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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): July 22, 2026
 RenaissanceRe Holdings Ltd.
(Exact name of registrant as specified in its charter)
Bermuda   001-14428   98-0141974
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)
Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19
(Address of Principal Executive Office)         (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report).
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
 RNR New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
 RNR PRF New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share RNR PRG New York Stock Exchange



Item 2.02    Results of Operations and Financial Condition.

On July 22, 2026, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026 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 July 22, 2026.
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
July 22, 2026 Robert Qutub
Executive Vice President and Chief Financial Officer



EX-99.1 2 rnrearningsrelease2026q2.htm EX-99.1 Document

rnrlogo_regmar25xmedres1.jpg
RenaissanceRe Reports $654.2 Million of Net Income Available to Common Shareholders and $547.8 Million of Operating Income Available to Common Shareholders in Q2 2026. Strong Performance Across All Three Drivers of Profit – Underwriting, Fee and Net Investment Income.
•Annualized return on average common equity of 24.0% and annualized operating return on average common equity of 20.1%.
•72.8% combined ratio driven by strong current year results, low catastrophe losses and favorable prior year development.
•Favorable prior year development of $199.4 million, with $257.5 million of favorable development in Property, partially offset by $58.0 million of adverse development in Casualty and Specialty, which included $54.0 million related to a shift of previously reported loss estimates for the Baltimore Bridge Collapse from Property and $5.5 million from purchase accounting adjustments.
•Fee income of $83.0 million, with strong contributions from management and performance fees.
•Net investment income of $432.5 million, up 4.7% from Q2 2025.
•Repurchased $350.0 million of common shares in Q2 2026.
•5.7% quarterly growth in book value per common share or 24.8% growth since June 30, 2025.
Pembroke, Bermuda, July 22, 2026 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the second quarter of 2026.
Net Income Available to Common Shareholders per Diluted Common Share: $15.48
Operating Income Available to Common Shareholders per Diluted Common Share: $12.92
Underwriting Income
$599.1M
Fee Income
$83.0M
Net Investment Income
$432.5M
Change in Book Value per Common Share: 5.7%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 6.2%
Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends and Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Kevin J. O’Donnell, President and Chief Executive Officer, said, “We delivered strong results in the second quarter, growing book value per common share by 5.7% to $264.77, with annualized return on average common equity of 24.0% and annualized operating return on average common equity of 20.1%. Each of our Three Drivers of Profit – Underwriting, Fee and Net Investment Income – contributed meaningfully to this outcome, with a diversified income base that supports enhanced earnings stability.
Underwriting performance anchored our results, producing a 72.8% combined ratio. At the mid-year renewals, our leadership position allowed us to retain attractive lines, grow limit with high-quality clients and maintain private terms. We continue to make disciplined portfolio decisions, including buying additional retrocessional protection across both Property and Casualty and Specialty.
We repurchased $350 million of our shares during the quarter. Since we began repurchasing our shares two years ago, we have in aggregate repurchased 11.5 million shares for approximately $3 billion, or about 22% of our starting share count. We remain in a strong capital position and through July 20, 2026, we have repurchased an additional $82.9 million of our shares.
This combination of disciplined execution, diversified earnings streams and consistent capital management positions us to continue compounding tangible book value per common share.”
1

Consolidated Financial Results
Consolidated Highlights

Three months ended June 30,
(in thousands, except per share amounts and percentages) 2026 2025
Gross premiums written
 $ 2,994,424 $ 3,421,180
Net premiums written 2,276,960 2,770,270
Net premiums earned
 2,199,521 2,412,154
Underwriting income (loss) 599,117 601,688
Combined ratio
 72.8  % 75.1  %
Adjusted combined ratio (1)
71.7  % 73.0  %
Net Income (Loss)
Available (attributable) to common shareholders
 654,234 826,507
Available (attributable) to common shareholders per diluted common share
 $ 15.48 $ 17.20
Return on average common equity - annualized
 24.0  % 33.7  %
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
547,761 594,583
Available (attributable) to common shareholders per diluted common share (1)
$ 12.92 $ 12.29
Operating return on average common equity - annualized (1)
20.1  % 24.2  %
June 30,
2026		 June 30,
2025
Book Value per Common Share
Book value per common share
 $ 264.77 $ 212.15
Quarterly change in book value per common share (2)
5.7  % 8.1  %
Quarterly change in book value per common share plus change in accumulated dividends (2)
5.9  % 8.3  %
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$ 247.66 $ 194.86
Tangible book value per common share plus accumulated dividends (1)
$ 278.16 $ 223.74
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)
6.2  % 9.5  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)Represents the percentage change during the three months ended June 30, 2026, and June 30, 2025, respectively.
2

Three Drivers of Profit: Underwriting, Fee and Investment Income
Underwriting Results - Property Segment: Strong combined ratio of 27.1%
Property Segment
Three months ended June 30,
Q/Q Change
(in thousands, except percentages) 2026 2025
Gross premiums written
 $ 1,551,685 $ 1,731,935 (10.4)%
Net premiums written 1,203,424 1,325,557 (9.2)%
Net premiums earned 881,611 868,010 1.6%
Underwriting income (loss)
 642,675 630,171
Underwriting Ratios
Net claims and claim expense ratio - current accident year
 28.4  % 29.8  % (1.4) pts
Net claims and claim expense ratio - prior accident years
 (29.2) % (30.7) % 1.5   pts
Net claims and claim expense ratio - calendar year
 (0.8) % (0.9) % 0.1  pts
Underwriting expense ratio
 27.9  % 28.3  % (0.4) pts
Combined ratio
 27.1  % 27.4  % (0.3) pts
Adjusted combined ratio (1)
26.0  % 25.8  % 0.2  pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $180.3 million, or 10.4%, driven by:
–a decrease of $187.7 million, or 13.9%, in the catastrophe class, not including reinstatement premiums, with rate reductions being partially offset by growth opportunities; partly offset by
–an increase of $35.0 million in the other property class, as premiums in Q2 2025 were impacted by downwards premium adjustments, in part due to rate decreases in the excess and surplus business.
•Net claims and claim expense ratio - current accident year held relatively flat year over year due to the low level of catastrophe losses in both the current and comparative quarter.
•Net claims and claim expense ratio - prior accident years reflected net favorable development of 29.2%, driven by:
–net favorable development of $132.7 million in the catastrophe class, primarily from the large loss events in 2021, 2022, 2024 and 2025; and
–net favorable development of $124.7 million in the other property class, primarily due to favorable attritional loss experience.
•Underwriting expense ratio remained relatively flat quarter over quarter, as expense growth was largely offset by the Bermuda tax credits.
•Combined ratio and adjusted combined ratio benefited from the low current accident year net losses and prior accident years net favorable development.
3

