Renaissancere Holdings Ltd 8-K, filed Oct 27, 2026

Renaissancere Holdings Ltd (RNR)

8-K 2026-10-27 For: 2026-10-27

Added on October 28, 2026

About this 8-K

Renaissancere Holdings Ltd filed this 8-K on October 27, 2026.

RenaissanceRe reported a $161.4 million net loss and $512.6 million operating income available to common shareholders in Q3 2026, with a 79.7% combined ratio and $879.8 million mark-to-market losses. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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


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


Net Loss Attributable to Common Shareholders per Diluted Common Share: $(4.02) Operating Income Available to Common Shareholders per Diluted Common Share: $12.71
Underwriting Income $426.1M	Fee Income $81.7M	Net Investment Income $440.9M
Change in Book Value per Common Share: (1.9)% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: (1.9)%


Consolidated Highlights
	Three months ended September 30,
(in thousands, except per share amounts and percentages)	2026			2025
Gross premiums written	$	2,104,008		$	2,323,626
Net premiums written	1,665,477			2,057,802
Net premiums earned	2,101,076			2,433,805
Underwriting income (loss)	426,091			770,189
Combined ratio	79.7		%	68.4		%
Adjusted combined ratio (1)	78.6		%	66.6		%

Net Income (Loss)
Available (attributable) to common shareholders	(161,384)			907,667
Available (attributable) to common shareholders per diluted common share	$	(4.02)		$	19.40
Return on average common equity - annualized	(6.0)		%	34.9		%

Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)	512,559			733,717
Available (attributable) to common shareholders per diluted common share (1)	$	12.71		$	15.62
Operating return on average common equity - annualized (1)	18.9		%	28.2		%

	September 30,
	2026			2025
Book Value per Common Share
Book value per common share	$	259.61		$	231.23
Quarterly change in book value per common share (2)	(1.9)		%	9.0		%
Quarterly change in book value per common share plus change in accumulated dividends (2)	(1.8)		%	9.2		%

Tangible Book Value per Common Share (1)
Tangible book value per common share (1)	$	242.51		$	214.57
Tangible book value per common share plus accumulated dividends (1)	$	273.42		$	243.85
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)	(1.9)		%	10.3		%


Property Segment
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2026			2025
Gross premiums written	$	628,750		$	733,274		(14.3)%
Net premiums written	580,989			694,125			(16.3)%
Net premiums earned	829,762			936,933			(11.4)%
Underwriting income (loss)	560,623			791,511

Underwriting Ratios
Net claims and claim expense ratio - current accident year	36.1		%	26.7		%	9.4	pts
Net claims and claim expense ratio - prior accident years	(32.0)		%	(40.9)		%	8.9	pts
Net claims and claim expense ratio - calendar year	4.1		%	(14.2)		%	18.3	pts
Underwriting expense ratio	28.3		%	29.7		%	(1.4)	pts
Combined ratio	32.4		%	15.5		%	16.9	pts
Adjusted combined ratio (1)	31.3		%	14.2		%	17.1	pts


Three Drivers of Profit: Underwriting, Fee and Investment Income


Casualty and Specialty Segment
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2026			2025
Gross premiums written	$	1,475,258		$	1,590,352		(7.2)%
Net premiums written	1,084,488			1,363,677			(20.5)%
Net premiums earned	1,271,314			1,496,872			(15.1)%
Underwriting income (loss)	(134,532)			(21,322)

Underwriting Ratios
Net claims and claim expense ratio - current accident year	78.2		%	67.4		%	10.8	pts
Net claims and claim expense ratio - prior accident years	(0.2)		%	0.2		%	(0.4)	pts
Net claims and claim expense ratio - calendar year	78.0		%	67.6		%	10.4	pts
Underwriting expense ratio	32.6		%	33.8		%	(1.2)	pts
Combined ratio	110.6		%	101.4		%	9.2	pts
Adjusted combined ratio (1)	109.5		%	99.3		%	10.2	pts


Fee Income
	Three months ended September 30,				Q/Q Change
(in thousands)	2026		2025
Management fee income	$	48,405	$	53,014	$	(4,609)
Performance fee income (loss) (1)	33,336		48,796		(15,460)
Total fee income	$	81,741	$	101,810	$	(20,069)


Investment Results
	Three months ended September 30,						Q/Q Change
(in thousands, except percentages)	2026			2025
Net investment income	$	440,853		$	438,354		$	2,499
Equity in earnings (losses) of other ventures	28,539			12,551			15,988
Net realized and unrealized gains (losses) on investments	(879,843)			311,890			(1,191,733)
Total investment result	$	(410,451)		$	762,795		$	(1,173,246)
Net investment income return - annualized	5.0		%	5.2		%	(0.2)		pts
Total investment return - annualized	(4.4)		%	9.0		%	(13.4)		pts



