rnr-20251028

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

•Annualized return on average common equity of 34.9% and annualized operating return on average common equity of 28.2%.

•Combined ratio of 68.4% and adjusted combined ratio of 66.6%.

•21.9% underlying growth in the catastrophe class gross premiums written from Q3 2024, without the impact of reinstatement premiums.

•Fee income of $101.8 million, up 24.1% from Q3 2024.

•Total investment result of $750.2 million, including net investment income of $438.4 million and mark-to-market gains of $311.9 million.

•Repurchased approximately $205.2 million of common shares in Q3 2025. Repurchased an additional $100.0 million from October 1, 2025, through October 24, 2025.

•Year-to-date growth in book value per common share and tangible book value per common share plus change in accumulated dividends of 18.1% and 21.8%, respectively.

Pembroke, Bermuda, October 28, 2025 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the third quarter of 2025.


Net Income Available to Common Shareholders per Diluted Common Share: $19.40 Operating Income Available to Common Shareholders per Diluted Common Share: $15.62
Underwriting Income $770.2M	Fee Income $101.8M	Net Investment Income $438.4M
Change in Book Value per Common Share: 9.0% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 10.3%

Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends and Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


Kevin J. O’Donnell, President and Chief Executive Officer, said, “We delivered exceptional results this quarter with growth in book value per common share and tangible book value per common share plus change in accumulated dividends of 9.0% and 10.3%, respectively. This benefited from low catastrophe activity and continued outperformance in our three drivers of profit - underwriting, fee, and net investment income. Year to date, we have grown book value per share and tangible book value per share plus change in accumulated dividends by 18.1% and 21.8%, respectively – a particularly strong result given that this includes the impact of the California Wildfires in the first quarter. These outcomes reflect the consistent execution of our strategy, our disciplined underwriting approach and the resulting diversification of our income streams. Looking ahead, we remain confident in the sustainability of our strong earnings and our ability to generate consistent, superior returns and long-term value for our shareholders.”


Consolidated Financial Results


Consolidated Highlights
	Three months ended September 30,
(in thousands, except per share amounts and percentages)	2025			2024
Gross premiums written	$	2,323,626		$	2,400,136
Net premiums written	2,057,802			2,162,504
Net premiums earned	2,433,805			2,582,969
Underwriting income (loss)	770,189			393,756
Combined ratio	68.4		%	84.8		%
Adjusted combined ratio (1)	66.6		%	82.4		%

Net Income (Loss)
Available (attributable) to common shareholders	907,667			1,173,644
Available (attributable) to common shareholders per diluted common share	$	19.40		$	22.62
Return on average common equity - annualized	34.9		%	47.1		%

Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)	733,717			540,322
Available (attributable) to common shareholders per diluted common share (1)	$	15.62		$	10.23
Operating return on average common equity - annualized (1)	28.2		%	21.7		%

	At September 30,
	2025			2024
Book Value per Common Share
Book value per common share	$	231.23		$	202.01
Quarterly change in book value per common share (2)	9.0		%	12.3		%
Quarterly change in book value per common share plus change in accumulated dividends (2)	9.2		%	12.5		%

Tangible Book Value per Common Share (1)
Tangible book value per common share (1)	$	214.57		$	182.76
Tangible book value per common share plus accumulated dividends (1)	$	243.85		$	210.45
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)	10.3		%	15.0		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(2)Represents the percentage change during the three months ended September 30, 2025, and September 30, 2024, respectively.


Three Drivers of Profit: Underwriting, Fee and Investment Income

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


Property Segment
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2025			2024
Gross premiums written	$	733,274		$	790,709		(7.3)%
Net premiums written	694,125			701,222			(1.0)%
Net premiums earned	936,933			994,777			(5.8)%
Underwriting income (loss)	791,511			394,683

Underwriting Ratios
Net claims and claim expense ratio - current accident year	26.7		%	62.5		%	(35.8)	pts
Net claims and claim expense ratio - prior accident years	(40.9)		%	(29.3)		%	(11.6)	pts
Net claims and claim expense ratio - calendar year	(14.2)		%	33.2		%	(47.4)	pts
Underwriting expense ratio	29.7		%	27.1		%	2.6	pts
Combined ratio	15.5		%	60.3		%	(44.8)	pts
Adjusted combined ratio (1)	14.2		%	58.1		%	(43.9)	pts

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

•Gross premiums written in the catastrophe class increased by $60.7 million, or 21.9%, without the impact of reinstatement premiums, reflecting underlying growth, primarily in U.S. catastrophe-exposed business; offset by

–a decrease in gross reinstatement premiums of $116.3 million in the catastrophe class compared to Q3 2024, due to prior accident years favorable development and a relatively low level of catastrophe losses in the current quarter, resulting in a total decrease in gross premiums written compared to Q3 2024.

•Net claims and claim expense ratio - current accident year improved by 35.8 percentage points, due to the relatively low level of catastrophe losses in the quarter, as compared to Q3 2024, which included a 35.0 percentage point impact from large losses.

•Net claims and claim expense ratio - prior accident years reflected net favorable development of 40.9%, driven by:

–net favorable development of $236.8 million in the catastrophe class, primarily from the weather-related large losses in 2022 and small events across accident years; and

–net favorable development of $146.8 million in the other property class, primarily due to reported losses coming in lower than expected from weather-related large losses in 2022 and 2024, and attritional loss experience.

•Underwriting expense ratio increased by 2.6 percentage points, consisting of:

–a 1.2 percentage point increase in the acquisition expense ratio and a 1.4 percentage point increase in the operating expense ratio, both primarily driven by the decrease in net premiums earned following the decrease in net reinstatement premiums from Q3 2024.

•Combined ratio and adjusted combined ratio each improved primarily due to the lower current accident year net losses and higher prior accident years net favorable development.

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


Casualty and Specialty Segment
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2025			2024
Gross premiums written	$	1,590,352		$	1,609,427		(1.2)%
Net premiums written	1,363,677			1,461,282			(6.7)%
Net premiums earned	1,496,872			1,588,192			(5.7)%
Underwriting income (loss)	(21,322)			(927)

Underwriting Ratios
Net claims and claim expense ratio - current accident year	67.4		%	65.8		%	1.6	pts
Net claims and claim expense ratio - prior accident years	0.2		%	(0.1)		%	0.3	pts
Net claims and claim expense ratio - calendar year	67.6		%	65.7		%	1.9	pts
Underwriting expense ratio	33.8		%	34.4		%	(0.6)	pts
Combined ratio	101.4		%	100.1		%	1.3	pts
Adjusted combined ratio (1)	99.3		%	97.7		%	1.6	pts

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

•Gross premiums written decreased by $19.1 million, or 1.2%, driven by decreases in the casualty lines of business and partially offset by increases in the credit and specialty classes.

•Net premiums written decreased by $97.6 million, or 6.7%, primarily driven by an increase in the Company’s retrocessional purchases.

•Net claims and claim expense ratio - calendar year increased by 1.9 percentage points due to the impact of higher attritional losses.

–The net claims and claim expense ratio - prior accident years of 0.2% included an adverse impact of 0.5 percentage points from purchase accounting adjustments.

•Underwriting expense ratio decreased 0.6 percentage points, driven by a 0.4 percentage point decrease in the operating expense ratio.

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


Fee Income
	Three months ended September 30,				Q/Q Change
(in thousands)	2025		2024
Management fee income	$	53,014	$	54,945	$	(1,931)
Performance fee income (loss) (1)	48,796		27,120		21,676
Total fee income	$	101,810	$	82,065	$	19,745

(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.

•Performance fee income increased due to positive current year underwriting results in DaVinci and prior accident years net favorable development, primarily in DaVinci, Upsilon and certain structured reinsurance products.

•Total fee income included $88.7 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss).

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


Investment Results
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2025			2024
Net investment income	$	438,354		$	423,859		$	14,495
Net realized and unrealized gains (losses) on investments	311,890			943,745			(631,855)
Total investment result	$	750,244		$	1,367,604		$	(617,360)
Net investment income return - annualized	5.2		%	5.7		%	(0.5)		pts
Total investment return - annualized	8.9		%	18.3		%	(9.4)		pts

•Net investment income remained consistently strong, increasing by $14.5 million, primarily due to higher average invested assets in the fixed maturity investments portfolio, partially offset by decreases in market yields.

•Net realized and unrealized gains on investments of $311.9 million, driven by:

–$181.0 million of net realized and unrealized gains on investment-related derivatives, primarily due to a combination of net gains on equity and gold futures; and

–$86.1 million of net realized and unrealized gains on fixed maturity investments trading, driven by market yields decreasing during the quarter.

•Total investments were $35.8 billion at September 30, 2025 (December 31, 2024 - $32.6 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 4.9% and 2.6 years, respectively (December 31, 2024 - 5.4% and 2.9 years, respectively).


Other Items of Note

•Net income attributable to redeemable noncontrolling interests of $415.2 million was primarily driven by:

–underwriting income across vehicles, particularly in DaVinci and Vermeer; and

–$133.7 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by

–$88.7 million of management and performance fee income.

•Income tax expense of $148.9 million in Q3 2025, driven by strong profitability across the Company’s operating jurisdictions, including Bermuda.

•Share repurchases of 851.9 thousand common shares at an aggregate cost of $205.2 million and an average price of $240.89 per common share. Repurchased an additional 388.3 thousand common shares at an aggregate cost of $100.0 million and an average price of $257.52 per common share from October 1, 2025, through October 24, 2025.


Conference Call Details and Additional Information

Non-GAAP Financial Measures and Additional Financial Information

This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” and “adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

Please refer to the “Investors - Reports & Filings” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.

Conference Call Information

RenaissanceRe will host a conference call on Wednesday, October 29, 2025, at 10:00 a.m. ET to discuss this release. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at investor.renre.com. A replay will be available after the call at the same location.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry, industry capital, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments

in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and in the Middle East; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.


INVESTOR CONTACT: RenaissanceRe Holdings Ltd. Keith McCue Senior Vice President, Finance & Investor Relations (441) 239-4830			MEDIA CONTACT: RenaissanceRe Holdings Ltd. Hayden Kenny Senior Vice President, Investor Relations & Communications (441) 239-4946 or Kekst CNC Nicholas Capuano (917) 842-7859


RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations and Financial Data
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
	Three months ended						Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Revenues
Gross premiums written	$	2,323,626		$	2,400,136		$	9,900,309		$	9,816,315
Net premiums written	$	2,057,802		$	2,162,504		$	8,271,601		$	8,200,588
Decrease (increase) in unearned premiums	376,003			420,465			(704,861)			(632,394)
Net premiums earned	2,433,805			2,582,969			7,566,740			7,568,194
Net investment income	438,354			423,859			1,256,815			1,225,479
Net foreign exchange gains (losses)	877			16,804			2,209			(27,694)
Equity in earnings (losses) of other ventures	12,551			5,718			50,712			32,435
Other income (loss)	705			680			4,243			799
Net realized and unrealized gains (losses) on investments	311,890			943,745			994,550			602,507
Total revenues	3,198,182			3,973,775			9,875,269			9,401,720
Expenses
Net claims and claim expenses incurred	878,820			1,373,614			4,664,701			3,849,239
Acquisition expenses	659,723			690,338			1,949,763			1,965,697
Operational expenses	125,073			125,261			350,996			339,484
Corporate expenses	23,414			26,078			70,005			100,489
Interest expense	30,582			23,809			89,461			70,522
Total expenses	1,717,612			2,239,100			7,124,926			6,325,431
Income (loss) before taxes	1,480,570			1,734,675			2,750,343			3,076,289
Income tax benefit (expense)	(148,860)			(102,012)			(280,204)			(96,536)
Net income (loss)	1,331,710			1,632,663			2,470,139			2,979,753
Net (income) loss attributable to redeemable noncontrolling interests	(415,200)			(450,176)			(548,287)			(919,734)
Net income (loss) attributable to RenaissanceRe	916,510			1,182,487			1,921,852			2,060,019
Dividends on preference shares	(8,843)			(8,843)			(26,531)			(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	907,667		$	1,173,644		$	1,895,321		$	2,033,488

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	19.47		$	22.68		$	39.60		$	38.95
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	19.40		$	22.62		$	39.46		$	38.84
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	15.62		$	10.23		$	25.99		$	34.86

Average shares outstanding - basic	45,845			50,959			47,106			51,439
Average shares outstanding - diluted	46,005			51,104			47,268			51,582

Net claims and claim expense ratio	36.1		%	53.2		%	61.6		%	50.9		%
Underwriting expense ratio	32.3		%	31.6		%	30.5		%	30.4		%
Combined ratio	68.4		%	84.8		%	92.1		%	81.3		%

Return on average common equity - annualized	34.9		%	47.1		%	25.1		%	28.8		%
Operating return on average common equity - annualized (1)	28.2		%	21.7		%	16.7		%	26.0		%

(1)See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.


RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)

	September 30, 2025		December 31, 2024
Assets
Fixed maturity investments trading, at fair value	$	23,772,222	$	23,562,514
Short-term investments, at fair value	6,018,146		4,531,655
Equity investments, at fair value	1,465,833		117,756
Other investments, at fair value	4,432,389		4,324,761
Investments in other ventures, under equity method	115,597		102,770
Total investments	35,804,187		32,639,456
Cash and cash equivalents	1,701,568		1,676,604
Premiums receivable	8,130,508		7,290,228
Prepaid reinsurance premiums	1,216,757		888,332
Reinsurance recoverable	4,085,093		4,481,390
Accrued investment income	225,254		238,290
Deferred acquisition costs and value of business acquired	1,656,042		1,552,359
Deferred tax asset	705,469		701,053
Receivable for investments sold	54,571		91,669
Other assets	267,297		444,037
Goodwill and other intangible assets	651,328		704,132
Total assets	$	54,498,074	$	50,707,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	22,712,860	$	21,303,491
Unearned premiums	6,986,618		5,950,415
Debt	2,229,135		1,886,689
Reinsurance balances payable	2,703,090		2,804,344
Payable for investments purchased	298,908		150,721
Other liabilities	596,038		1,060,129
Total liabilities	35,526,649		33,155,789
Redeemable noncontrolling interests	7,469,059		6,977,749
Shareholders’ Equity
Preference shares	750,000		750,000
Common shares	46,501		50,181
Additional paid-in capital	605,305		1,512,435
Accumulated other comprehensive income (loss)	(13,647)		(14,756)
Retained earnings	10,114,207		8,276,152
Total shareholders’ equity attributable to RenaissanceRe	11,502,366		10,574,012
Total liabilities, noncontrolling interests and shareholders’ equity	$	54,498,074	$	50,707,550

Book value per common share	$	231.23	$	195.77


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Three months ended September 30, 2025
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	733,274		$	1,590,352		$	—	$	2,323,626
Net premiums written	$	694,125		$	1,363,677		$	—	$	2,057,802
Net premiums earned	$	936,933		$	1,496,872		$	—	$	2,433,805
Net claims and claim expenses incurred	(133,504)			1,012,324			—		878,820
Acquisition expenses	192,347			467,376			—		659,723
Operational expenses	86,579			38,494			—		125,073
Underwriting income (loss)	$	791,511		$	(21,322)		$	—	770,189
Net investment income							438,354		438,354
Net foreign exchange gains (losses)							877		877
Equity in earnings (losses) of other ventures							12,551		12,551
Other income (loss)							705		705
Net realized and unrealized gains (losses) on investments							311,890		311,890
Corporate expenses							(23,414)		(23,414)
Interest expense							(30,582)		(30,582)
Income (loss) before taxes									1,480,570
Income tax benefit (expense)							(148,860)		(148,860)
Net (income) loss attributable to redeemable noncontrolling interests							(415,200)		(415,200)
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	907,667

Net claims and claim expenses incurred – current accident year	$	250,169		$	1,008,702		$	—	$	1,258,871
Net claims and claim expenses incurred – prior accident years	(383,673)			3,622			—		(380,051)
Net claims and claim expenses incurred – total	$	(133,504)		$	1,012,324		$	—	$	878,820

Net claims and claim expense ratio – current accident year	26.7		%	67.4		%			51.7		%
Net claims and claim expense ratio – prior accident years	(40.9)		%	0.2		%			(15.6)		%
Net claims and claim expense ratio – calendar year	(14.2)		%	67.6		%			36.1		%
Underwriting expense ratio	29.7		%	33.8		%			32.3		%
Combined ratio	15.5		%	101.4		%			68.4		%

	Three months ended September 30, 2024
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	790,709		$	1,609,427		$	—	$	2,400,136
Net premiums written	$	701,222		$	1,461,282		$	—	$	2,162,504
Net premiums earned	$	994,777		$	1,588,192		$	—	$	2,582,969
Net claims and claim expenses incurred	329,967			1,043,647			—		1,373,614
Acquisition expenses	192,439			497,899			—		690,338
Operational expenses	77,688			47,573			—		125,261
Underwriting income (loss)	$	394,683		$	(927)		$	—	393,756
Net investment income							423,859		423,859
Net foreign exchange gains (losses)							16,804		16,804
Equity in earnings (losses) of other ventures							5,718		5,718
Other income (loss)							680		680
Net realized and unrealized gains (losses) on investments							943,745		943,745
Corporate expenses							(26,078)		(26,078)
Interest expense							(23,809)		(23,809)
Income (loss) before taxes									1,734,675
Income tax benefit (expense)							(102,012)		(102,012)
Net (income) loss attributable to redeemable noncontrolling interests							(450,176)		(450,176)
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	1,173,644

Net claims and claim expenses incurred – current accident year	$	621,710		$	1,044,410		$	—	$	1,666,120
Net claims and claim expenses incurred – prior accident years	(291,743)			(763)			—		(292,506)
Net claims and claim expenses incurred – total	$	329,967		$	1,043,647		$	—	$	1,373,614

Net claims and claim expense ratio – current accident year	62.5		%	65.8		%			64.5		%
Net claims and claim expense ratio – prior accident years	(29.3)		%	(0.1)		%			(11.3)		%
Net claims and claim expense ratio – calendar year	33.2		%	65.7		%			53.2		%
Underwriting expense ratio	27.1		%	34.4		%			31.6		%
Combined ratio	60.3		%	100.1		%			84.8		%


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
	Nine months ended September 30, 2025
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	4,596,042		$	5,304,267		$	—	$	9,900,309
Net premiums written	$	3,710,676		$	4,560,925		$	—	$	8,271,601
Net premiums earned	$	3,052,893		$	4,513,847		$	—	$	7,566,740
Net claims and claim expenses incurred	1,481,823			3,182,878			—		4,664,701
Acquisition expenses	534,192			1,415,571			—		1,949,763
Operational expenses	222,414			128,582			—		350,996
Underwriting income (loss)	$	814,464		$	(213,184)		$	—	601,280
Net investment income							1,256,815		1,256,815
Net foreign exchange gains (losses)							2,209		2,209
Equity in earnings of other ventures							50,712		50,712
Other income (loss)							4,243		4,243
Net realized and unrealized gains (losses) on investments							994,550		994,550
Corporate expenses							(70,005)		(70,005)
Interest expense							(89,461)		(89,461)
Income (loss) before taxes and redeemable noncontrolling interests									2,750,343
Income tax benefit (expense)							(280,204)		(280,204)
Net (income) loss attributable to redeemable noncontrolling interests							(548,287)		(548,287)
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	1,895,321

Net claims and claim expenses incurred – current accident year	$	2,319,130		$	3,191,206		$	—	$	5,510,336
Net claims and claim expenses incurred – prior accident years	(837,307)			(8,328)			—		(845,635)
Net claims and claim expenses incurred – total	$	1,481,823		$	3,182,878		$	—	$	4,664,701

Net claims and claim expense ratio – current accident year	76.0		%	70.7		%			72.8		%
Net claims and claim expense ratio – prior accident years	(27.5)		%	(0.2)		%			(11.2)		%
Net claims and claim expense ratio – calendar year	48.5		%	70.5		%			61.6		%
Underwriting expense ratio	24.8		%	34.2		%			30.5		%
Combined ratio	73.3		%	104.7		%			92.1		%

	Nine months ended September 30, 2024
	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	4,433,688		$	5,382,627		$	—	$	9,816,315
Net premiums written	$	3,457,500		$	4,743,088		$	—	$	8,200,588
Net premiums earned	$	2,911,694		$	4,656,500		$	—	$	7,568,194
Net claims and claim expenses incurred	757,570			3,091,669			—		3,849,239
Acquisition expenses	566,566			1,399,131			—		1,965,697
Operational expenses	206,737			132,747			—		339,484
Underwriting income (loss)	$	1,380,821		$	32,953		$	—	1,413,774
Net investment income							1,225,479		1,225,479
Net foreign exchange gains (losses)							(27,694)		(27,694)
Equity in earnings of other ventures							32,435		32,435
Other income (loss)							799		799
Net realized and unrealized gains (losses) on investments							602,507		602,507
Corporate expenses							(100,489)		(100,489)
Interest expense							(70,522)		(70,522)
Income (loss) before taxes and redeemable noncontrolling interests									3,076,289
Income tax benefit (expense)							(96,536)		(96,536)
Net (income) loss attributable to redeemable noncontrolling interests							(919,734)		(919,734)
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	2,033,488

Net claims and claim expenses incurred – current accident year	$	1,228,371		$	3,118,726		$	—	$	4,347,097
Net claims and claim expenses incurred – prior accident years	(470,801)			(27,057)			—		(497,858)
Net claims and claim expenses incurred – total	$	757,570		$	3,091,669		$	—	$	3,849,239

Net claims and claim expense ratio – current accident year	42.2		%	67.0		%			57.4		%
Net claims and claim expense ratio – prior accident years	(16.2)		%	(0.6)		%			(6.5)		%
Net claims and claim expense ratio – calendar year	26.0		%	66.4		%			50.9		%
Underwriting expense ratio	26.6		%	32.9		%			30.4		%
Combined ratio	52.6		%	99.3		%			81.3		%


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)

	Three months ended				Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Property Segment
Catastrophe	$	288,406	$	344,005	$	3,317,728	$	2,949,731
Other property	444,868		446,704		1,278,314		1,483,957
Property segment gross premiums written	$	733,274	$	790,709	$	4,596,042	$	4,433,688

Casualty and Specialty Segment
General casualty (1)	$	483,888	$	519,555	$	1,677,415	$	1,739,464
Professional liability (2)	294,918		331,610		798,259		916,196
Credit (3)	253,713		213,826		922,006		765,304
Other specialty (4)	557,833		544,436		1,906,587		1,961,663
Casualty and Specialty segment gross premiums written	$	1,590,352	$	1,609,427	$	5,304,267	$	5,382,627

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)

	Three months ended						Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Fixed maturity investments trading	$	287,139		$	289,687		$	854,035		$	820,876
Short-term investments	51,855			46,746			141,299			141,923
Equity investments
Fixed income exchange traded funds	15,876			—			23,588			—
Other equity investments	610			670			1,951			1,819
Other investments
Catastrophe bonds	50,503			61,175			153,205			177,860
Other	27,036			20,937			67,451			59,525
Cash and cash equivalents	12,045			10,226			35,488			40,347
	445,064			429,441			1,277,017			1,242,350
Investment expenses	(6,710)			(5,582)			(20,202)			(16,871)
Net investment income	$	438,354		$	423,859		$	1,256,815		$	1,225,479

Net investment income return - annualized	5.2		%	5.7		%	5.0		%	5.5		%



Net realized gains (losses) on fixed maturity investments trading	19,293			22,052			27,561			(33,965)
Net unrealized gains (losses) on fixed maturity investments trading	66,796			590,309			389,382			353,465

Net realized and unrealized gains (losses) on investment-related derivatives	181,012			97,534			498,089			50,102
Net realized gains (losses) on equity investments	541			340			613			355
Net unrealized gains (losses) on equity investments	6,609			18,778			33,366			26,368

Net realized and unrealized gains (losses) on other investments - catastrophe bonds	44,592			66,291			(9,837)			51,091
Net realized and unrealized gains (losses) on other investments - other	(6,953)			148,441			55,376			155,091
Net realized and unrealized gains (losses) on investments	311,890			943,745			994,550			602,507
Total investment result	$	750,244		$	1,367,604		$	2,251,365		$	1,827,986

Total investment return - annualized	8.9		%	18.3		%	9.0		%	8.2		%


Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”

The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability.

