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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 23, 2025
 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 classTrading
symbol		Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNRNew 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 PRFNew 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 shareRNR PRGNew York Stock Exchange



Item 2.02    Results of Operations and Financial Condition.

On April 23, 2025, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2025 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 23, 2025.
99.2*    Copy of the Company’s Financial Supplement.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

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








SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RENAISSANCERE HOLDINGS LTD.
 
Date:By:/s/ Robert Qutub
April 23, 2025Robert Qutub
Executive Vice President and Chief Financial Officer




renretitlea.jpg
RenaissanceRe Reports $161.1 Million of Net Income Available to Common Shareholders and $69.8 million of Operating Loss Attributable to Common Shareholders in Q1 2025.
•Growth in book value per share of 0.2% and growth in tangible book value per share plus change in accumulated dividends of 0.9%, in Q1 2025.
•Repurchased approximately 1.5 million common shares at an aggregate cost of $361.1 million and an average price of $242.08 per common share.
•Annualized return on average common equity of 6.6% and annualized operating return on average common equity of (2.9)% despite the 2025 Large Loss Events (which includes the California Wildfires) having a net negative impact of $702.8 million, after tax, on net income available to common shareholders.
•Total investment result of $738.3 million with net investment income of $405.4 million and mark-to-market gains of $332.9 million.
•Combined ratio of 128.3% and adjusted combined ratio of 126.4%, which included a 52.6 percentage point impact from the 2025 Large Loss Events.
•Casualty and Specialty combined ratio of 111.1% and adjusted combined ratio of 108.8%, which included a 9.2 percentage point impact from the 2025 Large Loss Events.
•Fee income of $30.5 million impacted by the California Wildfires, with management fees of $46.1 million and performance fees of $(15.6) million.
Pembroke, Bermuda, April 23, 2025 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the first quarter of 2025.
Net Income Available to Common Shareholders per Diluted Common Share: $3.27
Operating Loss Attributable to Common Shareholders per Diluted Common Share: $(1.49)
Underwriting Loss
$(770.6)M
Fee Income
$30.5M
Net Investment Income
$405.4M
Change in Book Value per Common Share: 0.2%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 0.9%
Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends and Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

Kevin J. O’Donnell, President and Chief Executive Officer, said, “This quarter, we grew our primary metric, tangible book value per share plus accumulated dividends, against a backdrop of elevated natural catastrophe losses and significant macroeconomic volatility. We also recorded an annualized return on average common equity of 6.6% and a modest operating loss while returning $380 million of capital to our shareholders through buybacks and dividends. Our ability to deliver enduring shareholder value in times of instability demonstrates the strength of RenaissanceRe’s platform, the benefit of our Three Drivers of Profit and the value we bring as a risk provider.”
1

Consolidated Financial Results
Consolidated Highlights

Three months ended March 31,
(in thousands, except per share amounts and percentages)20252024
Gross premiums written
$4,155,503$3,990,684
Net premiums written3,443,5293,199,573
Net premiums earned
2,720,7812,443,910
Underwriting income (loss)(770,597)540,682
Combined ratio
128.3 %77.9 %
Adjusted combined ratio (1)
126.4 %75.4 %
Net Income (Loss)
Available (attributable) to common shareholders
161,147364,798
Available (attributable) to common shareholders per diluted common share
$3.27$6.94
Return on average common equity - annualized
6.6 %16.4 %
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
(69,754)636,379
Available (attributable) to common shareholders per diluted common share (1)
$(1.49)$12.18
Operating return on average common equity - annualized (1)
(2.9)%28.7 %
Book Value per Share
Book value per common share
$196.18$170.92
Quarterly change in book value per share (2)
0.2 %3.5 %
Quarterly change in book value per common share plus change in accumulated dividends (2)
0.4 %3.7 %
Tangible Book Value per Share (1)
Tangible book value per common share plus accumulated dividends (1)
$206.79$175.92
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)
0.9 %5.3 %
(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.

2

Three Drivers of Profit: Underwriting, Fee and Investment Income
Underwriting Results - Property Segment: Combined ratio of 148.7%, including a 113.5 percentage point impact from the California Wildfires
Property Segment
Three months ended March 31,
Q/Q Change
(in thousands, except percentages)20252024
Gross premiums written
$2,130,833$1,889,88112.7%
Net premiums written1,690,9941,397,61821.0%
Net premiums earned1,247,950936,08333.3%
Underwriting income (loss)
(607,218)534,428
Underwriting Ratios
Net claims and claim expense ratio - current accident year
145.1 %26.6 %118.5 pts
Net claims and claim expense ratio - prior accident years
(15.0)%(10.1)%(4.9) pts
Net claims and claim expense ratio - calendar year
130.1 %16.5 %113.6 pts
Underwriting expense ratio
18.6 %26.4 %(7.8)pts
Combined ratio
148.7 %42.9 %105.8 pts
Adjusted combined ratio (1)
147.1 %40.5 %106.6 pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written increased by $241.0 million, or 12.7%, driven by:
–an increase of $325.5 million, or 24.3%, in the catastrophe class, driven by a $361.9 million increase in reinstatement premiums, primarily related to the California Wildfires;
–otherwise gross premiums written in the catastrophe class remained relatively flat, with rate reductions at the January 1st renewals largely offset by other opportunities for growth
–partially offset by a decrease of $84.6 million in the other property class, primarily as a result of downwards premium adjustments on prior underwriting years.
•Net premiums written increased by $293.4 million, or 21.0%, driven by the increase in gross premiums written and a decrease in ceded premiums written.
•Net claims and claim expense ratio - current accident year increased by 118.5 percentage points, due to the impact of the California Wildfires, which added 159.4 percentage points to the catastrophe class and 29.6 percentage points to the other property class.
•Net claims and claim expense ratio - prior accident years reflected net favorable development of 15.0%, primarily driven by:
–net favorable development of $67.4 million in the catastrophe class, primarily driven by the weather-related large losses in 2021, 2022 and 2023; and
–net favorable development of $119.7 million in the other property class, primarily from attritional losses.
3

•Underwriting expense ratio decreased 7.8 percentage points, primarily due to:
–a 6.4 percentage point decrease in the acquisition expense ratio, primarily driven by the increase in net reinstatement premiums and the reversal of profit commissions, each as a result of the California Wildfires; and
–a 1.4 percentage point decrease in the operating expense ratio, primarily due to the increase in net reinstatement premiums.
•Combined ratio and adjusted combined ratio each increased primarily due to the impact of the California Wildfires.
Underwriting Results - Casualty and Specialty Segment: Combined ratio of 111.1% and adjusted combined ratio of 108.8%, including a 9.2 percentage point impact from the 2025 Large Loss Events
Casualty and Specialty Segment

Three months ended March 31,
Q/Q Change
(in thousands, except percentages)
20252024
Gross premiums written
$2,024,670$2,100,803(3.6)%
Net premiums written1,752,5351,801,955(2.7)%
Net premiums earned1,472,8311,507,827(2.3)%
Underwriting income (loss)
(163,379)6,254
Underwriting Ratios
Net claims and claim expense ratio - current accident year
76.7 %67.3 %9.4 pts
Net claims and claim expense ratio - prior accident years
(0.6)%(0.2)%(0.4)pts
Net claims and claim expense ratio - calendar year
76.1 %67.1 %9.0 pts
Underwriting expense ratio
35.0 %32.5 %2.5  pts
Combined ratio
111.1 %99.6 %11.5 pts
Adjusted combined ratio (1)
108.8 %97.1 %11.7 pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $76.1 million, or 3.6%, driven by:
–changes in premium estimates on business written in prior underwriting years;
–partially offset by growth on the Company’s existing mortgage book of business.
•Net premiums written decreased by 2.7%, consistent with the drivers for gross premiums written discussed above.
•Net claims and claim expense ratio - current accident year increased by 9.4 percentage points compared to Q1 2024, principally driven by the impact of the 2025 Large Loss Events which added 9.7 percentage points to the current accident year ratio.
•Net claims and claim expense ratio - prior accident years reflects net favorable development principally driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the other specialty and credit classes.
•Underwriting expense ratio increased 2.5 percentage points, which consisted of:
–a 3.0 percentage point increase in the net acquisition expense ratio, driven by changes in the mix of business due to increased mortgage business, which carries higher acquisition costs, and ceded impacts in the quarter.
4

•Combined ratio and adjusted combined ratio each increased primarily due to the impact of the 2025 Large Loss Events.
Fee Income: $30.5 million of fee income, down 63.5% from Q1 2024
Fee Income

Three months ended March 31,
Q/Q Change
(in thousands)
20252024
Total management fee income
$46,061 $56,053 $(9,992)
Total performance fee income (loss) (1)
(15,604)27,497 (43,101)
Total fee income
$30,457 $83,550 $(53,093)
(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 decreased, reflecting:
–a reduction in management fees from DaVinci as a result of the 2025 Large Loss Events; and
–recapture of previously deferred management fees in Q1 2024, which did not repeat in Q1 2025.
•Performance fee loss in Q1 2025, as compared to income in Q1 2024, as a result of the 2025 Large Loss Events, which primarily impacted DaVinci and certain structured reinsurance products.
Investment Results: Net investment income increased by $14.6 million and net realized and unrealized gains improved by $546.6 million from Q1 2024
Investment Results