Three months ended September 30, 2026	Middle East War (1)		Ras Laffan Explosion (2)		Colombian Earthquake (3)		2026 Large Loss Events (4)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	—	$	(5,852)	$	(52,329)	$	(58,181)
Net negative impact on Casualty and Specialty segment underwriting result	(69,671)		(59,367)		(4,230)		(133,268)
Net negative impact on underwriting result	$	(69,671)	$	(65,219)	$	(56,559)	$	(191,449)

Percentage point impact on Property segment combined ratio	—		0.9		6.3		7.2
Percentage point impact on Casualty and Specialty segment combined ratio	5.5		4.7		0.3		10.5
Percentage point impact on consolidated combined ratio	3.4		3.2		2.7		9.3


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


RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations and Financial Data
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
	Three months ended						Nine months ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Revenues
Gross premiums written	$	2,104,008		$	2,323,626		$	8,577,305		$	9,900,309
Net premiums written	$	1,665,477		$	2,057,802		$	6,620,733		$	8,271,601
Decrease (increase) in unearned premiums	435,599			376,003			(136,522)			(704,861)
Net premiums earned	2,101,076			2,433,805			6,484,211			7,566,740
Net investment income	440,853			438,354			1,293,844			1,256,815
Net foreign exchange gains (losses)	831			877			(15,533)			2,209
Equity in earnings (losses) of other ventures	28,539			12,551			66,853			50,712
Other income (loss)	14			705			5,740			4,243
Net realized and unrealized gains (losses) on investments	(879,843)			311,890			(1,180,128)			994,550
Total revenues	1,691,470			3,198,182			6,654,987			9,875,269
Expenses
Net claims and claim expenses incurred	1,026,492			878,820			2,952,841			4,664,701
Acquisition expenses	542,893			659,723			1,628,022			1,949,763
Operational expenses	105,600			125,073			289,382			350,996
Corporate expenses	16,685			23,414			54,826			70,005
Interest expense	31,794			30,582			95,358			89,461
Total expenses	1,723,464			1,717,612			5,020,429			7,124,926
Income (loss) before taxes	(31,994)			1,480,570			1,634,558			2,750,343
Income tax benefit (expense)	30,153			(148,860)			(142,231)			(280,204)
Net income (loss)	(1,841)			1,331,710			1,492,327			2,470,139
Net (income) loss attributable to redeemable noncontrolling interests	(150,700)			(415,200)			(688,411)			(548,287)
Net income (loss) attributable to RenaissanceRe	(152,541)			916,510			803,916			1,921,852
Dividends on preference shares	(8,843)			(8,843)			(26,531)			(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(161,384)		$	907,667		$	777,385		$	1,895,321

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	(4.02)		$	19.47		$	18.47		$	39.60
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	(4.02)		$	19.40		$	18.39		$	39.46
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	12.71		$	15.62		$	39.41		$	25.99

Average shares outstanding - basic	40,284			45,845			41,366			47,106
Average shares outstanding - diluted	40,284			46,005			41,547			47,268

Net claims and claim expense ratio	48.9		%	36.1		%	45.5		%	61.6		%
Underwriting expense ratio	30.8		%	32.3		%	29.6		%	30.5		%
Combined ratio	79.7		%	68.4		%	75.1		%	92.1		%

Return on average common equity - annualized	(6.0)		%	34.9		%	9.6		%	25.1		%
Operating return on average common equity - annualized (1)	18.9		%	28.2		%	20.3		%	16.7		%


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

	September 30, 2026		December 31, 2025
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value	$	25,203,247	$	24,884,323
Short term investments, at fair value	4,009,923		4,759,811
Equity investments, at fair value	1,767,229		1,732,990
Other investments, at fair value	5,047,962		4,574,214
Investments in other ventures, under equity method	162,677		121,871
Total investments	36,191,038		36,073,209
Cash and cash equivalents	1,098,282		1,731,181
Premiums receivable	7,534,224		7,252,454
Prepaid reinsurance premiums	1,446,607		993,781
Reinsurance recoverable	3,828,262		3,899,913
Accrued investment income	242,834		233,688
Deferred acquisition costs and value of business acquired	1,687,757		1,538,540
Deferred tax asset	728,227		701,927
Receivable for investments sold	1,034,240		414,523
Other assets	452,618		328,087
Goodwill and other intangible assets	587,107		633,087
Total assets	$	54,831,196	$	53,800,390
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	22,294,195	$	22,302,345
Unearned premiums	6,619,452		6,028,174
Debt	2,331,768		2,329,201
Reinsurance balances payable	2,730,064		2,540,518
Payable for investments purchased	1,406,784		533,101
Other liabilities	662,632		856,302
Total liabilities	36,044,895		34,589,641
Redeemable noncontrolling interests	7,433,760		7,602,092
Shareholders’ Equity
Preference shares	750,000		750,000
Common shares	40,841		43,962
Additional paid-in capital	—		—
Accumulated other comprehensive income (loss)	(13,349)		(12,626)
Retained earnings	10,575,049		10,827,321
Total shareholders’ equity attributable to RenaissanceRe	11,352,541		11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity	$	54,831,196	$	53,800,390

