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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2024

 RenaissanceRe Holdings Ltd.

(Exact name of registrant as specified in its charter)

Bermuda

001-14428

98-0141974

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19

(Address of Principal Executive Office)         (Zip Code)

(441) 295-4513

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report).

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

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

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Item 2.02    Results of Operations and Financial Condition.

On April 30, 2024, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2024 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit #    Description

99.1*    Copy of the Company’s press release, issued April 30, 2024.

99.2*    Copy of the Company’s Financial Supplement.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item 2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RENAISSANCERE HOLDINGS LTD.

Date:

By:

/s/ Robert Qutub

April 30, 2024

Robert Qutub

Executive Vice President and Chief Financial Officer

RenaissanceRe Reports $364.8 Million of Net Income Available to Common Shareholders and $636.4 Million of Operating Income Available to Common Shareholders in Q1 2024.

•Annualized return on average common equity of 16.4% and annualized operating return on average common equity of 28.7%.

•Gross premiums written grew by $1.2 billion, or 43.0%. Property grew by $585.7 million, or 44.9%, and Casualty and Specialty grew by $614.7 million, or 41.4%.

•Combined ratio of 77.9% and adjusted combined ratio of 75.4%.

•Fee income of $83.6 million; up 86.6% from Q1 2023.

•Net investment income of $390.8 million; up 53.6% from Q1 2023.

Pembroke, Bermuda, April 30, 2024 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the first quarter of 2024.

Net Income Available to Common Shareholders per Diluted Common Share: $6.94 Operating Income Available to Common Shareholders per Diluted Common Share: $12.18
Underwriting Income $540.7M			Fee Income $83.6M			Net Investment Income $390.8M
Change in Book Value per Common Share: 3.5% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 5.3%

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, Adjusted Combined Ratio, Property Adjusted Combined Ratio and Casualty and Specialty Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

Kevin J. O’Donnell, President and Chief Executive Officer, said, “We are pleased to deliver another exceptional quarter, characterized by strong profitability, substantial growth and persistent tailwinds behind our Three Drivers of Profit. The successful renewal of the RenaissanceRe and Validus portfolio is deepening our partnerships with our customers while broadening our access to attractive risk. This combined underwriting portfolio, along with growing fee and net investment income, should continue to drive significant value for our shareholders.”

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Consolidated Financial Results

			Consolidated Highlights
						Three months ended March 31,
			(in thousands, except per share amounts and percentages)			2024						2023
			Gross premiums written			$	3,990,684					$	2,790,261
			Net premiums written			3,199,573						2,263,703
			Net premiums earned			2,443,910						1,680,550
			Underwriting income (loss)			540,682						369,619
			Combined ratio			77.9		%				78.0		%
			Adjusted combined ratio (1)			75.4		%				77.8		%
			Net Income (Loss)
			Available (attributable) to common shareholders			364,798						564,062
			Available (attributable) to common shareholders per diluted common share			$	6.94					$	12.91
			Return on average common equity - annualized			16.4		%				46.6		%
			Operating Income (Loss) (1)
			Available (attributable) to common shareholders			636,379						364,027
			Available (attributable) to common shareholders per diluted common share			$	12.18					$	8.25
			Operating return on average common equity - annualized (1)			28.7		%				30.0		%
			Book Value per Share
			Book value per common share			$	170.92					$	116.44
			Quarterly change in book value per share (2)			3.5		%				11.3		%
			Quarterly change in book value per common share plus change in accumulated dividends (2)			3.7		%				11.6		%
			Tangible Book Value per Share (1)
			Tangible book value per common share plus accumulated dividends (1)			$	175.92					$	134.46
			Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)			5.3		%				12.7		%

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

(2)Represents the percentage change in value during the periods presented.

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Acquisition of Validus

On November 1, 2023, the Company completed its acquisition (the “Validus Acquisition”) of Validus Holdings, Ltd. (“Validus Holdings”), Validus Specialty, LLC (“Validus Specialty”) and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as “Validus.”

The first quarter of 2024 was the first full quarter that reflected the results of Validus. As such, the results of operations for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, should be viewed in that context. In addition, the results of operations for three months ended March 31, 2024 may not be reflective of the ongoing business of the combined entities.

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Three Drivers of Profit: Underwriting, Fee and Investment Income

Underwriting Results - Property Segment: Combined ratio of 42.9%; increase in gross premiums written of 44.9%

			Property Segment
						Three months ended March 31,												Q/Q Change
			(in thousands, except percentages)			2024						2023
			Gross premiums written			$	1,889,881					$	1,304,199					44.9%
			Net premiums written			1,397,618						1,019,829						37.0%
			Net premiums earned			936,083						687,420						36.2%
			Underwriting income (loss)			534,428						298,679
			Underwriting Ratios
			Net claims and claim expense ratio - current accident year			26.6		%				39.2		%				(12.6)		pts
			Net claims and claim expense ratio - prior accident years			(10.1)		%				(11.9)		%				1.8		pts
			Net claims and claim expense ratio - calendar year			16.5		%				27.3		%				(10.8)		pts
			Underwriting expense ratio			26.4		%				29.3		%				(2.9)		pts
			Combined ratio			42.9		%				56.6		%				(13.7)		pts
			Adjusted combined ratio (1)			40.5		%				56.3		%				(15.8)		pts

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

•Gross premiums written increased by $585.7 million, or 44.9%, driven by:

–a $412.5 million increase in catastrophe, driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, at the January 1, 2024 renewal.

–a $173.1 million increase in other property, reflecting the renewal of business acquired in the Validus Acquisition and organic growth, in both catastrophe and non-catastrophe exposed business.

•Net premiums written increased by $377.8 million, or 37.0%, driven by the increase in gross premiums written discussed above, partially offset by an increase in ceded premiums written as part of the Company’s gross-to-net strategy.

•Combined ratio improved by 13.7 percentage points, and adjusted combined ratio, which removes the impact of acquisition related purchase accounting adjustments, improved by 15.8 percentage points, each primarily due to growth in net premiums earned and the lower level of current accident year net losses.

•Net claims and claim expense ratio - current accident year improved by 12.6 percentage points due to a lower impact from large loss events in the first quarter of 2024 compared to the impact from the large loss events in the first quarter of 2023.

•Net claims and claim expense ratio - prior accident years reflects net favorable development in the first quarter of 2024, primarily from weather-related large losses across the 2017 to 2022 accident years, driven by better than expected loss emergence.

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•Underwriting expense ratio decreased 2.9 percentage points, primarily due to:

–a 1.6 percentage point decrease in the operating expense ratio due, in part, to higher net premiums earned.

–a 1.3 percentage point decrease in the acquisition expense ratio, driven by changes in the mix of business as a result of continued relative growth in catastrophe, which has a lower acquisition expense ratio than other property, partially offset by the increase in acquisition expenses from purchase accounting adjustments related to the Validus Acquisition.

Underwriting Results - Casualty and Specialty Segment: Combined ratio of 99.6% and adjusted combined ratio of 97.1%; increase in gross premiums written of 41.4%

			Casualty and Specialty Segment
						Three months ended March 31,												Q/Q Change
			(in thousands, except percentages)			2024						2023
			Gross premiums written			$	2,100,803					$	1,486,062					41.4%
			Net premiums written			1,801,955						1,243,874						44.9%
			Net premiums earned			1,507,827						993,130						51.8%
			Underwriting income (loss)			6,254						70,940
			Underwriting Ratios
			Net claims and claim expense ratio - current accident year			67.3		%				64.1		%				3.2		pts
			Net claims and claim expense ratio - prior accident years			(0.2)		%				(2.3)		%				2.1		pts
			Net claims and claim expense ratio - calendar year			67.1		%				61.8		%				5.3		pts
			Underwriting expense ratio			32.5		%				31.1		%				1.4		pts
			Combined ratio			99.6		%				92.9		%				6.7		pts
			Adjusted combined ratio (1)			97.1		%				92.6		%				4.5		pts

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

•Gross premiums written increased by $614.7 million, or 41.4%, primarily driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines. In particular, the other specialty line of business grew by $392.4 million as compared to the first quarter of 2023.

•Net premiums written increased 44.9%, consistent with the drivers discussed for gross premiums written above.

•Combined ratio increased by 6.7 percentage points, and adjusted combined ratio, which removes the impact of acquisition related purchase accounting adjustments, increased by 4.5 percentage points, each primarily due to the increase in the net claims and claim expense ratio.

•Net claims and claim expense ratio - current accident year increased by 3.2 percentage points. The Baltimore Bridge Collapse in the first quarter of 2024 added 4.2 points to the net claims and claim expense ratio - current accident year.

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•Net claims and claim expense ratio - prior accident years reflects net favorable development driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the other specialty and credit lines of business, partially offset by the impact of purchase accounting adjustments relating to the Validus Acquisition.

•Underwriting expense ratio increased 1.4 percentage points, which consisted of:

–a 0.8 percentage point increase in the operating expense ratio as compared to the first quarter of 2023, due to a reduction in the benefit from override fees from a decrease in retrocessional reinsurance coverage purchased; and

–a 0.6 percentage point increase in the acquisition expense ratio primarily due to the impact of the purchase accounting adjustments relating to the Validus Acquisition.