Underwriting Results - Casualty and Specialty Segment: Lower impact from current accident year large losses compared to Q2 2025
Casualty and Specialty Segment

Three months ended June 30,
Q/Q Change
(in thousands, except percentages)
 2026 2025
Gross premiums written
 $ 1,442,739 $ 1,689,245 (14.6)%
Net premiums written 1,073,536 1,444,713 (25.7)%
Net premiums earned 1,317,910 1,544,144 (14.7)%
Underwriting income (loss)
 (43,558) (28,483)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
 67.6  % 68.2  % (0.6) pts
Net claims and claim expense ratio - prior accident years
 4.4  % (0.2) % 4.6  pts
Net claims and claim expense ratio - calendar year
 72.0  % 68.0  % 4.0  pts
Underwriting expense ratio
 31.3  % 33.8  % (2.5)  pts
Combined ratio
 103.3  % 101.8  % 1.5  pts
Adjusted combined ratio (1)
102.3  % 99.5  % 2.8  pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $246.5 million, or 14.6%, principally due to:
–exposure reductions across the general casualty, professional liability and other specialty classes;
–changes in premium estimates on business underwritten in prior years in the other specialty class, largely from rate pressure in cyber; and
–a decrease in the credit class driven by opportunistic deals written during Q2 2025 that were not up for renewal.
•Net premiums written decreased by $371.2 million, or 25.7%, consistent with the drivers for gross premiums written discussed above, in addition to an increase in the Company’s retrocessional purchases.
•Net claims and claim expense ratio - current accident year improved by 0.6 percentage points compared to Q2 2025, principally driven by the lower impact of large loss events within the other specialty class.
•Net claims and claim expense ratio - prior accident years reflected net adverse development of 4.4%, including $54.0 million, or 4.1 percentage points, from a shift of previously reported loss estimates for the Baltimore Bridge Collapse to Casualty and Specialty from the other property class, and $5.5 million, or 0.4 percentage points, related to purchase accounting adjustments.
•Underwriting expense ratio improved by 2.5 percentage points, driven by:
–a 1.7 percentage point improvement in the operating expense ratio, primarily due to the Bermuda tax credits and an increase in override management fees; and
–a 0.8 percentage point improvement in the acquisition expense ratio, primarily due to a decrease in purchase accounting adjustments.
•Combined ratio and adjusted combined ratio each included adverse development related to the Baltimore Bridge Collapse, which was partially offset by the lower underwriting expense ratio.
4

Fee Income: $83.0 million of fee income, with strong contributions from both management and performance fees
Fee Income

Three months ended June 30,
Q/Q Change
(in thousands)
 2026 2025
Management fee income
 $ 48,138  $ 56,407  $ (8,269)
Performance fee income (loss) (1)
34,889  38,550  (3,661)
Total fee income
 $ 83,027  $ 94,957  $ (11,930)
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
•Management fee income decreased as a result of lower management fees in DaVinci, primarily due to a recapture of previously deferred management fees in Q2 2025 which did not repeat in Q2 2026, combined with lower management fees in DaVinci and Fontana due to lower net premiums earned.
•Performance fee income decreased primarily driven by lower prior accident years net favorable development within Upsilon.
•Total fee income in Q2 2026 included $59.4 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss).
Investment Results: Net investment income of $432.5 million, up 4.7% from Q2 2025, and net realized and unrealized gains of $121.6 million
Investment Results

Three months ended June 30,
Q/Q Change
(in thousands, except percentages)
 2026 2025
Net investment income $ 432,489 $ 413,108 $ 19,381
Equity in earnings (losses) of other ventures 17,829 20,333 (2,504)
Net realized and unrealized gains (losses) on investments 121,628 349,720 (228,092)
Total investment result
 $ 571,946 $ 783,161 $ (211,215)
Net investment income return - annualized 5.0  % 5.0  % —   pts
Total investment return - annualized
 6.6  % 9.6  % (3.0) pts
•Net investment income increased by $19.4 million, primarily due to higher average invested assets and portfolio reallocation, resulting in increased income from fixed income exchange traded funds.
•Net realized and unrealized gains on investments in Q2 2026 were driven by:
–$217.3 million of net gains on equity-related investments, primarily from equity futures being favorably impacted by equity market movements in the quarter;
–$99.9 million of net gains on fund and direct private equity investments, as a result of favorable equity market movements; partially offset by
–$115.3 million of net losses on fixed maturity-related investments, primarily due to increases in market yields in the quarter; and
–$79.1 million of net losses on commodity-related investments, principally due to decreases in prices for gold futures.
•Total investments were $36.2 billion at June 30, 2026 (December 31, 2025 - $36.1 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 5.3% and 3.0 years, respectively (December 31, 2025 - 4.8% and 2.6 years, respectively).
5

Other Items of Note
•Net income attributable to redeemable noncontrolling interests of $315.3 million was primarily driven by:
–strong underwriting income in DaVinci and Vermeer;
–$118.1 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
–$31.9 million of net realized and unrealized losses in the investment portfolios of the Company’s joint ventures and managed funds; and
–$59.4 million of management and performance fee income.
•Income tax expense of $139.4 million in Q2 2026, compared to an expense of $176.9 million in Q2 2025. The income tax expense was primarily driven by strong operating profits.
•Operational and corporate expenses decreased in Q2 2026, primarily driven by Bermuda tax credits and partially offset by an increase in compensation expenses.
•Share repurchases of 1.2 million common shares at an aggregate cost of $350.0 million and an average price of $300.82 per common share. Repurchased an additional $82.9 million from July 1, 2026, through July 20, 2026.