Three months ended March 31,
Q/Q Change
(in thousands, except percentages)
20252024
Net investment income$405,353$390,775$14,578
Net realized and unrealized gains (losses) on investments332,940(213,654)546,594
Total investment result
$738,293$177,121$561,172
Net investment income return - annualized5.1 %5.7 %(0.6) pts
Total investment return - annualized
9.3 %2.8 %6.5 pts
•Net investment income increased by $14.6 million, primarily due to higher average invested assets in the fixed maturity investments portfolio, partially offset by decreases in market yields.
•Net realized and unrealized gains on investments improved by $546.6 million, mainly driven by:
–net realized and unrealized gains on fixed maturity investments trading of $236.3 million, primarily due to decreases in market yields in Q1 2025, as compared to net realized and unrealized losses of $202.2 million in Q1 2024, primarily due to increases in market yields; and
–an increase in net realized and unrealized gains on investment-related derivatives of $199.5 million, primarily as a result of gains on interest rate futures, due to market yield movements, and gains on commodity futures, following price increases on the underlying commodities.
•Total investments were $33.6 billion at March 31, 2025 (December 31, 2024 - $32.6 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.2% and 2.7 years, respectively (December 31, 2024 - 5.4% and 2.9 years, respectively).
5

Other Items of Note
•Net loss attributable to redeemable noncontrolling interests of $195.3 million was primarily driven by:
–underwriting losses across vehicles, particularly in DaVinci and Vermeer, driven by the California Wildfires; partially offset by
–net investment income and net realized and unrealized gains in the investment portfolios of the Company’s joint ventures and managed funds.
•Income tax benefit of $45.5 million in Q1 2025, compared to an expense of $15.4 million in Q1 2024. The income tax benefit was primarily driven by a $37.3 million tax benefit recorded due to a valuation allowance release against a specific deferred tax asset, as well as underwriting losses due to the 2025 Large Loss Events. This benefit was partially offset by income tax expense related to investment income, mark-to-market gains and other items.
•Share Repurchases of 1.5 million common shares at an aggregate cost of $361.1 million and an average price of $242.08 per common share. Repurchased an additional 278.0 thousand common shares at an aggregate cost of $65.3 million and an average price of $234.83 per common share from April 1, 2025 through April 21, 2025.
•Launch of Medici UCITS, a new Irish domiciled property catastrophe bond fund, a sub-fund of RenaissanceRe Medici ICAV, in March 2025. Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s catastrophe bond investment strategy through a dedicated European-regulated UCITS structure. Medici UCITS launched with $341.5 million in total capital, made up of a combination of primarily existing partner capital, new partner capital and a $140.0 million co-investment from the Company.
•Raised third party capital of $461.8 million, primarily through Fontana ($129.2 million), DaVinci ($69.7 million), Medici ($61.5 million), and Medici UCITS ($201.5 million) which included $176.5 million transferred in kind from Medici as noted below.
•Return of third party capital of $406.2 million, including $72.0 million in Fontana, and $254.1 million in Medici which included $176.5 million that was transferred in kind to Medici UCITS.
•Offering of $500.0 million principal amount of the Company’s 5.800% Senior Notes due 2035 completed on February 25, 2025. The Company received net proceeds of approximately $493.5 million from the offering of senior notes after deducting the underwriting discounts and estimated offering expenses payable.
•Offering of $300.0 million principal amount of DaVinciRe Holdings Ltd. 5.950% Senior Notes due 2035 completed on March 5, 2025.
•RenaissanceRe Finance repaid in full at maturity the aggregate principal amount of $300.0 million, plus applicable accrued interest, of its 3.700% Senior Notes due 2025 on April 1, 2025.

6

Net Negative Impact
Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result, (2) redeemable noncontrolling interest and (3) income tax benefit (expense) beginning in the first quarter of 2025. Prior to January 1, 2025, net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders did not include any related income tax benefit (expense) as it was not meaningful prior to the implementation of the corporate income tax in Bermuda effective January 1, 2025.
The Company’s estimates of net negative impact are based on a review of the Company’s potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.
Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of the events, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.
Net negative impact on the segment underwriting results and consolidated combined ratio
Three months ended March 31, 2025
California Wildfires (1)
Other 2025 Large Loss Events (2)
2025 Large Loss Events (3)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result$(1,217,837)$— $(1,217,837)
Net negative impact on Casualty and Specialty segment underwriting result(37,178)(98,253)(135,431)
Net negative impact on underwriting result$(1,255,015)$(98,253)$(1,353,268)
Percentage point impact on consolidated combined ratio48.4 3.5 52.6 
Net negative impact on the consolidated financial statements
Three months ended March 31, 2025
California Wildfires (1)
Other 2025 Large Loss Events (2)
2025 Large Loss Events (3)
(in thousands)
Net claims and claims expenses incurred
$(1,592,897)$(108,467)$(1,701,364)
Assumed reinstatement premiums earned
335,009 11,362 346,371 
Ceded reinstatement premiums earned
(22,650)(1,148)(23,798)
Earned (lost) profit commissions
25,523 — 25,523 
Net negative impact on underwriting result
(1,255,015)(98,253)(1,353,268)
Income tax benefit (expense)
114,660 11,040 125,700 
Redeemable noncontrolling interest
507,629 17,167 524,796 
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders
$(632,726)$(70,046)$(702,772)
(1)The “California Wildfires” were a series of wildfires that burned throughout southern California in January 2025.
(2)“Other 2025 Large Loss Events” represents: the crash of American Airlines flight 5342 in January 2025, and certain refinery fires in the first quarter of 2025.
(3)“2025 Large Loss Events” includes the California Wildfires and the Other 2025 Large Loss Events.
7

Conference Call Details and Additional Information
Non-GAAP Financial Measures and Additional Financial Information
This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” and “adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.
Please refer to the “Investors - Reports & Filings” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Conference Call Information
RenaissanceRe will host a conference call on Thursday, April 24, 2025 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - News & Events - Investor Calendar” section of the Company’s website at www.renre.com. An archive of the call will be available from approximately 1:00 p.m. ET on April 24, 2025, through midnight ET on May 1, 2025.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry, industry capital, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments
8

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

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


9

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,
2025		March 31,
2024
Revenues
Gross premiums written$4,155,503 $3,990,684 
Net premiums written$3,443,529 $3,199,573 
Decrease (increase) in unearned premiums(722,748)(755,663)
Net premiums earned2,720,781 2,443,910 
Net investment income405,353 390,775 
Net foreign exchange gains (losses)(7,328)(35,683)
Equity in earnings (losses) of other ventures17,828 14,127 
Other income (loss)914 (50)
Net realized and unrealized gains (losses) on investments332,940 (213,654)
Total revenues
3,470,488 2,599,425 
Expenses
Net claims and claim expenses incurred2,743,758 1,166,123 
Acquisition expenses647,435 630,921 
Operational expenses100,185 106,184 
Corporate expenses22,810 39,252 
Interest expense27,086 23,104 
Total expenses
3,541,274 1,965,584 
Income (loss) before taxes(70,786)633,841 
Income tax benefit (expense)45,525 (15,372)
Net income (loss)(25,261)618,469 
Net (income) loss attributable to redeemable noncontrolling interests195,252 (244,827)
Net income (loss) attributable to RenaissanceRe169,991 373,642 
Dividends on preference shares(8,844)(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$161,147 $364,798 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic$3.29 $6.96 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted$3.27 $6.94 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$(1.49)$12.18 
Average shares outstanding - basic
48,334 51,678 
Average shares outstanding - diluted
48,514 51,828 
Net claims and claim expense ratio
100.8 %47.7 %
Underwriting expense ratio
27.5 %30.2 %
Combined ratio
128.3 %77.9 %
Return on average common equity - annualized
6.6 %16.4 %
Operating return on average common equity - annualized (1)
(2.9)%28.7 %
(1)See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.
10

