncontrolling interest - Vermeer | (51,434) (70,981) | (167,916) (21,326) |
Redeemable noncontrolling interest - Medici | (67,021) (79,573) | (113,141) (133,729) |
Redeemable noncontrolling interest - Fontana | 43,324 (21,182) | 30,232 (43,756) |
Net (income) loss attributable to redeemable noncontrolling interests (2) | $ (150,700) $ (415,200) | $ (688,411) $ (548,287) |
Three months ended | Nine months ended | |
September 30, 2026 | September 30, September 30, September 30, 2025 2026 2025 | |
Operating (income) loss attributable to redeemable noncontrolling interests (3) | $ (292,653) | $ (405,265) $ (920,187) $ (466,427) |
Non-operating (income) loss attributable to redeemable noncontrolling interests | 141,953 | (9,935) 231,776 (81,860) |
Net (income) loss attributable to redeemable noncontrolling interests (2) | $ (150,700) | $ (415,200) $ (688,411) $ (548,287) |
Represents the portion of DaVinci's earnings owned by third-party investors, net of consolidation adjustments of $10.5 million and $30.0 million for the three and nine months ended September 30, 2026 (2025 - $Nil and $Nil).
A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures and Funds allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures and Funds allocated to third-party investors.
See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
A summary of the redeemable noncontrolling interests on the Company's consolidated balance sheets is set forth below:
September 30,
2026
December 31,
2025
Redeemable noncontrolling interest - DaVinci (1) | $ 3,572,046 $ 3,701,637 |
Redeemable noncontrolling interest - Vermeer | 1,940,347 1,922,431 |
Redeemable noncontrolling interest - Medici | 1,512,633 1,398,166 |
Redeemable noncontrolling interest - Fontana | 408,734 579,858 |
Redeemable noncontrolling interests | $ 7,433,760 $ 7,602,092 |
Represents the portion of DaVinci's total shareholders' equity owned by third-party investors of $3.5 billion (December 31, 2025 - $3.7 billion), plus consolidation adjustments of $114.8 million
(December 31, 2025 - $Nil), of which $84.8 million reflects the cumulative effect at January 1, 2026.
A summary of the redeemable noncontrolling economic ownership of third parties in the Company's Consolidated Managed Joint Ventures and Funds is set forth below:
September 30, | December 31, | |
2026 | 2025 | |
DaVinci | 73.7 % | 75.7 % |
Vermeer | 100.0 % | 100.0 % |
Medici | 88.4 % | 88.7 % |
Fontana | 61.6 % | 71.3 % |
Three months ended Nine months ended
Revenues
September 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Gross premiums written $ 98,321 $ 113,965 $ 1,295,366 $ 1,575,472 | |||||
Net premiums written | $ 94,804 | $ 107,917 | $ 1,162,479 | $ 1,437,896 | |
Decrease (increase) in unearned premiums | 193,960 | 195,854 | (270,534) | (365,928) | |
Net premiums earned | 288,764 | 303,771 | 891,945 | 1,071,968 | |
Net investment income | 69,335 | 69,115 | 201,286 | 200,682 | |
Net foreign exchange gains (losses) | 342 | (471) | (2,039) | (3,402) | |
Net realized and unrealized gains (losses) on investments | (144,225) | 11,109 | (230,719) | 61,320 | |
Total revenues | 214,216 | 383,524 | 860,473 | 1,330,568 | |
Expenses | |||||
Net claims and claim expenses incurred | 15,976 | (79,061) | (47,535) | 589,219 | |
Acquisition expenses | 73,881 | 98,092 | 247,334 | 167,894 | |
Operational expenses | 30,874 | 35,622 | 92,217 | 93,873 | |
Corporate expenses | 119 | 102 | 339 | 345 | |
Interest expense | 4,544 | 4,546 | 13,532 | 12,929 | |
Total expenses | 125,394 | 59,301 | 305,887 | 864,260 | |
Income (loss) before taxes | 88,822 | 324,223 | 554,586 | 466,308 | |
Income tax benefit (expense) | (602) | (2,695) | (1,950) | (4,775) | |
Net income (loss) available (attributable) to DaVinci common shareholders | $ 88,220 $ 321,528 $ 552,636 | $ | 461,533 | ||
Net claims and claim expense ratio - current accident year | 39.2 % | 11.6 % | 21.1 % | 76.8 % | |
Net claims and claim expense ratio - prior accident years | (33.7)% | (37.6)% | (26.4)% | (21.8)% | |
Net claims and claim expense ratio - calendar year | 5.5 % | (26.0)% | (5.3)% | 55.0 % | |
Underwriting expense ratio | 36.3 % | 44.0 % | 38.0 % | 24.4 % | |
September 30, | December 31, | |