6

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, July 23, 2026, at 10:00 a.m. ET to discuss this release. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at investor.renre.com. A replay will be available after the call at the same location.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.
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 and government initiatives and regulatory matters affecting the (re)insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by the Company that its current objectives or plans will be achieved. Numerous factors could cause the Company’s actual results to differ materially from those addressed by the forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s
7

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

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


8

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 Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Revenues
Gross premiums written $ 2,994,424  $ 3,421,180  $ 6,473,297  $ 7,576,683 
Net premiums written $ 2,276,960  $ 2,770,270  $ 4,955,256  $ 6,213,799 
Decrease (increase) in unearned premiums (77,439) (358,116) (572,121) (1,080,864)
Net premiums earned 2,199,521  2,412,154  4,383,135  5,132,935 
Net investment income 432,489  413,108  852,991  818,461 
Net foreign exchange gains (losses) (7,345) 8,660  (16,364) 1,332 
Equity in earnings (losses) of other ventures 17,829  20,333  38,314  38,161 
Other income (loss) 4,479  2,624  5,726  3,538 
Net realized and unrealized gains (losses) on investments 121,628  349,720  (300,285) 682,660 
Total revenues
 2,768,601  3,206,599  4,963,517  6,677,087 
Expenses
Net claims and claim expenses incurred 942,378  1,042,123  1,926,349  3,785,881 
Acquisition expenses 563,279  642,605  1,085,129  1,290,040 
Operational expenses 94,747  125,738  183,782  225,923 
Corporate expenses 18,681  23,781  38,141  46,591 
Interest expense 31,778  31,793  63,564  58,879 
Total expenses
 1,650,863  1,866,040  3,296,965  5,407,314 
Income (loss) before taxes 1,117,738  1,340,559  1,666,552  1,269,773 
Income tax benefit (expense) (139,400) (176,869) (172,384) (131,344)
Net income (loss) 978,338  1,163,690  1,494,168  1,138,429 
Net (income) loss attributable to redeemable noncontrolling interests (315,260) (328,339) (537,711) (133,087)
Net income (loss) attributable to RenaissanceRe 663,078  835,351  956,457  1,005,342 
Dividends on preference shares (8,844) (8,844) (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234  $ 826,507  $ 938,769  $ 987,654 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic $ 15.54  $ 17.25  $ 22.03  $ 20.37 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted $ 15.48  $ 17.20  $ 21.94  $ 20.30 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 12.92  $ 12.29  $ 26.68  $ 10.64 
Average shares outstanding - basic
 41,379  47,140  41,906  47,737 
Average shares outstanding - diluted
 41,545  47,286  42,086  47,900 
Net claims and claim expense ratio
 42.8  % 43.2  % 43.9  % 73.8  %
Underwriting expense ratio
 30.0  % 31.9  % 29.0  % 29.5  %
Combined ratio
 72.8  % 75.1  % 72.9  % 103.3  %
Return on average common equity - annualized
 24.0  % 33.7  % 17.2  % 20.1  %
Operating return on average common equity - annualized (1)
20.1  % 24.2  % 20.9  % 10.7  %
(1)See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.
9

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
June 30,
2026		 December 31,
2025
Assets (Unaudited) (Audited)
Fixed maturity investments trading, at fair value $ 25,185,430  $ 24,884,323 
Short-term investments, at fair value
 3,949,012  4,759,811 
Equity investments, at fair value 1,846,152  1,732,990 
Other investments, at fair value 5,083,169  4,574,214 
Investments in other ventures, under equity method 149,337  121,871 
Total investments 36,213,100  36,073,209 
Cash and cash equivalents 1,302,160  1,731,181 
Premiums receivable 8,269,415  7,252,454 
Prepaid reinsurance premiums 1,567,745  993,781 
Reinsurance recoverable 3,863,486  3,899,913 
Accrued investment income 250,610  233,688 
Deferred acquisition costs and value of business acquired
 1,706,129  1,538,540 
Deferred tax asset
 693,186  701,927 
Receivable for investments sold 305,237  414,523 
Other assets 422,106  328,087 
Goodwill and other intangible assets 602,439  633,087 
Total assets $ 55,195,613  $ 53,800,390 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 22,269,134  $ 22,302,345 
Unearned premiums 7,176,037  6,028,174 
Debt 2,330,907  2,329,201 
Reinsurance balances payable 3,056,013  2,540,518 
Payable for investments purchased 550,409  533,101 
Other liabilities 649,551  856,302 
Total liabilities 36,032,051  34,589,641 
Redeemable noncontrolling interests 7,343,353  7,602,092 
Shareholders’ Equity
Preference shares 750,000  750,000 
Common shares 41,811  43,962 
Additional paid-in capital —  — 
Accumulated other comprehensive income (loss) (13,045) (12,626)
Retained earnings 11,041,443  10,827,321 
Total shareholders’ equity attributable to RenaissanceRe 11,820,209  11,608,657 
Total liabilities, noncontrolling interests and shareholders’ equity $ 55,195,613  $ 53,800,390 
Book value per common share $ 264.77  $ 247.00 



10

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended June 30, 2026
Property Casualty and Specialty Other Total
Gross premiums written $ 1,551,685  $ 1,442,739  $ —  $ 2,994,424 
Net premiums written $ 1,203,424  $ 1,073,536  $ —  $ 2,276,960 
Net premiums earned $ 881,611  $ 1,317,910  $ —  $ 2,199,521 
Net claims and claim expenses incurred (7,079) 949,457  —  942,378 
Acquisition expenses 175,436  387,843  —  563,279 
Operational expenses 70,579  24,168  —  94,747 
Underwriting income (loss) $ 642,675  $ (43,558) $ —  599,117 
Net investment income 432,489  432,489 
Net foreign exchange gains (losses) (7,345) (7,345)
Equity in earnings (losses) of other ventures
 17,829  17,829 
Other income (loss) 4,479  4,479 
Net realized and unrealized gains (losses) on investments 121,628  121,628 
Corporate expenses (18,681) (18,681)
Interest expense (31,778) (31,778)
Income (loss) before taxes
 1,117,738 
Income tax benefit (expense) (139,400) (139,400)
Net (income) loss attributable to redeemable noncontrolling interests (315,260) (315,260)
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234 
Net claims and claim expenses incurred – current accident year $ 250,393  $ 891,410  $ —  $ 1,141,803 
Net claims and claim expenses incurred – prior accident years (257,472) 58,047  —  (199,425)
Net claims and claim expenses incurred – total $ (7,079) $ 949,457  $ —  $ 942,378 
Net claims and claim expense ratio – current accident year 28.4  % 67.6  % 51.9  %
Net claims and claim expense ratio – prior accident years (29.2) % 4.4  % (9.1) %
Net claims and claim expense ratio – calendar year (0.8) % 72.0  % 42.8  %
Underwriting expense ratio 27.9  % 31.3  % 30.0  %
Combined ratio 27.1  % 103.3  % 72.8  %
Three months ended June 30, 2025
Property Casualty and Specialty Other Total
Gross premiums written $ 1,731,935  $ 1,689,245  $ —  $ 3,421,180 
Net premiums written $ 1,325,557  $ 1,444,713  $ —  $ 2,770,270 
Net premiums earned $ 868,010  $ 1,544,144  $ —  $ 2,412,154 
Net claims and claim expenses incurred (7,930) 1,050,053  —  1,042,123 
Acquisition expenses 174,200  468,405  —  642,605 
Operational expenses 71,569  54,169  —  125,738 
Underwriting income (loss) $ 630,171  $ (28,483) $ —  601,688 
Net investment income 413,108  413,108 
Net foreign exchange gains (losses) 8,660  8,660 
Equity in earnings (losses) of other ventures
 20,333  20,333 
Other income (loss) 2,624  2,624 
Net realized and unrealized gains (losses) on investments 349,720  349,720 
Corporate expenses (23,781) (23,781)
Interest expense (31,793) (31,793)
Income (loss) before taxes
 1,340,559 
Income tax benefit (expense) (176,869) (176,869)
Net (income) loss attributable to redeemable noncontrolling interests (328,339) (328,339)
Dividends on preference shares (8,844) (8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 826,507 
Net claims and claim expenses incurred – current accident year $ 258,646  $ 1,053,187  $ —  $ 1,311,833 
Net claims and claim expenses incurred – prior accident years (266,576) (3,134) —  (269,710)
Net claims and claim expenses incurred – total $ (7,930) $ 1,050,053  $ —  $ 1,042,123 
Net claims and claim expense ratio – current accident year 29.8  % 68.2  % 54.4  %
Net claims and claim expense ratio – prior accident years (30.7) % (0.2) % (11.2) %
Net claims and claim expense ratio – calendar year (0.9) % 68.0  % 43.2  %
Underwriting expense ratio 28.3  % 33.8  % 31.9  %
Combined ratio 27.4  % 101.8  % 75.1  %
11