Book value per common share	$	259.61	$	247.00


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

	Three months ended September 30, 2026									Three months ended September 30, 2025
	Total Underwriting Portfolio			Reportable Segments							Total Underwriting Portfolio			Reportable Segments
				Property			Casualty and Specialty							Property			Casualty and Specialty
Gross premiums written	$	2,104,008		$	628,750		$	1,475,258			$	2,323,626		$	733,274		$	1,590,352
Net premiums written	$	1,665,477		$	580,989		$	1,084,488			$	2,057,802		$	694,125		$	1,363,677
Net premiums earned	$	2,101,076		$	829,762		$	1,271,314			$	2,433,805		$	936,933		$	1,496,872
Net claims and claim expenses incurred	1,026,492			34,268			992,224				878,820			(133,504)			1,012,324
Acquisition expenses	542,893			158,814			384,079				659,723			192,347			467,376
Operational expenses	105,600			76,057			29,543				125,073			86,579			38,494
Underwriting income (loss)	$	426,091		$	560,623		$	(134,532)			$	770,189		$	791,511		$	(21,322)

Net claims and claim expenses incurred – current accident year	$	1,293,637		$	299,300		$	994,337			$	1,258,871		$	250,169		$	1,008,702
Net claims and claim expenses incurred – prior accident years	(267,145)			(265,032)			(2,113)				(380,051)			(383,673)			3,622
Net claims and claim expenses incurred – total	$	1,026,492		$	34,268		$	992,224			$	878,820		$	(133,504)		$	1,012,324

Net claims and claim expense ratio – current accident year	61.6		%	36.1		%	78.2		%		51.7		%	26.7		%	67.4		%
Net claims and claim expense ratio – prior accident years	(12.7)		%	(32.0)		%	(0.2)		%		(15.6)		%	(40.9)		%	0.2		%
Net claims and claim expense ratio – calendar year	48.9		%	4.1		%	78.0		%		36.1		%	(14.2)		%	67.6		%
Underwriting expense ratio	30.8		%	28.3		%	32.6		%		32.3		%	29.7		%	33.8		%
Combined ratio	79.7		%	32.4		%	110.6		%		68.4		%	15.5		%	101.4		%

Underwriting Income (Loss) and Consolidated Results	Total										Total
Underwriting income (loss)	$	426,091									$	770,189
Net investment income	440,853										438,354
Net foreign exchange gains (losses)	831										877
Equity in earnings (losses) of other ventures	28,539										12,551
Other income (loss)	14										705
Net realized and unrealized gains (losses) on investments	(879,843)										311,890
Corporate expenses	(16,685)										(23,414)
Interest expense	(31,794)										(30,582)
Income (loss) before taxes	(31,994)										1,480,570
Income tax benefit (expense)	30,153										(148,860)
Net (income) loss attributable to redeemable noncontrolling interests	(150,700)										(415,200)
Dividends on preference shares	(8,843)										(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(161,384)									$	907,667


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

	Three months ended				Nine months ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Property Segment
Catastrophe	$	231,076	$	288,406	$	2,658,113	$	3,317,728
Other property	397,674		444,868		1,229,742		1,278,314
Property segment gross premiums written	$	628,750	$	733,274	$	3,887,855	$	4,596,042

Casualty and Specialty Segment
General casualty (1)	$	388,825	$	483,888	$	1,313,760	$	1,677,415
Professional liability (2)	260,369		294,918		820,170		798,259
Credit (3)	266,924		253,713		842,636		922,006
Other specialty (4)	559,140		557,833		1,712,884		1,906,587
Casualty and Specialty segment gross premiums written	$	1,475,258	$	1,590,352	$	4,689,450	$	5,304,267