Balance Sheet Data: | 2026 | 2025 |
Total investments | $ 6,015,819 | $ 6,246,947 |
Total assets | 7,195,706 | 7,225,478 |
Reserve for claims and claim expenses | 1,200,861 | 1,485,378 |
Debt | 297,216 | 296,972 |
Total shareholders' equity | 4,691,005 | 4,888,369 |
Managed (1) Retained (2)
Three months ended Three months ended
Net investment income
September 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Fixed maturity investments trading $ 307,844 $ 287,139 $ 243,071 $ 223,283
Short term investments 30,851 51,855 10,302 26,834
Equity investments
Fixed income exchange traded funds 27,031 15,876 24,015 15,876
Common stock (3) 681 610 678 610
Other investments
Catastrophe bonds 44,403 50,503 7,457 4,898
Fund and direct private equity investments (3) 29,729 27,036 28,597 27,036
Cash and cash equivalents 8,407 12,045 7,809 11,172
448,946 445,064 321,929 309,709
Investment expenses (8,093) (6,710) (6,591) (5,092)
Net investment income $ 440,853 $ 438,354 $ 315,338 $ 304,617
Equity in earnings (losses) of other ventures (4) $ 28,539 $ 12,551 $ 28,539 $ 12,551
Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6) $ (899,618) $ 45,579 $ (759,121) $ 31,518
Equity-related investments (7) (62,158) 85,104 (56,131) 85,047
Commodity-related investments (8) 335 143,568 335 143,568
Other investments
Catastrophe bonds 34,971 44,592 5,465 4,380
Fund and direct private equity investments (3) 46,627 (6,953) 46,577 (6,953)
Net realized and unrealized gains (losses) on investments $ (879,843) $ 311,890 $ (762,875) $ 257,560
Total investment result (4) $ (410,451) $ 762,795 $ (418,998) $ 574,728
Average invested assets $ 36,202,069 $ 35,150,285 $ 26,571,312 $ 25,361,304
Net investment income return - annualized 5.0 % 5.2 % 4.8 % 4.9 %
Total investment return - annualized (4) (4.4)% 9.0 % (6.2)% 9.4 %
"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.
"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.
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."
In the fourth quarter of 2025, the Company revised its presentation of "total investment result" and "total investment return - annualized" to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
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.
Managed (1) Retained (2)
Nine months ended Nine months ended | ||||
September 30, | September 30, | September 30, | September 30, | |
2026 | 2025 | 2026 | 2025 | |
Net investment income | ||||
Fixed maturity investments trading | $ 899,560 | $ 854,035 | $ 711,107 | $ 669,848 |
Short term investments | 98,114 | 141,299 | 36,124 | 69,419 |
Equity investments | ||||
Fixed income exchange traded funds | 74,842 | 23,588 | 68,904 | 23,588 |
Common stock (3) | 2,034 | 1,951 | 2,031 | 1,947 |
Other investments | ||||
Catastrophe bonds | 124,430 | 153,205 | 18,950 | 20,783 |
Fund and direct private equity investments (3) | 88,273 | 67,451 | 87,352 | 67,451 |
Cash and cash equivalents | 28,990 | 35,488 | 27,078 | 32,487 |
1,316,243 | 1,277,017 | 951,546 | 885,523 | |
Investment expenses | (22,399) | (20,202) | (17,722) | (15,728) |
Net investment income $ 1,293,844 $ 1,256,815 $ 933,824 $ 869,795 | ||||
Equity in earnings (losses) of other ventures (4) | $ 66,853 | $ 50,712 | $ 66,853 | $ 50,712 |
Net realized and unrealized gains (losses) on investments (5) | ||||
Fixed maturity-related investments (6) | $ (1,282,907) | $ 507,966 | $ (1,060,276) | $ 436,769 |
Equity-related investments (7) | 7,708 | 146,633 | 15,355 | 146,477 |
Commodity-related investments (8) | (13,486) | 294,412 | (13,486) | 294,413 |
Other investments | ||||
Catastrophe bonds | 22,017 | (9,837) | 5,826 | (4,141) |
Fund and direct private equity investments (3) | 86,540 | 55,376 | 86,483 | 55,376 |
Net realized and unrealized gains (losses) on investments | $ (1,180,128) | $ 994,550 | $ (966,098) | $ 928,894 |
Total investment result (4) | $ 180,569 $ 2,302,077 $ 34,579 | $ 1,849,401 | ||
Average invested assets | $ 35,912,221 $ 34,133,294 $ 26,242,916 | $ 24,578,740 | ||
Net investment income return - annualized | 4.9 % | 5.0 % | 4.8 % | 4.7 % |
Total investment return - annualized (4) | 0.7 % | 9.2 % | 0.2 % | 10.2 % |
"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.