Fee Income: $83.6 million of fee income, up 86.6% from Q1 2023; increase in both management and performance fees

			Fee Income
						Three months ended March 31,												Q/Q Change
			(in thousands)			2024						2023
			Total management fee income			$	56,053					$	40,905					$	15,148
			Total performance fee income (loss) (1)			27,497						3,867						23,630
			Total fee income			$	83,550					$	44,772					$	38,778

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

•Management fee income increased $15.1 million, reflecting growth in the Company’s joint ventures and managed funds, specifically DaVinciRe Holdings Ltd. (“DaVinci”), Fontana Holdings L.P. (“Fontana”) and RenaissanceRe Medici Fund Ltd. (“Medici”), as well as the addition of fees earned by AlphaCat Managers Ltd., which was acquired as part of the Validus Acquisition.

•Performance fee income increased $23.6 million, driven by improved underwriting results and prior year favorable development, primarily in DaVinci.

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Investment Results: Total investment result of $177.1 million; net investment income growth of 53.6%

			Investment Results
						Three months ended March 31,												Q/Q Change
			(in thousands, except percentages)			2024						2023
			Net investment income			$	390,775					$	254,378					$	136,397
			Net realized and unrealized gains (losses) on investments			(213,654)						279,451						(493,105)
			Total investment result			$	177,121					$	533,829					$	(356,708)
			Net investment income return - annualized			5.7		%				4.9		%				0.8		pts
			Total investment return - annualized			2.8		%				10.0		%				(7.2)		pts

•Net investment income increased $136.4 million, due to a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity and short term portfolios.

•Net realized and unrealized gains (losses) on investments decreased by $493.1 million, principally driven by:

–Net realized and unrealized losses on fixed maturity investments trading of $202.2 million, primarily driven by increases in interest rates in the current quarter, compared to net realized and unrealized gains of $207.3 million in the first quarter of 2023, due to decreases in interest rates during the comparative period; and

–Net realized and unrealized losses on investment-related derivatives of $57.8 million in the current quarter, compared to net realized and unrealized gains of $12.2 million in the first quarter of 2023. The current and comparative quarter results were primarily driven by the interest rate trends during the periods, as described above.

•Total investments were $29.6 billion at March 31, 2024 (December 31, 2023 - $29.2 billion). Weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.8% and 2.6 years, respectively (December 31, 2023 - 5.8% and 2.6 years, respectively).

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Other Items of Note

•Net income attributable to redeemable noncontrolling interests of $244.8 million was primarily driven by:

–strong underwriting results in DaVinci and Vermeer; and

–strong net investment income driven by higher interest rates and higher yielding assets within the investment portfolios of the Company’s joint ventures and managed funds.

•Raised partner capital of $565.7 million in the first quarter of 2024, primarily in DaVinci ($300.0 million), Medici ($145.7 million) and Fontana ($100.0 million).

•Returned partner capital of $701.2 million during the first quarter of 2024, including $390.7 million of distributions from DaVinci, Vermeer, Medici and Top Layer following strong earnings across these vehicles in 2023.

•Corporate expenses increased by $26.4 million, primarily driven by expenses incurred in support of the Validus Acquisition.

•    Income tax expense of $15.4 million in the current quarter, compared to $28.9 million in the first quarter of 2023. The decrease in income tax expense was primarily driven by investment losses in the first quarter of 2024, compared to investment gains in the first quarter of 2023, partially offset by an increase in operating income in the first quarter of 2024.

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Net Negative Impact

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and (2) redeemable noncontrolling interest, both before consideration of any related income tax benefit (expense).

The Company’s estimates of net negative impact are based on a review of the Company’s potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from this catastrophe event, driven by the magnitude and recent nature of the event, the relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.

Net negative impact on the consolidated financial statements

			Three months ended March 31, 2024						2024 Large Loss Events (1)
			(in thousands)
			Net claims and claims expenses incurred						$	(84,650)
			Assumed reinstatement premiums earned						14,027
			Ceded reinstatement premiums earned						(9,310)
			Earned (lost) profit commissions						—
			Net negative impact on underwriting result						(79,933)
			Redeemable noncontrolling interest						25,420
			Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders						$	(54,513)

Net negative impact on the segment underwriting results and consolidated combined ratio

			Three months ended March 31, 2024						2024 Large Loss Events (1)
			(in thousands, except percentages)
			Net negative impact on Property segment underwriting result						$	(19,058)
			Net negative impact on Casualty and Specialty segment underwriting result						(60,875)
			Net negative impact on underwriting result						$	(79,933)
			Percentage point impact on consolidated combined ratio						3.3

(1)“2024 Large Loss Events” represents the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024 (the “Baltimore Bridge Collapse”).

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Conference Call Details and Additional Information

Non-GAAP Financial Measures and Additional Financial Information

This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “property adjusted combined ratio” and “casualty and specialty 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 - Financial Reports - Financial Supplements” 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, May 1, 2024 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - Webcasts & Presentations” section of the Company’s website at www.renre.com.

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, and the Validus Acquisition and its impact on the Company’s business, 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 it 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 ability of the Company’s ceding companies and delegated authority counterparties to accurately assess 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 on acceptable terms or at all; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; difficulties in integrating Validus; 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

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with its management of capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and Israel and Hamas; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates; the impact of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of new or possible future tax reform legislation and regulations in the jurisdictions in which the Company operates, including recent changes in Bermuda tax law; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in the Company’s joint ventures and managed fund partners; 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

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RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
			Three months ended
			March 31, 2024						March 31, 2023
Revenues
Gross premiums written			$	3,990,684					$	2,790,261
Net premiums written			$	3,199,573					$	2,263,703
Decrease (increase) in unearned premiums			(755,663)						(583,153)
Net premiums earned			2,443,910						1,680,550
Net investment income			390,775						254,378
Net foreign exchange gains (losses)			(35,683)						(14,503)
Equity in earnings (losses) of other ventures			14,127						9,530
Other income (loss)			(50)						(4,306)
Net realized and unrealized gains (losses) on investments			(213,654)						279,451
Total revenues			2,599,425						2,205,100
Expenses
Net claims and claim expenses incurred			1,166,123						801,200
Acquisition expenses			630,921						432,257
Operational expenses			106,184						77,474
Corporate expenses			39,252						12,843
Interest expense			23,104						12,134
Total expenses			1,965,584						1,335,908
Income (loss) before taxes			633,841						869,192
Income tax benefit (expense)			(15,372)						(28,902)
Net income (loss)			618,469						840,290
Net (income) loss attributable to redeemable noncontrolling interests			(244,827)						(267,384)
Net income (loss) attributable to RenaissanceRe			373,642						572,906
Dividends on preference shares			(8,844)						(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	364,798					$	564,062
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic			$	6.96					$	12.95
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted			$	6.94					$	12.91
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)			$	12.18					$	8.25
Average shares outstanding - basic			51,678						42,876
Average shares outstanding - diluted			51,828						43,006
Net claims and claim expense ratio			47.7		%				47.7		%
Underwriting expense ratio			30.2		%				30.3		%
Combined ratio			77.9		%				78.0		%
Return on average common equity - annualized			16.4		%				46.6		%
Operating return on average common equity - annualized (1)			28.7		%				30.0		%

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

12

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RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
			March 31, 2024						December 31, 2023
Assets
Fixed maturity investments trading, at fair value			$	21,309,460					$	20,877,108
Short term investments, at fair value			4,639,165						4,604,079
Equity investments, at fair value			119,992						106,766
Other investments, at fair value			3,468,281						3,515,566
Investments in other ventures, under equity method			99,684						112,624
Total investments			29,636,582						29,216,143
Cash and cash equivalents			1,606,739						1,877,518
Premiums receivable			8,431,335						7,280,682
Prepaid reinsurance premiums			1,282,860						924,777
Reinsurance recoverable			4,993,680						5,344,286
Accrued investment income			196,893						205,713
Deferred acquisition costs and value of business acquired			1,822,163						1,751,437
Deferred tax asset			669,635						685,040
Receivable for investments sold			1,168,305						622,197
Other assets			377,268						323,960
Goodwill and other intangible assets			758,874						775,352
Total assets			$	50,944,334					$	49,007,105
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses			$	20,369,610					$	20,486,869
Unearned premiums			7,247,615						6,136,135
Debt			1,884,411						1,958,655
Reinsurance balances payable			3,353,834						3,186,174
Payable for investments purchased			1,427,932						661,611
Other liabilities			570,164						1,021,872
Total liabilities			34,853,566						33,451,316
Redeemable noncontrolling interests			6,297,983						6,100,831
Shareholders’ Equity
Preference shares			750,000						750,000
Common shares			52,908						52,694
Additional paid-in capital			2,137,343						2,144,459
Accumulated other comprehensive income (loss)			(13,778)						(14,211)
Retained earnings			6,866,312						6,522,016
Total shareholders’ equity attributable to RenaissanceRe			9,792,785						9,454,958
Total liabilities, noncontrolling interests and shareholders’ equity			$	50,944,334					$	49,007,105
Book value per common share			$	170.92					$	165.20