Net Negative Impact


Conference Call Details and Additional Information


Comments on Non-GAAP Financial Measures



Cautionary Statement Regarding Forward-Looking Statements


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

	Three months ended						Nine months ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net investment income
Fixed maturity investments trading	$	307,844		$	287,139		$	899,560		$	854,035
Short term investments	30,851			51,855			98,114			141,299
Equity investments
Fixed income exchange traded funds	27,031			15,876			74,842			23,588
Common stock (1)	681			610			2,034			1,951
Other investments
Catastrophe bonds	44,403			50,503			124,430			153,205
Fund and direct private equity investments (1)	29,729			27,036			88,273			67,451
Cash and cash equivalents	8,407			12,045			28,990			35,488
	448,946			445,064			1,316,243			1,277,017
Investment expenses	(8,093)			(6,710)			(22,399)			(20,202)
Net investment income	$	440,853		$	438,354		$	1,293,844		$	1,256,815

Equity in earnings (losses) of other ventures (2)	$	28,539		$	12,551		$	66,853		$	50,712

Net realized and unrealized gains (losses) on investments (3)
Fixed maturity-related investments (4)	$	(899,618)		$	45,579		$	(1,282,907)		$	507,966
Equity-related investments (5)	(62,158)			85,104			7,708			146,633
Commodity-related investments (6)	335			143,568			(13,486)			294,412
Other investments
Catastrophe bonds	34,971			44,592			22,017			(9,837)
Fund and direct private equity investments (1)	46,627			(6,953)			86,540			55,376
Net realized and unrealized gains (losses) on investments	$	(879,843)		$	311,890		$	(1,180,128)		$	994,550
Total investment result (2)	$	(410,451)		$	762,795		$	180,569		$	2,302,077

Average invested assets	$	36,202,069		$	35,150,285		$	35,912,221		$	34,133,294

Net investment income return - annualized	5.0		%	5.2		%	4.9		%	5.0		%
Total investment return - annualized (2)	(4.4)		%	9.0		%	0.7		%	9.2		%


	Three months ended September 30, 2026
	Catastrophe		Other Property		Total Property		Casualty and Specialty		Total Underwriting Portfolio
Combined ratio	10.1	%	64.6	%	32.4	%	110.6	%	79.7	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.5)	%	(0.7)	%	(1.1)	%	(1.1)	%	(1.1)	%
Adjusted combined ratio	8.6	%	63.9	%	31.3	%	109.5	%	78.6	%

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


		Page

Basis of Presentation		i

Financial Highlights		1

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

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

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

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



Other Items
a.	Earnings per Share	27


Comments on Non-GAAP Financial Measures		28


Financial Highlights - Per Share Data & ROE

	Three months ended						Nine months ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	(4.02)		$	19.47		$	18.47		$	39.60
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(4.02)		$	19.40		$	18.39		$	39.46
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	12.71		$	15.62		$	39.41		$	25.99

Average shares outstanding - basic	40,284			45,845			41,366			47,106
Average shares outstanding - diluted	40,284			46,005			41,547			47,268

Return on average common equity - annualized	(6.0)		%	34.9		%	9.6		%	25.1		%
Operating return on average common equity - annualized (1)	18.9		%	28.2		%	20.3		%	16.7		%

	September 30, 2026			December 31, 2025
Book value per common share	$	259.61		$	247.00
Tangible book value per common share (1)	$	242.51		$	230.10
Tangible book value per common share plus accumulated dividends (1)	$	273.42		$	259.78

Year to date change in book value per common share plus change in accumulated dividends	5.6		%	27.0		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	5.9		%	30.8		%



Underwriting and Reserves
Reportable Segments Underwriting Results

	Nine months ended September 30, 2026									Nine months ended September 30, 2025
	Total Underwriting Portfolio			Reportable Segments						Total Underwriting Portfolio			Reportable Segments
				Property			Casualty and Specialty						Property			Casualty and Specialty
Gross premiums written	$	8,577,305		$	3,887,855		$	4,689,450		$	9,900,309		$	4,596,042		$	5,304,267
Net premiums written	$	6,620,733		$	3,039,606		$	3,581,127		$	8,271,601		$	3,710,676		$	4,560,925
Net premiums earned	$	6,484,211		$	2,612,111		$	3,872,100		$	7,566,740		$	3,052,893		$	4,513,847
Net claims and claim expenses incurred	2,952,841			111,297			2,841,544			4,664,701			1,481,823			3,182,878
Acquisition expenses	1,628,022			491,281			1,136,741			1,949,763			534,192			1,415,571
Operational expenses	289,382			212,372			77,010			350,996			222,414			128,582
Underwriting income (loss)	$	1,613,966		$	1,797,161		$	(183,195)		$	601,280		$	814,464		$	(213,184)