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Six months ended June 30, 2026
Property Casualty and Specialty Other Total
Gross premiums written $ 3,259,105  $ 3,214,192  $ —  $ 6,473,297 
Net premiums written $ 2,458,617  $ 2,496,639  $ —  $ 4,955,256 
Net premiums earned $ 1,782,349  $ 2,600,786  $ —  $ 4,383,135 
Net claims and claim expenses incurred 77,029  1,849,320  —  1,926,349 
Acquisition expenses 332,467  752,662  —  1,085,129 
Operational expenses 136,315  47,467  —  183,782 
Underwriting income (loss) $ 1,236,538  $ (48,663) $ —  1,187,875 
Net investment income 852,991  852,991 
Net foreign exchange gains (losses) (16,364) (16,364)
Equity in earnings (losses) of other ventures
 38,314  38,314 
Other income (loss) 5,726  5,726 
Net realized and unrealized gains (losses) on investments (300,285) (300,285)
Corporate expenses (38,141) (38,141)
Interest expense (63,564) (63,564)
Income (loss) before taxes
 1,666,552 
Income tax benefit (expense) (172,384) (172,384)
Net (income) loss attributable to redeemable noncontrolling interests (537,711) (537,711)
Dividends on preference shares (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 938,769 
Net claims and claim expenses incurred – current accident year $ 495,242  $ 1,792,547  $ —  $ 2,287,789 
Net claims and claim expenses incurred – prior accident years (418,213) 56,773  —  (361,440)
Net claims and claim expenses incurred – total $ 77,029  $ 1,849,320  $ —  $ 1,926,349 
Net claims and claim expense ratio – current accident year 27.8  % 68.9  % 52.2  %
Net claims and claim expense ratio – prior accident years (23.5) % 2.2  % (8.3) %
Net claims and claim expense ratio – calendar year 4.3  % 71.1  % 43.9  %
Underwriting expense ratio 26.3  % 30.8  % 29.0  %
Combined ratio 30.6  % 101.9  % 72.9  %
Six months ended June 30, 2025
Property Casualty and Specialty Other Total
Gross premiums written $ 3,862,768  $ 3,713,915  $ —  $ 7,576,683 
Net premiums written $ 3,016,551  $ 3,197,248  $ —  $ 6,213,799 
Net premiums earned $ 2,115,960  $ 3,016,975  $ —  $ 5,132,935 
Net claims and claim expenses incurred 1,615,327  2,170,554  —  3,785,881 
Acquisition expenses 341,845  948,195  —  1,290,040 
Operational expenses 135,835  90,088  —  225,923 
Underwriting income (loss) $ 22,953  $ (191,862) $ —  (168,909)
Net investment income 818,461  818,461 
Net foreign exchange gains (losses) 1,332  1,332 
Equity in earnings (losses) of other ventures
 38,161  38,161 
Other income (loss) 3,538  3,538 
Net realized and unrealized gains (losses) on investments 682,660  682,660 
Corporate expenses (46,591) (46,591)
Interest expense (58,879) (58,879)
Income (loss) before taxes
 1,269,773 
Income tax benefit (expense) (131,344) (131,344)
Net (income) loss attributable to redeemable noncontrolling interests (133,087) (133,087)
Dividends on preference shares (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 987,654 
Net claims and claim expenses incurred – current accident year $ 2,068,961  $ 2,182,504  $ —  $ 4,251,465 
Net claims and claim expenses incurred – prior accident years (453,634) (11,950) —  (465,584)
Net claims and claim expenses incurred – total $ 1,615,327  $ 2,170,554  $ —  $ 3,785,881 
Net claims and claim expense ratio – current accident year 97.8  % 72.3  % 82.8  %
Net claims and claim expense ratio – prior accident years (21.5) % (0.4) % (9.0) %
Net claims and claim expense ratio – calendar year 76.3  % 71.9  % 73.8  %
Underwriting expense ratio 22.6  % 34.5  % 29.5  %
Combined ratio 98.9  % 106.4  % 103.3  %
12