13

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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
			Three months ended March 31, 2024
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	1,889,881					$	2,100,803					$	—					$	3,990,684
Net premiums written			$	1,397,618					$	1,801,955					$	—					$	3,199,573
Net premiums earned			$	936,083					$	1,507,827					$	—					$	2,443,910
Net claims and claim expenses incurred			154,249						1,011,874						—						1,166,123
Acquisition expenses			185,782						445,139						—						630,921
Operational expenses			61,624						44,560						—						106,184
Underwriting income (loss)			$	534,428					$	6,254					$	—					540,682
Net investment income															390,775						390,775
Net foreign exchange gains (losses)															(35,683)						(35,683)
Equity in earnings of other ventures															14,127						14,127
Other income (loss)															(50)						(50)
Net realized and unrealized gains (losses) on investments															(213,654)						(213,654)
Corporate expenses															(39,252)						(39,252)
Interest expense															(23,104)						(23,104)
Income (loss) before taxes and redeemable noncontrolling interests																					633,841
Income tax benefit (expense)															(15,372)						(15,372)
Net (income) loss attributable to redeemable noncontrolling interests															(244,827)						(244,827)
Dividends on preference shares															(8,844)						(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	364,798
Net claims and claim expenses incurred – current accident year			$	248,916					$	1,014,288					$	—					$	1,263,204
Net claims and claim expenses incurred – prior accident years			(94,667)						(2,414)						—						(97,081)
Net claims and claim expenses incurred – total			$	154,249					$	1,011,874					$	—					$	1,166,123
Net claims and claim expense ratio – current accident year			26.6		%				67.3		%										51.7		%
Net claims and claim expense ratio – prior accident years			(10.1)		%				(0.2)		%										(4.0)		%
Net claims and claim expense ratio – calendar year			16.5		%				67.1		%										47.7		%
Underwriting expense ratio			26.4		%				32.5		%										30.2		%
Combined ratio			42.9		%				99.6		%										77.9		%
			Three months ended March 31, 2023
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	1,304,199					$	1,486,062					$	—					$	2,790,261
Net premiums written			$	1,019,829					$	1,243,874					$	—					$	2,263,703
Net premiums earned			$	687,420					$	993,130					$	—					$	1,680,550
Net claims and claim expenses incurred			187,609						613,591						—						801,200
Acquisition expenses			145,319						286,938						—						432,257
Operational expenses			55,813						21,661						—						77,474
Underwriting income (loss)			$	298,679					$	70,940					$	—					369,619
Net investment income															254,378						254,378
Net foreign exchange gains (losses)															(14,503)						(14,503)
Equity in earnings of other ventures															9,530						9,530
Other income (loss)															(4,306)						(4,306)
Net realized and unrealized gains (losses) on investments															279,451						279,451
Corporate expenses															(12,843)						(12,843)
Interest expense															(12,134)						(12,134)
Income (loss) before taxes and redeemable noncontrolling interests																					869,192
Income tax benefit (expense)															(28,902)						(28,902)
Net (income) loss attributable to redeemable noncontrolling interests															(267,384)						(267,384)
Dividends on preference shares															(8,844)						(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	564,062
Net claims and claim expenses incurred – current accident year			$	269,302					$	636,650					$	—					$	905,952
Net claims and claim expenses incurred – prior accident years			(81,693)						(23,059)						—						(104,752)
Net claims and claim expenses incurred – total			$	187,609					$	613,591					$	—					$	801,200
Net claims and claim expense ratio – current accident year			39.2		%				64.1		%										53.9		%
Net claims and claim expense ratio – prior accident years			(11.9)		%				(2.3)		%										(6.2)		%
Net claims and claim expense ratio – calendar year			27.3		%				61.8		%										47.7		%
Underwriting expense ratio			29.3		%				31.1		%										30.3		%
Combined ratio			56.6		%				92.9		%										78.0		%

14

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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
			Three months ended
			March 31, 2024																								March 31, 2023
Property Segment
Catastrophe			$	1,341,137																							$	928,595
Other property			548,744																								375,604
Property segment gross premiums written			$	1,889,881																							$	1,304,199
Casualty and Specialty Segment
General casualty (1)			$	588,566																							$	467,892
Professional liability (2)			370,481																								382,253
Credit (3)			345,132																								231,676
Other specialty (4)			796,624																								404,241
Casualty and Specialty segment gross premiums written			$	2,100,803																							$	1,486,062

(1)			Includes automobile liability, casualty clash, employer’s 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 classes of business, and are allocated accordingly.

15

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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
			Three months ended
			March 31, 2024						March 31, 2023
Fixed maturity investments trading			$	257,289					$	155,500
Short term investments			46,791						32,950
Equity investments			560						3,399
Other investments
Catastrophe bonds			58,249						38,831
Other			17,925						24,571
Cash and cash equivalents			14,722						4,264
			395,536						259,515
Investment expenses			(4,761)						(5,137)
Net investment income			$	390,775					$	254,378
Net investment income return - annualized			5.7		%				4.9		%
Net realized gains (losses) on fixed maturity investments trading			$	9,796					$	(104,765)
Net unrealized gains (losses) on fixed maturity investments trading			(211,996)						312,026
Net realized and unrealized gains (losses) on fixed maturity investments trading			(202,200)						207,261
Net realized and unrealized gains (losses) on investment-related derivatives			(57,806)						12,162
Net realized gains (losses) on equity investments			—						(8,738)
Net unrealized gains (losses) on equity investments			13,097						39,151
Net realized and unrealized gains (losses) on equity investments			13,097						30,413
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			18,907						24,126
Net realized and unrealized gains (losses) on other investments - other			14,348						5,489
Net realized and unrealized gains (losses) on investments			(213,654)						279,451
Total investment result			$	177,121					$	533,829
Total investment return - annualized			2.8		%				10.0		%

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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 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) corporate expenses associated with acquisitions and dispositions, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax asset, (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.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

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			Three months ended
(in thousands of United States Dollars, except per share amounts and percentages)			March 31, 2024						March 31, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	364,798					$	564,062
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			232,561						(255,325)
Net foreign exchange losses (gains)			35,683						14,503
Corporate expenses associated with acquisitions and dispositions			20,266						—
Acquisition related purchase accounting adjustments (1)			60,560						4,019
Bermuda net deferred tax asset (2)			(7,890)						—
Income tax expense (benefit) (3)			(12,772)						11,322
Net income (loss) attributable to redeemable noncontrolling interests (4)			(56,827)						25,446
Operating income (loss) available (attributable) to RenaissanceRe common shareholders			$	636,379					$	364,027
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	6.94					$	12.91
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			4.49						(5.94)
Net foreign exchange losses (gains)			0.69						0.34
Corporate expenses associated with acquisitions and dispositions			0.39						—
Acquisition related purchase accounting adjustments (1)			1.17						0.09
Bermuda net deferred tax asset (2)			(0.15)						—
Income tax expense (benefit) (3)			(0.25)						0.26
Net income (loss) attributable to redeemable noncontrolling interests (4)			(1.10)						0.59
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	12.18					$	8.25
Return on average common equity - annualized			16.4		%				46.6		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			10.7		%				(21.1)		%
Net foreign exchange losses (gains)			1.6		%				1.2		%
Corporate expenses associated with acquisitions and dispositions			0.9		%				—		%
Acquisition related purchase accounting adjustments (1)			2.7		%				0.3		%
Bermuda net deferred tax asset (2)			(0.4)		%				—		%
Income tax expense (benefit) (3)			(0.6)		%				0.9		%
Net income (loss) attributable to redeemable noncontrolling interests (4)			(2.6)		%				2.1		%
Operating return on average common equity - annualized			28.7		%				30.0		%

(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2024 for the acquisitions of Validus $56.9 million (2023 - $Nil); and TMR and Platinum $3.7 million (2023 - $4.0 million).

(2)Represents a net deferred tax benefit recorded during the period in connection with the enactment of the 15% Bermuda corporate income tax on December 27, 2023.

(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.

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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) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets. “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) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets, 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.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

			March 31, 2024																								March 31, 2023
Book value per common share			$	170.92																							$	116.44
Adjustment for:
Acquisition related goodwill and other intangible assets (1)			(14.35)																								(5.38)
Other goodwill and intangible assets (2)			(0.34)																								(0.40)
Acquisition related purchase accounting adjustments (3)			(7.22)																								(1.58)
Tangible book value per common share			149.01																								109.08
Adjustment for accumulated dividends			26.91																								25.38
Tangible book value per common share plus accumulated dividends			$	175.92																							$	134.46
Quarterly change in book value per common share			3.5		%																						11.3		%
Quarterly change in book value per common share plus change in accumulated dividends			3.7		%																						11.6		%
Quarterly change in tangible book value per common share plus change in accumulated dividends			5.3		%																						12.7		%

(1)Represents the acquired goodwill and other intangible assets at March 31, 2024 for the acquisitions of Validus $527.4 million (March 31, 2023 - $Nil), TMR $26.9 million (March 31, 2023 - $28.0 million) and Platinum $204.6 million (March 31, 2023 - $208.5 million).

(2)At March 31, 2024, the adjustment for other goodwill and intangible assets included $18.0 million (March 31, 2023 - $17.5 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at March 31, 2024 for the acquisitions of Validus $323.3 million (March 31, 2023 - $Nil), TMR $59.6 million (March 31, 2023 - $70.6 million) and Platinum $(0.8) million (March 31, 2023 - $(0.8) million).