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
March 31,
2025		December 31,
2024
Assets
Fixed maturity investments trading, at fair value$23,310,208 $23,562,514 
Short term investments, at fair value5,054,254 4,531,655 
Equity investments, at fair value887,508 117,756 
Other investments, at fair value4,239,952 4,324,761 
Investments in other ventures, under equity method101,227 102,770 
Total investments33,593,149 32,639,456 
Cash and cash equivalents1,632,797 1,676,604 
Premiums receivable8,437,901 7,290,228 
Prepaid reinsurance premiums1,213,867 888,332 
Reinsurance recoverable4,577,895 4,481,390 
Accrued investment income216,780 238,290 
Deferred acquisition costs and value of business acquired
1,684,843 1,552,359 
Deferred tax asset
764,711 701,053 
Receivable for investments sold160,587 91,669 
Other assets664,706 444,037 
Goodwill and other intangible assets686,147 704,132 
Total assets$53,633,383 $50,707,550 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$22,857,131 $21,303,491 
Unearned premiums6,999,119 5,950,415 
Debt2,753,738 1,886,689 
Reinsurance balances payable2,857,122 2,804,344 
Payable for investments purchased551,871 150,721 
Other liabilities575,726 1,060,129 
Total liabilities36,594,707 33,155,789 
Redeemable noncontrolling interests6,690,173 6,977,749 
Shareholders’ Equity
Preference shares750,000 750,000 
Common shares48,928 50,181 
Additional paid-in capital1,146,653 1,512,435 
Accumulated other comprehensive income (loss)(14,844)(14,756)
Retained earnings8,417,766 8,276,152 
Total shareholders’ equity attributable to RenaissanceRe10,348,503 10,574,012 
Total liabilities, noncontrolling interests and shareholders’ equity$53,633,383 $50,707,550 
Book value per common share$196.18 $195.77 


11

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended March 31, 2025
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$2,130,833 $2,024,670 $— $4,155,503 
Net premiums written$1,690,994 $1,752,535 $— $3,443,529 
Net premiums earned$1,247,950 $1,472,831 $— $2,720,781 
Net claims and claim expenses incurred1,623,257 1,120,501 — 2,743,758 
Acquisition expenses167,645 479,790 — 647,435 
Operational expenses64,266 35,919 — 100,185 
Underwriting income (loss)$(607,218)$(163,379)$— (770,597)
Net investment income405,353 405,353 
Net foreign exchange gains (losses)(7,328)(7,328)
Equity in earnings (losses) of other ventures
17,828 17,828 
Other income (loss)914 914 
Net realized and unrealized gains (losses) on investments332,940 332,940 
Corporate expenses(22,810)(22,810)
Interest expense(27,086)(27,086)
Income (loss) before taxes
(70,786)
Income tax benefit (expense)45,525 45,525 
Net (income) loss attributable to redeemable noncontrolling interests195,252 195,252 
Dividends on preference shares(8,844)(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$161,147 
Net claims and claim expenses incurred – current accident year$1,810,315 $1,129,317 $— $2,939,632 
Net claims and claim expenses incurred – prior accident years(187,058)(8,816)— (195,874)
Net claims and claim expenses incurred – total$1,623,257 $1,120,501 $— $2,743,758 
Net claims and claim expense ratio – current accident year145.1 %76.7 %108.0 %
Net claims and claim expense ratio – prior accident years(15.0)%(0.6)%(7.2)%
Net claims and claim expense ratio – calendar year130.1 %76.1 %100.8 %
Underwriting expense ratio18.6 %35.0 %27.5 %
Combined ratio148.7 %111.1 %128.3 %
Three months ended March 31, 2024
PropertyCasualty and SpecialtyOtherTotal
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 incurred154,249 1,011,874 — 1,166,123 
Acquisition expenses185,782 445,139 — 630,921 
Operational expenses61,624 44,560 — 106,184 
Underwriting income (loss)$534,428 $6,254 $— 540,682 
Net investment income390,775 390,775 
Net foreign exchange gains (losses)(35,683)(35,683)
Equity in earnings (losses) 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
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 year26.6 %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 year16.5 %67.1 %47.7 %
Underwriting expense ratio26.4 %32.5 %30.2 %
Combined ratio42.9 %99.6 %77.9 %
12

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended
March 31,
2025		March 31,
2024
Property Segment
Catastrophe$1,666,641 $1,341,137 
Other property464,192 548,744 
Property segment gross premiums written
$2,130,833 $1,889,881 
Casualty and Specialty Segment
General casualty (1)
$680,449 $588,566 
Professional liability (2)
236,961 370,481 
Credit (3)
400,753 345,132 
Other specialty (4)
706,507 796,624 
Casualty and Specialty segment gross premiums written
$2,024,670 $2,100,803 
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

13

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended
March 31,
2025		March 31,
2024
Fixed maturity investments trading$284,723 $257,289 
Short term investments41,029 46,791 
Equity investments
Fixed income exchange traded funds
1,184 — 
Other equity investments
726 560 
Other investments
Catastrophe bonds54,754 58,249 
Other18,723 17,925 
Cash and cash equivalents11,110 14,722 
412,249 395,536 
Investment expenses(6,896)(4,761)
Net investment income$405,353 $390,775 
Net investment income return - annualized5.1 %5.7 %
Net realized gains (losses) on fixed maturity investments trading$10,035 $9,796 
Net unrealized gains (losses) on fixed maturity investments trading226,240 (211,996)
Net realized and unrealized gains (losses) on fixed maturity investments trading236,275 (202,200)
Net realized and unrealized gains (losses) on investment-related derivatives
141,646 (57,806)
Net realized gains (losses) on equity investments8 — 
Net unrealized gains (losses) on equity investments2,950 13,097 
Net realized and unrealized gains (losses) on equity investments2,958 13,097 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(40,413)18,907 
Net realized and unrealized gains (losses) on other investments - other(7,526)14,348 
Net realized and unrealized gains (losses) on investments332,940 (213,654)
Total investment result$738,293 $177,121 
Total investment return - annualized9.3 %2.8 %
14

Comments on Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”
The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability.
The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.
15

Three months ended
(in thousands of United States Dollars, except per share amounts and percentages)March 31,
2025		March 31,
2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders$161,147 $364,798 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(373,353)232,561 
Net foreign exchange losses (gains)7,328 35,683 
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
1,436 20,266 
Acquisition related purchase accounting adjustments (2)
53,571 60,560 
Bermuda net deferred tax asset (3)
— (7,890)
Income tax expense (benefit) (4)
39,392 (12,772)
Net income (loss) attributable to redeemable noncontrolling interests (5)
40,725 (56,827)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$(69,754)$636,379 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$3.27 $6.94 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(7.70)4.49 
Net foreign exchange losses (gains)0.15 0.69 
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
0.04 0.39 
Acquisition related purchase accounting adjustments (2)
1.10 1.17 
Bermuda net deferred tax asset (3)
— (0.15)
Income tax expense (benefit) (4)
0.81 (0.25)
Net income (loss) attributable to redeemable noncontrolling interests (5)
0.84 (1.10)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(1.49)$12.18 
Return on average common equity - annualized6.6 %16.4 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(15.4)%10.7 %
Net foreign exchange losses (gains)0.3 %1.6 %
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
0.1 %0.9 %
Acquisition related purchase accounting adjustments (2)
2.2 %2.7 %
Bermuda net deferred tax asset (3)
— %(0.4)%
Income tax expense (benefit) (4)
1.6 %(0.6)%
Net income (loss) attributable to redeemable noncontrolling interests (5)
1.7 %(2.6)%
Operating return on average common equity - annualized(2.9)%28.7 %
(1)Revised from previously reported “corporate expenses associated with acquisitions and dispositions” to “expenses (revenues) associated with acquisitions, dispositions and impairments” to clarify inclusion of impairments on strategic investments related to acquisitions and dispositions.
(2)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2025 for the acquisitions of Validus of $50.7 million (2024 - $56.9 million); and TMR and Platinum of $2.9 million (2024 - $3.7 million).
(3)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date.
(4)Represents the 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.
(5)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.
16

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,
2025		March 31,
2024
Book value per common share$196.18 $170.92 
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.02)(14.35)
Other goodwill and intangible assets (2)
(0.19)(0.34)
Acquisition related purchase accounting adjustments (3)
(3.66)(7.22)
Tangible book value per common share178.31 149.01 
Adjustment for accumulated dividends28.48 26.91 
Tangible book value per common share plus accumulated dividends$206.79 $175.92 
Quarterly change in book value per common share0.2 %3.5 %
Quarterly change in book value per common share plus change in accumulated dividends0.4 %3.7 %
Quarterly change in tangible book value per common share plus change in accumulated dividends0.9 %5.3 %
(1)Represents the acquired goodwill and other intangible assets at March 31, 2025 for the acquisitions of Validus $459.2 million (2024 - $527.4 million), TMR $25.8 million (2024 - $26.9 million) and Platinum $201.2 million (2024 - $204.6 million).
(2)At March 31, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (2024 - $18.9 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, 2025 for the acquisitions of Validus $130.2 million (2024 - $323.3 million), TMR $49.6 million (2024 - $59.6 million) and Platinum $(0.6) million (2024 - $(0.8) million).