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Property Segment
Catastrophe $ 1,147,430  $ 1,362,681  $ 2,427,037  $ 3,029,322 
Other property 404,255  369,254  832,068  833,446 
Property segment gross premiums written
 $ 1,551,685  $ 1,731,935  $ 3,259,105  $ 3,862,768 
Casualty and Specialty Segment
General casualty (1)
$ 423,977  $ 513,078  $ 924,935  $ 1,193,527 
Professional liability (2)
260,105  266,380  559,801  503,341 
Credit (3)
216,408  267,540  575,712  668,293 
Other specialty (4)
542,249  642,247  1,153,744  1,348,754 
Casualty and Specialty segment gross premiums written
 $ 1,442,739  $ 1,689,245  $ 3,214,192  $ 3,713,915 
(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 Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net investment income
Fixed maturity investments trading $ 297,222  $ 282,173  $ 591,716  $ 566,896 
Short-term investments 32,957  48,415  67,263  89,444 
Equity investments
Fixed income exchange traded funds 26,119  6,528  47,811  7,712 
Common stock (1)
676  615  1,353  1,341 
Other investments
Catastrophe bonds 40,095  47,948  80,027  102,702 
Fund and direct private equity investments (1)
33,333  21,692  58,544  40,415 
Cash and cash equivalents 9,420  12,333  20,583  23,443 
439,822  419,704  867,297  831,953 
Investment expenses (7,333) (6,596) (14,306) (13,492)
Net investment income $ 432,489  $ 413,108  $ 852,991  $ 818,461 
Equity in earnings (losses) of other ventures (2)
$ 17,829  $ 20,333  $ 38,314  $ 38,161 
Net realized and unrealized gains (losses) on investments (3)
Fixed maturity-related investments (4)
$ (115,341) $ 149,510  $ (383,289) $ 462,387 
Equity-related investments (5)
217,292  111,118  69,866  61,529 
Commodity-related investments (6)
(79,131) 33,253  (13,821) 150,844 
Other investments
Catastrophe bonds (1,125) (14,016) (12,954) (54,429)
Fund and direct private equity investments (1)
99,933  69,855  39,913  62,329 
Net realized and unrealized gains (losses) on investments $ 121,628  $ 349,720  $ (300,285) $ 682,660 
Total investment result (2)
$ 571,946  $ 783,161  $ 591,020  $ 1,539,282 
Average invested assets $ 35,692,318  $ 34,044,766  $ 35,819,281  $ 33,576,329 
Net investment income return - annualized 5.0  % 5.0  % 4.9  % 5.0  %
Total investment return - annualized (2)
6.6  % 9.6  % 3.4  % 9.5  %
(1)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(2)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(3)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(4)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(5)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(6)Includes commodity-related derivatives, which includes commodity futures and commodity options.
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 and the Bermuda deferred tax benefit resulting from Bermuda law changes enacted in 2025, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”
The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability. Additionally, management believes that these measures provide a view of the Company’s underlying business that allows for better comparisons of the Company’s performance over time by focusing on the Company’s core business operations.
The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”
15

Three months ended Six months ended
(in thousands of United States Dollars, except per share amounts and percentages) June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234  $ 826,507  $ 938,769  $ 987,654 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (122,753) (363,736) 287,331  (737,089)
Net foreign exchange losses (gains) 7,345  (8,660) 16,364  (1,332)
Expenses (revenues) associated with acquisitions, dispositions and impairments
 —  1,996  3  3,432 
Acquisition related purchase accounting adjustments (1)
22,707  50,312  45,413  103,883 
Bermuda net deferred tax asset (2)
—  —  —  — 
Income tax expense (benefit) (3)
19,984  56,964  (59,759) 96,356 
Net income (loss) attributable to redeemable noncontrolling interests (4)
(33,756) 31,200  (89,823) 71,925 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 547,761  $ 594,583  $ 1,138,298  $ 524,829 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48  $ 17.20  $ 21.94  $ 20.30 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (2.95) (7.69) 6.83  (15.39)
Net foreign exchange losses (gains) 0.18  (0.18) 0.39  (0.03)
Expenses (revenues) associated with acquisitions, dispositions and impairments
 —  0.04  —  0.08 
Acquisition related purchase accounting adjustments (1)
0.55  1.06  1.08  2.17 
Bermuda net deferred tax asset (2)
—  —  —  — 
Income tax expense (benefit) (3)
0.47  1.20  (1.43) 2.01 
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.81) 0.66  (2.13) 1.50 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 12.92  $ 12.29  $ 26.68  $ 10.64 
Return on average common equity - annualized 24.0  % 33.7  % 17.2  % 20.1  %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (4.5) % (14.8) % 5.3  % (15.0) %
Net foreign exchange losses (gains) 0.3  % (0.4) % 0.3  % —  %
Expenses (revenues) associated with acquisitions, dispositions and impairments
 —  % 0.1  % —  % —  %
Acquisition related purchase accounting adjustments (1)
0.8  % 2.0  % 0.8  % 2.1  %
Bermuda net deferred tax asset (2)
—  % —  % —  % —  %
Income tax expense (benefit) (3)
0.7  % 2.3  % (1.1) % 2.0  %
Net income (loss) attributable to redeemable noncontrolling interests (4)
(1.2) % 1.3  % (1.6) % 1.5  %
Operating return on average common equity - annualized 20.1  % 24.2  % 20.9  % 10.7  %
(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and six months ended June 30, 2026 for the acquisitions of Validus of $21.0 million and $41.9 million (2025 - $48.0 million and $98.7 million); and TMR and Platinum of $1.8 million and $3.5 million (2025 - $2.4 million and $5.2 million).
(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date and the deferred tax benefit related to Bermuda law changes enacted in 2025.
(3)Represents the income tax expense or benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory income tax rates of applicable jurisdictions, adjusted for relevant factors and other applicable income taxes.
(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.
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) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.
The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns by excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments to provide for better comparability and a more accurate measure of the Company’s underlying operations. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
June 30,
2026		 June 30,
2025
Book value per common share $ 264.77  $ 212.15 
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.41) (14.12)
Other goodwill and intangible assets (2)
(0.22) (0.18)
Acquisition related purchase accounting adjustments (3)
(2.48) (2.99)
Tangible book value per common share 247.66  194.86 
Adjustment for accumulated dividends 30.50  28.88 
Tangible book value per common share plus accumulated dividends $ 278.16  $ 223.74 
Quarterly change in book value per common share (4)
5.7  % 8.1  %
Quarterly change in book value per common share plus change in accumulated dividends (4)
5.9  % 8.3  %
Quarterly change in tangible book value per common share plus change in accumulated dividends (4)
6.2  % 9.5  %
(1)Represents the acquired goodwill and other intangible assets at June 30, 2026, of $602.4 million (2025 - $668.8 million) for the acquisitions of Validus, TMR and Platinum of $377.9 million, $24.5 million and $200.1 million, respectively (2025 - $442.1 million, $25.5 million and $201.1 million, respectively).
(2)At June 30, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.
(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at June 30, 2026 for the acquisitions of Validus, TMR and Platinum of $63.7 million, $40.7 million and $(0.5) million, respectively (2025 - $94.6 million, $47.7 million and $(0.6) million, respectively). As of December 31, 2025, the purchase accounting adjustments related to the VOBA were fully amortized.
(4)Represents the percentage change during the three months ended June 30, 2026, and June 30, 2025, respectively.