19

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Adjusted Combined Ratio

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

			Three months ended March 31, 2024
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			19.8		%				75.3		%				42.9		%				99.6		%				77.9		%
Adjustment for acquisition related purchase accounting adjustments (1)			(3.6)		%				(0.7)		%				(2.4)		%				(2.5)		%				(2.5)		%
Adjusted combined ratio			16.2		%				74.6		%				40.5		%				97.1		%				75.4		%
			Three months ended March 31, 2023
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			21.3		%				93.7		%				56.6		%				92.9		%				78.0		%
Adjustment for acquisition related purchase accounting adjustments (1)			(0.3)		%				(0.1)		%				(0.3)		%				(0.3)		%				(0.2)		%
Adjusted combined ratio			21.0		%				93.6		%				56.3		%				92.6		%				77.8		%

(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.

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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.			Consolidated Segment Underwriting Results						5
b.			Consolidated and Segment Underwriting Results - Five Quarter Trend						6
c.			Property Segment - Catastrophe and Other Property Underwriting Results						9
d.			Gross Premiums Written						10
e.			Net Premiums Written						11
f.			Net Premiums Earned						12
g.			Reserves for Claims and Claim Expenses						13
h.			Paid to Incurred Analysis						14
Managed Joint Ventures and Fee Income
a.			Fee Income						15
b.			Fee income - Five Quarter Trend						16
c.			Noncontrolling Interests						17
d.			DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations						19
Investments
a.			Total Investment Result						20
b.			Investments Composition						21
c.			Managed Investments - Credit Rating						22
d.			Retained Investments - Credit Rating						23
Other Items
a.			Earnings per Share						24
Comments on Non-GAAP Financial Measures									25

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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.

On November 1, 2023, the Company completed its acquisition (the “Validus Acquisition”) of Validus Holdings, Ltd. (“Validus Holdings”), Validus Specialty, LLC (“Validus Specialty”) and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as “Validus.” The operating activities of Validus are included in the Company’s consolidated statements of operations starting from the acquisition date, November 1, 2023. As such, the results of operations and comparisons to prior periods should be viewed in that context.

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,” “property adjusted combined ratio” and “casualty and specialty adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 25 through 33 for “Comments on Non-GAAP Financial Measures.”

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

			i

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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, and the Validus Acquisition and its impact on the Company’s business, 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 it 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 ability of the Company’s ceding companies and delegated authority counterparties to accurately assess 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 on acceptable terms or at all; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; difficulties in integrating Validus; 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 in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws and regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and Israel and Hamas; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in prevailing interest rates; the impact of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of new or possible future tax reform legislation and regulations in the jurisdictions in which the Company operates, including recent changes in Bermuda tax law; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in the Company’s joint ventures and managed fund partners; 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

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RenaissanceRe Holdings Ltd.
Financial Highlights
			Three months ended
			March 31, 2024																								March 31, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	364,798																							$	564,062
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)			$	636,379																							$	364,027
Underwriting income
Gross premiums written			$	3,990,684																							$	2,790,261
Net premiums written			3,199,573																								2,263,703
Net premiums earned			2,443,910																								1,680,550
Underwriting income (loss)			540,682																								369,619
Net claims and claim expense ratio:
Current accident year			51.7		%																						53.9		%
Prior accident years			(4.0)		%																						(6.2)		%
Calendar year			47.7		%																						47.7		%
Acquisition expense ratio			25.9		%																						25.7		%
Operating expense ratio			4.3		%																						4.6		%
Combined ratio			77.9		%																						78.0		%
Adjusted combined ratio (1)			75.4		%																						77.8		%
Fee income
Management fee income			$	56,053																							$	40,905
Performance fee income			27,497																								3,867
Total fee income			$	83,550																							$	44,772
Investment results - managed
Net investment income			$	390,775																							$	254,378
Net realized and unrealized gains (losses) on investments			(213,654)																								279,451
Total investment result			$	177,121																							$	533,829
Total investment return - annualized			2.8		%																						10.0		%
Investment results - retained (1)
Net investment income			$	267,477																							$	168,009
Net realized and unrealized gains (losses) on investments			(193,839)																								225,547
Total investment result			$	73,638																							$	393,556
Total investment return - annualized			1.6		%																						10.8		%

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

                 

			1

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Financial Highlights - Per Share Data & ROE
			Three months ended
			March 31, 2024						March 31, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	6.96					$	12.95
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	6.94					$	12.91
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)			$	12.18					$	8.25
Average shares outstanding - basic			51,678						42,876
Average shares outstanding - diluted			51,828						43,006
Return on average common equity - annualized			16.4		%				46.6		%
Operating return on average common equity - annualized (1)			28.7		%				30.0		%
			March 31, 2024						December 31, 2023
Book value per common share			$	170.92					$	165.20
Tangible book value per common share (1)			$	149.01					$	141.87
Tangible book value per common share plus accumulated dividends (1)			$	175.92					$	168.39
Year to date change in book value per common share plus change in accumulated dividends			3.7		%				59.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)			5.3		%				47.6		%

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

                 

			2

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Summary Consolidated Financial Statements
Consolidated Statements of Operations
			Three months ended
			March 31, 2024																								March 31, 2023
Revenues
Gross premiums written			$	3,990,684																							$	2,790,261
Net premiums written			$	3,199,573																							$	2,263,703
Decrease (increase) in unearned premiums			(755,663)																								(583,153)
Net premiums earned			2,443,910																								1,680,550
Net investment income			390,775																								254,378
Net foreign exchange gains (losses)			(35,683)																								(14,503)
Equity in earnings (losses) of other ventures			14,127																								9,530
Other income (loss)			(50)																								(4,306)
Net realized and unrealized gains (losses) on investments			(213,654)																								279,451
Total revenues			2,599,425																								2,205,100
Expenses
Net claims and claim expenses incurred			1,166,123																								801,200
Acquisition expenses			630,921																								432,257
Operational expenses			106,184																								77,474
Corporate expenses			39,252																								12,843
Interest expense			23,104																								12,134
Total expenses			1,965,584																								1,335,908
Income (loss) before taxes			633,841																								869,192
Income tax benefit (expense)			(15,372)																								(28,902)
Net income (loss)			618,469																								840,290
Net (income) loss attributable to redeemable noncontrolling interests			(244,827)																								(267,384)
Net income (loss) attributable to RenaissanceRe			373,642																								572,906
Dividends on preference shares			(8,844)																								(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	364,798																							$	564,062

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

                 

			3

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Summary Consolidated Financial Statements
Consolidated Balance Sheets
			March 31, 2024												December 31, 2023
Assets
Fixed maturity investments trading, at fair value – amortized cost $21,519,144 at March 31, 2024 (December 31, 2023 – $20,872,450)			$	21,309,460											$	20,877,108
Short term investments, at fair value - amortized cost $4,639,713 at March 31, 2024 (December 31, 2023 - $4,603,340)			4,639,165												4,604,079
Equity investments, at fair value			119,992												106,766
Other investments, at fair value			3,468,281												3,515,566
Investments in other ventures, under equity method			99,684												112,624
Total investments			29,636,582												29,216,143
Cash and cash equivalents			1,606,739												1,877,518
Premiums receivable			8,431,335												7,280,682
Prepaid reinsurance premiums			1,282,860												924,777
Reinsurance recoverable			4,993,680												5,344,286
Accrued investment income			196,893												205,713
Deferred acquisition costs and value of business acquired			1,822,163												1,751,437
Deferred tax asset			669,635												685,040
Receivable for investments sold			1,168,305												622,197
Other assets			377,268												323,960
Goodwill and other intangibles			758,874												775,352
Total assets			$	50,944,334											$	49,007,105
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses			$	20,369,610											$	20,486,869
Unearned premiums			7,247,615												6,136,135
Debt			1,884,411												1,958,655
Reinsurance balances payable			3,353,834												3,186,174
Payable for investments purchased			1,427,932												661,611
Other liabilities			570,164												1,021,872
Total liabilities			34,853,566												33,451,316
Redeemable noncontrolling interests			6,297,983												6,100,831
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 30,000)			750,000												750,000
Common shares: $1.00 par value – 52,907,663 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 52,693,887)			52,908												52,694
Additional paid-in capital			2,137,343												2,144,459
Accumulated other comprehensive loss			(13,778)												(14,211)
Retained earnings			6,866,312												6,522,016
Total shareholders’ equity attributable to RenaissanceRe			9,792,785												9,454,958
Total liabilities, noncontrolling interests and shareholders’ equity			$	50,944,334											$	49,007,105
Book value per common share			$	170.92											$	165.20

                 