"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.
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."
In the fourth quarter of 2025, the Company revised its presentation of "total investment result" and "total investment return - annualized" to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
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.
September 30, 2026 December 31, 2025
Managed (1) Retained (2) Managed (1) Retained (2)
Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | |
Fixed maturity investments trading, at fair value | ||||||||
Corporate | $ 9,807,924 | $ (331,485) | $ 8,016,590 | $ (282,618) | $ 8,528,828 | $ 75,453 | $ 6,654,252 | $ 49,673 |
U.S. Treasuries | 9,037,223 | (216,430) | 6,534,665 | (177,051) | 10,641,503 | 134,072 | 7,651,734 | 101,770 |
Other (3) | 6,358,100 | (246,717) | 5,209,047 | (194,784) | 5,713,992 | 16,447 | 4,787,279 | 18,137 |
Total fixed maturity investments trading, at fair value | 25,203,247 | (794,632) | 19,760,302 | (654,453) | 24,884,323 | 225,972 | 19,093,265 | 169,580 |
Short term investments, at fair value | 4,009,923 | (257) | 1,460,368 | (166) | 4,759,811 | (216) | 1,831,823 | (10) |
Equity investments, at fair value | ||||||||
Fixed income exchange traded funds | 1,547,207 | (76,883) | 1,383,245 | (69,614) | 1,582,811 | 26,827 | 1,582,811 | 26,827 |
Common stock and equity exchange traded funds | 220,022 | 58,633 | 219,788 | 58,823 | 150,179 | 95,243 | 146,514 | 95,056 |
Total equity investments, at fair value | 1,767,229 | (18,250) | 1,603,033 | (10,791) | 1,732,990 | 122,070 | 1,729,325 | 121,883 |
Other investments, at fair value | ||||||||
Catastrophe bonds | 1,625,250 | 37,565 | 185,465 | 4,287 | 1,613,710 | 25,617 | 231,893 | 1,445 |
Fund investments | 3,267,118 | 531,727 | 3,239,804 | 531,106 | 2,775,499 | 381,941 | 2,762,301 | 382,200 |
Direct private equity investments | 155,594 | 41,699 | 155,594 | 41,699 | 185,005 | 71,612 | 185,005 | 71,612 |
Total other investments, at fair value | 5,047,962 | 610,991 | 3,580,863 | 577,092 | 4,574,214 | 479,170 | 3,179,199 | 455,257 |
Investments in other ventures, under equity method | 162,677 | - | 162,677 | - | 121,871 | - | 121,871 | - |
Total investments | $ 36,191,038 | $ (202,148) | $ 26,567,243 | $ (88,318) | $ 36,073,209 | $ 826,996 | $ 25,955,483 | $ 746,710 |
September 30, 2026 December 31, 2025
Managed (1) | Retained (2) | Managed (1) | Retained (2) | |
Weighted average yield to maturity of investments (4) | 5.8% | 6.0 % | 4.8% | 4.8 % |
Average duration of investments, in years (4) | 3.5 | 4.2 | 2.6 | 3.0 |
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5) | $ (16.02) | $ 3.86 |
"Managed" represents the consolidated total investments as presented on the Company's consolidated balance sheets.
"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.
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.
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.
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.