Net claims and claim expenses incurred:
Current accident year	$	3,581,426		$	794,542		$	2,786,884		$	5,510,336		$	2,319,130		$	3,191,206
Prior accident years	(628,585)			(683,245)			54,660			(845,635)			(837,307)			(8,328)
Total	$	2,952,841		$	111,297		$	2,841,544		$	4,664,701		$	1,481,823		$	3,182,878

Net claims and claim expense ratio:
Current accident year	55.2		%	30.4		%	72.0		%	72.8		%	76.0		%	70.7		%
Prior accident years	(9.7)		%	(26.1)		%	1.4		%	(11.2)		%	(27.5)		%	(0.2)		%
Calendar year	45.5		%	4.3		%	73.4		%	61.6		%	48.5		%	70.5		%
Acquisition expense ratio	25.1		%	18.8		%	29.3		%	25.9		%	17.5		%	31.4		%
Operating expense ratio	4.5		%	8.1		%	2.0		%	4.6		%	7.3		%	2.8		%
Combined ratio	75.1		%	31.2		%	104.7		%	92.1		%	73.3		%	104.7		%
Adjusted combined ratio (1)	74.1		%	30.1		%	103.7		%	90.1		%	71.8		%	102.5		%


Underwriting and Reserves
Total Underwriting Portfolio Results - Five Quarter Trend

	Total Underwriting Portfolio
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Gross premiums written	$	2,104,008		$	2,994,424		$	3,478,873		$	1,838,111		$	2,323,626
Net premiums written	$	1,665,477		$	2,276,960		$	2,678,296		$	1,598,599		$	2,057,802
Net premiums earned	$	2,101,076		$	2,199,521		$	2,183,614		$	2,334,442		$	2,433,805
Net claims and claim expenses incurred	1,026,492			942,378			983,971			951,138			878,820
Acquisition expenses	542,893			563,279			521,850			601,060			659,723
Operational expenses	105,600			94,747			89,035			113,481			125,073
Underwriting income (loss)	$	426,091		$	599,117		$	588,758		$	668,763		$	770,189

Net claims and claim expenses incurred:
Current accident year	$	1,293,637		$	1,141,803		$	1,145,986		$	1,196,436		$	1,258,871
Prior accident years	(267,145)			(199,425)			(162,015)			(245,298)			(380,051)
Total	$	1,026,492		$	942,378		$	983,971		$	951,138		$	878,820

Net claims and claim expense ratio:
Current accident year	61.6		%	51.9		%	52.5		%	51.3		%	51.7		%
Prior accident years	(12.7)		%	(9.1)		%	(7.4)		%	(10.6)		%	(15.6)		%
Calendar year	48.9		%	42.8		%	45.1		%	40.7		%	36.1		%
Acquisition expense ratio	25.8		%	25.7		%	23.8		%	25.8		%	27.2		%
Operating expense ratio	5.0		%	4.3		%	4.1		%	4.9		%	5.1		%
Combined ratio	79.7		%	72.8		%	73.0		%	71.4		%	68.4		%
Adjusted combined ratio (1)	78.6		%	71.7		%	72.0		%	70.0		%	66.6		%


Underwriting and Reserves
Property Segment Underwriting Results - Five Quarter Trend

	Property
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Gross premiums written	$	628,750		$	1,551,685		$	1,707,420		$	346,099		$	733,274
Net premiums written	$	580,989		$	1,203,424		$	1,255,193		$	333,320		$	694,125
Net premiums earned	$	829,762		$	881,611		$	900,738		$	918,776		$	936,933
Net claims and claim expenses incurred	34,268			(7,079)			84,108			(55,808)			(133,504)
Acquisition expenses	158,814			175,436			157,031			180,660			192,347
Operational expenses	76,057			70,579			65,736			75,067			86,579
Underwriting income (loss)	$	560,623		$	642,675		$	593,863		$	718,857		$	791,511

Net claims and claim expenses incurred:
Current accident year	$	299,300		$	250,393		$	244,849		$	196,081		$	250,169
Prior accident years	(265,032)			(257,472)			(160,741)			(251,889)			(383,673)
Total	$	34,268		$	(7,079)		$	84,108		$	(55,808)		$	(133,504)

Net claims and claim expense ratio:
Current accident year	36.1		%	28.4		%	27.2		%	21.3		%	26.7		%
Prior accident years	(32.0)		%	(29.2)		%	(17.9)		%	(27.4)		%	(40.9)		%
Calendar year	4.1		%	(0.8)		%	9.3		%	(6.1)		%	(14.2)		%
Acquisition expense ratio	19.1		%	19.9		%	17.5		%	19.7		%	20.5		%
Operating expense ratio	9.2		%	8.0		%	7.3		%	8.2		%	9.2		%
Combined ratio	32.4		%	27.1		%	34.1		%	21.8		%	15.5		%
Adjusted combined ratio (1)	31.3		%	26.0		%	33.0		%	20.4		%	14.2		%