			4

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Underwriting and Reserves
Consolidated Segment Underwriting Results
			Three months ended March 31, 2024																		Three months ended March 31, 2023
			Property						Casualty and Specialty												Total						Property						Casualty and Specialty												Total
Gross premiums written			$	1,889,881					$	2,100,803											$	3,990,684					$	1,304,199					$	1,486,062											$	2,790,261
Net premiums written			$	1,397,618					$	1,801,955											$	3,199,573					$	1,019,829					$	1,243,874											$	2,263,703
Net premiums earned			$	936,083					$	1,507,827											$	2,443,910					$	687,420					$	993,130											$	1,680,550
Net claims and claim expenses incurred			154,249						1,011,874												1,166,123						187,609						613,591												801,200
Acquisition expenses			185,782						445,139												630,921						145,319						286,938												432,257
Operational expenses			61,624						44,560												106,184						55,813						21,661												77,474
Underwriting income (loss)			$	534,428					$	6,254											$	540,682					$	298,679					$	70,940											$	369,619
Net claims and claim expenses incurred:
Current accident year			$	248,916					$	1,014,288											$	1,263,204					$	269,302					$	636,650											$	905,952
Prior accident years			(94,667)						(2,414)												(97,081)						(81,693)						(23,059)												(104,752)
Total			$	154,249					$	1,011,874											$	1,166,123					$	187,609					$	613,591											$	801,200
Net claims and claim expense ratio:
Current accident year			26.6		%				67.3		%										51.7		%				39.2		%				64.1		%										53.9		%
Prior accident years			(10.1)		%				(0.2)		%										(4.0)		%				(11.9)		%				(2.3)		%										(6.2)		%
Calendar year			16.5		%				67.1		%										47.7		%				27.3		%				61.8		%										47.7		%
Acquisition expense ratio			19.9		%				29.5		%										25.9		%				21.2		%				28.9		%										25.7		%
Operating expense ratio			6.5		%				3.0		%										4.3		%				8.1		%				2.2		%										4.6		%
Combined ratio			42.9		%				99.6		%										77.9		%				56.6		%				92.9		%										78.0		%
Adjusted combined ratio (1)			40.5		%				97.1		%										75.4		%				56.3		%				92.6		%										77.8		%

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

                 

			5

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Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
			Total
			March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023
Gross premiums written			$	3,990,684					$	1,802,041					$	1,618,443					$	2,651,621					$	2,790,261
Net premiums written			$	3,199,573					$	1,587,047					$	1,421,260					$	2,195,803					$	2,263,703
Net premiums earned			$	2,443,910					$	2,249,445					$	1,755,876					$	1,785,262					$	1,680,550
Net claims and claim expenses incurred			1,166,123						979,522						861,576						931,211						801,200
Acquisition expenses			630,921						594,487						425,745						422,545						432,257
Operational expenses			106,184						134,466						82,751						80,491						77,474
Underwriting income (loss)			$	540,682					$	540,970					$	385,804					$	351,015					$	369,619
Net claims and claim expenses incurred:
Current accident year			$	1,263,204					$	1,135,332					$	1,019,523					$	963,309					$	905,952
Prior accident years			(97,081)						(155,810)						(157,947)						(32,098)						(104,752)
Total			$	1,166,123					$	979,522					$	861,576					$	931,211					$	801,200
Net claims and claim expense ratio:
Current accident year			51.7		%				50.5		%				58.1		%				54.0		%				53.9		%
Prior accident years			(4.0)		%				(7.0)		%				(9.0)		%				(1.8)		%				(6.2)		%
Calendar year			47.7		%				43.5		%				49.1		%				52.2		%				47.7		%
Acquisition expense ratio			25.9		%				26.5		%				24.2		%				23.6		%				25.7		%
Operating expense ratio			4.3		%				6.0		%				4.7		%				4.5		%				4.6		%
Combined ratio			77.9		%				76.0		%				78.0		%				80.3		%				78.0		%

                 

			6

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Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
			Property
			March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023
Gross premiums written			$	1,889,881					$	344,597					$	511,012					$	1,402,606					$	1,304,199
Net premiums written			$	1,397,618					$	357,953					$	444,872					$	1,144,655					$	1,019,829
Net premiums earned			$	936,083					$	884,321					$	760,365					$	758,686					$	687,420
Net claims and claim expenses incurred			154,249						123,942						206,361						281,993						187,609
Acquisition expenses			185,782						170,854						143,348						140,606						145,319
Operational expenses			61,624						85,919						54,624						55,077						55,813
Underwriting income (loss)			$	534,428					$	503,606					$	356,032					$	281,010					$	298,679
Net claims and claim expenses incurred:
Current accident year			$	248,916					$	275,638					$	350,238					$	313,632					$	269,302
Prior accident years			(94,667)						(151,696)						(143,877)						(31,639)						(81,693)
Total			$	154,249					$	123,942					$	206,361					$	281,993					$	187,609
Net claims and claim expense ratio:
Current accident year			26.6		%				31.2		%				46.1		%				41.3		%				39.2		%
Prior accident years			(10.1)		%				(17.2)		%				(19.0)		%				(4.1)		%				(11.9)		%
Calendar year			16.5		%				14.0		%				27.1		%				37.2		%				27.3		%
Acquisition expense ratio			19.9		%				19.4		%				18.9		%				18.5		%				21.2		%
Operating expense ratio			6.5		%				9.7		%				7.2		%				7.3		%				8.1		%
Combined ratio			42.9		%				43.1		%				53.2		%				63.0		%				56.6		%

                 

			7

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Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
			Casualty and Specialty
			March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023
Gross premiums written			$	2,100,803					$	1,457,444					$	1,107,431					$	1,249,015					$	1,486,062
Net premiums written			$	1,801,955					$	1,229,094					$	976,388					$	1,051,148					$	1,243,874
Net premiums earned			$	1,507,827					$	1,365,124					$	995,511					$	1,026,576					$	993,130
Net claims and claim expenses incurred			1,011,874						855,580						655,215						649,218						613,591
Acquisition expenses			445,139						423,633						282,397						281,939						286,938
Operational expenses			44,560						48,547						28,127						25,414						21,661
Underwriting income (loss)			$	6,254					$	37,364					$	29,772					$	70,005					$	70,940
Net claims and claim expenses incurred:
Current accident year			$	1,014,288					$	859,694					$	669,285					$	649,677					$	636,650
Prior accident years			(2,414)						(4,114)						(14,070)						(459)						(23,059)
Total			$	1,011,874					$	855,580					$	655,215					$	649,218					$	613,591
Net claims and claim expense ratio:
Current accident year			67.3		%				63.0		%				67.2		%				63.3		%				64.1		%
Prior accident years			(0.2)		%				(0.3)		%				(1.4)		%				(0.1)		%				(2.3)		%
Calendar year			67.1		%				62.7		%				65.8		%				63.2		%				61.8		%
Acquisition expense ratio			29.5		%				31.0		%				28.4		%				27.5		%				28.9		%
Operating expense ratio			3.0		%				3.6		%				2.8		%				2.5		%				2.2		%
Combined ratio			99.6		%				97.3		%				97.0		%				93.2		%				92.9		%

                 

			8

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Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
			Three months ended March 31, 2024																		Three months ended March 31, 2023
			Catastrophe						Other Property						Total						Catastrophe						Other Property						Total
Gross premiums written			$	1,341,137					$	548,744					$	1,889,881					$	928,595					$	375,604					$	1,304,199
Net premiums written			$	1,063,723					$	333,895					$	1,397,618					$	816,487					$	203,342					$	1,019,829
Net premiums earned			$	546,195					$	389,888					$	936,083					$	352,753					$	334,667					$	687,420
Net claims and claim expenses incurred			(24,829)						179,078						154,249						(12,812)						200,421						187,609
Acquisition expenses			82,790						102,992						185,782						42,050						103,269						145,319
Operational expenses			50,140						11,484						61,624						45,809						10,004						55,813
Underwriting income (loss)			$	438,094					$	96,334					$	534,428					$	277,706					$	20,973					$	298,679
Net claims and claim expenses incurred:
Current accident year			$	27,682					$	221,234					$	248,916					$	67,599					$	201,703					$	269,302
Prior accident years			(52,511)						(42,156)						(94,667)						(80,411)						(1,282)						(81,693)
Total			$	(24,829)					$	179,078					$	154,249					$	(12,812)					$	200,421					$	187,609
Net claims and claim expense ratio:
Current accident year			5.1		%				56.7		%				26.6		%				19.2		%				60.3		%				39.2		%
Prior accident years			(9.6)		%				(10.8)		%				(10.1)		%				(22.8)		%				(0.4)		%				(11.9)		%
Calendar year			(4.5)		%				45.9		%				16.5		%				(3.6)		%				59.9		%				27.3		%
Acquisition expense ratio			15.2		%				26.4		%				19.9		%				11.9		%				30.8		%				21.2		%
Operating expense ratio			9.2		%				2.9		%				6.5		%				13.0		%				3.0		%				8.1		%
Combined ratio			19.8		%				75.3		%				42.9		%				21.3		%				93.7		%				56.6		%
Adjusted combined ratio (1)			16.2		%				74.6		%				40.5		%				21.0		%				93.6		%				56.3		%

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

                 

			9

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Underwriting and Reserves
Gross Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change
			March 31, 2024						March 31, 2023
Property Segment
Catastrophe			$	1,364,673					$	954,987					$	409,686					42.9		%
Catastrophe - gross reinstatement premiums			(23,536)						(26,392)						2,856						(10.8)		%
Total catastrophe gross premiums written			1,341,137						928,595						412,542						44.4		%
Other property			542,151						377,851						164,300						43.5		%
Other property - gross reinstatement premiums			6,593						(2,247)						8,840						(393.4)		%
Total other property gross premiums written			548,744						375,604						173,140						46.1		%
Property segment gross premiums written			$	1,889,881					$	1,304,199					$	585,682					44.9		%
Casualty and Specialty Segment
General casualty (1)			$	588,566					$	467,892					$	120,674					25.8		%
Professional liability (2)			370,481						382,253						(11,772)						(3.1)		%
Credit (3)			345,132						231,676						113,456						49.0		%
Other specialty (4)			796,624						404,241						392,383						97.1		%
Casualty and Specialty segment gross premiums written			$	2,100,803					$	1,486,062					$	614,741					41.4		%

(1)			Includes automobile liability, casualty clash, employer’s 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 classes of business, and are allocated accordingly.