September 30, 2026 Fair Value AAA AA A BBB
Fixed maturity investments trading, at fair value
Grade Not Rated
Ratings
Corporate $ 9,807,924 $ 80,035 $ 409,442 $ 4,272,800 $ 4,200,563 $ 839,786 $ 5,298 $ -
U.S. Treasuries 9,037,223 - 9,037,223 - - - - -
Residential mortgage-backed 3,449,802 146,400 3,180,232 349 2,810 56,084 63,927 -
Asset-backed 1,357,970 836,487 167,308 233,148 117,333 - 3,694 -
Agencies 641,239 - 641,239 - - - - -
Non-U.S. government 580,896 327,206 151,219 88,232 12,846 1,393 - -
Commercial mortgage-backed 328,193 272,829 52,555 1,230 - - 1,579 -
Total fixed maturity investments trading, at fair value 25,203,247 1,662,957 13,639,218 4,595,759 4,333,552 897,263 74,498 -
Short term investments, at fair value 4,009,923 3,717,851 275,328 14,549 472 1,720 3 -
Equity investments, at fair value
Fixed income exchange traded funds (3) 1,547,207 - - 216,419 - 1,330,788 - -
Common stock 129,409 - - - - - - 129,409
Equity exchange traded funds 90,613 - - - - - - 90,613
Total equity investments, at fair value 1,767,229 - - 216,419 - 1,330,788 - 220,022
Other investments, at fair value
Catastrophe bonds 1,625,250 - - - - 1,625,250 - -
Fund investments
Private credit funds 1,597,821 - - - - - - 1,597,821
Private equity funds 788,907 - - - - - - 788,907
Multi-strategy funds (4) 633,225 - - - - - - 633,225
Insurance-linked securities funds 167,984 - - - - - - 167,984
Equity funds 79,181 - - - - - - 79,181
Direct private equity investments 155,594 - - - - - - 155,594
Total other investments, at fair value 5,047,962 - - - - 1,625,250 - 3,422,712
Investments in other ventures, under equity method 162,677 - - - - - - 162,677
Total investments $36,191,038 $ 5,380,808 $13,914,546 $ 4,826,727 $ 4,334,024 $ 3,855,021 $ 74,501 $ 3,805,411
100.0 % 14.9 % 38.4 % 13.3 % 12.0 % 10.7 % 0.2 % 10.5 %
(1) "Managed" represents the consolidated total investments as presented on the Company's consolidated balance sheets.
September 30, 2026 Fair Value AAA AA A BBB
Fixed maturity investments trading, at fair value
Grade Not Rated
Ratings
Corporate $ 8,016,590 $ 62,091 $ 342,668 $ 3,566,738 $ 3,429,850 $ 610,350 $ 4,893 $ -
U.S. Treasuries 6,534,665 - 6,534,665 - - - - -
Residential mortgage-backed 2,719,428 125,814 2,470,444 349 2,810 56,084 63,927 -
Asset-backed 1,229,605 777,163 163,712 181,642 104,427 - 2,661 -
Agencies 485,650 - 485,650 - - - - -
Non-U.S. government 501,703 287,772 125,102 74,590 12,846 1,393 - -
Commercial mortgage-backed 272,661 240,350 30,409 323 - - 1,579 -
Total fixed maturity investments trading, at fair value 19,760,302 1,493,190 10,152,650 3,823,642 3,549,933 667,827 73,060 -
Short term investments, at fair value 1,460,368 1,183,842 260,322 14,542 124 1,535 3 -
Equity investments, at fair value
Fixed income exchange traded funds (3) 1,383,245 - - 216,419 - 1,166,826 - -
Common stock 129,175 - - - - - - 129,175
Equity exchange traded funds 90,613 - - - - - - 90,613
Total equity investments, at fair value 1,603,033 - - 216,419 - 1,166,826 - 219,788
Other investments, at fair value
Catastrophe bonds 185,465 - - - - 185,465 - -
Fund investments
Private credit funds 1,570,507 - - - - - - 1,570,507
Private equity funds 788,907 - - - - - - 788,907
Multi-strategy funds (4) 633,225 - - - - - - 633,225
Insurance-linked securities funds 167,984 - - - - - - 167,984
Equity funds 79,181 - - - - - - 79,181
Direct private equity investments 155,594 - - - - - - 155,594
Total other investments, at fair value 3,580,863 - - - - 185,465 - 3,395,398
Investments in other ventures, under equity method 162,677 - - - - - - 162,677
Total investments $26,567,243 $ 2,677,032 $10,412,972 $ 4,054,603 $ 3,550,057 $ 2,021,653 $ 73,063 $ 3,777,863
100.0 % 10.0 % 39.2 % 15.3 % 13.4 % 7.6 % 0.3 % 14.2 %
"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.