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

	Casualty and Specialty
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Gross premiums written	$	1,475,258		$	1,442,739		$	1,771,453		$	1,492,012		$	1,590,352
Net premiums written	$	1,084,488		$	1,073,536		$	1,423,103		$	1,265,279		$	1,363,677
Net premiums earned	$	1,271,314		$	1,317,910		$	1,282,876		$	1,415,666		$	1,496,872
Net claims and claim expenses incurred	992,224			949,457			899,863			1,006,946			1,012,324
Acquisition expenses	384,079			387,843			364,819			420,400			467,376
Operational expenses	29,543			24,168			23,299			38,414			38,494
Underwriting income (loss)	$	(134,532)		$	(43,558)		$	(5,105)		$	(50,094)		$	(21,322)

Net claims and claim expenses incurred:


Current accident year	$	994,337		$	891,410		$	901,137		$	1,000,355		$	1,008,702
Prior accident years	(2,113)			58,047			(1,274)			6,591			3,622
Total	$	992,224		$	949,457		$	899,863		$	1,006,946		$	1,012,324

Net claims and claim expense ratio:


Current accident year	78.2		%	67.6		%	70.2		%	70.7		%	67.4		%
Prior accident years	(0.2)		%	4.4		%	(0.1)		%	0.4		%	0.2		%
Calendar year	78.0		%	72.0		%	70.1		%	71.1		%	67.6		%
Acquisition expense ratio	30.3		%	29.5		%	28.5		%	29.7		%	31.2		%
Operating expense ratio	2.3		%	1.8		%	1.8		%	2.7		%	2.6		%
Combined ratio	110.6		%	103.3		%	100.4		%	103.5		%	101.4		%
Adjusted combined ratio (1)	109.5		%	102.3		%	99.4		%	102.3		%	99.3		%



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2026
Property	$	1,578,831	$	1,216,667	$	1,851,913	$	4,647,411
Casualty and Specialty	3,800,390		341,878		13,504,516		17,646,784
Total	$	5,379,221	$	1,558,545	$	15,356,429	$	22,294,195

December 31, 2025
Property	$	1,797,427	$	1,679,848	$	2,208,709	$	5,685,984
Casualty and Specialty	3,393,451		327,941		12,894,969		16,616,361
Total	$	5,190,878	$	2,007,789	$	15,103,678	$	22,302,345


	September 30, 2026		December 31, 2025
Redeemable noncontrolling interest - DaVinci (1)	$	3,572,046	$	3,701,637
Redeemable noncontrolling interest - Vermeer	1,940,347		1,922,431
Redeemable noncontrolling interest - Medici	1,512,633		1,398,166
Redeemable noncontrolling interest - Fontana	408,734		579,858
Redeemable noncontrolling interests	$	7,433,760	$	7,602,092


	September 30, 2026		December 31, 2025
DaVinci	73.7	%	75.7	%
Vermeer	100.0	%	100.0	%
Medici	88.4	%	88.7	%
Fontana	61.6	%	71.3	%


Managed Joint Ventures and Funds
DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations and Balance Sheet Data

	Three months ended						Nine months ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Revenues
Gross premiums written	$	98,321		$	113,965		$	1,295,366		$	1,575,472
Net premiums written	$	94,804		$	107,917		$	1,162,479		$	1,437,896
Decrease (increase) in unearned premiums	193,960			195,854			(270,534)			(365,928)
Net premiums earned	288,764			303,771			891,945			1,071,968
Net investment income	69,335			69,115			201,286			200,682
Net foreign exchange gains (losses)	342			(471)			(2,039)			(3,402)
Net realized and unrealized gains (losses) on investments	(144,225)			11,109			(230,719)			61,320
Total revenues	214,216			383,524			860,473			1,330,568
Expenses
Net claims and claim expenses incurred	15,976			(79,061)			(47,535)			589,219
Acquisition expenses	73,881			98,092			247,334			167,894
Operational expenses	30,874			35,622			92,217			93,873
Corporate expenses	119			102			339			345
Interest expense	4,544			4,546			13,532			12,929
Total expenses	125,394			59,301			305,887			864,260
Income (loss) before taxes	88,822			324,223			554,586			466,308
Income tax benefit (expense)	(602)			(2,695)			(1,950)			(4,775)
Net income (loss) available (attributable) to DaVinci common shareholders	$	88,220		$	321,528		$	552,636		$	461,533