                 

			10

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Underwriting and Reserves
Net Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change
			March 31, 2024						March 31, 2023
Property Segment
Catastrophe			$	1,084,181					$	840,126					$	244,055					29.0		%
Catastrophe - net reinstatement premiums			(20,458)						(23,639)						3,181						(13.5)		%
Total catastrophe net premiums written			1,063,723						816,487						247,236						30.3		%
Other property			328,814						207,247						121,567						58.7		%
Other property - net reinstatement premiums			5,081						(3,905)						8,986						(230.1)		%
Total other property net premiums written			333,895						203,342						130,553						64.2		%
Property segment net premiums written			$	1,397,618					$	1,019,829					$	377,789					37.0		%
Casualty and Specialty Segment
General casualty (1)			$	564,426					$	422,420					$	142,006					33.6		%
Professional liability (2)			343,068						310,912						32,156						10.3		%
Credit (3)			275,350						165,544						109,806						66.3		%
Other specialty (4)			619,111						344,998						274,113						79.5		%
Casualty and Specialty segment net premiums written			$	1,801,955					$	1,243,874					$	558,081					44.9		%

(1)			Includes automobile liability, casualty clash, employer’s 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 classes of business, and are allocated accordingly.

                 

			11

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Underwriting and Reserves
Net Premiums Earned
			Three months ended												Q/Q $ Change						Q/Q % Change
			March 31, 2024						March 31, 2023
Property Segment
Catastrophe			$	566,653					$	376,392					$	190,261					50.5		%
Catastrophe - net reinstatement premiums			(20,458)						(23,639)						3,181						(13.5)		%
Total catastrophe net premiums earned			546,195						352,753						193,442						54.8		%
Other property			384,807						338,572						46,235						13.7		%
Other property - net reinstatement premiums			5,081						(3,905)						8,986						(230.1)		%
Total other property net premiums earned			389,888						334,667						55,221						16.5		%
Property segment net premiums earned			$	936,083					$	687,420					$	248,663					36.2		%
Casualty and Specialty Segment
General casualty (1)			$	512,542					$	326,628					$	185,914					56.9		%
Professional liability (2)			309,110						292,831						16,279						5.6		%
Credit (3)			202,080						127,331						74,749						58.7		%
Other specialty (4)			484,095						246,340						237,755						96.5		%
Casualty and Specialty segment net premiums earned			$	1,507,827					$	993,130					$	514,697					51.8		%

(1)			Includes automobile liability, casualty clash, employer’s 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 classes of business, and are allocated accordingly.

                 

			12

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Underwriting and Reserves
Reserves for Claims and Claim Expenses
			Case Reserves						Additional Case Reserves						IBNR						Total
March 31, 2024
Property			$	2,280,896					$	1,337,581					$	3,584,236					$	7,202,713
Casualty and Specialty			2,846,731						176,242						10,143,924						13,166,897
Total			$	5,127,627					$	1,513,823					$	13,728,160					$	20,369,610
December 31, 2023
Property			$	2,461,580					$	1,459,010					$	3,913,030					$	7,833,620
Casualty and Specialty			2,801,016						203,560						9,648,673						12,653,249
Total			$	5,262,596					$	1,662,570					$	13,561,703					$	20,486,869

                 

			13

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RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
			Three months ended March 31, 2024																		Three months ended March 31, 2023
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for claims and claim expenses, beginning of period			$	20,486,869					$	5,344,286					$	15,142,583					$	15,892,573					$	4,710,925					$	11,181,648
Incurred claims and claim expenses
Current year			1,436,689						173,485						1,263,204						1,067,128						161,176						905,952
Prior years			(277,066)						(179,985)						(97,081)						(107,424)						(2,672)						(104,752)
Total incurred claims and claim expenses			1,159,623						(6,500)						1,166,123						959,704						158,504						801,200
Paid claims and claim expenses
Current year			45,012						4,355						40,657						30,982						4,013						26,969
Prior years			1,194,652						322,447						872,205						857,853						166,985						690,868
Total paid claims and claim expenses			1,239,664						326,802						912,862						888,835						170,998						717,837
Foreign exchange and other (1)			(37,218)						(17,304)						(19,914)						33,384						8,240						25,144
Reserve for claims and claim expenses, end of period			$	20,369,610					$	4,993,680					$	15,375,930					$	15,996,826					$	4,706,671					$	11,290,155

(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 deals accounted for under retroactive reinsurance accounting.

                 

			14

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Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.

			Three months ended
			March 31, 2024																								March 31, 2023
Management fee income			$	56,053																							$	40,905
Performance fee income (loss) (1)			27,497																								3,867
Total fee income			$	83,550																							$	44,772

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

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended
			March 31, 2024																								March 31, 2023
Fee income contributing to:
Underwriting income (loss) (1)			$	14,694																							$	13,141
Earnings from equity method investments (2)			(355)																								(141)
Redeemable noncontrolling interests (3)			69,211																								31,772
Total fee income			$	83,550																							$	44,772

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operational expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

                 

			15

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Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party.

			Three months ended
			March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023
Management fee income			$	56,053					$	47,769					$	44,486					$	43,439					$	40,905
Performance fee income (loss) (1)			27,497						23,014						20,072						13,242						3,867
Total fee income			$	83,550					$	70,783					$	64,558					$	56,681					$	44,772

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

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended
			March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023
Fee income contributing to:
Underwriting income (loss) (1)			$	14,694					$	6,234					$	6,873					$	8,184					$	13,141
Earnings from equity method investments (2)			(355)						(419)						(446)						(417)						(141)
Redeemable noncontrolling interests (3)			69,211						64,968						58,131						48,914						31,772
Total fee income			$	83,550					$	70,783					$	64,558					$	56,681					$	44,772

(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operational expenses or acquisition expenses.

(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company’s Consolidated Managed Joint Ventures.

                 

			16

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Managed Joint Ventures and Fee Income

Noncontrolling Interests

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

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

			Three months ended
			March 31, 2024																								March 31, 2023
Redeemable noncontrolling interests - DaVinci			$	(148,013)																							$	(166,082)
Redeemable noncontrolling interests - Medici			(46,269)																								(45,069)
Redeemable noncontrolling interests - Vermeer			(52,971)																								(47,405)
Redeemable noncontrolling interests - Fontana			2,426																								(8,828)
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(244,827)																							$	(267,384)

			Three months ended
			March 31, 2024									March 31, 2023
Operating (income) loss attributable to redeemable noncontrolling interests (2)			$	(301,654)								$	(241,938)
Non-operating (income) loss attributable to redeemable noncontrolling interests			56,827									(25,446)
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(244,827)								$	(267,384)

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

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

                 

			17

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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:

			March 31, 2024												December 31, 2023
Redeemable noncontrolling interests - DaVinci			$	2,634,555											$	2,541,482
Redeemable noncontrolling interests - Medici			1,778,763												1,650,229
Redeemable noncontrolling interests - Vermeer			1,433,268												1,555,297
Redeemable noncontrolling interests - Fontana			451,397												353,823
Redeemable noncontrolling interests			$	6,297,983											$	6,100,831

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

			March 31, 2024												December 31, 2023
DaVinci			76.1		%										72.2		%
Medici			88.6		%										88.3		%
Vermeer			100.0		%										100.0		%
Fontana			73.5		%										68.4		%

                 

			18

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Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
			Three months ended
			March 31, 2024																								March 31, 2023
Revenues
Gross premiums written			$	690,235																							$	528,779
Net premiums written			$	650,572																							$	519,169
Decrease (increase) in unearned premiums			(361,746)																								(311,282)
Net premiums earned			288,826																								207,887
Net investment income			57,576																								43,898
Net foreign exchange gains (losses)			(1,967)																								(1,507)
Net realized and unrealized gains (losses) on investments			(38,720)																								38,379
Total revenues			305,715																								288,657
Expenses
Net claims and claim expenses incurred			6,397																								9,691
Acquisition expenses			67,085																								26,334
Operational and corporate expenses			35,100																								26,803
Interest expense			1,858																								1,858
Total expenses			110,440																								64,686
Income (loss) before taxes			195,275																								223,971
Income tax benefit (expense)			(798)																								(1,589)
Net income (loss) available (attributable) to DaVinci common shareholders			$	194,477																							$	222,382
Net claims and claim expenses incurred - current accident year			$	57,913																							$	46,999
Net claims and claim expenses incurred - prior accident years			(51,516)																								(37,308)
Net claims and claim expenses incurred - total			$	6,397																							$	9,691
Net claims and claim expense ratio - current accident year			20.1		%																						22.6		%
Net claims and claim expense ratio - prior accident years			(17.9)		%																						(17.9)		%
Net claims and claim expense ratio - calendar year			2.2		%																						4.7		%
Underwriting expense ratio			35.4		%																						25.5		%
Combined ratio			37.6		%																						30.2		%

                 