Three months ended Nine months ended
September 30, | September 30, | September 30, | September 30, | |
(common shares in thousands) | 2026 | 2025 | 2026 | 2025 |
Numerator: | ||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (161,384) | $ 907,667 $ 777,385 $ 1,895,321 | ||
Amount allocated to participating common shareholders (1) | (629) | (15,019) (13,413) (29,905) | ||
Net income (loss) allocated to RenaissanceRe common shareholders | $ (162,013) | $ 892,648 $ 763,972 $ 1,865,416 | ||
Denominator: | ||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 40,284 | 45,845 41,366 47,106 | ||
Per common share equivalents of non-vested shares (2) | - | 160 181 162 | ||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 40,284 | 46,005 41,547 47,268 | ||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ (4.02) | $ 19.47 $ 18.47 $ 39.60 | ||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -diluted | $ (4.02) | $ 19.40 $ 18.39 $ 39.46 | ||
Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.
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. For the three months ended September 30, 2026, per common share equivalents of non-vested shares of 182 thousand could potentially be dilutive in future periods if the Company reports net income allocated to RenaissanceRe common shareholders.
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.
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 - AnnualizedThe 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 Nine months ended
September 30, | September 30, | September 30, | September 30, | |
2026 | 2025 | 2026 | 2025 | |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (161,384) | $ 907,667 $ 777,385 $ 1,895,321 | ||
Adjustment for: | ||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 914,814 | (267,298) 1,202,145 (1,004,387) | ||
Net foreign exchange losses (gains) | (831) | (877) 15,533 (2,209) | ||
Expenses (revenues) associated with acquisitions, dispositions and impairments | 3 | 1,952 6 5,384 | ||
Acquisition related purchase accounting adjustments (1) | 22,707 | 43,083 68,120 146,966 | ||
Bermuda net deferred tax asset (2) | - | - - - | ||
Income tax expense (benefit) (3) | (120,797) | 39,255 (180,556) 135,611 | ||
Net income (loss) attributable to redeemable noncontrolling interests (4) | (141,953) | 9,935 (231,776) 81,860 | ||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ 512,559 | $ 733,717 $ 1,650,857 $ 1,258,546 | ||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ (4.02) | $ 19.40 | $ 18.39 | $ 39.46 |
Adjustment for: | ||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 22.71 | (5.81) | 28.93 | (21.25) |
Net foreign exchange losses (gains) | (0.02) | (0.02) | 0.37 | (0.05) |
Expenses (revenues) associated with acquisitions, dispositions and impairments | - | 0.04 | - | 0.12 |
Acquisition related purchase accounting adjustments (1) | 0.56 | 0.94 | 1.64 | 3.11 |
Bermuda net deferred tax asset (2) | - | - | - | - |
Income tax expense (benefit) (3) | (3.00) | 0.85 | (4.34) | 2.87 |
Net income (loss) attributable to redeemable noncontrolling interests (4) | (3.52) | 0.22 | (5.58) | 1.73 |
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ 12.71 | $ 15.62 | $ 39.41 | $ 25.99 |
Return on average common equity - annualized | (6.0)% | 34.9 % | 9.6 % | 25.1 % |
Adjustment for: | ||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 33.8 % | (10.3)% | 14.8 % | (13.3)% |
Net foreign exchange losses (gains) | - % | - % | 0.2 % | - % |
Expenses (revenues) associated with acquisitions, dispositions and impairments | - % | - % | - % | 0.1 % |
Acquisition related purchase accounting adjustments (1) | 0.8 % | 1.7 % | 0.8 % | 1.9 % |
Bermuda net deferred tax asset (2) | - % | - % | - % | - % |
Income tax expense (benefit) (3) | (4.5)% | 1.5 % | (2.2)% | 1.8 % |
Net income (loss) attributable to redeemable noncontrolling interests (4) | (5.2)% | 0.4 % | (2.9)% | 1.1 % |
Operating return on average common equity - annualized | 18.9 % | 28.2 % | 20.3 % | 16.7 % |
Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired ("VOBA") and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and nine months ended September 30, 2026 for the acquisitions of Validus of
$21.0 million and $62.9 million (2025 - $40.7 million and $139.4 million); and TMR and Platinum of $1.8 million and $5.3 million (2025 - $2.4 million and $7.6 million).
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.
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.
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.
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."