The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”


	Three months ended						Nine months ended
(in thousands of United States Dollars, except per share amounts and percentages)	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	907,667		$	1,173,644		$	1,895,321		$	2,033,488
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(267,298)			(877,454)			(1,004,387)			(551,416)
Net foreign exchange losses (gains)	(877)			(16,804)			(2,209)			27,694
Expenses (revenues) associated with acquisitions, dispositions and impairments	1,952			17,400			5,384			54,968
Acquisition related purchase accounting adjustments (1)	43,083			59,812			146,966			183,175
Bermuda net deferred tax asset (2)	—			—			—			(7,890)
Income tax expense (benefit) (3)	39,255			65,285			135,611			46,325
Net income (loss) attributable to redeemable noncontrolling interests (4)	9,935			118,439			81,860			41,205
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	733,717		$	540,322		$	1,258,546		$	1,827,549

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	19.40		$	22.62		$	39.46		$	38.84
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(5.81)			(17.17)			(21.25)			(10.69)
Net foreign exchange losses (gains)	(0.02)			(0.33)			(0.05)			0.54
Expenses (revenues) associated with acquisitions, dispositions and impairments	0.04			0.34			0.12			1.07
Acquisition related purchase accounting adjustments (1)	0.94			1.17			3.11			3.55
Bermuda net deferred tax asset (2)	—			—			—			(0.15)
Income tax expense (benefit) (3)	0.85			1.28			2.87			0.90
Net income (loss) attributable to redeemable noncontrolling interests (4)	0.22			2.32			1.73			0.80
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	15.62		$	10.23		$	25.99		$	34.86

Return on average common equity - annualized	34.9		%	47.1		%	25.1		%	28.8		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(10.3)		%	(35.2)		%	(13.3)		%	(7.8)		%
Net foreign exchange losses (gains)	—		%	(0.7)		%	—		%	0.4		%
Expenses (revenues) associated with acquisitions, dispositions and impairments	—		%	0.7		%	0.1		%	0.8		%
Acquisition related purchase accounting adjustments (1)	1.7		%	2.4		%	1.9		%	2.6		%
Bermuda net deferred tax asset (2)	—		%	—		%	—		%	(0.1)		%
Income tax expense (benefit) (3)	1.5		%	2.6		%	1.8		%	0.7		%
Net income (loss) attributable to redeemable noncontrolling interests (4)	0.4		%	4.8		%	1.1		%	0.6		%
Operating return on average common equity - annualized	28.2		%	21.7		%	16.7		%	26.0		%

(1)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, 2025 for the acquisitions of Validus $40.7 million and $139.4 million, respectively (2024 - $56.0 million and $171.9 million, respectively); and TMR and Platinum $2.4 million and $7.6 million, respectively (2024 - $3.8 million and $11.3 million, respectively).

(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date.

(3)Represents the income tax (expense) 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 rates of applicable jurisdictions, after consideration of other relevant factors.

(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.

The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”


	September 30, 2025			September 30, 2024
Book value per common share	$	231.23		$	202.01
Adjustment for:
Acquisition related goodwill and other intangible assets (1)	(14.01)			(13.81)
Other goodwill and intangible assets (2)	(0.19)			(0.17)
Acquisition related purchase accounting adjustments (3)	(2.46)			(5.27)
Tangible book value per common share	214.57			182.76
Adjustment for accumulated dividends	29.28			27.69
Tangible book value per common share plus accumulated dividends	$	243.85		$	210.45

Quarterly change in book value per common share (4)	9.0		%	12.3		%
Quarterly change in book value per common share plus change in accumulated dividends (4)	9.2		%	12.5		%
Quarterly change in tangible book value per common share plus change in accumulated dividends (4)	10.3		%	15.0		%

Year to date change in book value per common share	18.1		%	22.3		%
Year to date change in book value per common share plus change in accumulated dividends	18.7		%	23.0		%
Year to date change in tangible book value per common share plus change in accumulated dividends	21.8		%	29.6		%

(1)Represents the acquired goodwill and other intangible assets at September 30, 2025, of $651.3 million (2024 - $717.5 million) for the acquisitions of Validus $425.0 million (2024 - $488.4 million), TMR $25.2 million (2024 - $26.4 million) and Platinum $201.0 million (2024 - $202.7 million).

(2)At September 30, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (2024 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at September 30, 2025 for the acquisitions of Validus $69.4 million (2024 - $220.1 million), TMR $45.7 million (2024 - $54.4 million) and Platinum $(0.6) million (2024 - $(0.7) million).

(4)Represents the percentage change during the three months ended September 30, 2025, and September 30, 2024, respectively.

Adjusted Combined Ratio

The Company has included in this Press Release “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”


	Three months ended September 30, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	(6.0)	%	45.0	%	15.5	%	101.4	%	68.4	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.6)	%	(0.8)	%	(1.3)	%	(2.1)	%	(1.8)	%
Adjusted combined ratio	(7.6)	%	44.2	%	14.2	%	99.3	%	66.6	%

	Three months ended September 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	43.2	%	85.6	%	60.3	%	100.1	%	84.8	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.9)	%	(1.3)	%	(2.2)	%	(2.4)	%	(2.4)	%
Adjusted combined ratio	40.3	%	84.3	%	58.1	%	97.7	%	82.4	%

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.


RenaissanceRe Holdings Ltd.
Contents


		Page

Basis of Presentation		i

Financial Highlights		1

Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	3
b.	Consolidated Balance Sheets	4

Underwriting and Reserves
a.	Segment Underwriting Results	5
b.	Segment Underwriting Results - Five Quarter Trend	7
c.	Property Segment - Catastrophe and Other Property Underwriting Results	10
d.	Gross Premiums Written	12
e.	Net Premiums Written	13
f.	Net Premiums Earned	14
g.	Reserves for Claims and Claim Expenses	15
h.	Paid to Incurred Analysis	16

Managed Joint Ventures and Fee Income
a.	Fee Income	17
b.	Fee income - Five Quarter Trend	18
c.	Noncontrolling Interests	19
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	21

Investments
a.	Total Investment Result	22
b.	Investments Composition	24
c.	Managed Investments - Credit Rating	25
d.	Retained Investments - Credit Rating	26



Other Items
a.	Earnings per Share	27


Comments on Non-GAAP Financial Measures		28


RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 38 for “Comments on Non-GAAP Financial Measures.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.


			i



Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry, industry capital, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and in the Middle East; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.


			ii


RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended						Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	907,667		$	1,173,644		$	1,895,321		$	2,033,488
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	733,717		$	540,322		$	1,258,546		$	1,827,549

Underwriting income
Gross premiums written	$	2,323,626		$	2,400,136		$	9,900,309		$	9,816,315
Net premiums written	2,057,802			2,162,504			8,271,601			8,200,588
Net premiums earned	2,433,805			2,582,969			7,566,740			7,568,194
Underwriting income (loss)	770,189			393,756			601,280			1,413,774

Net claims and claim expense ratio:
Current accident year	51.7		%	64.5		%	72.8		%	57.4		%
Prior accident years	(15.6)		%	(11.3)		%	(11.2)		%	(6.5)		%
Calendar year	36.1		%	53.2		%	61.6		%	50.9		%

Acquisition expense ratio	27.2		%	26.8		%	25.9		%	25.9		%
Operating expense ratio	5.1		%	4.8		%	4.6		%	4.5		%
Combined ratio	68.4		%	84.8		%	92.1		%	81.3		%
Adjusted combined ratio (1)	66.6		%	82.4		%	90.1		%	78.9		%

Fee income
Management fee income	$	53,014		$	54,945		$	155,482		$	166,325
Performance fee income	48,796			27,120			71,742			83,367
Total fee income	$	101,810		$	82,065		$	227,224		$	249,692

Investment results - managed
Net investment income	$	438,354		$	423,859		$	1,256,815		$	1,225,479
Net realized and unrealized gains (losses) on investments	311,890			943,745			994,550			602,507
Total investment result	$	750,244		$	1,367,604		$	2,251,365		$	1,827,986
Total investment return - annualized	8.9		%	18.3		%	9.0		%	8.2		%

Investment results - retained (1)
Net investment income	$	304,617		$	291,899		$	869,795		$	842,791
Net realized and unrealized gains (losses) on investments	257,560			786,067			928,894			510,469
Total investment result	$	562,177		$	1,077,966		$	1,798,689		$	1,353,260
Total investment return - annualized	9.2		%	20.2		%	9.9		%	8.4		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			1


Financial Highlights - Per Share Data & ROE

	Three months ended						Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	19.47		$	22.68		$	39.60		$	38.95
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	19.40		$	22.62		$	39.46		$	38.84
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	15.62		$	10.23		$	25.99		$	34.86

Average shares outstanding - basic	45,845			50,959			47,106			51,439
Average shares outstanding - diluted	46,005			51,104			47,268			51,582

Return on average common equity - annualized	34.9		%	47.1		%	25.1		%	28.8		%
Operating return on average common equity - annualized (1)	28.2		%	21.7		%	16.7		%	26.0		%

	September 30, 2025			December 31, 2024
Book value per common share	$	231.23		$	195.77
Tangible book value per common share (1)	$	214.57		$	177.18
Tangible book value per common share plus accumulated dividends (1)	$	243.85		$	205.26

Year to date change in book value per common share plus change in accumulated dividends	18.7		%	19.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	21.8		%	26.0		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			2


Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended				Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Revenues
Gross premiums written	$	2,323,626	$	2,400,136	$	9,900,309	$	9,816,315
Net premiums written	$	2,057,802	$	2,162,504	$	8,271,601	$	8,200,588
Decrease (increase) in unearned premiums	376,003		420,465		(704,861)		(632,394)
Net premiums earned	2,433,805		2,582,969		7,566,740		7,568,194
Net investment income	438,354		423,859		1,256,815		1,225,479
Net foreign exchange gains (losses)	877		16,804		2,209		(27,694)
Equity in earnings (losses) of other ventures	12,551		5,718		50,712		32,435
Other income (loss)	705		680		4,243		799
Net realized and unrealized gains (losses) on investments	311,890		943,745		994,550		602,507
Total revenues	3,198,182		3,973,775		9,875,269		9,401,720
Expenses
Net claims and claim expenses incurred	878,820		1,373,614		4,664,701		3,849,239
Acquisition expenses	659,723		690,338		1,949,763		1,965,697
Operational expenses	125,073		125,261		350,996		339,484
Corporate expenses	23,414		26,078		70,005		100,489
Interest expense	30,582		23,809		89,461		70,522
Total expenses	1,717,612		2,239,100		7,124,926		6,325,431
Income (loss) before taxes	1,480,570		1,734,675		2,750,343		3,076,289
Income tax benefit (expense)	(148,860)		(102,012)		(280,204)		(96,536)
Net income (loss)	1,331,710		1,632,663		2,470,139		2,979,753
Net (income) loss attributable to redeemable noncontrolling interests	(415,200)		(450,176)		(548,287)		(919,734)
Net income (loss) attributable to RenaissanceRe	916,510		1,182,487		1,921,852		2,060,019
Dividends on preference shares	(8,843)		(8,843)		(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	907,667	$	1,173,644	$	1,895,321	$	2,033,488


			3


Summary Consolidated Financial Statements
Consolidated Balance Sheets

	September 30, 2025		December 31, 2024
Assets
Fixed maturity investments trading, at fair value – amortized cost $23,554,856 at September 30, 2025 (December 31, 2024 – $23,750,540)	$	23,772,222	$	23,562,514
Short term investments, at fair value – amortized cost $6,018,765 at September 30, 2025 (December 31, 2024 – $4,532,166)	6,018,146		4,531,655
Equity investments, at fair value	1,465,833		117,756
Other investments, at fair value	4,432,389		4,324,761
Investments in other ventures, under equity method	115,597		102,770
Total investments	35,804,187		32,639,456
Cash and cash equivalents	1,701,568		1,676,604
Premiums receivable	8,130,508		7,290,228
Prepaid reinsurance premiums	1,216,757		888,332
Reinsurance recoverable	4,085,093		4,481,390
Accrued investment income	225,254		238,290
Deferred acquisition costs and value of business acquired	1,656,042		1,552,359
Deferred tax asset	705,469		701,053
Receivable for investments sold	54,571		91,669
Other assets	267,297		444,037
Goodwill and other intangibles	651,328		704,132
Total assets	$	54,498,074	$	50,707,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	22,712,860	$	21,303,491
Unearned premiums	6,986,618		5,950,415
Debt	2,229,135		1,886,689
Reinsurance balances payable	2,703,090		2,804,344
Payable for investments purchased	298,908		150,721
Other liabilities	596,038		1,060,129
Total liabilities	35,526,649		33,155,789
Redeemable noncontrolling interests	7,469,059		6,977,749
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2025 (December 31, 2024 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 46,501,144 shares issued and outstanding at September 30, 2025 (December 31, 2024 – 50,180,987)	46,501		50,181
Additional paid-in capital	605,305		1,512,435
Accumulated other comprehensive loss	(13,647)		(14,756)
Retained earnings	10,114,207		8,276,152
Total shareholders’ equity attributable to RenaissanceRe	11,502,366		10,574,012
Total liabilities, noncontrolling interests and shareholders’ equity	$	54,498,074	$	50,707,550

Book value per common share	$	231.23	$	195.77


			4


Underwriting and Reserves
Segment Underwriting Results

	Three months ended September 30, 2025									Three months ended September 30, 2024
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	733,274		$	1,590,352		$	2,323,626		$	790,709		$	1,609,427		$	2,400,136
Net premiums written	$	694,125		$	1,363,677		$	2,057,802		$	701,222		$	1,461,282		$	2,162,504
Net premiums earned	$	936,933		$	1,496,872		$	2,433,805		$	994,777		$	1,588,192		$	2,582,969
Net claims and claim expenses incurred	(133,504)			1,012,324			878,820			329,967			1,043,647			1,373,614
Acquisition expenses	192,347			467,376			659,723			192,439			497,899			690,338
Operational expenses	86,579			38,494			125,073			77,688			47,573			125,261
Underwriting income (loss)	$	791,511		$	(21,322)		$	770,189		$	394,683		$	(927)		$	393,756

Net claims and claim expenses incurred:
Current accident year	$	250,169		$	1,008,702		$	1,258,871		$	621,710		$	1,044,410		$	1,666,120
Prior accident years	(383,673)			3,622			(380,051)			(291,743)			(763)			(292,506)
Total	$	(133,504)		$	1,012,324		$	878,820		$	329,967		$	1,043,647		$	1,373,614

Net claims and claim expense ratio:
Current accident year	26.7		%	67.4		%	51.7		%	62.5		%	65.8		%	64.5		%
Prior accident years	(40.9)		%	0.2		%	(15.6)		%	(29.3)		%	(0.1)		%	(11.3)		%
Calendar year	(14.2)		%	67.6		%	36.1		%	33.2		%	65.7		%	53.2		%
Acquisition expense ratio	20.5		%	31.2		%	27.2		%	19.3		%	31.4		%	26.8		%
Operating expense ratio	9.2		%	2.6		%	5.1		%	7.8		%	3.0		%	4.8		%
Combined ratio	15.5		%	101.4		%	68.4		%	60.3		%	100.1		%	84.8		%
Adjusted combined ratio (1)	14.2		%	99.3		%	66.6		%	58.1		%	97.7		%	82.4		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			5



Underwriting and Reserves
Segment Underwriting Results

	Nine months ended September 30, 2025						Nine months ended September 30, 2024
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	4,596,042		$	5,304,267		$	9,900,309		$	4,433,688		$	5,382,627		$	9,816,315
Net premiums written	$	3,710,676		$	4,560,925		$	8,271,601		$	3,457,500		$	4,743,088		$	8,200,588
Net premiums earned	$	3,052,893		$	4,513,847		$	7,566,740		$	2,911,694		$	4,656,500		$	7,568,194
Net claims and claim expenses incurred	1,481,823			3,182,878			4,664,701			757,570			3,091,669			3,849,239
Acquisition expenses	534,192			1,415,571			1,949,763			566,566			1,399,131			1,965,697
Operational expenses	222,414			128,582			350,996			206,737			132,747			339,484
Underwriting income (loss)	$	814,464		$	(213,184)		$	601,280		$	1,380,821		$	32,953		$	1,413,774

Net claims and claim expenses incurred:
Current accident year	$	2,319,130		$	3,191,206		$	5,510,336		$	1,228,371		$	3,118,726		$	4,347,097
Prior accident years	(837,307)			(8,328)			(845,635)			(470,801)			(27,057)			(497,858)
Total	$	1,481,823		$	3,182,878		$	4,664,701		$	757,570		$	3,091,669		$	3,849,239

Net claims and claim expense ratio:
Current accident year	76.0		%	70.7		%	72.8		%	42.2		%	67.0		%	57.4		%
Prior accident years	(27.5)		%	(0.2)		%	(11.2)		%	(16.2)		%	(0.6)		%	(6.5)		%
Calendar year	48.5		%	70.5		%	61.6		%	26.0		%	66.4		%	50.9		%
Acquisition expense ratio	17.5		%	31.4		%	25.9		%	19.5		%	30.0		%	25.9		%
Operating expense ratio	7.3		%	2.8		%	4.6		%	7.1		%	2.9		%	4.5		%
Combined ratio	73.3		%	104.7		%	92.1		%	52.6		%	99.3		%	81.3		%
Adjusted combined ratio (1)	71.8		%	102.5		%	90.1		%	50.2		%	96.8		%	78.9		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			6


Underwriting and Reserves
Underwriting Results - Five Quarter Trend

	Total
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Gross premiums written	$	2,323,626		$	3,421,180		$	4,155,503		$	1,916,751		$	2,400,136
Net premiums written	$	2,057,802		$	2,770,270		$	3,443,529		$	1,751,628		$	2,162,504
Net premiums earned	$	2,433,805		$	2,412,154		$	2,720,781		$	2,527,566		$	2,582,969
Net claims and claim expenses incurred	878,820			1,042,123			2,743,758			1,483,742			1,373,614
Acquisition expenses	659,723			642,605			647,435			678,170			690,338
Operational expenses	125,073			125,738			100,185			157,104			125,261
Underwriting income (loss)	$	770,189		$	601,688		$	(770,597)		$	208,550		$	393,756

Net claims and claim expenses incurred:
Current accident year	$	1,258,871		$	1,311,833		$	2,939,632		$	1,837,218		$	1,666,120
Prior accident years	(380,051)			(269,710)			(195,874)			(353,476)			(292,506)
Total	$	878,820		$	1,042,123		$	2,743,758		$	1,483,742		$	1,373,614

Net claims and claim expense ratio:
Current accident year	51.7		%	54.4		%	108.0		%	72.7		%	64.5		%
Prior accident years	(15.6)		%	(11.2)		%	(7.2)		%	(14.0)		%	(11.3)		%
Calendar year	36.1		%	43.2		%	100.8		%	58.7		%	53.2		%
Acquisition expense ratio	27.2		%	26.7		%	23.8		%	26.8		%	26.8		%
Operating expense ratio	5.1		%	5.2		%	3.7		%	6.2		%	4.8		%
Combined ratio	68.4		%	75.1		%	128.3		%	91.7		%	84.8		%
Adjusted combined ratio (1)	66.6		%	73.0		%	126.4		%	89.4		%	82.4		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			7


Underwriting and Reserves
Property Segment Underwriting Results - Five Quarter Trend

	Property
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Gross premiums written	$	733,274		$	1,731,935		$	2,130,833		$	390,043		$	790,709
Net premiums written	$	694,125		$	1,325,557		$	1,690,994		$	376,136		$	701,222
Net premiums earned	$	936,933		$	868,010		$	1,247,950		$	938,658		$	994,777
Net claims and claim expenses incurred	(133,504)			(7,930)			1,623,257			384,156			329,967
Acquisition expenses	192,347			174,200			167,645			191,988			192,439
Operational expenses	86,579			71,569			64,266			95,623			77,688
Underwriting income (loss)	$	791,511		$	630,171		$	(607,218)		$	266,891		$	394,683

Net claims and claim expenses incurred:
Current accident year	$	250,169		$	258,646		$	1,810,315		$	732,207		$	621,710
Prior accident years	(383,673)			(266,576)			(187,058)			(348,051)			(291,743)
Total	$	(133,504)		$	(7,930)		$	1,623,257		$	384,156		$	329,967

Net claims and claim expense ratio:
Current accident year	26.7		%	29.8		%	145.1		%	78.0		%	62.5		%
Prior accident years	(40.9)		%	(30.7)		%	(15.0)		%	(37.1)		%	(29.3)		%
Calendar year	(14.2)		%	(0.9)		%	130.1		%	40.9		%	33.2		%
Acquisition expense ratio	20.5		%	20.1		%	13.5		%	20.5		%	19.3		%
Operating expense ratio	9.2		%	8.2		%	5.1		%	10.2		%	7.8		%
Combined ratio	15.5		%	27.4		%	148.7		%	71.6		%	60.3		%
Adjusted combined ratio (1)	14.2		%	25.8		%	147.1		%	69.2		%	58.1		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			8


Underwriting and Reserves
Casualty and Specialty Segment Underwriting Results - Five Quarter Trend