17

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, 2025
CatastropheOther
Property		PropertyCasualty and SpecialtyTotal
Combined ratio175.6 %83.6 %148.7 %111.1 %128.3 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6)%(1.5)%(1.6)%(2.3)%(1.9)%
Adjusted combined ratio174.0 %82.1 %147.1 %108.8 %126.4 %
Three months ended March 31, 2024
CatastropheOther
Property		PropertyCasualty and SpecialtyTotal
Combined ratio19.8 %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 ratio16.2 %74.6 %40.5 %97.1 %75.4 %
(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.
18

financialsupplementcover-ma.jpg


RenaissanceRe Holdings Ltd.
Contents
Page
Basis of Presentation
Financial Highlights
Summary Consolidated Financial Statements
a.Consolidated Statements of Operations
b.Consolidated Balance Sheets
Underwriting and Reserves
a.Consolidated Segment Underwriting Results
b.Consolidated and Segment Underwriting Results - Five Quarter Trend
c.Property Segment - Catastrophe and Other Property Underwriting Results
d.Gross Premiums Written
e.Net Premiums Written
f.Net Premiums Earned
g.Reserves for Claims and Claim Expenses
h.Paid to Incurred Analysis
Managed Joint Ventures and Fee Income
a.Fee Income
b.Fee income - Five Quarter Trend
c.Noncontrolling Interests
d.DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Investments
a.Total Investment Result
b.Investments Composition
c.Managed Investments - Credit Rating
d.Retained Investments - Credit Rating
Other Items
a.Earnings per Share
Comments on Non-GAAP Financial Measures
renaissanceresmalla36a.jpg

RenaissanceRe Holdings Ltd.
Basis of Presentation

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

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 25 through 33 for “Comments on Non-GAAP Financial Measures.”

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








i

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

RenaissanceRe Holdings Ltd.
Financial Highlights
Three months ended
March 31,
2025		March 31,
2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders$161,147 $364,798 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$(69,754)$636,379 
Underwriting income
Gross premiums written$4,155,503 $3,990,684 
Net premiums written3,443,529 3,199,573 
Net premiums earned
2,720,781 2,443,910 
Underwriting income (loss) (770,597)540,682 
Net claims and claim expense ratio:
Current accident year108.0 %51.7 %
Prior accident years(7.2)%(4.0)%
Calendar year100.8 %47.7 %
Acquisition expense ratio23.8 %25.9 %
Operating expense ratio3.7 %4.3 %
Combined ratio128.3 %77.9 %
Adjusted combined ratio (1)
126.4 %75.4 %
Fee income
Management fee income$46,061 $56,053 
Performance fee income(15,604)27,497 
Total fee income$30,457 $83,550 
Investment results - managed
Net investment income$405,353 $390,775 
Net realized and unrealized gains (losses) on investments332,940 (213,654)
Total investment result$738,293 $177,121 
Total investment return - annualized9.3 %2.8 %
Investment results - retained (1)
Net investment income$279,106 $267,477 
Net realized and unrealized gains (losses) on investments328,312 (193,839)
Total investment result$607,418 $73,638 
Total investment return - annualized
10.6 %1.6 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
1

Financial Highlights - Per Share Data & ROE
Three months ended
March 31,
2025		March 31,
2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$3.29 $6.96 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$3.27 $6.94 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$(1.49)$12.18 
Average shares outstanding - basic48,334 51,678 
Average shares outstanding - diluted48,514 51,828 
Return on average common equity - annualized6.6 %16.4 %
Operating return on average common equity - annualized (1)
(2.9)%28.7 %
March 31,
2025		December 31,
2024
Book value per common share$196.18 $195.77 
Tangible book value per common share (1)
$178.31 $177.18 
Tangible book value per common share plus accumulated dividends (1)
$206.79 $205.26 
Year to date change in book value per common share plus change in accumulated dividends0.4 %19.4 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)
0.9 %26.0 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.



2

Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months ended
March 31,
2025		March 31,
2024
Revenues
Gross premiums written$4,155,503 $3,990,684 
Net premiums written$3,443,529 $3,199,573 
Decrease (increase) in unearned premiums(722,748)(755,663)
Net premiums earned2,720,781 2,443,910 
Net investment income405,353 390,775 
Net foreign exchange gains (losses) (7,328)(35,683)
Equity in earnings (losses) of other ventures17,828 14,127 
Other income (loss) 914 (50)
Net realized and unrealized gains (losses) on investments332,940 (213,654)
Total revenues3,470,488 2,599,425 
Expenses
Net claims and claim expenses incurred2,743,758 1,166,123 
Acquisition expenses647,435 630,921 
Operational expenses100,185 106,184 
Corporate expenses22,810 39,252 
Interest expense27,086 23,104 
Total expenses3,541,274 1,965,584 
Income (loss) before taxes(70,786)633,841 
Income tax benefit (expense)45,525 (15,372)
Net income (loss) (25,261)618,469 
Net (income) loss attributable to redeemable noncontrolling interests195,252 (244,827)
Net income (loss) attributable to RenaissanceRe169,991 373,642 
Dividends on preference shares(8,844)(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$161,147 $364,798 
3

Summary Consolidated Financial Statements
Consolidated Balance Sheets
March 31,
2025		December 31,
2024
Assets
Fixed maturity investments trading, at fair value – amortized cost $23,266,328 at March 31, 2025 (December 31, 2024 – $23,750,540)
$23,310,208 $23,562,514 
Short term investments, at fair value – amortized cost $5,054,809 at March 31, 2025 (December 31, 2024 – $4,532,166)
5,054,254 4,531,655 
Equity investments, at fair value887,508 117,756 
Other investments, at fair value4,239,952 4,324,761 
Investments in other ventures, under equity method101,227 102,770 
Total investments33,593,149 32,639,456 
Cash and cash equivalents1,632,797 1,676,604 
Premiums receivable8,437,901 7,290,228 
Prepaid reinsurance premiums1,213,867 888,332 
Reinsurance recoverable4,577,895 4,481,390 
Accrued investment income216,780 238,290 
Deferred acquisition costs and value of business acquired
1,684,843 1,552,359 
Deferred tax asset
764,711 701,053 
Receivable for investments sold160,587 91,669 
Other assets664,706 444,037 
Goodwill and other intangibles686,147 704,132 
Total assets$53,633,383 $50,707,550 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$22,857,131 $21,303,491 
Unearned premiums6,999,119 5,950,415 
Debt2,753,738 1,886,689 
Reinsurance balances payable2,857,122 2,804,344 
Payable for investments purchased551,871 150,721 
Other liabilities575,726 1,060,129 
Total liabilities36,594,707 33,155,789 
Redeemable noncontrolling interests6,690,173 6,977,749 
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2025 (December 31, 2024 – 30,000)
750,000 750,000 
Common shares: $1.00 par value – 48,928,318 shares issued and outstanding at March 31, 2025 (December 31, 2024 – 50,180,987)
48,928 50,181 
Additional paid-in capital1,146,653 1,512,435 
Accumulated other comprehensive loss(14,844)(14,756)
Retained earnings8,417,766 8,276,152 
Total shareholders’ equity attributable to RenaissanceRe
10,348,503 10,574,012 
Total liabilities, noncontrolling interests and shareholders’ equity
$53,633,383 $50,707,550 
Book value per common share$196.18 $195.77 
4

Underwriting and Reserves
Consolidated Segment Underwriting Results
Three months ended March 31, 2025Three months ended March 31, 2024
PropertyCasualty and SpecialtyTotalPropertyCasualty and SpecialtyTotal
Gross premiums written$2,130,833 $2,024,670 $4,155,503 $1,889,881 $2,100,803 $3,990,684 
Net premiums written$1,690,994 $1,752,535 $3,443,529 $1,397,618 $1,801,955 $3,199,573 
Net premiums earned$1,247,950 $1,472,831 $2,720,781 $936,083 $1,507,827 $2,443,910 
Net claims and claim expenses incurred1,623,257 1,120,501 2,743,758 154,249 1,011,874 1,166,123 
Acquisition expenses167,645 479,790 647,435 185,782 445,139 630,921 
Operational expenses64,266 35,919 100,185 61,624 44,560 106,184 
Underwriting income (loss) $(607,218)$(163,379)$(770,597)$534,428 $6,254 $540,682 
Net claims and claim expenses incurred:
Current accident year$1,810,315 $1,129,317 $2,939,632 $248,916 $1,014,288 $1,263,204 
Prior accident years(187,058)(8,816)(195,874)(94,667)(2,414)(97,081)
Total$1,623,257 $1,120,501 $2,743,758 $154,249 $1,011,874 $1,166,123 
Net claims and claim expense ratio:
Current accident year145.1 %76.7 %108.0 %26.6 %67.3 %51.7 %
Prior accident years(15.0)%(0.6)%(7.2)%(10.1)%(0.2)%(4.0)%
Calendar year130.1 %76.1 %100.8 %16.5 %67.1 %47.7 %
Acquisition expense ratio13.5 %32.5 %23.8 %19.9 %29.5 %25.9 %
Operating expense ratio5.1 %2.5 %3.7 %6.5 %3.0 %4.3 %
Combined ratio148.7 %111.1 %128.3 %42.9 %99.6 %77.9 %
Adjusted combined ratio (1)
147.1 %108.8 %126.4 %40.5 %97.1 %75.4 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