September 30, | December 31, | |
2026 | 2025 | |
Book value per common share | $ 259.61 | $ 247.00 |
Adjustment for: | ||
Acquisition related goodwill and other intangible assets (1) | (14.38) | (14.40) |
Other goodwill and intangible assets (2) | (0.21) | (0.21) |
Acquisition related purchase accounting adjustments (3) | (2.51) | (2.29) |
Tangible book value per common share | 242.51 | 230.10 |
Adjustment for accumulated dividends | 30.91 | 29.68 |
Tangible book value per common share plus accumulated dividends | $ 273.42 | $ 259.78 |
Year to date change in book value per common share | 5.1 % | 26.2 % |
Year to date change in book value per common share plus change in accumulated dividends | 5.6 % | 27.0 % |
Year to date change in tangible book value per common share plus change in accumulated dividends | 5.9 % | 30.8 % |
Represents the acquired goodwill and other intangible assets at September 30, 2026 of $587.1 million (December 31, 2025 - $633.1 million) for the acquisitions of Validus, TMR and Platinum of $362.8 million, $24.2 million and $200.1 million, respectively (December 31, 2025 - $408.0 million, $25.0 million and $200.1 million, respectively).
At September 30, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.
Represents the purchase accounting adjustments related to the fair value adjustments to reserves at September 30, 2026 for the acquisitions of Validus, TMR and Platinum of $63.6 million,
$39.2 million and $(0.5) million, respectively (December 31, 2025 - $57.7 million, $43.6 million and $(0.5) million, respectively).
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 September 30, 2026
Casualty and
Total Underwriting
Catastrophe Other Property Total Property
Specialty
Portfolio
Combined ratio 10.1 % 64.6 % 32.4 % 110.6 % 79.7 %
Adjustment for acquisition related purchase accounting adjustments (1) (1.5)% (0.7)% (1.1)% (1.1)% (1.1)%
Adjusted combined ratio 8.6 % 63.9 % 31.3 % 109.5 % 78.6 %
Three months ended June 30, 2026
Casualty and
Total Underwriting
Catastrophe Other Property Total Property
Specialty
Portfolio
Combined ratio 10.2 % 52.2 % 27.1 % 103.3 % 72.8 %
Adjustment for acquisition related purchase accounting adjustments (1) (1.4)% (0.7)% (1.1)% (1.0)% (1.1)%
Adjusted combined ratio 8.8 % 51.5 % 26.0 % 102.3 % 71.7 %
Three months ended March 31, 2026
Casualty and
Total Underwriting
Catastrophe Other Property Total Property
Specialty
Portfolio
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
Casualty and
Total Underwriting
Catastrophe Other Property Total Property
Specialty
Portfolio
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
Casualty and
Total Underwriting
Catastrophe Other Property Total Property
Specialty
Portfolio
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 %
Combined ratio (6.0)% 45.0 % 15.5 % 101.4 % 68.4 %
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.
Nine months ended September 30, 2026
Catastrophe | Other Property | Total Property | Casualty and Specialty | Total Underwriting Portfolio | |
Combined ratio | 13.8 % | 57.8 % | 31.2 % | 104.7 % | 75.1 % |
Adjustment for acquisition related purchase accounting adjustments (1) | (1.3)% | (0.7)% | (1.1)% | (1.0)% | (1.0)% |
Adjusted combined ratio | 12.5 % | 57.1 % | 30.1 % | 103.7 % | 74.1 % |
Nine months | ended September 30, | 2025 | |||
Catastrophe | Other Property | Total Property | Casualty and Specialty | Total Underwriting Portfolio | |
Combined ratio | 81.8 % | 57.7 % | 73.3 % | 104.7 % | 92.1 % |
Adjustment for acquisition related purchase accounting adjustments (1) | (1.7)% | (1.1)% | (1.5)% | (2.2)% | (2.0)% |
Adjusted combined ratio | 80.1 % | 56.6 % | 71.8 % | 102.5 % | 90.1 % |
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.