	Casualty and Specialty
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Gross premiums written	$	1,590,352		$	1,689,245		$	2,024,670		$	1,526,708		$	1,609,427
Net premiums written	$	1,363,677		$	1,444,713		$	1,752,535		$	1,375,492		$	1,461,282
Net premiums earned	$	1,496,872		$	1,544,144		$	1,472,831		$	1,588,908		$	1,588,192
Net claims and claim expenses incurred	1,012,324			1,050,053			1,120,501			1,099,586			1,043,647
Acquisition expenses	467,376			468,405			479,790			486,182			497,899
Operational expenses	38,494			54,169			35,919			61,481			47,573
Underwriting income (loss)	$	(21,322)		$	(28,483)		$	(163,379)		$	(58,341)		$	(927)

Net claims and claim expenses incurred:


Current accident year	$	1,008,702		$	1,053,187		$	1,129,317		$	1,105,011		$	1,044,410
Prior accident years	3,622			(3,134)			(8,816)			(5,425)			(763)
Total	$	1,012,324		$	1,050,053		$	1,120,501		$	1,099,586		$	1,043,647

Net claims and claim expense ratio:


Current accident year	67.4		%	68.2		%	76.7		%	69.5		%	65.8		%
Prior accident years	0.2		%	(0.2)		%	(0.6)		%	(0.3)		%	(0.1)		%
Calendar year	67.6		%	68.0		%	76.1		%	69.2		%	65.7		%
Acquisition expense ratio	31.2		%	30.3		%	32.5		%	30.6		%	31.4		%
Operating expense ratio	2.6		%	3.5		%	2.5		%	3.9		%	3.0		%
Combined ratio	101.4		%	101.8		%	111.1		%	103.7		%	100.1		%
Adjusted combined ratio (1)	99.3		%	99.5		%	108.8		%	101.3		%	97.7		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			9



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results

	Three months ended September 30, 2025									Three months ended September 30, 2024
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	288,406		$	444,868		$	733,274		$	344,005		$	446,704		$	790,709
Net premiums written	$	256,077		$	438,048		$	694,125		$	262,133		$	439,089		$	701,222
Net premiums earned	$	541,637		$	395,296		$	936,933		$	592,156		$	402,621		$	994,777
Net claims and claim expenses incurred	(183,652)			50,148			(133,504)			117,096			212,871			329,967
Acquisition expenses	76,640			115,707			192,347			74,934			117,505			192,439
Operational expenses	74,709			11,870			86,579			63,591			14,097			77,688
Underwriting income (loss)	$	573,940		$	217,571		$	791,511		$	336,535		$	58,148		$	394,683

Net claims and claim expenses incurred:


Current accident year	$	53,185		$	196,984		$	250,169		$	330,056		$	291,654		$	621,710
Prior accident years	(236,837)			(146,836)			(383,673)			(212,960)			(78,783)			(291,743)
Total	$	(183,652)		$	50,148		$	(133,504)		$	117,096		$	212,871		$	329,967

Net claims and claim expense ratio:


Current accident year	9.8		%	49.8		%	26.7		%	55.7		%	72.4		%	62.5		%
Prior accident years	(43.7)		%	(37.1)		%	(40.9)		%	(35.9)		%	(19.5)		%	(29.3)		%
Calendar year	(33.9)		%	12.7		%	(14.2)		%	19.8		%	52.9		%	33.2		%
Acquisition expense ratio	14.1		%	29.3		%	20.5		%	12.7		%	29.2		%	19.3		%
Operating expense ratio	13.8		%	3.0		%	9.2		%	10.7		%	3.5		%	7.8		%

Combined ratio	(6.0)		%	45.0		%	15.5		%	43.2		%	85.6		%	60.3		%
Adjusted combined ratio (1)	(7.6)		%	44.2		%	14.2		%	40.3		%	84.3		%	58.1		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			10



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results





















	Nine months ended September 30, 2025									Nine months ended September 30, 2024
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	3,317,728		$	1,278,314		$	4,596,042		$	2,949,731		$	1,483,957		$	4,433,688
Net premiums written	$	2,647,605		$	1,063,071		$	3,710,676		$	2,224,004		$	1,233,496		$	3,457,500
Net premiums earned	$	1,978,731		$	1,074,162		$	3,052,893		$	1,717,139		$	1,194,555		$	2,911,694
Net claims and claim expenses incurred	1,207,100			274,723			1,481,823			119,416			638,154			757,570
Acquisition expenses	225,453			308,739			534,192			237,913			328,653			566,566
Operational expenses	185,722			36,692			222,414			168,925			37,812			206,737
Underwriting income (loss)	$	360,456		$	454,008		$	814,464		$	1,190,885		$	189,936		$	1,380,821

Net claims and claim expenses incurred:


Current accident year	$	1,642,785		$	676,345		$	2,319,130		$	464,858		$	763,513		$	1,228,371
Prior accident years	(435,685)			(401,622)			(837,307)			(345,442)			(125,359)			(470,801)
Total	$	1,207,100		$	274,723		$	1,481,823		$	119,416		$	638,154		$	757,570

Net claims and claim expense ratio:


Current accident year	83.0		%	63.0		%	76.0		%	27.1		%	63.9		%	42.2		%
Prior accident years	(22.0)		%	(37.4)		%	(27.5)		%	(20.1)		%	(10.5)		%	(16.2)		%
Calendar year	61.0		%	25.6		%	48.5		%	7.0		%	53.4		%	26.0		%
Acquisition expense ratio	11.4		%	28.7		%	17.5		%	13.8		%	27.5		%	19.5		%
Operating expense ratio	9.4		%	3.4		%	7.3		%	9.8		%	3.2		%	7.1		%

Combined ratio	81.8		%	57.7		%	73.3		%	30.6		%	84.1		%	52.6		%
Adjusted combined ratio (1)	80.1		%	56.6		%	71.8		%	27.4		%	83.2		%	50.2		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			11



Underwriting and Reserves
Gross Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Nine months ended				Y/Y $ Change		Y/Y % Change
	September 30, 2025		September 30, 2024						September 30, 2025		September 30, 2024
Property Segment
Catastrophe	$	338,525	$	277,788	$	60,737	21.9	%	$	3,019,444	$	2,890,349	$	129,095	4.5	%
Catastrophe - gross reinstatement premiums	(50,119)		66,217		(116,336)		(175.7)	%	298,284		59,382		238,902		402.3	%
Total catastrophe gross premiums written	288,406		344,005		(55,599)		(16.2)	%	3,317,728		2,949,731		367,997		12.5	%
Other property	444,234		440,018		4,216		1.0	%	1,274,146		1,464,163		(190,017)		(13.0)	%
Other property - gross reinstatement premiums	634		6,686		(6,052)		(90.5)	%	4,168		19,794		(15,626)		(78.9)	%
Total other property gross premiums written	444,868		446,704		(1,836)		(0.4)	%	1,278,314		1,483,957		(205,643)		(13.9)	%
Property segment gross premiums written	$	733,274	$	790,709	$	(57,435)	(7.3)	%	$	4,596,042	$	4,433,688	$	162,354	3.7	%

Casualty and Specialty Segment
General casualty (1)	$	483,888	$	519,555	$	(35,667)	(6.9)	%	$	1,677,415	$	1,739,464	$	(62,049)	(3.6)	%
Professional liability (2)	294,918		331,610		(36,692)		(11.1)	%	798,259		916,196		(117,937)		(12.9)	%
Credit (3)	253,713		213,826		39,887		18.7	%	922,006		765,304		156,702		20.5	%
Other specialty (4)	557,833		544,436		13,397		2.5	%	1,906,587		1,961,663		(55,076)		(2.8)	%
Casualty and Specialty segment gross premiums written	$	1,590,352	$	1,609,427	$	(19,075)	(1.2)	%	$	5,304,267	$	5,382,627	$	(78,360)	(1.5)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.


			12


Underwriting and Reserves
Net Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Nine months ended				Y/Y $ Change		Y/Y % Change
	September 30, 2025		September 30, 2024						September 30, 2025		September 30, 2024
Property Segment
Catastrophe	$	292,921	$	214,383	$	78,538	36.6	%	$	2,336,901	$	2,187,801	$	149,100	6.8	%
Catastrophe - net reinstatement premiums	(36,844)		47,750		(84,594)		(177.2)	%	310,704		36,203		274,501		758.2	%
Total catastrophe net premiums written	256,077		262,133		(6,056)		(2.3)	%	2,647,605		2,224,004		423,601		19.0	%
Other property	436,679		434,782		1,897		0.4	%	1,057,029		1,220,343		(163,314)		(13.4)	%
Other property - net reinstatement premiums	1,369		4,307		(2,938)		(68.2)	%	6,042		13,153		(7,111)		(54.1)	%
Total other property net premiums written	438,048		439,089		(1,041)		(0.2)	%	1,063,071		1,233,496		(170,425)		(13.8)	%
Property segment net premiums written	$	694,125	$	701,222	$	(7,097)	(1.0)	%	$	3,710,676	$	3,457,500	$	253,176	7.3	%

Casualty and Specialty Segment
General casualty (1)	$	460,528	$	503,911	$	(43,383)	(8.6)	%	$	1,581,325	$	1,672,297	$	(90,972)	(5.4)	%
Professional liability (2)	273,721		318,691		(44,970)		(14.1)	%	741,421		874,501		(133,080)		(15.2)	%
Credit (3)	198,623		164,233		34,390		20.9	%	748,798		556,304		192,494		34.6	%
Other specialty (4)	430,805		474,447		(43,642)		(9.2)	%	1,489,381		1,639,986		(150,605)		(9.2)	%
Casualty and Specialty segment net premiums written	$	1,363,677	$	1,461,282	$	(97,605)	(6.7)	%	$	4,560,925	4,743,088		$	(182,163)	(3.8)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.


			13


Underwriting and Reserves
Net Premiums Earned

	Three months ended				Q/Q $ Change		Q/Q % Change		Nine months ended				Y/Y $ Change		Y/Y % Change
	September 30, 2025		September 30, 2024						September 30, 2025		September 30, 2024
Property Segment
Catastrophe	$	578,481	$	544,406	$	34,075	6.3	%	$	1,668,027	$	1,680,936	$	(12,909)	(0.8)	%
Catastrophe - net reinstatement premiums	(36,844)		47,750		(84,594)		(177.2)	%	310,704		36,203		274,501		758.2	%
Total catastrophe net premiums earned	541,637		592,156		(50,519)		(8.5)	%	1,978,731		1,717,139		261,592		15.2	%
Other property	393,927		398,314		(4,387)		(1.1)	%	1,068,120		1,181,402		(113,282)		(9.6)	%
Other property - net reinstatement premiums	1,369		4,307		(2,938)		(68.2)	%	6,042		13,153		(7,111)		(54.1)	%
Total other property net premiums earned	395,296		402,621		(7,325)		(1.8)	%	1,074,162		1,194,555		(120,393)		(10.1)	%
Property segment net premiums earned	$	936,933	$	994,777	$	(57,844)	(5.8)	%	$	3,052,893	$	2,911,694	$	141,199	4.8	%

Casualty and Specialty Segment
General casualty (1)	$	529,410	$	568,044	$	(38,634)	(6.8)	%	$	1,688,889	$	1,692,205	$	(3,316)	(0.2)	%
Professional liability (2)	300,764		311,985		(11,221)		(3.6)	%	778,300		859,048		(80,748)		(9.4)	%
Credit (3)	211,159		195,963		15,196		7.8	%	651,257		581,973		69,284		11.9	%
Other specialty (4)	455,539		512,200		(56,661)		(11.1)	%	1,395,401		1,523,274		(127,873)		(8.4)	%
Casualty and Specialty segment net premiums earned	$	1,496,872	$	1,588,192	$	(91,320)	(5.7)	%	$	4,513,847	$	4,656,500	$	(142,653)	(3.1)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.