Net claims and claim expense ratio - current accident year	39.2		%	11.6		%	21.1		%	76.8		%
Net claims and claim expense ratio - prior accident years	(33.7)		%	(37.6)		%	(26.4)		%	(21.8)		%
Net claims and claim expense ratio - calendar year	5.5		%	(26.0)		%	(5.3)		%	55.0		%
Underwriting expense ratio	36.3		%	44.0		%	38.0		%	24.4		%
Combined ratio	41.8		%	18.0		%	32.7		%	79.4		%

Balance Sheet Data:	September 30, 2026			December 31, 2025
Total investments	$	6,015,819		$	6,246,947
Total assets	7,195,706			7,225,478
Reserve for claims and claim expenses	1,200,861			1,485,378
Debt	297,216			296,972
Total shareholders’ equity	4,691,005			4,888,369


Investments
Total Investment Result
	Managed (1)						Retained (2)
	Three months ended						Three months ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net investment income
Fixed maturity investments trading	$	307,844		$	287,139		$	243,071		$	223,283
Short term investments	30,851			51,855			10,302			26,834
Equity investments
Fixed income exchange traded funds	27,031			15,876			24,015			15,876

Common stock (3)	681			610			678			610
Other investments
Catastrophe bonds	44,403			50,503			7,457			4,898
Fund and direct private equity investments (3)	29,729			27,036			28,597			27,036
Cash and cash equivalents	8,407			12,045			7,809			11,172
	448,946			445,064			321,929			309,709
Investment expenses	(8,093)			(6,710)			(6,591)			(5,092)
Net investment income	$	440,853		$	438,354		$	315,338		$	304,617

Equity in earnings (losses) of other ventures (4)	$	28,539		$	12,551		$	28,539		$	12,551

Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)	$	(899,618)		$	45,579		$	(759,121)		$	31,518
Equity-related investments (7)	(62,158)			85,104			(56,131)			85,047
Commodity-related investments (8)	335			143,568			335			143,568
Other investments
Catastrophe bonds	34,971			44,592			5,465			4,380
Fund and direct private equity investments (3)	46,627			(6,953)			46,577			(6,953)
Net realized and unrealized gains (losses) on investments	$	(879,843)		$	311,890		$	(762,875)		$	257,560
Total investment result (4)	$	(410,451)		$	762,795		$	(418,998)		$	574,728

Average invested assets	$	36,202,069		$	35,150,285		$	26,571,312		$	25,361,304

Net investment income return - annualized	5.0		%	5.2		%	4.8		%	4.9		%
Total investment return - annualized (4)	(4.4)		%	9.0		%	(6.2)		%	9.4		%


Investments
Managed Investments - Credit Rating (1)

				Credit Rating (2)																		Investments Not Subject to Credit Ratings
September 30, 2026	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
Corporate	$	9,807,924		$	80,035		$	409,442		$	4,272,800		$	4,200,563		$	839,786		$	5,298		$	—
U.S. Treasuries	9,037,223			—			9,037,223			—			—			—			—			—
Residential mortgage-backed	3,449,802			146,400			3,180,232			349			2,810			56,084			63,927			—
Asset-backed	1,357,970			836,487			167,308			233,148			117,333			—			3,694			—
Agencies	641,239			—			641,239			—			—			—			—			—
Non-U.S. government	580,896			327,206			151,219			88,232			12,846			1,393			—			—
Commercial mortgage-backed	328,193			272,829			52,555			1,230			—			—			1,579			—
Total fixed maturity investments trading, at fair value	25,203,247			1,662,957			13,639,218			4,595,759			4,333,552			897,263			74,498			—

Short term investments, at fair value	4,009,923			3,717,851			275,328			14,549			472			1,720			3			—

Equity investments, at fair value
Fixed income exchange traded funds (3)	1,547,207			—			—			216,419			—			1,330,788			—			—
Common stock	129,409			—			—			—			—			—			—			129,409
Equity exchange traded funds	90,613			—			—			—			—			—			—			90,613
Total equity investments, at fair value	1,767,229			—			—			216,419			—			1,330,788			—			220,022

Other investments, at fair value
Catastrophe bonds	1,625,250			—			—			—			—			1,625,250			—			—
Fund investments
Private credit funds	1,597,821			—			—			—			—			—			—			1,597,821
Private equity funds	788,907			—			—			—			—			—			—			788,907
Multi-strategy funds (4)	633,225			—			—			—			—			—			—			633,225
Insurance-linked securities funds	167,984			—			—			—			—			—			—			167,984
Equity funds	79,181			—			—			—			—			—			—			79,181
Direct private equity investments	155,594			—			—			—			—			—			—			155,594
Total other investments, at fair value	5,047,962			—			—			—			—			1,625,250			—			3,422,712