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 September 30, 2026 Three months ended September 30, 2025 | ||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | |
Net investment income | ||||||
Fixed maturity investments trading | $ 307,844 | $ (64,773) | $ 243,071 | $ 287,139 | $ (63,856) | $ 223,283 |
Short term investments | 30,851 | (20,549) | 10,302 | 51,855 | (25,021) | 26,834 |
Equity investments | ||||||
Fixed income exchange traded funds | 27,031 | (3,016) | 24,015 | 15,876 | - | 15,876 |
Common stock (4) | 681 | (3) | 678 | 610 | - | 610 |
Other investments | ||||||
Catastrophe bonds | 44,403 | (36,946) | 7,457 | 50,503 | (45,605) | 4,898 |
Fund and direct private equity investments (4) | 29,729 | (1,132) | 28,597 | 27,036 | - | 27,036 |
Cash and cash equivalents | 8,407 | (598) | 7,809 | 12,045 | (873) | 11,172 |
448,946 | (127,017) | 321,929 | 445,064 | (135,355) | 309,709 | |
Investment expenses | (8,093) | 1,502 | (6,591) | (6,710) | 1,618 | (5,092) |
Net investment income $ 440,853 $ (125,515) $ 315,338 $ 438,354 $ (133,737) $ 304,617 | ||||||
Equity in earnings (losses) of other ventures (5) | $ 28,539 | $ - | $ 28,539 | $ 12,551 | $ - | $ 12,551 |
Net realized and unrealized gains (losses) on investments (6) | ||||||
Fixed maturity-related investments (7) | $ (899,618) | $ 140,497 | $ (759,121) | $ 45,579 | $ (14,061) | $ 31,518 |
Equity-related investments (8) | (62,158) | 6,027 | (56,131) | 85,104 | (57) | 85,047 |
Commodity-related investments (9) | 335 | - | 335 | 143,568 | - | 143,568 |
Other investments | ||||||
Catastrophe bonds | 34,971 | (29,506) | 5,465 | 44,592 | (40,212) | 4,380 |
Fund and direct private equity investments (4) | 46,627 | (50) | 46,577 | (6,953) | - | (6,953) |
Net realized and unrealized gains (losses) on investments | $ (879,843) | $ 116,968 | $ (762,875) | $ 311,890 | $ (54,330) | $ 257,560 |
Total investment result (5) | $ (410,451) $ (8,547) $ (418,998) $ 762,795 $ (188,067) | $ 574,728 | ||||
Average invested assets | $ 36,202,069 $ (9,630,757) $ 26,571,312 $ 35,150,285 $ (9,788,981) | $ 25,361,304 | ||||
Net investment income return - annualized | 5.0 % | (0.2)% | 4.8 % | 5.2 % | (0.3)% | 4.9 % |
Total investment return - annualized (5) | (4.4)% | (1.8)% | (6.2)% | 9.0 % | 0.4 % | 9.4 % |
"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.
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.
"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.
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."
In the fourth quarter of 2025, the Company revised its presentation of "total investment result" and "total investment return - annualized" to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
In the fourth quarter of 2025, the Company revised its presentation of "net realized and unrealized gains (losses) on investments" to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
Includes commodity-related derivatives, which includes commodity futures and commodity options.
Nine months ended September 30, 2026 Nine months ended September 30, 2025 | ||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | |
Net investment income | ||||||
Fixed maturity investments trading | $ 899,560 | $ (188,453) | $ 711,107 | $ 854,035 | $ (184,187) | $ 669,848 |
Short term investments | 98,114 | (61,990) | 36,124 | 141,299 | (71,880) | 69,419 |
Equity investments | ||||||
Fixed income exchange traded funds | 74,842 | (5,938) | 68,904 | 23,588 | - | 23,588 |
Common stock (4) | 2,034 | (3) | 2,031 | 1,951 | (4) | 1,947 |
Other investments | ||||||
Catastrophe bonds | 124,430 | (105,480) | 18,950 | 153,205 | (132,422) | 20,783 |
Fund and direct private equity investments (4) | 88,273 | (921) | 87,352 | 67,451 | - | 67,451 |
Cash and cash equivalents | 28,990 | (1,912) | 27,078 | 35,488 | (3,001) | 32,487 |
1,316,243 | (364,697) | 951,546 | 1,277,017 | (391,494) | 885,523 | |
Investment expenses | (22,399) | 4,677 | (17,722) | (20,202) | 4,474 | (15,728) |
Net investment income $ 1,293,844 $ (360,020) $ 933,824 $ 1,256,815 $ (387,020) $ 869,795 | ||||||
Equity in earnings (losses) of other ventures (5) | $ 66,853 | $ - | $ 66,853 | $ 50,712 | $ - | $ 50,712 |
Net realized and unrealized gains (losses) on investments (6) | ||||||
Fixed maturity-related investments (7) | $ (1,282,907) | $ 222,631 | $ (1,060,276) | $ 507,966 | $ (71,197) | $ 436,769 |
Equity-related investments (8) | 7,708 | 7,647 | 15,355 | 146,633 | (156) | 146,477 |
Commodity-related investments (9) | (13,486) | - | (13,486) | 294,412 | 1 | 294,413 |
Other investments | ||||||
Catastrophe bonds | 22,017 | (16,191) | 5,826 | (9,837) | 5,696 | (4,141) |
Fund and direct private equity investments (4) | 86,540 | (57) | 86,483 | 55,376 | - | 55,376 |
Net realized and unrealized gains (losses) on investments | $ (1,180,128) | $ 214,030 | $ (966,098) | $ 994,550 | $ (65,656) | $ 928,894 |
Total investment result (5) | $ 180,569 $ (145,990) $ 34,579 $ 2,302,077 | $ (452,676) | $ 1,849,401 |
Average invested assets | $ 35,912,221 $ (9,669,305) $ 26,242,916 $ 34,133,294 | $ (9,554,554) | $ 24,578,740 |
Net investment income return - annualized | 4.9 % | (0.1)% | 4.8 % | 5.0 % | (0.3)% | 4.7 % |
Total investment return - annualized (5) | 0.7 % | (0.5)% | 0.2 % | 9.2 % | 1.0 % | 10.2 % |
"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.