17

Adjusted Combined Ratio
The Company has included in this Press Release “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”
Three months ended June 30, 2026
Catastrophe Other
Property		 Property Casualty and Specialty Total
Combined ratio 10.2  % 52.2  % 27.1  % 103.3  % 72.8  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.4) % (0.7) % (1.1) % (1.0) % (1.1) %
Adjusted combined ratio 8.8  % 51.5  % 26.0  % 102.3  % 71.7  %
Three months ended June 30, 2025
Catastrophe Other
Property		 Property Casualty and Specialty Total
Combined ratio 18.2  % 43.7  % 27.4  % 101.8  % 75.1  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.8) % (1.2) % (1.6) % (2.3) % (2.1) %
Adjusted combined ratio 16.4  % 42.5  % 25.8  % 99.5  % 73.0  %
(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
EX-99.2 3 rnrfinancialsupplement2026.htm EX-99.2 Document

june302026a.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.
Segment Underwriting Results
b. 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
rnrlogo_regmar25xmedresa.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, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.

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

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








i

Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry and government initiatives and regulatory matters affecting the (re)insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by the Company that its current objectives or plans will be achieved. Numerous factors could cause the Company’s actual results to differ materially from those addressed by the forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts globally; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its operating subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

ii

RenaissanceRe Holdings Ltd.
Financial Highlights
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234  $ 826,507  $ 938,769  $ 987,654 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$ 547,761  $ 594,583  $ 1,138,298  $ 524,829 
Underwriting income
Gross premiums written $ 2,994,424  $ 3,421,180  $ 6,473,297  $ 7,576,683 
Net premiums written 2,276,960  2,770,270  4,955,256  6,213,799 
Net premiums earned
 2,199,521  2,412,154  4,383,135  5,132,935 
Underwriting income (loss) 599,117  601,688  1,187,875  (168,909)
Net claims and claim expense ratio:
Current accident year 51.9  % 54.4  % 52.2  % 82.8  %
Prior accident years (9.1) % (11.2) % (8.3) % (9.0) %
Calendar year 42.8  % 43.2  % 43.9  % 73.8  %
Acquisition expense ratio 25.7  % 26.7  % 24.8  % 25.1  %
Operating expense ratio 4.3  % 5.2  % 4.2  % 4.4  %
Combined ratio 72.8  % 75.1  % 72.9  % 103.3  %
Adjusted combined ratio (1)
71.7  % 73.0  % 71.9  % 101.3  %
Fee income
Management fee income $ 48,138  $ 56,407  $ 96,065  $ 102,468 
Performance fee income 34,889  38,550  81,088  22,946 
Total fee income $ 83,027  $ 94,957  $ 177,153  $ 125,414 
Investment results - managed
Net investment income $ 432,489  $ 413,108  $ 852,991  $ 818,461 
Equity in earnings (losses) of other ventures (2)
17,829  20,333  38,314  38,161 
Net realized and unrealized gains (losses) on investments 121,628  349,720  (300,285) 682,660 
Total investment result (2)
$ 571,946  $ 783,161  $ 591,020  $ 1,539,282 
Investment results - retained (1)
Net investment income $ 314,342  $ 286,072  $ 618,486  $ 565,178 
Equity in earnings (losses) of other ventures (2)
17,829  20,333  38,314  38,161 
Net realized and unrealized gains (losses) on investments 153,531  343,022  (203,223) 671,334 
Total investment result (2)
$ 485,702  $ 649,427  $ 453,577  $ 1,274,673 
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
1

Financial Highlights - Per Share Data & ROE
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 15.54  $ 17.25  $ 22.03  $ 20.37 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48  $ 17.20  $ 21.94  $ 20.30 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 12.92  $ 12.29  $ 26.68  $ 10.64 
Average shares outstanding - basic 41,379  47,140  41,906  47,737 
Average shares outstanding - diluted 41,545  47,286  42,086  47,900 
Return on average common equity - annualized 24.0  % 33.7  % 17.2  % 20.1  %
Operating return on average common equity - annualized (1)
20.1  % 24.2  % 20.9  % 10.7  %
June 30,
2026		 December 31,
2025
Book value per common share $ 264.77  $ 247.00 
Tangible book value per common share (1)
$ 247.66  $ 230.10 
Tangible book value per common share plus accumulated dividends (1)
$ 278.16  $ 259.78 
Year to date change in book value per common share plus change in accumulated dividends 7.5  % 27.0  %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)
8.0  % 30.8  %
(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 Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Revenues
Gross premiums written $ 2,994,424  $ 3,421,180  $ 6,473,297  $ 7,576,683 
Net premiums written $ 2,276,960  $ 2,770,270  $ 4,955,256  $ 6,213,799 
Decrease (increase) in unearned premiums (77,439) (358,116) (572,121) (1,080,864)
Net premiums earned 2,199,521  2,412,154  4,383,135  5,132,935 
Net investment income 432,489  413,108  852,991  818,461 
Net foreign exchange gains (losses) (7,345) 8,660  (16,364) 1,332 
Equity in earnings (losses) of other ventures 17,829  20,333  38,314  38,161 
Other income (loss) 4,479  2,624  5,726  3,538 
Net realized and unrealized gains (losses) on investments 121,628  349,720  (300,285) 682,660 
Total revenues 2,768,601  3,206,599  4,963,517  6,677,087 
Expenses
Net claims and claim expenses incurred 942,378  1,042,123  1,926,349  3,785,881 
Acquisition expenses 563,279  642,605  1,085,129  1,290,040 
Operational expenses 94,747  125,738  183,782  225,923 
Corporate expenses 18,681  23,781  38,141  46,591 
Interest expense 31,778  31,793  63,564  58,879 
Total expenses 1,650,863  1,866,040  3,296,965  5,407,314 
Income (loss) before taxes 1,117,738  1,340,559  1,666,552  1,269,773 
Income tax benefit (expense) (139,400) (176,869) (172,384) (131,344)
Net income (loss) 978,338  1,163,690  1,494,168  1,138,429 
Net (income) loss attributable to redeemable noncontrolling interests (315,260) (328,339) (537,711) (133,087)
Net income (loss) attributable to RenaissanceRe 663,078  835,351  956,457  1,005,342 
Dividends on preference shares (8,844) (8,844) (17,688) (17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234  $ 826,507  $ 938,769  $ 987,654 
3