			19

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Investments
Total Investment Result
			Managed (1)												Retained (2)
			Three months ended												Three months ended
			March 31, 2024																								March 31, 2023						March 31, 2024						March 31, 2023
Fixed maturity investments trading			$	257,289																							$	155,500					$	208,224					$	121,893
Short term investments			46,791																								32,950						22,868						12,456
Equity investments			560																								3,399						560						3,399
Other investments
Catastrophe bonds			58,249																								38,831						7,430						6,029
Other			17,925																								24,571						17,925						24,571
Cash and cash equivalents			14,722																								4,264						13,876						4,012
			395,536																								259,515						270,883						172,360
Investment expenses			(4,761)																								(5,137)						(3,406)						(4,351)
Net investment income			$	390,775																							$	254,378					$	267,477					$	168,009
Net investment income return - annualized			5.7		%																						4.9		%				5.3		%				4.5		%
Net realized gains (losses) on fixed maturity investments trading			$	9,796																							$	(104,765)					$	12,517					$	(87,407)
Net unrealized gains (losses) on fixed maturity investments trading			(211,996)																								312,026						(176,552)						259,095
Net realized and unrealized gains (losses) on investment-related derivatives			(57,806)																								12,162						(59,195)						14,479
Net realized gains (losses) on equity investments			—																								(8,738)						—						(8,738)
Net unrealized gains (losses) on equity investments			13,097																								39,151						13,090						39,152
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			18,907																								24,126						1,953						3,477
Net realized and unrealized gains (losses) on other investments - other			14,348																								5,489						14,348						5,489
Net realized and unrealized gains (losses) on investments			(213,654)																								279,451						(193,839)						225,547
Total investment result			$	177,121																							$	533,829					$	73,638					$	393,556
Average invested assets			$	29,426,362																							$	22,714,948					$	20,914,306					$	14,970,187
Total investment return - annualized			2.8		%																						10.0		%				1.6		%				10.8		%

(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.

                 

			20

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Investments
Investments Composition

			March 31, 2024																								December 31, 2023
			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			$	9,793,911					$	(57,496)					$	7,608,786					$	(53,113)					$	10,060,203					$	66,743					$	8,013,451					$	49,476
Corporate (3)			7,064,030						(85,219)						5,785,498						(87,937)						6,499,075						(41,016)						5,340,330						(54,622)
Other (4)			4,451,519						(66,969)						3,804,012						(48,324)						4,317,830						(21,069)						3,738,758						(4,321)
Total fixed maturity investments trading, at fair value			21,309,460						(209,684)						17,198,296						(189,374)						20,877,108						4,658						17,092,539						(9,467)
Short term investments, at fair value			4,639,165						(548)						1,789,401						(198)						4,604,079						739						1,624,407						718
Equity investments, at fair value			119,992						75,752						119,771						75,762						106,766						62,660						106,562						62,673
Other investments, at fair value
Catastrophe bonds			1,828,155						(60,319)						221,450						(35,156)						1,942,199						(76,684)						250,384						(36,995)
Fund investments			1,482,729						199,843						1,482,729						199,843						1,415,804						184,744						1,415,804						184,744
Term loans			97,433						—						97,433						—						97,658						—						97,658						—
Direct private equity investments			59,964						(38,300)						59,964						(38,300)						59,905						(38,359)						59,905						(38,359)
Total other investments, at fair value			3,468,281						101,224						1,861,576						126,387						3,515,566						69,701						1,823,751						109,390
Investments in other ventures, under equity method			99,684						—						99,684						—						112,624						—						112,624						—
Total investments			$	29,636,582					$	(33,256)					$	21,068,728					$	12,577					$	29,216,143					$	137,758					$	20,759,883					$	163,314

			March 31, 2024												December 31, 2023
			Managed (1)						Retained (2)						Managed (1)						Retained (2)
Weighted average yield to maturity of investments (5)			5.8		%				5.5		%				5.8		%				5.4		%
Average duration of investments, in years (5)			2.6						3.1						2.6						3.2
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)									$	(3.58)											$	(0.18)

(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 equity investments, at fair value, direct private equity investments, private equity 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.

                 

			21

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Investments
Managed Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments not subject to credit ratings
March 31, 2024									Fair value												AAA						AA						A						BBB						Non- Investment grade									Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	9,793,911											$	—					$	9,793,911					$	—					$	—					$	—					$	—					$	—
Corporate (3)									7,064,030												185,924						298,010						2,451,673						2,910,355						1,207,946						10,122						—
Residential mortgage-backed									1,616,444												170,273						1,291,099						977						8,270						77,896						67,929						—
Asset-backed									1,428,513												1,126,299						209,727						58,554						16,569						838						16,526						—
Agencies									594,522												—						593,608						—						—						—						914						—
Non-U.S. government									495,426												322,766						156,807						12,283						3,570						—						—						—
Commercial mortgage-backed									316,614												267,022						46,681						362						1,309						1,240						—						—
Total fixed maturity investments trading, at fair value									21,309,460												2,072,284						12,389,843						2,523,849						2,940,073						1,287,920						95,491						—
Short term investments, at fair value									4,639,165												2,686,154						1,936,488						742						12,837						2,944						—						—
Equity investments, at fair value									119,992												—						—						—						—						—						—						119,992
Other investments, at fair value
Catastrophe bonds									1,828,155												—						—						—						—						1,828,155						—						—
Fund investments:
Private credit funds									996,702												—						—						—						—						—						—						996,702
Private equity funds									486,027												—						—						—						—						—						—						486,027
Term loans									97,433												—						—						97,433						—						—						—						—
Direct private equity investments									59,964												—						—						—						—						—						—						59,964
Total other investments, at fair value									3,468,281												—						—						97,433						—						1,828,155						—						1,542,693
Investments in other ventures, under equity method									99,684												—						—						—						—						—						—						99,684
Total investments									$	29,636,582											$	4,758,438					$	14,326,331					$	2,622,024					$	2,952,910					$	3,119,019					$	95,491					$	1,762,369
									100.0		%										16.1		%				48.3		%				8.9		%				10.0		%				10.5		%				0.3		%				5.9		%

(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.

                 

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Investments
Retained Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments not subject to credit ratings
March 31, 2024									Fair value												AAA						AA						A						BBB						Non- Investment grade									Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	7,608,786											$	—					$	7,608,786					$	—					$	—					$	—					$	—					$	—
Corporate (3)									5,785,498												135,895						251,475						2,061,627						2,318,665						1,009,685						8,151						—
Residential mortgage-backed									1,352,987												144,682						1,054,664						977						8,270						77,896						66,498						—
Asset-backed									1,336,194												1,035,115						209,351						58,556						16,569						838						15,765						—
Agencies									439,474												—						438,560						—						—						—						914						—
Non-U.S. government									422,681												268,897						137,931						12,283						3,570						—						—						—
Commercial mortgage-backed									252,676												210,893						38,872						362						1,309						1,240						—						—
Total fixed maturity investments trading, at fair value									17,198,296												1,795,482						9,739,639						2,133,805						2,348,383						1,089,659						91,328						—
Short term investments, at fair value									1,789,401												917,932						857,180						742						10,700						2,847						—						—
Equity investments, at fair value									119,771												—						—						—						—						—						—						119,771
Other investments, at fair value
Catastrophe bonds									221,450												—						—						—						—						221,450						—						—
Fund investments:
Private credit funds									996,702												—						—						—						—						—						—						996,702
Private equity funds									486,027												—						—						—						—						—						—						486,027
Term loans									97,433												—						—						97,433						—						—						—						—
Direct private equity investments									59,964												—						—						—						—						—						—						59,964
Total other investments, at fair value									1,861,576												—						—						97,433						—						221,450						—						1,542,693
Investments in other ventures, under equity method									99,684												—						—						—						—						—						—						99,684
Total investments									$	21,068,728											$	2,713,414					$	10,596,819					$	2,231,980					$	2,359,083					$	1,313,956					$	91,328					$	1,762,148
									100.0		%										12.9		%				50.3		%				10.6		%				11.2		%				6.2		%				0.4		%				8.4		%

(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.

(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.

                 

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Other Items
Earnings per Share
			Three months ended
(common shares in thousands)			March 31, 2024																								March 31, 2023
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	364,798																							$	564,062
Amount allocated to participating common shareholders (1)			(5,273)																								(8,854)
Net income (loss) allocated to RenaissanceRe common shareholders			$	359,525																							$	555,208
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)			51,678																								42,876
Per common share equivalents of non-vested shares (2)			150																								130
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)			51,828																								43,006
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	6.96																							$	12.95
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	6.94																							$	12.91

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

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

                 

			24

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Comments on Non-GAAP Financial Measures

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

                 

			25

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Comments on Non-GAAP Financial Measures

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders 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) corporate expenses associated with acquisitions and dispositions, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax asset, (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.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

                 

			26

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Comments on Non-GAAP Financial Measures

			Three months ended
			March 31, 2024						March 31, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	364,798					$	564,062
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			232,561						(255,325)
Net foreign exchange losses (gains)			35,683						14,503
Corporate expenses associated with acquisitions and dispositions			20,266						—
Acquisition related purchase accounting adjustments (1)			60,560						4,019
Bermuda net deferred tax asset (2)			(7,890)						—
Income tax expense (benefit) (3)			(12,772)						11,322
Net income (loss) attributable to redeemable noncontrolling interests (4)			(56,827)						25,446
Operating income (loss) available (attributable) to RenaissanceRe common shareholders			$	636,379					$	364,027
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	6.94					$	12.91
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			4.49						(5.94)
Net foreign exchange losses (gains)			0.69						0.34
Corporate expenses associated with acquisitions and dispositions			0.39						—
Acquisition related purchase accounting adjustments (1)			1.17						0.09
Bermuda net deferred tax asset (2)			(0.15)						—
Income tax expense (benefit) (3)			(0.25)						0.26
Net income (loss) attributable to redeemable noncontrolling interests (4)			(1.10)						0.59
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	12.18					$	8.25
Return on average common equity - annualized			16.4		%				46.6		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			10.7		%				(21.1)		%
Net foreign exchange losses (gains)			1.6		%				1.2		%
Corporate expenses associated with acquisitions and dispositions			0.9		%				—		%
Acquisition related purchase accounting adjustments (1)			2.7		%				0.3		%
Bermuda net deferred tax asset (2)			(0.4)		%				—		%
Income tax expense (benefit) (3)			(0.6)		%				0.9		%
Net income (loss) attributable to redeemable noncontrolling interests (4)			(2.6)		%				2.1		%
Operating return on average common equity - annualized			28.7		%				30.0		%

(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2024 for the acquisitions of Validus $56.9 million (2023 - $Nil); and TMR and Platinum $3.7 million (2023 - $4.0 million).