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.
"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.
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."
In the fourth quarter of 2025, the Company revised its presentation of "total investment result" and "total investment return - annualized" to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
In the fourth quarter of 2025, the Company revised its presentation of "net realized and unrealized gains (losses) on investments" to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
Includes commodity-related derivatives, which includes commodity futures and commodity options.
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."
September 30, 2026 | December 31, 2025 | |||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | |
Fixed maturity investments trading, at fair value | ||||||
Corporate | $ 9,807,924 | $ (1,791,334) | $ 8,016,590 | $ 8,528,828 | $ (1,874,576) | $ 6,654,252 |
U.S. Treasuries | 9,037,223 | (2,502,558) | 6,534,665 | 10,641,503 | (2,989,769) | 7,651,734 |
Residential mortgage-backed | 3,449,802 | (730,374) | 2,719,428 | 2,606,882 | (491,472) | 2,115,410 |
Asset-backed | 1,357,970 | (128,365) | 1,229,605 | 1,606,790 | (130,875) | 1,475,915 |
Agencies | 641,239 | (155,589) | 485,650 | 486,817 | (107,519) | 379,298 |
Non-U.S. government | 580,896 | (79,193) | 501,703 | 691,912 | (142,679) | 549,233 |
Commercial mortgage-backed | 328,193 | (55,532) | 272,661 | 321,591 | (54,168) | 267,423 |
Total fixed maturity investments trading, at fair value | 25,203,247 | (5,442,945) | 19,760,302 | 24,884,323 | (5,791,058) | 19,093,265 |
Short term investments, at fair value | 4,009,923 | (2,549,555) | 1,460,368 | 4,759,811 | (2,927,988) | 1,831,823 |
Equity investments, at fair value | ||||||
Fixed income exchange traded funds | 1,547,207 | (163,962) | 1,383,245 | 1,582,811 | - | 1,582,811 |
Common stock | 129,409 | (234) | 129,175 | 150,179 | (3,665) | 146,514 |
Equity exchange traded funds | 90,613 | - | 90,613 | - | - | - |
Total equity investments, at fair value | 1,767,229 | (164,196) | 1,603,033 | 1,732,990 | (3,665) | 1,729,325 |
Other investments, at fair value | ||||||
Catastrophe bonds | 1,625,250 | (1,439,785) | 185,465 | 1,613,710 | (1,381,817) | 231,893 |
Fund investments | ||||||
Private credit funds | 1,597,821 | (27,314) | 1,570,507 | 1,445,158 | (13,198) | 1,431,960 |
Private equity funds | 788,907 | - | 788,907 | 701,837 | - | 701,837 |
Multi-strategy funds (4) | 633,225 | - | 633,225 | 473,990 | - | 473,990 |
Insurance-linked securities funds | 167,984 | - | 167,984 | 154,514 | - | 154,514 |
Equity funds | 79,181 | - | 79,181 | - | - | - |
Direct private equity investments | 155,594 | - | 155,594 | 185,005 | - | 185,005 |
Total other investments, at fair value | 5,047,962 | (1,467,099) | 3,580,863 | 4,574,214 | (1,395,015) | 3,179,199 |
Investments in other ventures, under equity method | 162,677 | - | 162,677 | 121,871 | - | 121,871 |
Total investments | $ 36,191,038 | $ (9,623,795) | $ 26,567,243 | $ 36,073,209 | $ (10,117,726) | $ 25,955,483 |
"Managed" represents the consolidated total investments as presented on the Company's consolidated balance sheets.
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.
"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.
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."