Summary Consolidated Financial Statements
Consolidated Balance Sheets
June 30,
2026		 December 31,
2025
Assets
Fixed maturity investments trading, at fair value – amortized cost $25,281,536 at June 30, 2026 (December 31, 2025 – $24,658,351)
 $ 25,185,430  $ 24,884,323 
Short term investments, at fair value – amortized cost $3,952,780 at June 30, 2026 (December 31, 2025 – $4,760,027)
 3,949,012  4,759,811 
Equity investments, at fair value 1,846,152  1,732,990 
Other investments, at fair value 5,083,169  4,574,214 
Investments in other ventures, under equity method 149,337  121,871 
Total investments 36,213,100  36,073,209 
Cash and cash equivalents 1,302,160  1,731,181 
Premiums receivable 8,269,415  7,252,454 
Prepaid reinsurance premiums 1,567,745  993,781 
Reinsurance recoverable 3,863,486  3,899,913 
Accrued investment income 250,610  233,688 
Deferred acquisition costs and value of business acquired
 1,706,129  1,538,540 
Deferred tax asset
 693,186  701,927 
Receivable for investments sold 305,237  414,523 
Other assets 422,106  328,087 
Goodwill and other intangibles 602,439  633,087 
Total assets $ 55,195,613  $ 53,800,390 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ 22,269,134  $ 22,302,345 
Unearned premiums 7,176,037  6,028,174 
Debt 2,330,907  2,329,201 
Reinsurance balances payable 3,056,013  2,540,518 
Payable for investments purchased 550,409  533,101 
Other liabilities 649,551  856,302 
Total liabilities 36,032,051  34,589,641 
Redeemable noncontrolling interests 7,343,353  7,602,092 
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at June 30, 2026 (December 31, 2025 – 30,000)
 750,000  750,000 
Common shares: $1.00 par value – 41,811,353 shares issued and outstanding at June 30, 2026 (December 31, 2025 – 43,961,539)
 41,811  43,962 
Additional paid-in capital —  — 
Accumulated other comprehensive loss (13,045) (12,626)
Retained earnings 11,041,443  10,827,321 
Total shareholders’ equity attributable to RenaissanceRe
 11,820,209  11,608,657 
Total liabilities, noncontrolling interests and shareholders’ equity
 $ 55,195,613  $ 53,800,390 
Book value per common share $ 264.77  $ 247.00 
4


Underwriting and Reserves
Segment Underwriting Results
Three months ended June 30, 2026 Three months ended June 30, 2025
Property Casualty and Specialty Total Property Casualty and Specialty Total
Gross premiums written $ 1,551,685  $ 1,442,739  $ 2,994,424  $ 1,731,935  $ 1,689,245  $ 3,421,180 
Net premiums written $ 1,203,424  $ 1,073,536  $ 2,276,960  $ 1,325,557  $ 1,444,713  $ 2,770,270 
Net premiums earned $ 881,611  $ 1,317,910  $ 2,199,521  $ 868,010  $ 1,544,144  $ 2,412,154 
Net claims and claim expenses incurred (7,079) 949,457  942,378  (7,930) 1,050,053  1,042,123 
Acquisition expenses 175,436  387,843  563,279  174,200  468,405  642,605 
Operational expenses 70,579  24,168  94,747  71,569  54,169  125,738 
Underwriting income (loss) $ 642,675  $ (43,558) $ 599,117  $ 630,171  $ (28,483) $ 601,688 
Net claims and claim expenses incurred:
Current accident year $ 250,393  $ 891,410  $ 1,141,803  $ 258,646  $ 1,053,187  $ 1,311,833 
Prior accident years (257,472) 58,047  (199,425) (266,576) (3,134) (269,710)
Total $ (7,079) $ 949,457  $ 942,378  $ (7,930) $ 1,050,053  $ 1,042,123 
Net claims and claim expense ratio:
Current accident year 28.4  % 67.6  % 51.9  % 29.8  % 68.2  % 54.4  %
Prior accident years (29.2) % 4.4  % (9.1) % (30.7) % (0.2) % (11.2) %
Calendar year (0.8) % 72.0  % 42.8  % (0.9) % 68.0  % 43.2  %
Acquisition expense ratio 19.9  % 29.5  % 25.7  % 20.1  % 30.3  % 26.7  %
Operating expense ratio 8.0  % 1.8  % 4.3  % 8.2  % 3.5  % 5.2  %
Combined ratio 27.1  % 103.3  % 72.8  % 27.4  % 101.8  % 75.1  %
Adjusted combined ratio (1)
26.0  % 102.3  % 71.7  % 25.8  % 99.5  % 73.0  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

5

Underwriting and Reserves
Segment Underwriting Results
Six months ended June 30, 2026 Six months ended June 30, 2025
Property Casualty and Specialty Total Property Casualty and Specialty Total
Gross premiums written $ 3,259,105  $ 3,214,192  $ 6,473,297  $ 3,862,768  $ 3,713,915  $ 7,576,683 
Net premiums written $ 2,458,617  $ 2,496,639  $ 4,955,256  $ 3,016,551  $ 3,197,248  $ 6,213,799 
Net premiums earned $ 1,782,349  $ 2,600,786  $ 4,383,135  $ 2,115,960  $ 3,016,975  $ 5,132,935 
Net claims and claim expenses incurred 77,029  1,849,320  1,926,349  1,615,327  2,170,554  3,785,881 
Acquisition expenses 332,467  752,662  1,085,129  341,845  948,195  1,290,040 
Operational expenses 136,315  47,467  183,782  135,835  90,088  225,923 
Underwriting income (loss) $ 1,236,538  $ (48,663) $ 1,187,875  $ 22,953  $ (191,862) $ (168,909)
Net claims and claim expenses incurred:
Current accident year $ 495,242  $ 1,792,547  $ 2,287,789  $ 2,068,961  $ 2,182,504  $ 4,251,465 
Prior accident years (418,213) 56,773  (361,440) (453,634) (11,950) (465,584)
Total $ 77,029  $ 1,849,320  $ 1,926,349  $ 1,615,327  $ 2,170,554  $ 3,785,881 
Net claims and claim expense ratio:
Current accident year 27.8  % 68.9  % 52.2  % 97.8  % 72.3  % 82.8  %
Prior accident years (23.5) % 2.2  % (8.3) % (21.5) % (0.4) % (9.0) %
Calendar year 4.3  % 71.1  % 43.9  % 76.3  % 71.9  % 73.8  %
Acquisition expense ratio 18.7  % 29.0  % 24.8  % 16.2  % 31.4  % 25.1  %
Operating expense ratio 7.6  % 1.8  % 4.2  % 6.4  % 3.1  % 4.4  %
Combined ratio 30.6  % 101.9  % 72.9  % 98.9  % 106.4  % 103.3  %
Adjusted combined ratio (1)
29.6  % 100.8  % 71.9  % 97.3  % 104.0  % 101.3  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
6