			14



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2025
Property	$	1,910,587	$	1,833,077	$	2,516,670	$	6,260,334
Casualty and Specialty	3,366,085		277,137		12,809,304		16,452,526
Total	$	5,276,672	$	2,110,214	$	15,325,974	$	22,712,860

December 31, 2024
Property	$	1,845,228	$	1,905,553	$	2,821,958	$	6,572,739
Casualty and Specialty	3,081,081		295,074		11,354,597		14,730,752
Total	$	4,926,309	$	2,200,627	$	14,176,555	$	21,303,491


			15


RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended September 30, 2025						Three months ended September 30, 2024
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	22,913,763	$	4,300,973	$	18,612,790	$	20,740,928	$	4,854,735	$	15,886,193
Incurred claims and claim expenses
Current year	1,387,603		128,732		1,258,871		1,846,357		180,237		1,666,120
Prior years	(445,044)		(64,993)		(380,051)		(396,239)		(103,733)		(292,506)
Total incurred claims and claim expenses	942,559		63,739		878,820		1,450,118		76,504		1,373,614
Paid claims and claim expenses
Current year	166,093		81,355		84,738		191,780		39,699		152,081
Prior years	959,462		184,983		774,479		941,897		220,466		721,431
Total paid claims and claim expenses	1,125,555		266,338		859,217		1,133,677		260,165		873,512
Foreign exchange and other (1)	(17,907)		(13,281)		(4,626)		163,825		67,563		96,262
Reserve for claims and claim expenses, end of period	$	22,712,860	$	4,085,093	$	18,627,767	$	21,221,194	$	4,738,637	$	16,482,557

	Nine months ended September 30, 2025						Nine months ended September 30, 2024
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	21,303,491	$	4,481,390	$	16,822,101	$	20,486,869	$	5,344,286	$	15,142,583
Incurred claims and claim expenses
Current year	6,298,027		787,691		5,510,336		4,867,662		520,565		4,347,097
Prior years	(1,183,518)		(337,883)		(845,635)		(798,410)		(300,552)		(497,858)
Total incurred claims and claim expenses	5,114,509		449,808		4,664,701		4,069,252		220,013		3,849,239
Paid claims and claim expenses
Current year	917,415		154,320		763,095		301,572		49,469		252,103
Prior years	3,060,781		687,598		2,373,183		3,153,478		817,476		2,336,002
Total paid claims and claim expenses	3,978,196		841,918		3,136,278		3,455,050		866,945		2,588,105
Foreign exchange and other (1)	273,056		(4,187)		277,243		120,123		41,283		78,840
Reserve for claims and claim expenses, end of period	$	22,712,860	$	4,085,093	$	18,627,767	$	21,221,194	$	4,738,637	$	16,482,557

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.


			16

Managed Joint Ventures and Fee Income

Fee Income

The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.


	Three months ended				Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Management fee income	$	53,014	$	54,945	$	155,482	$	166,325
Performance fee income (loss) (1)	48,796		27,120		71,742		83,367
Total fee income	$	101,810	$	82,065	$	227,224	$	249,692

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, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests	$	88,689	$	69,720	$	162,212	$	210,360
Underwriting income (loss) (1)	13,121		12,345		65,012		40,030
Equity in earnings (losses) of other ventures	—		—		—		(698)
Total fee income	$	101,810	$	82,065	$	227,224	$	249,692

(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.


			17

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.


	Three months ended
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Management fee income	$	53,014	$	56,407	$	46,061	$	53,536	$	54,945
Performance fee income (loss) (1)	48,796		38,550		(15,604)		23,568		27,120
Total fee income	$	101,810	$	94,957	$	30,457	$	77,104	$	82,065

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, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests	$	88,689	$	82,465	$	(8,942)	$	73,514	$	69,720
Underwriting income (loss) (1)	13,121		12,492		39,399		2,893		12,345
Equity in earnings (losses) of other ventures	—		—		—		697		—
Total fee income	$	101,810	$	94,957	$	30,457	$	77,104	$	82,065


			18

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana Holdings L.P. and its subsidiaries (“Fontana”) (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:


	Three months ended		Nine months ended
	September 30, 2025			September 30, 2024		September 30, 2025		September 30, 2024
Redeemable noncontrolling interests - DaVinci	$	(243,464)		$	(223,288)	$	(349,476)	$	(523,812)
Redeemable noncontrolling interests - Medici	(79,573)			(123,497)		(133,729)		(183,015)
Redeemable noncontrolling interests - Vermeer	(70,981)			(73,534)		(21,326)		(183,129)
Redeemable noncontrolling interests - Fontana	(21,182)			(29,857)		(43,756)		(29,778)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(415,200)		$	(450,176)	$	(548,287)	$	(919,734)


	Three months ended				Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	(405,265)	$	(331,737)	$	(466,427)	$	(878,529)
Non-operating (income) loss attributable to redeemable noncontrolling interests	(9,935)		(118,439)		(81,860)		(41,205)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(415,200)	$	(450,176)	$	(548,287)	$	(919,734)

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			19

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:


	September 30, 2025		December 31, 2024
Redeemable noncontrolling interests - DaVinci	$	3,454,255	$	3,061,708
Redeemable noncontrolling interests - Medici	1,623,315		1,646,745
Redeemable noncontrolling interests - Vermeer	1,821,183		1,799,857
Redeemable noncontrolling interests - Fontana	570,306		469,439
Redeemable noncontrolling interests	$	7,469,059	$	6,977,749

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:


	September 30, 2025		December 31, 2024
DaVinci	75.7	%	74.6	%
Medici	90.4	%	84.2	%
Vermeer	100.0	%	100.0	%
Fontana	71.3	%	73.5	%


			20


Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

	Three months ended						Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Revenues
Gross premiums written	$	113,965		$	132,088		$	1,575,472		$	1,324,517
Net premiums written	$	107,917		$	125,828		$	1,437,896		$	1,214,901
Decrease (increase) in unearned premiums	195,854			195,059			(365,928)			(307,980)
Net premiums earned	303,771			320,887			1,071,968			906,921
Net investment income	69,115			62,840			200,682			180,847
Net foreign exchange gains (losses)	(471)			(3,036)			(3,402)			(4,335)
Net realized and unrealized gains (losses) on investments	11,109			104,122			61,320			48,148
Total revenues	383,524			484,813			1,330,568			1,131,581
Expenses
Net claims and claim expenses incurred	(79,061)			76,302			589,219			111,001
Acquisition expenses	98,092			68,156			167,894			206,519
Operational expenses	35,622			36,374			93,873			108,262
Corporate expenses	102			31			345			306
Interest expense	4,546			1,859			12,929			5,576
Total expenses	59,301			182,722			864,260			431,664
Income (loss) before taxes	324,223			302,091			466,308			699,917
Income tax benefit (expense)	(2,695)			(3,061)			(4,775)			(4,014)
Net income (loss) available (attributable) to DaVinci common shareholders	$	321,528		$	299,030		$	461,533		$	695,903

Net claims and claim expenses incurred - current accident year	$	35,179		$	176,040		$	823,038		$	297,561
Net claims and claim expenses incurred - prior accident years	(114,240)			(99,738)			(233,819)			(186,560)
Net claims and claim expenses incurred - total	$	(79,061)		$	76,302		$	589,219		$	111,001

Net claims and claim expense ratio - current accident year	11.6		%	54.9		%	76.8		%	32.8		%
Net claims and claim expense ratio - prior accident years	(37.6)		%	(31.1)		%	(21.8)		%	(20.6)		%
Net claims and claim expense ratio - calendar year	(26.0)		%	23.8		%	55.0		%	12.2		%
Underwriting expense ratio	44.0		%	32.6		%	24.4		%	34.8		%
Combined ratio	18.0		%	56.4		%	79.4		%	47.0		%


			21


Investments
Total Investment Result
	Managed (1)						Retained (2)
	Three months ended						Three months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Fixed maturity investments trading	$	287,139		$	289,687		$	223,283		$	235,284
Short term investments	51,855			46,746			26,834			20,417
Equity investments
Fixed income exchange traded funds	15,876			—			15,876			—
Other equity investments	610			670			610			670
Other investments
Catastrophe bonds	50,503			61,175			4,898			9,239
Other	27,036			20,937			27,036			20,937
Cash and cash equivalents	12,045			10,226			11,172			9,677
	445,064			429,441			309,709			296,224
Investment expenses	(6,710)			(5,582)			(5,092)			(4,325)
Net investment income	$	438,354		$	423,859		$	304,617		$	291,899

Net investment income return - annualized	5.2		%	5.7		%	4.9		%	5.3		%



Net realized gains (losses) on fixed maturity investments trading	19,293			22,052			16,100			18,496
Net unrealized gains (losses) on fixed maturity investments trading	66,796			590,309			54,220			492,004

Net realized and unrealized gains (losses) on investment-related derivatives	181,012			97,534			182,721			97,226
Net realized gains (losses) on equity investments	541			340			541			198
Net unrealized gains (losses) on equity investments	6,609			18,778			6,551			18,844

Net realized and unrealized gains (losses) on other investments - catastrophe bonds	44,592			66,291			4,380			10,858
Net realized and unrealized gains (losses) on other investments - other	(6,953)			148,441			(6,953)			148,441
Net realized and unrealized gains (losses) on investments	311,890			943,745			257,560			786,067
Total investment result	$	750,244		$	1,367,604		$	562,177		$	1,077,966

Average invested assets	$	35,150,285		$	31,781,118		$	25,361,304		$	22,867,593

Total investment return - annualized	8.9		%	18.3		%	9.2		%	20.2		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			22


Investments
Total Investment Result
	Managed (1)						Retained (2)
	Nine months ended						Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Fixed maturity investments trading	$	854,035		$	820,876		$	669,848		$	665,457
Short term investments	141,299			141,923			69,419			66,216
Equity investments
Fixed income exchange traded funds	23,588			—			23,588			—
Other equity investments	1,951			1,819			1,947			1,819
Other investments
Catastrophe bonds	153,205			177,860			20,783			24,051
Other	67,451			59,525			67,451			59,525
Cash and cash equivalents	35,488			40,347			32,487			38,570
	1,277,017			1,242,350			885,523			855,638
Investment expenses	(20,202)			(16,871)			(15,728)			(12,847)
Net investment income	$	1,256,815		$	1,225,479		$	869,795		$	842,791

Net investment income return - annualized	5.0		%	5.5		%	4.7		%	5.1		%



Net realized gains (losses) on fixed maturity investments trading	$	27,561		$	(33,965)		$	23,670		$	(19,561)
Net unrealized gains (losses) on fixed maturity investments trading	389,382			353,465			324,212			292,273

Net realized and unrealized gains (losses) on investment-related derivatives	498,089			50,102			495,955			47,121
Net realized gains (losses) on equity investments	613			355			613			213
Net unrealized gains (losses) on equity investments	33,366			26,368			33,209			26,409

Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(9,837)			51,091			(4,141)			8,923
Net realized and unrealized gains (losses) on other investments - other	55,376			155,091			55,376			155,091
Net realized and unrealized gains (losses) on investments	994,550			602,507			928,894			510,469
Total investment result	$	2,251,365		$	1,827,986		$	1,798,689		$	1,353,260