5

Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
Total
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Gross premiums written$4,155,503 $1,916,751 $2,400,136 $3,425,495 $3,990,684 
Net premiums written$3,443,529 $1,751,628 $2,162,504 $2,838,511 $3,199,573 
Net premiums earned$2,720,781 $2,527,566 $2,582,969 $2,541,315 $2,443,910 
Net claims and claim expenses incurred2,743,758 1,483,742 1,373,614 1,309,502 1,166,123 
Acquisition expenses647,435 678,170 690,338 644,438 630,921 
Operational expenses100,185 157,104 125,261 108,039 106,184 
Underwriting income (loss)$(770,597)$208,550 $393,756 $479,336 $540,682 
Net claims and claim expenses incurred:
Current accident year$2,939,632 $1,837,218 $1,666,120 $1,417,773 $1,263,204 
Prior accident years(195,874)(353,476)(292,506)(108,271)(97,081)
Total$2,743,758 $1,483,742 $1,373,614 $1,309,502 $1,166,123 
Net claims and claim expense ratio:
Current accident year108.0 %72.7 %64.5 %55.8 %51.7 %
Prior accident years(7.2)%(14.0)%(11.3)%(4.3)%(4.0)%
Calendar year100.8 %58.7 %53.2 %51.5 %47.7 %
Acquisition expense ratio23.8 %26.8 %26.8 %25.3 %25.9 %
Operating expense ratio3.7 %6.2 %4.8 %4.3 %4.3 %
Combined ratio128.3 %91.7 %84.8 %81.1 %77.9 %
Adjusted combined ratio (1)
126.4 %89.4 %82.4 %78.6 %75.4 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.












6


Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
Property
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Gross premiums written$2,130,833 $390,043 $790,709 $1,753,098 $1,889,881 
Net premiums written$1,690,994 $376,136 $701,222 $1,358,660 $1,397,618 
Net premiums earned$1,247,950 $938,658 $994,777 $980,834 $936,083 
Net claims and claim expenses incurred1,623,257 384,156 329,967 273,354 154,249 
Acquisition expenses167,645 191,988 192,439 188,345 185,782 
Operational expenses64,266 95,623 77,688 67,425 61,624 
Underwriting income (loss) $(607,218)$266,891 $394,683 $451,710 $534,428 
Net claims and claim expenses incurred:
Current accident year$1,810,315 $732,207 $621,710 $357,745 $248,916 
Prior accident years(187,058)(348,051)(291,743)(84,391)(94,667)
Total$1,623,257 $384,156 $329,967 $273,354 $154,249 
Net claims and claim expense ratio:
Current accident year145.1 %78.0 %62.5 %36.5 %26.6 %
Prior accident years(15.0)%(37.1)%(29.3)%(8.6)%(10.1)%
Calendar year130.1 %40.9 %33.2 %27.9 %16.5 %
Acquisition expense ratio13.5 %20.5 %19.3 %19.1 %19.9 %
Operating expense ratio5.1 %10.2 %7.8 %6.9 %6.5 %
Combined ratio148.7 %71.6 %60.3 %53.9 %42.9 %
Adjusted combined ratio (1)
147.1 %69.2 %58.1 %51.7 %40.5 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
7

Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
Casualty and Specialty
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Gross premiums written$2,024,670 $1,526,708 $1,609,427 $1,672,397 $2,100,803 
Net premiums written$1,752,535 $1,375,492 $1,461,282 $1,479,851 $1,801,955 
Net premiums earned$1,472,831 $1,588,908 $1,588,192 $1,560,481 $1,507,827 
Net claims and claim expenses incurred1,120,501 1,099,586 1,043,647 1,036,148 1,011,874 
Acquisition expenses479,790 486,182 497,899 456,093 445,139 
Operational expenses35,919 61,481 47,573 40,614 44,560 
Underwriting income (loss)$(163,379)$(58,341)$(927)$27,626 $6,254 
Net claims and claim expenses incurred:
Current accident year$1,129,317 $1,105,011 $1,044,410 $1,060,028 $1,014,288 
Prior accident years(8,816)(5,425)(763)(23,880)(2,414)
Total$1,120,501 $1,099,586 $1,043,647 $1,036,148 $1,011,874 
Net claims and claim expense ratio:
Current accident year76.7 %69.5 %65.8 %67.9 %67.3 %
Prior accident years(0.6)%(0.3)%(0.1)%(1.5)%(0.2)%
Calendar year76.1 %69.2 %65.7 %66.4 %67.1 %
Acquisition expense ratio32.5 %30.6 %31.4 %29.2 %29.5 %
Operating expense ratio2.5 %3.9 %3.0 %2.6 %3.0 %
Combined ratio111.1 %103.7 %100.1 %98.2 %99.6 %
Adjusted combined ratio (1)
108.8 %101.3 %97.7 %95.6 %97.1 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.









8

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended March 31, 2025Three months ended March 31, 2024
CatastropheOther PropertyTotalCatastropheOther PropertyTotal
Gross premiums written$1,666,641 $464,192 $2,130,833 $1,341,137 $548,744 $1,889,881 
Net premiums written$1,411,050 $279,944 $1,690,994 $1,063,723 $333,895 $1,397,618 
Net premiums earned$882,819 $365,131 $1,247,950 $546,195 $389,888 $936,083 
Net claims and claim expenses incurred1,431,394 191,863 1,623,257 (24,829)179,078 154,249 
Acquisition expenses66,581 101,064 167,645 82,790 102,992 185,782 
Operational expenses51,837 12,429 64,266 50,140 11,484 61,624 
Underwriting income (loss)$(666,993)$59,775 $(607,218)$438,094 $96,334 $534,428 
Net claims and claim expenses incurred:
Current accident year$1,498,773 $311,542 $1,810,315 $27,682 $221,234 $248,916 
Prior accident years(67,379)(119,679)(187,058)(52,511)(42,156)(94,667)
Total$1,431,394 $191,863 $1,623,257 $(24,829)$179,078 $154,249 
Net claims and claim expense ratio:
Current accident year169.8 %85.3 %145.1 %5.1 %56.7 %26.6 %
Prior accident years(7.7)%(32.8)%(15.0)%(9.6)%(10.8)%(10.1)%
Calendar year162.1 %52.5 %130.1 %(4.5)%45.9 %16.5 %
Acquisition expense ratio7.6 %27.7 %13.5 %15.2 %26.4 %19.9 %
Operating expense ratio5.9 %3.4 %5.1 %9.2 %2.9 %6.5 %
Combined ratio175.6 %83.6 %148.7 %19.8 %75.3 %42.9 %
Adjusted combined ratio (1)
174.0 %82.1 %147.1 %16.2 %74.6 %40.5 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
9

Underwriting and Reserves
Gross Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2025		March 31,
2024
Property Segment
Catastrophe$1,328,261 $1,364,673 $(36,412)(2.7)%
Catastrophe - gross reinstatement premiums338,380 (23,536)361,916 (1537.7)%
Total catastrophe gross premiums written1,666,641 1,341,137 325,504 24.3 %
Other property462,717 542,151 (79,434)(14.7)%
Other property - gross reinstatement premiums1,475 6,593 (5,118)(77.6)%
Total other property gross premiums written464,192 548,744 (84,552)(15.4)%
Property segment gross premiums written$2,130,833 $1,889,881 $240,952 12.7 %
Casualty and Specialty Segment
General casualty (1)
$680,449 $588,566 $91,883 15.6 %
Professional liability (2)
236,961 370,481 (133,520)(36.0)%
Credit (3)
400,753 345,132 55,621 16.1 %
Other specialty (4)
706,507 796,624 (90,117)(11.3)%
Casualty and Specialty segment gross premiums written$2,024,670 $2,100,803 $(76,133)(3.6)%
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.
10

Underwriting and Reserves
Net Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2025		March 31,
2024
Property Segment
Catastrophe$1,077,335 $1,084,181 $(6,846)(0.6)%
Catastrophe - net reinstatement premiums333,715 (20,458)354,173 (1731.2)%
Total catastrophe net premiums written1,411,050 1,063,723 347,327 32.7 %
Other property278,395 328,814 (50,419)(15.3)%
Other property - net reinstatement premiums1,549 5,081 (3,532)(69.5)%
Total other property net premiums written279,944 333,895 (53,951)(16.2)%
Property segment net premiums written$1,690,994 $1,397,618 $293,376 21.0 %
Casualty and Specialty Segment
General casualty (1)
$633,167 $564,426 $68,741 12.2 %
Professional liability (2)
221,721 343,068 (121,347)(35.4)%
Credit (3)
345,821 275,350 70,471 25.6 %
Other specialty (4)
551,826 619,111 (67,285)(10.9)%
Casualty and Specialty segment net premiums written$1,752,535 $1,801,955 $(49,420)(2.7)%
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.
11

Underwriting and Reserves
Net Premiums Earned
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2025		March 31,
2024
Property Segment
Catastrophe$549,104 $566,653 $(17,549)(3.1)%
Catastrophe - net reinstatement premiums333,715 (20,458)354,173 (1731.2)%
Total catastrophe net premiums earned882,819 546,195 336,624 61.6 %
Other property363,582 384,807 (21,225)(5.5)%
Other property - net reinstatement premiums1,549 5,081 (3,532)(69.5)%
Total other property net premiums earned365,131 389,888 (24,757)(6.3)%
Property segment net premiums earned$1,247,950 $936,083 $311,867 33.3 %
Casualty and Specialty Segment
General casualty (1)
$608,597 $512,542 $96,055 18.7 %
Professional liability (2)
202,729 309,110 (106,381)(34.4)%
Credit (3)
211,614 202,080 9,534 4.7 %
Other specialty (4)
449,891 484,095 (34,204)(7.1)%
Casualty and Specialty segment net premiums earned$1,472,831 $1,507,827 $(34,996)(2.3)%
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.