Investments in other ventures, under equity method	162,677			—			—			—			—			—			—			162,677

Total investments	$	36,191,038		$	5,380,808		$	13,914,546		$	4,826,727		$	4,334,024		$	3,855,021		$	74,501		$	3,805,411
	100.0		%	14.9		%	38.4		%	13.3		%	12.0		%	10.7		%	0.2		%	10.5		%


Investments
Retained Investments - Credit Rating (1)

				Credit Rating (2)																		Investments Not Subject to Credit Ratings
September 30, 2026	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
Corporate	$	8,016,590		$	62,091		$	342,668		$	3,566,738		$	3,429,850		$	610,350		$	4,893		$	—
U.S. Treasuries	6,534,665			—			6,534,665			—			—			—			—			—
Residential mortgage-backed	2,719,428			125,814			2,470,444			349			2,810			56,084			63,927			—
Asset-backed	1,229,605			777,163			163,712			181,642			104,427			—			2,661			—
Agencies	485,650			—			485,650			—			—			—			—			—
Non-U.S. government	501,703			287,772			125,102			74,590			12,846			1,393			—			—
Commercial mortgage-backed	272,661			240,350			30,409			323			—			—			1,579			—
Total fixed maturity investments trading, at fair value	19,760,302			1,493,190			10,152,650			3,823,642			3,549,933			667,827			73,060			—

Short term investments, at fair value	1,460,368			1,183,842			260,322			14,542			124			1,535			3			—

Equity investments, at fair value
Fixed income exchange traded funds (3)	1,383,245			—			—			216,419			—			1,166,826			—			—
Common stock	129,175			—			—			—			—			—			—			129,175
Equity exchange traded funds	90,613			—			—			—			—			—			—			90,613
Total equity investments, at fair value	1,603,033			—			—			216,419			—			1,166,826			—			219,788

Other investments, at fair value
Catastrophe bonds	185,465			—			—			—			—			185,465			—			—
Fund investments
Private credit funds	1,570,507			—			—			—			—			—			—			1,570,507
Private equity funds	788,907			—			—			—			—			—			—			788,907
Multi-strategy funds (4)	633,225			—			—			—			—			—			—			633,225
Insurance-linked securities funds	167,984			—			—			—			—			—			—			167,984
Equity funds	79,181			—			—			—			—			—			—			79,181
Direct private equity investments	155,594			—			—			—			—			—			—			155,594
Total other investments, at fair value	3,580,863			—			—			—			—			185,465			—			3,395,398

Investments in other ventures, under equity method	162,677			—			—			—			—			—			—			162,677

Total investments	$	26,567,243		$	2,677,032		$	10,412,972		$	4,054,603		$	3,550,057		$	2,021,653		$	73,063		$	3,777,863
	100.0		%	10.0		%	39.2		%	15.3		%	13.4		%	7.6		%	0.3		%	14.2		%


	September 30, 2026						December 31, 2025
	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
Corporate	$	(331,485)	$	48,867	$	(282,618)	$	75,453	$	(25,780)	$	49,673
U.S. Treasuries	(216,430)		39,379		(177,051)		134,072		(32,302)		101,770
Other (4)	(246,717)		51,933		(194,784)		16,447		1,690		18,137
Total fixed maturity investments trading, at fair value	(794,632)		140,179		(654,453)		225,972		(56,392)		169,580
Short term investments, at fair value	(257)		91		(166)		(216)		206		(10)
Equity investments, at fair value
Fixed income exchange traded funds	(76,883)		7,269		(69,614)		26,827		—		26,827
Common stock and equity exchange traded funds	58,633		190		58,823		95,243		(187)		95,056


Total equity investments, at fair value	(18,250)		7,459		(10,791)		122,070		(187)		121,883
Other investments, at fair value
Catastrophe bonds	37,565		(33,278)		4,287		25,617		(24,172)		1,445
Fund investments	531,727		(621)		531,106		381,941		259		382,200
Direct private equity investments	41,699		—		41,699		71,612		—		71,612
Total other investments, at fair value	610,991		(33,899)		577,092		479,170		(23,913)		455,257
Investments in other ventures, under equity method	—		—		—		—		—		—
Total investments	$	(202,148)	$	113,830	$	(88,318)	$	826,996	$	(80,286)	$	746,710
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)					$	(16.02)					$	3.86