Average invested assets	$	34,133,294		$	30,603,740		$	24,578,740		$	21,890,949

Total investment return - annualized	9.0		%	8.2		%	9.9		%	8.4		%


			23



Investments
Investments Composition


	September 30, 2025								December 31, 2024
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
Type of Investment	Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	10,423,051	$	132,855	$	7,527,438	$	100,359	$	11,001,893	$	(60,748)	$	8,434,097	$	(65,990)
Corporate (3)	8,127,496		83,851		6,387,806		56,692		7,862,423		(57,047)		6,474,619		(57,112)
Other (4)	5,221,675		660		4,507,895		4,764		4,698,198		(70,231)		4,063,827		(55,176)
Total fixed maturity investments trading, at fair value	23,772,222		217,366		18,423,139		161,815		23,562,514		(188,026)		18,972,543		(178,278)
Short term investments, at fair value	6,018,146		(619)		2,924,014		(271)		4,531,655		(511)		1,527,469		(97)
Equity investments, at fair value
Fixed income exchange traded funds	1,329,544		16,524		1,329,544		16,524		—		—		—		—
Other equity investments	136,289		90,134		135,864		90,009		117,756		73,270		117,596		73,311
Total equity investments, at fair value	1,465,833		106,658		1,465,408		106,533		117,756		73,270		117,596		73,311
Other investments, at fair value
Catastrophe bonds	1,709,277		34,235		163,694		1,860		1,984,396		(16,861)		329,472		(28,524)
Fund investments	2,540,849		346,822		2,540,849		346,822		2,128,499		256,379		2,128,499		256,379
Direct private equity investments	182,263		68,727		182,263		68,727		211,866		99,473		211,866		99,473
Total other investments, at fair value	4,432,389		449,784		2,886,806		417,409		4,324,761		338,991		2,669,837		327,328
Investments in other ventures, under equity method	115,597		—		115,597		—		102,770		—		102,770		—
Total investments	$	35,804,187	$	773,189	$	25,814,964	$	685,486	$	32,639,456	$	223,724	$	23,390,215	$	222,264


	September 30, 2025					December 31, 2024
	Managed (1)		Retained (2)			Managed (1)		Retained (2)
Weighted average yield to maturity of investments (5)	4.9	%	4.9		%	5.4	%	5.3		%
Average duration of investments, in years (5)	2.6		3.0			2.9		3.4
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)			$	3.48				$	(3.55)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(5)Excludes other equity investments, direct private equity investments, private equity funds, hedge funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.


			24


Investments
Managed Investments - Credit Rating (1)

				Credit Rating (2)																		Investments Not Subject to Credit Ratings
September 30, 2025	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	10,423,051		$	—		$	10,423,051		$	—		$	—		$	—		$	—		$	—
Corporate (3)	8,127,496			165,619			370,155			3,131,235			3,356,917			1,071,446			32,124			—
Residential mortgage-backed	2,249,921			135,729			1,981,312			1,709			3,630			65,194			62,347			—
Asset-backed	1,456,067			1,091,141			179,142			120,828			57,153			—			7,803			—
Non-U.S. government	692,295			443,641			181,290			64,667			2,697			—			—			—
Agencies	521,942			—			521,756			—			—			186			—			—
Commercial mortgage-backed	301,450			245,772			53,203			2,400			—			—			75			—
Total fixed maturity investments trading, at fair value	23,772,222			2,081,902			13,709,909			3,320,839			3,420,397			1,136,826			102,349			—

Short term investments, at fair value	6,018,146			4,303,765			1,682,473			19,231			11,269			1,039			369			—

Equity investments, at fair value
Fixed income exchange traded funds (4)	1,329,544			—			366,559			—			—			962,985			—			—
Other equity investments	136,289			—			—			—			—			—			—			136,289
Total equity investments, at fair value	1,465,833			—			366,559			—			—			962,985			—			136,289

Other investments, at fair value
Catastrophe bonds	1,709,277			—			—			—			—			1,709,277			—			—
Fund investments:
Private credit funds	1,295,385			—			—			—			—			—			—			1,295,385
Private equity funds	689,750			—			—			—			—			—			—			689,750
Hedge funds	404,735			—			—			—			—			—			—			404,735
Insurance-linked securities funds	150,979			—			—			—			—			—			—			150,979
Direct private equity investments	182,263			—			—			—			—			—			—			182,263
Total other investments, at fair value	4,432,389			—			—			—			—			1,709,277			—			2,723,112

Investments in other ventures, under equity method	115,597			—			—			—			—			—			—			115,597

Total investments	$	35,804,187		$	6,385,667		$	15,758,941		$	3,340,070		$	3,431,666		$	3,810,127		$	102,718		$	2,974,998
	100.0		%	17.9		%	44.0		%	9.3		%	9.6		%	10.6		%	0.3		%	8.3		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.


			25


Investments
Retained Investments - Credit Rating (1)

				Credit Rating (2)																		Investments Not Subject to Credit Ratings
September 30, 2025	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,527,438		$	—		$	7,527,438		$	—		$	—		$	—		$	—		$	—
Corporate (3)	6,387,806			134,894			282,838			2,607,847			2,611,506			727,454			23,267			—
Residential mortgage-backed	1,998,867			112,932			1,753,443			1,709			3,630			65,194			61,959			—
Asset-backed	1,337,701			1,000,229			179,142			93,374			57,153			—			7,803			—
Non-U.S. government	532,331			340,743			136,611			52,280			2,697			—			—			—
Agencies	394,716			—			394,580			—			—			136			—			—
Commercial mortgage-backed	244,280			207,281			36,341			583			—			—			75			—
Total fixed maturity investments trading, at fair value	18,423,139			1,796,079			10,310,393			2,755,793			2,674,986			792,784			93,104			—

Short term investments, at fair value	2,924,014			1,859,426			1,037,015			15,447			11,269			620			237			—

Equity investments, at fair value
Fixed income exchange traded funds (4)	1,329,544			—			366,559			—			—			962,985			—			—
Other equity investments	135,864			—			—			—			—			—			—			135,864
Total equity investments, at fair value	1,465,408			—			366,559			—			—			962,985			—			135,864

Other investments, at fair value
Catastrophe bonds	163,694			—			—			—			—			163,694			—			—
Fund investments:
Private credit funds	1,295,385			—			—			—			—			—			—			1,295,385
Private equity funds	689,750			—			—			—			—			—			—			689,750
Hedge funds	404,735			—			—			—			—			—			—			404,735
Insurance-linked securities funds	150,979			—			—			—			—			—			—			150,979
Direct private equity investments	182,263			—			—			—			—			—			—			182,263
Total other investments, at fair value	2,886,806			—			—			—			—			163,694			—			2,723,112

Investments in other ventures, under equity method	115,597			—			—			—			—			—			—			115,597

Total investments	$	25,814,964		$	3,655,505		$	11,713,967		$	2,771,240		$	2,686,255		$	1,920,083		$	93,341		$	2,974,573
	100.0		%	14.2		%	45.4		%	10.7		%	10.4		%	7.4		%	0.4		%	11.5		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.


			26


Other Items
Earnings per Share

	Three months ended				Nine months ended
(common shares in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	907,667	$	1,173,644	$	1,895,321	$	2,033,488
Amount allocated to participating common shareholders (1)	(15,019)		(17,850)		(29,905)		(30,042)
Net income (loss) allocated to RenaissanceRe common shareholders	$	892,648	$	1,155,794	$	1,865,416	$	2,003,446
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	45,845		50,959		47,106		51,439
Per common share equivalents of non-vested shares (2)	160		145		162		143
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	46,005		51,104		47,268		51,582
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	19.47	$	22.68	$	39.60	$	38.95
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	19.40	$	22.62	$	39.46	$	38.84

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.


			27



Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.


			28



Comments on Non-GAAP Financial Measures


			29



Comments on Non-GAAP Financial Measures


	Three months ended						Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	907,667		$	1,173,644		$	1,895,321		$	2,033,488
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(267,298)			(877,454)			(1,004,387)			(551,416)
Net foreign exchange losses (gains)	(877)			(16,804)			(2,209)			27,694
Expenses (revenues) associated with acquisitions, dispositions and impairments	1,952			17,400			5,384			54,968
Acquisition related purchase accounting adjustments (1)	43,083			59,812			146,966			183,175
Bermuda net deferred tax asset (2)	—			—			—			(7,890)
Income tax expense (benefit) (3)	39,255			65,285			135,611			46,325
Net income (loss) attributable to redeemable noncontrolling interests (4)	9,935			118,439			81,860			41,205
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	733,717		$	540,322		$	1,258,546		$	1,827,549

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	19.40		$	22.62		$	39.46		$	38.84
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(5.81)			(17.17)			(21.25)			(10.69)
Net foreign exchange losses (gains)	(0.02)			(0.33)			(0.05)			0.54
Expenses (revenues) associated with acquisitions, dispositions and impairments	0.04			0.34			0.12			1.07
Acquisition related purchase accounting adjustments (1)	0.94			1.17			3.11			3.55
Bermuda net deferred tax asset (2)	—			—			—			(0.15)
Income tax expense (benefit) (3)	0.85			1.28			2.87			0.90
Net income (loss) attributable to redeemable noncontrolling interests (4)	0.22			2.32			1.73			0.80
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	15.62		$	10.23		$	25.99		$	34.86

Return on average common equity - annualized	34.9		%	47.1		%	25.1		%	28.8		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(10.3)		%	(35.2)		%	(13.3)		%	(7.8)		%
Net foreign exchange losses (gains)	—		%	(0.7)		%	—		%	0.4		%
Expenses (revenues) associated with acquisitions, dispositions and impairments	—		%	0.7		%	0.1		%	0.8		%
Acquisition related purchase accounting adjustments (1)	1.7		%	2.4		%	1.9		%	2.6		%
Bermuda net deferred tax asset (2)	—		%	—		%	—		%	(0.1)		%
Income tax expense (benefit) (3)	1.5		%	2.6		%	1.8		%	0.7		%
Net income (loss) attributable to redeemable noncontrolling interests (4)	0.4		%	4.8		%	1.1		%	0.6		%
Operating return on average common equity - annualized	28.2		%	21.7		%	16.7		%	26.0		%

(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date.

(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.


			30



Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.


	September 30, 2025			December 31, 2024
Book value per common share	$	231.23		$	195.77
Adjustment for:
Acquisition related goodwill and other intangible assets (1)	(14.01)			(14.03)
Other goodwill and intangible assets (2)	(0.19)			(0.18)
Acquisition related purchase accounting adjustments (3)	(2.46)			(4.38)
Tangible book value per common share	214.57			177.18
Adjustment for accumulated dividends	29.28			28.08
Tangible book value per common share plus accumulated dividends	$	243.85		$	205.26

Year to date change in book value per common share	18.1		%	18.5		%
Year to date change in book value per common share plus change in accumulated dividends	18.7		%	19.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends	21.8		%	26.0		%

(1)Represents the acquired goodwill and other intangible assets at September 30, 2025 of $651.3 million (December 31, 2024 - $704.1 million) for the acquisitions of Validus $425.0 million (December 31, 2024 - $476.3 million), TMR $25.2 million (December 31, 2024 - $26.0 million) and Platinum $201.0 million (December 31, 2024 - $201.8 million).