12

Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case ReservesAdditional Case ReservesIBNRTotal
March 31, 2025
Property$1,991,539 $1,841,944 $3,703,176 $7,536,659 
Casualty and Specialty3,147,473 282,534 11,890,465 15,320,472 
Total
$5,139,012 $2,124,478 $15,593,641 $22,857,131 
December 31, 2024
Property$1,845,228 $1,905,553 $2,821,958 $6,572,739 
Casualty and Specialty3,081,081 295,074 11,354,597 14,730,752 
Total$4,926,309 $2,200,627 $14,176,555 $21,303,491 
13

RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
Three months ended March 31, 2025Three months ended March 31, 2024
GrossRecoveriesNetGrossRecoveriesNet
Reserve for claims and claim expenses, beginning of period$21,303,491 $4,481,390 $16,822,101 $20,486,869 $5,344,286 $15,142,583 
Incurred claims and claim expenses
Current year3,455,425 515,793 2,939,632 1,436,689 173,485 1,263,204 
Prior years(350,583)(154,709)(195,874)(277,066)(179,985)(97,081)
Total incurred claims and claim expenses3,104,842 361,084 2,743,758 1,159,623 (6,500)1,166,123 
Paid claims and claim expenses
Current year536,752 44,638 492,114 45,012 4,355 40,657 
Prior years1,084,089 196,057 888,032 1,194,652 322,447 872,205 
Total paid claims and claim expenses1,620,841 240,695 1,380,146 1,239,664 326,802 912,862 
Foreign exchange and other (1)
69,639 (23,884)93,523 (37,218)(17,304)(19,914)
Reserve for claims and claim expenses, end of period$22,857,131 $4,577,895 $18,279,236 $20,369,610 $4,993,680 $15,375,930 
(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.
14

Managed Joint Ventures and Fee Income
Fee Income
The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.
Three months ended
March 31,
2025		March 31,
2024
Management fee income$46,061 $56,053 
Performance fee income (loss) (1)
(15,604)27,497 
Total fee income$30,457 $83,550 
(1)Performance fees are based on the performance of the individual vehicles or products, and may be zero or 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,
2025		March 31,
2024
Fee income contributing to:
Underwriting income (loss) (1)
$39,399 $14,694 
Equity in earnings (losses) of other ventures
— (355)
Net income (loss) attributable to redeemable noncontrolling interests
(8,942)69,211 
Total fee income$30,457 $83,550 
(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
15

Managed Joint Ventures and Fee Income
Fee Income - Five Quarter Trend
The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.
Three months ended
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Management fee income$46,061 $53,536 $54,945 $55,327 $56,053 
Performance fee income (loss) (1)
(15,604)23,568 27,120 28,750 27,497 
Total fee income$30,457 $77,104 $82,065 $84,077 $83,550 
(1)Performance fees are based on the performance of the individual vehicles or products, and may be zero or 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,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Fee income contributing to:
Underwriting income (loss) (1)
$39,399 $2,893 $12,345 $12,992 $14,694 
Equity in earnings (losses) of other ventures
— 697 — (343)(355)
Net income (loss) attributable to redeemable noncontrolling interests
(8,942)73,514 69,720 71,428 69,211 
Total fee income$30,457 $77,104 $82,065 $84,077 $83,550 
(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
16

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

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:
Three months ended
March 31,
2025		March 31,
2024
Redeemable noncontrolling interests - DaVinci$112,441 $(148,013)
Redeemable noncontrolling interests - Medici(15,163)(46,269)
Redeemable noncontrolling interests - Vermeer107,080 (52,971)
Redeemable noncontrolling interests - Fontana(9,106)2,426 
Net (income) loss attributable to redeemable noncontrolling interests (1)
$195,252 $(244,827)

Three months ended
March 31,
2025		March 31,
2024
Operating (income) loss attributable to redeemable noncontrolling interests (2)
$235,977 $(301,654)
Non-operating (income) loss attributable to redeemable noncontrolling interests(40,725)56,827 
Net (income) loss attributable to redeemable noncontrolling interests (1)
$195,252 $(244,827)
(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.






17

Managed Joint Ventures and Fee Income
Noncontrolling Interests
A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:
March 31,
2025		December 31,
2024
Redeemable noncontrolling interests - DaVinci$2,992,338 $3,061,708 
Redeemable noncontrolling interests - Medici1,469,402 1,646,745 
Redeemable noncontrolling interests - Vermeer1,692,777 1,799,857 
Redeemable noncontrolling interests - Fontana535,656 469,439 
Redeemable noncontrolling interests$6,690,173 $6,977,749 


A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:
March 31,
2025		December 31,
2024
DaVinci75.7 %74.6 %
Medici87.0 %84.2 %
Vermeer100.0 %100.0 %
Fontana71.3 %73.5 %
18

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Three months ended
March 31,
2025		March 31,
2024
Revenues
Gross premiums written$854,865 $690,235 
Net premiums written$802,238 $650,572 
Decrease (increase) in unearned premiums(342,462)(361,746)
Net premiums earned459,776 288,826 
Net investment income63,412 57,576 
Net foreign exchange gains (losses) (2,384)(1,967)
Net realized and unrealized gains (losses) on investments36,488 (38,720)
Total revenues557,292 305,715 
Expenses
Net claims and claim expenses incurred697,271 6,397 
Acquisition expenses(18,392)67,085 
Operational expenses
22,493 35,011 
Corporate expenses
38 89 
Interest expense3,198 1,858 
Total expenses704,608 110,440 
Income (loss) before taxes(147,316)195,275 
Income tax benefit (expense)(1,178)(798)
Net income (loss) available (attributable) to DaVinci common shareholders$(148,494)$194,477 
Net claims and claim expenses incurred - current accident year
$729,739 $57,913 
Net claims and claim expenses incurred - prior accident years
(32,468)(51,516)
Net claims and claim expenses incurred - total
$697,271 $6,397 
Net claims and claim expense ratio - current accident year
158.7 %20.1 %
Net claims and claim expense ratio - prior accident years
(7.0)%(17.9)%
Net claims and claim expense ratio - calendar year
151.7 %2.2 %
Underwriting expense ratio
0.8 %35.4 %
Combined ratio
152.5 %37.6 %
19

Investments
Total Investment Result
Managed (1)
Retained (2)
Three months endedThree months ended
March 31,
2025		March 31,
2024		March 31,
2025		March 31,
2024
Fixed maturity investments trading
$284,723 $257,289 $226,828 $208,224 
Short term investments
41,029 46,791 17,913 22,868 
Equity investments
Fixed income exchange traded funds1,184 — 1,184 — 
Other equity investments
726 560 722 560 
Other investments
Catastrophe bonds54,754 58,249 8,897 7,430 
Other18,723 17,925 18,723 17,925 
Cash and cash equivalents
11,110 14,722 10,270 13,876 
412,249 395,536 284,537 270,883 
Investment expenses
(6,896)(4,761)(5,431)(3,406)
Net investment income$405,353 $390,775 $279,106 $267,477 
Net investment income return - annualized5.1 %5.7 %4.8 %5.3 %
Net realized gains (losses) on fixed maturity investments trading$10,035 $9,796 $9,433 $12,517 
Net unrealized gains (losses) on fixed maturity investments trading226,240 (211,996)190,375 (176,552)
Net realized and unrealized gains (losses) on investment-related derivatives
141,646 (57,806)139,990 (59,195)
Net realized gains (losses) on equity investments8 — 8 — 
Net unrealized gains (losses) on equity investments2,950 13,097 2,823 13,090 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(40,413)18,907 (6,791)1,953 
Net realized and unrealized gains (losses) on other investments - other(7,526)14,348 (7,526)14,348 
Net realized and unrealized gains (losses) on investments332,940 (213,654)328,312 (193,839)
Total investment result
$738,293 $177,121 $607,418 $73,638 
Average invested assets$33,116,302 $29,426,362 $23,796,175 $20,914,306 
Total investment return - annualized
9.3 %2.8 %10.6 %1.6 %
(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