(2)Represents a net deferred tax benefit recorded during the period in connection with the enactment of the 15% Bermuda corporate income tax on December 27, 2023.

(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.

                 

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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) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets. “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) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets, 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.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

			March 31, 2024						December 31, 2023
Book value per common share			$	170.92					$	165.20
Adjustment for:
Acquisition related goodwill and other intangible assets (1)			(14.35)						(14.71)
Other goodwill and intangible assets (2)			(0.34)						(0.35)
Acquisition related purchase accounting adjustments (3)			(7.22)						(8.27)
Tangible book value per common share			149.01						141.87
Adjustment for accumulated dividends			26.91						26.52
Tangible book value per common share plus accumulated dividends			$	175.92					$	168.39
Year to date change in book value per common share			3.5		%				57.9		%
Year to date change in book value per common share plus change in accumulated dividends			3.7		%				59.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends			5.3		%				47.6		%

(1)Represents the acquired goodwill and other intangible assets at March 31, 2024 for the acquisitions of Validus $527.4 million (2023 - $542.7 million), TMR $26.9 million (2023 - $27.2 million) and Platinum $204.6 million (2023 - $205.5 million).

(2)At March 31, 2024, the adjustment for other goodwill and intangible assets included $18.0 million (2023 - $18.1 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at March 31, 2024 for the acquisitions of Validus $323.3 million (2023 - $374.4 million), TMR $59.6 million (2023 - $62.2 million) and Platinum $(0.8) million (2023 - $(0.8) million).

                 

			28

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Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

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

			Three months ended March 31, 2024
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			19.8		%				75.3		%				42.9		%				99.6		%				77.9		%
Adjustment for acquisition related purchase accounting adjustments (1)			(3.6)		%				(0.7)		%				(2.4)		%				(2.5)		%				(2.5)		%
Adjusted combined ratio			16.2		%				74.6		%				40.5		%				97.1		%				75.4		%
			Three months ended March 31, 2023
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			21.3		%				93.7		%				56.6		%				92.9		%				78.0		%
Adjustment for acquisition related purchase accounting adjustments (1)			(0.3)		%				(0.1)		%				(0.3)		%				(0.3)		%				(0.2)		%
Adjusted combined ratio			21.0		%				93.6		%				56.3		%				92.6		%				77.8		%

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

                 

			29

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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 March 31, 2024																		Three months ended March 31, 2023
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading			$	257,289					$	(49,065)					$	208,224					$	155,500					$	(33,607)					$	121,893
Short term investments			46,791						(23,923)						22,868						32,950						(20,494)						12,456
Equity investments			560						—						560						3,399						—						3,399
Other investments
Catastrophe bonds			58,249						(50,819)						7,430						38,831						(32,802)						6,029
Other			17,925						—						17,925						24,571						—						24,571
Cash and cash equivalents			14,722						(846)						13,876						4,264						(252)						4,012
			395,536						(124,653)						270,883						259,515						(87,155)						172,360
Investment expenses			(4,761)						1,355						(3,406)						(5,137)						786						(4,351)
Net investment income			$	390,775					$	(123,298)					$	267,477					$	254,378					$	(86,369)					$	168,009
Net investment income return - annualized			5.7		%				(0.4)		%				5.3		%				4.9		%				(0.4)		%				4.5		%
Net realized gains (losses) on fixed maturity investments trading			$	9,796					$	2,721					$	12,517					$	(104,765)					$	17,358					$	(87,407)
Net unrealized gains (losses) on fixed maturity investments trading			(211,996)						35,444						(176,552)						312,026						(52,931)						259,095
Net realized and unrealized gains (losses) on investment-related derivatives			(57,806)						(1,389)						(59,195)						12,162						2,317						14,479
Net realized gains (losses) on equity investments			—						—						—						(8,738)						—						(8,738)
Net unrealized gains (losses) on equity investments			13,097						(7)						13,090						39,151						1						39,152
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			18,907						(16,954)						1,953						24,126						(20,649)						3,477
Net realized and unrealized gains (losses) on other investments - other			14,348						—						14,348						5,489						—						5,489
Net realized and unrealized gains (losses) on investments			(213,654)						19,815						(193,839)						279,451						(53,904)						225,547
Total investment result			$	177,121					$	(103,483)					$	73,638					$	533,829					$	(140,273)					$	393,556
Average invested assets			$	29,426,362					$	(8,512,056)					$	20,914,306					$	22,714,948					$	(7,744,761)					$	14,970,187
Total investment return - annualized			2.8		%				(1.2)		%				1.6		%				10.0		%				0.8		%				10.8		%

(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)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.

                 

			30

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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.”

			March 31, 2024																		December 31, 2023
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	9,793,911					$	(2,185,125)					$	7,608,786					$	10,060,203					$	(2,046,752)					$	8,013,451
Corporate (4)			7,064,030						(1,278,532)						5,785,498						6,499,075						(1,158,745)						5,340,330
Residential mortgage-backed			1,616,444						(263,457)						1,352,987						1,420,362						(246,468)						1,173,894
Asset-backed			1,428,513						(92,319)						1,336,194						1,491,695						(86,622)						1,405,073
Agencies			594,522						(155,048)						439,474						489,117						(119,518)						369,599
Non-U.S. government			495,426						(72,745)						422,681						483,576						(54,100)						429,476
Commercial mortgage-backed			316,614						(63,938)						252,676						433,080						(72,364)						360,716
Total fixed maturity investments trading, at fair value			21,309,460						(4,111,164)						17,198,296						20,877,108						(3,784,569)						17,092,539
Short term investments, at fair value			4,639,165						(2,849,764)						1,789,401						4,604,079						(2,979,672)						1,624,407
Equity investments, at fair value			119,992						(221)						119,771						106,766						(204)						106,562
Other investments, at fair value
Catastrophe bonds			1,828,155						(1,606,705)						221,450						1,942,199						(1,691,815)						250,384
Fund investments:
Private credit funds			996,702						—						996,702						982,016						—						982,016
Private equity funds			486,027						—						486,027						433,788						—						433,788
Term loans			97,433						—						97,433						97,658						—						97,658
Direct private equity investments			59,964						—						59,964						59,905						—						59,905
Total other investments, at fair value			3,468,281						(1,606,705)						1,861,576						3,515,566						(1,691,815)						1,823,751
Investments in other ventures, under equity method			99,684						—						99,684						112,624						—						112,624
Total investments			$	29,636,582					$	(8,567,854)					$	21,068,728					$	29,216,143					$	(8,456,260)					$	20,759,883

(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.

                 

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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).”

			March 31, 2024																		December 31, 2023
			Unrealized gain (loss) - managed (1)						Adjustment (2)						Unrealized gain (loss) - retained (3)						Unrealized gain (loss) - managed (1)						Adjustment (2)						Unrealized gain (loss) - retained (3)
Type of Investment
Fixed maturity investments trading, at fair value
U.S. treasuries			$	(57,496)					$	4,383					$	(53,113)					$	66,743					$	(17,267)					$	49,476
Corporate (4)			(85,219)						(2,718)						(87,937)						(41,016)						(13,606)						(54,622)
Other (5)			(66,969)						18,645						(48,324)						(21,069)						16,748						(4,321)
Total fixed maturity investments trading, at fair value			(209,684)						20,310						(189,374)						4,658						(14,125)						(9,467)
Short term investments, at fair value			(548)						350						(198)						739						(21)						718
Equity investments, at fair value			75,752						10						75,762						62,660						13						62,673
Other investments, at fair value
Catastrophe bonds			(60,319)						25,163						(35,156)						(76,684)						39,689						(36,995)
Fund investments			199,843						—						199,843						184,744						—						184,744
Direct private equity investments			(38,300)						—						(38,300)						(38,359)						—						(38,359)
Total other investments, at fair value			101,224						25,163						126,387						69,701						39,689						109,390
Total investments			$	(33,256)					$	45,833					$	12,577					$	137,758					$	25,556					$	163,314
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)															$	(3.58)																	$	(0.18)

(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.

(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 $(189.4) million and $(9.5) million at March 31, 2024 and December 31, 2023, respectively. 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.

                 

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Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

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

			Three months ended
			March 31, 2024									March 31, 2023
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	(244,827)								$	(267,384)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests			36,448									(32,747)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests			20,379									7,301
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)			56,827									(25,446)
Operating (income) loss attributable to redeemable noncontrolling interests			$	(301,654)								$	(241,938)

(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.

                 

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