(2)At September 30, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2024 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at September 30, 2025 for the acquisitions of Validus $69.4 million (December 31, 2024 - $168.6 million), TMR $45.7 million (December 31, 2024 - $51.6 million) and Platinum $(0.6) million (December 31, 2024 - $(0.6) million).


			31



Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

The Company has included in this Financial Supplement “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”


	Three months ended September 30, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	(6.0)	%	45.0	%	15.5	%	101.4	%	68.4	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.6)	%	(0.8)	%	(1.3)	%	(2.1)	%	(1.8)	%
Adjusted combined ratio	(7.6)	%	44.2	%	14.2	%	99.3	%	66.6	%

	Three months ended June 30, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	18.2	%	43.7	%	27.4	%	101.8	%	75.1	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.8)	%	(1.2)	%	(1.6)	%	(2.3)	%	(2.1)	%
Adjusted combined ratio	16.4	%	42.5	%	25.8	%	99.5	%	73.0	%

	Three months ended March 31, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	175.6	%	83.6	%	148.7	%	111.1	%	128.3	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.6)	%	(1.5)	%	(1.6)	%	(2.3)	%	(1.9)	%
Adjusted combined ratio	174.0	%	82.1	%	147.1	%	108.8	%	126.4	%

	Three months ended December 31, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	50.2	%	106.3	%	71.6	%	103.7	%	91.7	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.8)	%	(1.8)	%	(2.4)	%	(2.4)	%	(2.3)	%
Adjusted combined ratio	47.4	%	104.5	%	69.2	%	101.3	%	89.4	%

	Three months ended September 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	43.2	%	85.6	%	60.3	%	100.1	%	84.8	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.9)	%	(1.3)	%	(2.2)	%	(2.4)	%	(2.4)	%
Adjusted combined ratio	40.3	%	84.3	%	58.1	%	97.7	%	82.4	%


			32



Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio


	Nine months ended September 30, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
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	%

	Nine months ended September 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	30.6	%	84.1	%	52.6	%	99.3	%	81.3	%
Adjustment for acquisition related purchase accounting adjustments (1)	(3.2)	%	(0.9)	%	(2.4)	%	(2.5)	%	(2.4)	%
Adjusted combined ratio	27.4	%	83.2	%	50.2	%	96.8	%	78.9	%


			33



Comments on Non-GAAP Financial Measures

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain 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 certain 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. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”


	Three months ended September 30, 2025									Three months ended September 30, 2024
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	287,139		$	(63,856)		$	223,283		$	289,687		$	(54,403)		$	235,284
Short term investments	51,855			(25,021)			26,834			46,746			(26,329)			20,417
Equity investments
Fixed income exchange traded funds	15,876			—			15,876			—			—			—
Other equity investments	610			—			610			670			—			670
Other investments
Catastrophe bonds	50,503			(45,605)			4,898			61,175			(51,936)			9,239
Other	27,036			—			27,036			20,937			—			20,937
Cash and cash equivalents	12,045			(873)			11,172			10,226			(549)			9,677
	445,064			(135,355)			309,709			429,441			(133,217)			296,224
Investment expenses	(6,710)			1,618			(5,092)			(5,582)			1,257			(4,325)
Net investment income	$	438,354		$	(133,737)		$	304,617		$	423,859		$	(131,960)		$	291,899

Net investment income return - annualized	5.2		%	(0.3)		%	4.9		%	5.7		%	(0.4)		%	5.3		%

Net realized gains (losses) on fixed maturity investments trading	$	19,293		$	(3,193)		$	16,100		$	22,052		$	(3,556)		$	18,496
Net unrealized gains (losses) on fixed maturity investments trading	66,796			(12,576)			54,220			590,309			(98,305)			492,004
Net realized and unrealized gains (losses) on investment-related derivatives	181,012			1,709			182,721			97,534			(308)			97,226
Net realized gains (losses) on equity investments	541			—			541			340			(142)			198
Net unrealized gains (losses) on equity investments	6,609			(58)			6,551			18,778			66			18,844
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	44,592			(40,212)			4,380			66,291			(55,433)			10,858
Net realized and unrealized gains (losses) on other investments - other	(6,953)			—			(6,953)			148,441			—			148,441
Net realized and unrealized gains (losses) on investments	311,890			(54,330)			257,560			943,745			(157,678)			786,067
Total investment result	$	750,244		$	(188,067)		$	562,177		$	1,367,604		$	(289,638)		$	1,077,966

Average invested assets	$	35,150,285		$	(9,788,981)		$	25,361,304		$	31,781,118		$	(8,913,525)		$	22,867,593

Total investment return - annualized	8.9		%	0.3		%	9.2		%	18.3		%	1.9		%	20.2		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.


			34



Comments on Non-GAAP Financial Measures

Retained Total Investment Result


	Nine months ended September 30, 2025									Nine months ended September 30, 2024
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	854,035		$	(184,187)		$	669,848		$	820,876		$	(155,419)		$	665,457
Short term investments	141,299			(71,880)			69,419			141,923			(75,707)			66,216
Equity investments	25,539			(4)			25,535			1,819			—			1,819
Other investments
Catastrophe bonds	153,205			(132,422)			20,783			177,860			(153,809)			24,051
Other	67,451			—			67,451			59,525			—			59,525
Cash and cash equivalents	35,488			(3,001)			32,487			40,347			(1,777)			38,570
	1,277,017			(391,494)			885,523			1,242,350			(386,712)			855,638
Investment expenses	(20,202)			4,474			(15,728)			(16,871)			4,024			(12,847)
Net investment income	$	1,256,815		$	(387,020)		$	869,795		$	1,225,479		$	(382,688)		$	842,791

Net investment income return - annualized	5.0		%	(0.3)		%	4.7		%	5.5		%	(0.4)		%	5.1		%

Net realized gains (losses) on fixed maturity investments trading	$	27,561		$	(3,891)		$	23,670		$	(33,965)		$	14,404		$	(19,561)
Net unrealized gains (losses) on fixed maturity investments trading	389,382			(65,170)			324,212			353,465			(61,192)			292,273
Net realized and unrealized gains (losses) on investment-related derivatives	498,089			(2,134)			495,955			50,102			(2,981)			47,121
Net realized gains (losses) on equity investments	613			—			613			355			(142)			213
Net unrealized gains (losses) on equity investments	33,366			(157)			33,209			26,368			41			26,409
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(9,837)			5,696			(4,141)			51,091			(42,168)			8,923
Net realized and unrealized gains (losses) on other investments - other	55,376			—			55,376			155,091			—			155,091
Net realized and unrealized gains (losses) on investments	994,550			(65,656)			928,894			602,507			(92,038)			510,469
Total investment result	$	2,251,365		$	(452,676)		$	1,798,689		$	1,827,986		$	(474,726)		$	1,353,260

Average invested assets	$	34,133,294		$	(9,554,554)		$	24,578,740		$	30,603,740		$	(8,712,791)		$	21,890,949

Total investment return - annualized	9.0		%	0.9		%	9.9		%	8.2		%	0.2		%	8.4		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.


			35



Comments on Non-GAAP Financial Measures

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain 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 certain 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. The following table is a reconciliation of consolidated total investments to “retained total investments.”


	September 30, 2025						December 31, 2024
	Managed (1)		Adjustment (2)		Retained (3)		Managed (1)		Adjustment (2)		Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	10,423,051	$	(2,895,613)	$	7,527,438	$	11,001,893	$	(2,567,796)	$	8,434,097
Corporate (4)	8,127,496		(1,739,690)		6,387,806		7,862,423		(1,387,804)		6,474,619
Residential mortgage-backed	2,249,921		(251,054)		1,998,867		1,707,056		(256,383)		1,450,673
Asset-backed	1,456,067		(118,366)		1,337,701		1,422,393		(84,112)		1,338,281
Non-U.S. government	692,295		(159,964)		532,331		618,809		(104,896)		513,913
Agencies	521,942		(127,226)		394,716		623,489		(132,006)		491,483
Commercial mortgage-backed	301,450		(57,170)		244,280		326,451		(56,974)		269,477
Total fixed maturity investments trading, at fair value	23,772,222		(5,349,083)		18,423,139		23,562,514		(4,589,971)		18,972,543

Short term investments, at fair value	6,018,146		(3,094,132)		2,924,014		4,531,655		(3,004,186)		1,527,469

Equity investments, at fair value
Fixed income exchange traded funds	1,329,544		—		1,329,544		—		—		—
Other equity investments	136,289		(425)		135,864		117,756		(160)		117,596
Total equity investments, at fair value	1,465,833		(425)		1,465,408		117,756		(160)		117,596

Other investments, at fair value
Catastrophe bonds	1,709,277		(1,545,583)		163,694		1,984,396		(1,654,924)		329,472
Fund investments:
Private credit funds	1,295,385		—		1,295,385		1,181,146		—		1,181,146
Private equity funds	689,750		—		689,750		609,105		—		609,105
Hedge funds	404,735		—		404,735		338,248		—		338,248
Insurance-linked securities funds	150,979		—		150,979		—		—		—
Direct private equity investments	182,263		—		182,263		211,866		—		211,866
Total other investments, at fair value	4,432,389		(1,545,583)		2,886,806		4,324,761		(1,654,924)		2,669,837

Investments in other ventures, under equity method	115,597		—		115,597		102,770		—		102,770

Total investments	$	35,804,187	$	(9,989,223)	$	25,814,964	$	32,639,456	$	(9,249,241)	$	23,390,215

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.


			36


Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”


	September 30, 2025						December 31, 2024
	Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)		Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	132,855	$	(32,496)	$	100,359	$	(60,748)	$	(5,242)	$	(65,990)
Corporate (4)	83,851		(27,159)		56,692		(57,047)		(65)		(57,112)
Other (5)	660		4,104		4,764		(70,231)		15,055		(55,176)
Total fixed maturity investments trading, at fair value	217,366		(55,551)		161,815		(188,026)		9,748		(178,278)
Short term investments, at fair value	(619)		348		(271)		(511)		414		(97)
Equity investments, at fair value
Fixed income exchange traded funds	16,524		—		16,524		—		—		—
Other equity investments	90,134		(125)		90,009		73,270		41		73,311
Total equity investments, at fair value	106,658		(125)		106,533		73,270		41		73,311
Other investments, at fair value
Catastrophe bonds	34,235		(32,375)		1,860		(16,861)		(11,663)		(28,524)
Fund investments	346,822		—		346,822		256,379		—		256,379
Direct private equity investments	68,727		—		68,727		99,473		—		99,473
Total other investments, at fair value	449,784		(32,375)		417,409		338,991		(11,663)		327,328
Investments in other ventures, under equity method	—		—		—		—		—		—
Total investments	$	773,189	$	(87,703)	$	685,486	$	223,724	$	(1,460)	$	222,264
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)					$	3.48					$	(3.55)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(5)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.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $161.8 million at September 30, 2025 (December 31, 2024 - $(178.3) million). Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.


			37


Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”


	Three months ended				Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(415,200)	$	(450,176)	$	(548,287)	$	(919,734)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests	(13,353)		(101,588)		(68,774)		(49,723)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests	3,418		(16,851)		(13,086)		8,518
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)	(9,935)		(118,439)		(81,860)		(41,205)
Operating (income) loss attributable to redeemable noncontrolling interests	$	(405,265)	$	(331,737)	$	(466,427)	$	(878,529)

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.


			38


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading symbol	Name of each exchange on which registered
Common Shares, Par Value $1.00 per share	RNR	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share	RNR PRF	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share	RNR PRG	New York Stock Exchange