Investments
Investments Composition
March 31, 2025December 31, 2024
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Type of Investment
Fair Value
Unrealized Gain (Loss)
Fair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)
Fixed maturity investments trading, at fair value
U.S. treasuries$11,199,657 $89,412 $8,319,626 $63,036 $11,001,893 $(60,748)$8,434,097 $(65,990)
Corporate (3)
7,795,056 (6,969)6,283,785 (15,439)7,862,423 (57,047)6,474,619 (57,112)
Other (4)
4,315,495 (38,563)3,638,856 (29,802)4,698,198 (70,231)4,063,827 (55,176)
Total fixed maturity investments trading, at fair value23,310,208 43,880 18,242,267 17,795 23,562,514 (188,026)18,972,543 (178,278)
Short term investments, at fair value5,054,254 (555)2,149,332 (121)4,531,655 (511)1,527,469 (97)
Equity investments, at fair value
Fixed income exchange traded funds
764,191 (2,000)764,191 (2,000)— — — — 
Other equity investments
123,317 78,228 122,927 78,137 117,756 73,270 117,596 73,311 
Total equity investments, at fair value
887,508 76,228 887,118 76,137 117,756 73,270 117,596 73,311 
Other investments, at fair value
Catastrophe bonds1,653,148 (55,223)235,385 (33,871)1,984,396 (16,861)329,472 (28,524)
Fund investments2,379,128 242,098 2,379,128 242,098 2,128,499 256,379 2,128,499 256,379 
Direct private equity investments207,676 95,283 207,676 95,283 211,866 99,473 211,866 99,473 
Total other investments, at fair value4,239,952 282,158 2,822,189 303,510 4,324,761 338,991 2,669,837 327,328 
Investments in other ventures, under equity method101,227 — 101,227 — 102,770 — 102,770 — 
Total investments$33,593,149 $401,711 $24,202,133 $397,321 $32,639,456 $223,724 $23,390,215 $222,264 

March 31, 2025December 31, 2024
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Weighted average yield to maturity of investments (5)
5.2 %5.1 %5.4 %5.3 %
Average duration of investments, in years (5)
2.7 3.1 2.9 3.4 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)
$0.36 $(3.55)
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.
(5)Excludes other equity investments, direct private equity investments, private equity funds, hedge funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.
(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.
21

Investments
Managed Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
March 31, 2025
Fair Value
AAAAAABBB
Non-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries$11,199,657 $— $11,199,657 $— $— $— $— $— 
Corporate (3)
7,795,056 272,737 419,014 3,066,443 3,121,763 891,086 24,013 — 
Asset-backed1,396,178 1,173,295 157,057 47,864 17,962 — — — 
Residential mortgage-backed1,393,065 132,815 1,123,976 360 7,038 68,300 60,576 — 
Agencies617,537 — 617,212 — — 325 — — 
Non-U.S. government600,986 395,799 180,070 22,540 2,577 — — — 
Commercial mortgage-backed307,729 244,204 61,078 932 1,327 188 — — 
Total fixed maturity investments trading, at fair value23,310,208 2,218,850 13,758,064 3,138,139 3,150,667 959,899 84,589 — 
Short term investments, at fair value5,054,254 2,986,513 2,034,779 17,727 9,169 6,060 6 — 
Equity investments, at fair value
Fixed income exchange traded funds (4)
764,191 — 267,782 — — 496,409 — — 
Other equity investments
123,317 — — — — — — 123,317 
Total equity investments, at fair value
887,508 — 267,782 — — 496,409 — 123,317 
Other investments, at fair value
Catastrophe bonds1,653,148 — — — — 1,653,148 — — 
Fund investments:
Private credit funds1,268,388 — — — — — — 1,268,388 
Private equity funds630,765 — — — — — — 630,765 
Hedge funds338,891 — — — — — — 338,891 
Insurance-linked securities funds
141,084 — — — — — — 141,084 
Direct private equity investments207,676 — — — — — — 207,676 
Total other investments, at fair value4,239,952 — — — — 1,653,148 — 2,586,804 
Investments in other ventures, under equity method101,227 — — — — — — 101,227 
Total investments$33,593,149 $5,205,363 $16,060,625 $3,155,866 $3,159,836 $3,115,516 $84,595 $2,811,348 
100.0 %15.4 %47.8 %9.4 %9.4 %9.3 %0.3 %8.4 %
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(4)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.
22

Investments
Retained Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
March 31, 2025
Fair Value
AAAAAABBB
Non-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries$8,319,626 $— $8,319,626 $— $— $— $— $— 
Corporate (3)
6,283,785 200,262 332,697 2,597,210 2,475,256 658,029 20,331 — 
Asset-backed1,308,338 1,085,453 157,057 47,866 17,962 — — — 
Residential mortgage-backed1,132,214 108,598 887,342 360 7,038 68,300 60,576 — 
Non-U.S. government476,665 307,742 148,378 17,968 2,577 — — — 
Agencies476,346 — 476,094 — — 252 — — 
Commercial mortgage-backed245,293 201,034 41,812 932 1,327 188 — — 
Total fixed maturity investments trading, at fair value18,242,267 1,903,089 10,363,006 2,664,336 2,504,160 726,769 80,907 — 
Short term investments, at fair value2,149,332 879,348 1,241,320 13,978 9,169 5,511 6 — 
Equity investments, at fair value
Fixed income exchange traded funds (4)
764,191 — 267,782 — — 496,409 — — 
Other equity investments122,927 — — — — — — 122,927 
Total equity investments, at fair value887,118 — 267,782 — — 496,409 — 122,927 
Other investments, at fair value
Catastrophe bonds235,385 — — — — 235,385 — — 
Fund investments:
Private credit funds1,268,388 — — — — — — 1,268,388 
Private equity funds630,765 — — — — — — 630,765 
Hedge funds338,891 — — — — — — 338,891 
Insurance-linked securities funds
141,084 — — — — — — 141,084 
Direct private equity investments207,676 — — — — — — 207,676 
Total other investments, at fair value2,822,189 — — — — 235,385 — 2,586,804 
Investments in other ventures, under equity method101,227 — — — — — — 101,227 
Total investments$24,202,133 $2,782,437 $11,872,108 $2,678,314 $2,513,329 $1,464,074 $80,913 $2,810,958 
100.0 %11.5 %49.1 %11.1 %10.4 %6.0 %0.3 %11.6 %
(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.
(4)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.
23

Other Items
Earnings per Share
Three months ended
(common shares in thousands)March 31,
2025		March 31,
2024
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders$161,147 $364,798 
Amount allocated to participating common shareholders (1)
(2,365)(5,273)
Net income (loss) allocated to RenaissanceRe common shareholders$158,782 $359,525 
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)
48,334 51,678 
Per common share equivalents of non-vested shares (2)
180 150 
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)
48,514 51,828 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$3.29 $6.96 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$3.27 $6.94 
(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.
(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.
24

Comments on Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
25

Comments on Non-GAAP Financial Measures
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax, (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

Comments on Non-GAAP Financial Measures
Three months ended
March 31,
2025		March 31,
2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders$161,147 $364,798 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(373,353)232,561 
Net foreign exchange losses (gains)7,328 35,683 
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
1,436 20,266 
Acquisition related purchase accounting adjustments (2)
53,571 60,560 
Bermuda net deferred tax asset (3)
— (7,890)
Income tax expense (benefit) (4)
39,392 (12,772)
Net income (loss) attributable to redeemable noncontrolling interests (5)
40,725 (56,827)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$(69,754)$636,379 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$3.27 $6.94 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(7.70)4.49 
Net foreign exchange losses (gains)0.15 0.69 
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
0.04 0.39 
Acquisition related purchase accounting adjustments (2)
1.10 1.17 
Bermuda net deferred tax asset (3)
— (0.15)
Income tax expense (benefit) (4)
0.81 (0.25)
Net income (loss) attributable to redeemable noncontrolling interests (5)
0.84 (1.10)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(1.49)$12.18 
Return on average common equity - annualized6.6 %16.4 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(15.4)%10.7 %
Net foreign exchange losses (gains)0.3 %1.6 %
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
0.1 %0.9 %
Acquisition related purchase accounting adjustments (2)
2.2 %2.7 %
Bermuda net deferred tax asset (3)
— %(0.4)%
Income tax expense (benefit) (4)
1.6 %(0.6)%
Net income (loss) attributable to redeemable noncontrolling interests (5)
1.7 %(2.6)%
Operating return on average common equity - annualized(2.9)%28.7 %
(1)Revised from previously reported “corporate expenses associated with acquisitions and dispositions” to “expenses (revenues) associated with acquisitions, dispositions and impairments” to clarify inclusion of impairments on strategic investments related to acquisitions and dispositions.
(2)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2025 for the acquisitions of Validus $50.7 million (2024 - $56.9 million); and TMR and Platinum $2.9 million (2024 - $3.7 million).
(3)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date.
(4)Represents the 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.
(5)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.
27

Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) 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,
2025		December 31,
2024
Book value per common share$196.18 $195.77 
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.02)(14.03)
Other goodwill and intangible assets (2)
(0.19)(0.18)
Acquisition related purchase accounting adjustments (3)
(3.66)(4.38)
Tangible book value per common share178.31 177.18 
Adjustment for accumulated dividends28.48 28.08 
Tangible book value per common share plus accumulated dividends$206.79 $205.26 
Year to date change in book value per common share0.2 %18.5 %
Year to date change in book value per common share plus change in accumulated dividends0.4 %19.4 %
Year to date change in tangible book value per common share plus change in accumulated dividends0.9 %26.0 %
(1)Represents the acquired goodwill and other intangible assets at March 31, 2025 for the acquisitions of Validus $459.2 million (December 31, 2024 - $476.3 million), TMR $25.8 million (December 31, 2024 - $26.0 million) and Platinum $201.2 million (December 31, 2024 - $201.8 million).
(2)At March 31, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2024 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method. 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, 2025 for the acquisitions of Validus $130.2 million (December 31, 2024 - $168.6 million), TMR $49.6 million (December 31, 2024 - $51.6 million) and Platinum $(0.6) million (December 31, 2024 - $(0.6) million).
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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, 2025
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio175.6 %83.6 %148.7 %111.1 %128.3 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6)%(1.5)%(1.6)%(2.3)%(1.9)%
Adjusted combined ratio174.0 %82.1 %147.1 %108.8 %126.4 %
Three months ended December 31, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio50.2 %106.3 %71.6 %103.7 %91.7 %
Adjustment for acquisition related purchase accounting adjustments (1)
(2.8)%(1.8)%(2.4)%(2.4)%(2.3)%
Adjusted combined ratio47.4 %104.5 %69.2 %101.3 %89.4 %
Three months ended September 30, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio43.2 %85.6 %60.3 %100.1 %84.8 %
Adjustment for acquisition related purchase accounting adjustments (1)
(2.9)%(1.3)%(2.2)%(2.4)%(2.4)%
Adjusted combined ratio40.3 %84.3 %58.1 %97.7 %82.4 %
Three months ended June 30, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio28.1 %91.2 %53.9 %98.2 %81.1 %
Adjustment for acquisition related purchase accounting adjustments (1)
(3.2)%(0.9)%(2.2)%(2.6)%(2.5)%
Adjusted combined ratio24.9 %90.3 %51.7 %95.6 %78.6 %
Three months ended March 31, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio19.8 %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 ratio16.2 %74.6 %40.5 %97.1 %75.4 %
(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.
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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, 2025Three months ended March 31, 2024
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading$284,723 $(57,895)$226,828 $257,289 $(49,065)$208,224 
Short term investments41,029 (23,116)17,913 46,791 (23,923)22,868 
Equity investments
Fixed income exchange traded funds
1,184 — 1,184 — — — 
Other equity investments
726 (4)722 560 — 560 
Other investments
Catastrophe bonds54,754 (45,857)8,897 58,249 (50,819)7,430 
Other18,723 — 18,723 17,925 — 17,925 
Cash and cash equivalents11,110 (840)10,270 14,722 (846)13,876 
412,249 (127,712)284,537 395,536 (124,653)270,883 
Investment expenses(6,896)1,465 (5,431)(4,761)1,355 (3,406)
Net investment income$405,353 $(126,247)$279,106 $390,775 $(123,298)$267,477 
Net investment income return - annualized5.1 %(0.3)%4.8 %5.7 %(0.4)%5.3 %
Net realized gains (losses) on fixed maturity investments trading$10,035 $(602)$9,433 $9,796 $2,721 $12,517 
Net unrealized gains (losses) on fixed maturity investments trading226,240 (35,865)190,375 (211,996)35,444 (176,552)
Net realized and unrealized gains (losses) on investment-related derivatives
141,646 (1,656)139,990 (57,806)(1,389)(59,195)
Net realized gains (losses) on equity investments8 — 8 — — — 
Net unrealized gains (losses) on equity investments2,950 (127)2,823 13,097 (7)13,090 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(40,413)33,622 (6,791)18,907 (16,954)1,953 
Net realized and unrealized gains (losses) on other investments - other(7,526)— (7,526)14,348 — 14,348 
Net realized and unrealized gains (losses) on investments332,940 (4,628)328,312 (213,654)19,815 (193,839)
Total investment result$738,293 $(130,875)$607,418 $177,121 $(103,483)$73,638 
Average invested assets$33,116,302 $(9,320,127)$23,796,175 $29,426,362 $(8,512,056)$20,914,306 
Total investment return - annualized9.3 %1.3 %10.6 %2.8 %(1.2)%1.6 %
(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

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, 2025December 31, 2024
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries$11,199,657 $(2,880,031)$8,319,626 $11,001,893 $(2,567,796)$8,434,097 
Corporate (4)
7,795,056 (1,511,271)6,283,785 7,862,423 (1,387,804)6,474,619 
Asset-backed1,396,178 (87,840)1,308,338 1,422,393 (84,112)1,338,281 
Residential mortgage-backed1,393,065 (260,851)1,132,214 1,707,056 (256,383)1,450,673 
Agencies617,537 (141,191)476,346 623,489 (132,006)491,483 
Non-U.S. government600,986 (124,321)476,665 618,809 (104,896)513,913 
Commercial mortgage-backed307,729 (62,436)245,293 326,451 (56,974)269,477 
Total fixed maturity investments trading, at fair value23,310,208 (5,067,941)18,242,267 23,562,514 (4,589,971)18,972,543 
Short term investments, at fair value5,054,254 (2,904,922)2,149,332 4,531,655 (3,004,186)1,527,469 
Equity investments, at fair value
Fixed income exchange traded funds764,191 — 764,191 — — — 
Other equity investments123,317 (390)122,927 117,756 (160)117,596 
Total equity investments, at fair value
887,508 (390)887,118 117,756 (160)117,596 
Other investments, at fair value
Catastrophe bonds1,653,148 (1,417,763)235,385 1,984,396 (1,654,924)329,472 
Fund investments:
Private credit funds1,268,388 — 1,268,388 1,181,146 — 1,181,146 
Private equity funds630,765 — 630,765 609,105 — 609,105 
Hedge funds338,891 — 338,891 338,248 — 338,248 
Insurance-linked securities funds
141,084 — 141,084 — — — 
Direct private equity investments207,676 — 207,676 211,866 — 211,866 
Total other investments, at fair value4,239,952 (1,417,763)2,822,189 4,324,761 (1,654,924)2,669,837 
Investments in other ventures, under equity method101,227 — 101,227 102,770 — 102,770 
Total investments $33,593,149 $(9,391,016)$24,202,133 $32,639,456 $(9,249,241)$23,390,215 
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
31

Comments on Non-GAAP Financial Measures
Retained Total Investments, Unrealized Gain (Loss)
The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in 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, 2025December 31, 2024
Unrealized Gain (Loss) - Managed (1)
Adjustment (2)
Unrealized Gain (Loss) - Retained (3)
Unrealized Gain (Loss) - Managed (1)
Adjustment (2)
Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries$89,412 $(26,376)$63,036 $(60,748)$(5,242)$(65,990)
Corporate (4)
(6,969)(8,470)(15,439)(57,047)(65)(57,112)
Other (5)
(38,563)8,761 (29,802)(70,231)15,055 (55,176)
Total fixed maturity investments trading, at fair value43,880 (26,085)17,795 (188,026)9,748 (178,278)
Short term investments, at fair value(555)434 (121)(511)414 (97)
Equity investments, at fair value
Fixed income exchange traded funds
(2,000)— (2,000)— — — 
Other equity investments
78,228 (91)78,137 73,270 41 73,311 
Total equity investments, at fair value
76,228 (91)76,137 73,270 41 73,311 
Other investments, at fair value
Catastrophe bonds(55,223)21,352 (33,871)(16,861)(11,663)(28,524)
Fund investments242,098 — 242,098 256,379 — 256,379 
Direct private equity investments95,283 — 95,283 99,473 — 99,473 
Total other investments, at fair value282,158 21,352 303,510 338,991 (11,663)327,328 
Investments in other ventures, under equity method— — — — — — 
Total investments$401,711 $(4,390)$397,321 $223,724 $(1,460)$222,264 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)
$0.36 $(3.55)
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(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 $17.8 million at March 31, 2025 (December 31, 2024 - $(178.3) million). Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.
32

Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests
The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”
Three months ended
March 31,
2025		March 31,
2024
Net (income) loss attributable to redeemable noncontrolling interests (1)
$195,252 $(244,827)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests (36,921)36,448 
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests(3,804)20,379 
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)
(40,725)56,827 
Operating (income) loss attributable to redeemable noncontrolling interests$235,977 $(301,654)
(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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