Underwriting and Reserves
Total Underwriting Results - Five Quarter Trend
Total
June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Gross premiums written $ 2,994,424  $ 3,478,873  $ 1,838,111  $ 2,323,626  $ 3,421,180 
Net premiums written $ 2,276,960  $ 2,678,296  $ 1,598,599  $ 2,057,802  $ 2,770,270 
Net premiums earned $ 2,199,521  $ 2,183,614  $ 2,334,442  $ 2,433,805  $ 2,412,154 
Net claims and claim expenses incurred 942,378  983,971  951,138  878,820  1,042,123 
Acquisition expenses 563,279  521,850  601,060  659,723  642,605 
Operational expenses 94,747  89,035  113,481  125,073  125,738 
Underwriting income (loss) $ 599,117  $ 588,758  $ 668,763  $ 770,189  $ 601,688 
Net claims and claim expenses incurred:
Current accident year $ 1,141,803  $ 1,145,986  $ 1,196,436  $ 1,258,871  $ 1,311,833 
Prior accident years (199,425) (162,015) (245,298) (380,051) (269,710)
Total $ 942,378  $ 983,971  $ 951,138  $ 878,820  $ 1,042,123 
Net claims and claim expense ratio:
Current accident year 51.9  % 52.5  % 51.3  % 51.7  % 54.4  %
Prior accident years (9.1) % (7.4) % (10.6) % (15.6) % (11.2) %
Calendar year 42.8  % 45.1  % 40.7  % 36.1  % 43.2  %
Acquisition expense ratio 25.7  % 23.8  % 25.8  % 27.2  % 26.7  %
Operating expense ratio 4.3  % 4.1  % 4.9  % 5.1  % 5.2  %
Combined ratio 72.8  % 73.0  % 71.4  % 68.4  % 75.1  %
Adjusted combined ratio (1)
71.7  % 72.0  % 70.0  % 66.6  % 73.0  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.












7

Underwriting and Reserves
Property Segment Underwriting Results - Five Quarter Trend
Property
June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Gross premiums written $ 1,551,685  $ 1,707,420  $ 346,099  $ 733,274  $ 1,731,935 
Net premiums written $ 1,203,424  $ 1,255,193  $ 333,320  $ 694,125  $ 1,325,557 
Net premiums earned $ 881,611  $ 900,738  $ 918,776  $ 936,933  $ 868,010 
Net claims and claim expenses incurred (7,079) 84,108  (55,808) (133,504) (7,930)
Acquisition expenses 175,436  157,031  180,660  192,347  174,200 
Operational expenses 70,579  65,736  75,067  86,579  71,569 
Underwriting income (loss) $ 642,675  $ 593,863  $ 718,857  $ 791,511  $ 630,171 
Net claims and claim expenses incurred:
Current accident year $ 250,393  $ 244,849  $ 196,081  $ 250,169  $ 258,646 
Prior accident years (257,472) (160,741) (251,889) (383,673) (266,576)
Total $ (7,079) $ 84,108  $ (55,808) $ (133,504) $ (7,930)
Net claims and claim expense ratio:
Current accident year 28.4  % 27.2  % 21.3  % 26.7  % 29.8  %
Prior accident years (29.2) % (17.9) % (27.4) % (40.9) % (30.7) %
Calendar year (0.8) % 9.3  % (6.1) % (14.2) % (0.9) %
Acquisition expense ratio 19.9  % 17.5  % 19.7  % 20.5  % 20.1  %
Operating expense ratio 8.0  % 7.3  % 8.2  % 9.2  % 8.2  %
Combined ratio 27.1  % 34.1  % 21.8  % 15.5  % 27.4  %
Adjusted combined ratio (1)
26.0  % 33.0  % 20.4  % 14.2  % 25.8  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
8

Underwriting and Reserves
Casualty and Specialty Segment Underwriting Results - Five Quarter Trend
Casualty and Specialty
June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Gross premiums written $ 1,442,739  $ 1,771,453  $ 1,492,012  $ 1,590,352  $ 1,689,245 
Net premiums written $ 1,073,536  $ 1,423,103  $ 1,265,279  $ 1,363,677  $ 1,444,713 
Net premiums earned $ 1,317,910  $ 1,282,876  $ 1,415,666  $ 1,496,872  $ 1,544,144 
Net claims and claim expenses incurred 949,457  899,863  1,006,946  1,012,324  1,050,053 
Acquisition expenses 387,843  364,819  420,400  467,376  468,405 
Operational expenses 24,168  23,299  38,414  38,494  54,169 
Underwriting income (loss) $ (43,558) $ (5,105) $ (50,094) $ (21,322) $ (28,483)
Net claims and claim expenses incurred:
Current accident year $ 891,410  $ 901,137  $ 1,000,355  $ 1,008,702  $ 1,053,187 
Prior accident years 58,047  (1,274) 6,591  3,622  (3,134)
Total $ 949,457  $ 899,863  $ 1,006,946  $ 1,012,324  $ 1,050,053 
Net claims and claim expense ratio:
Current accident year 67.6  % 70.2  % 70.7  % 67.4  % 68.2  %
Prior accident years 4.4  % (0.1) % 0.4  % 0.2  % (0.2) %
Calendar year 72.0  % 70.1  % 71.1  % 67.6  % 68.0  %
Acquisition expense ratio 29.5  % 28.5  % 29.7  % 31.2  % 30.3  %
Operating expense ratio 1.8  % 1.8  % 2.7  % 2.6  % 3.5  %
Combined ratio 103.3  % 100.4  % 103.5  % 101.4  % 101.8  %
Adjusted combined ratio (1)
102.3  % 99.4  % 102.3  % 99.3  % 99.5  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.









9

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended June 30, 2026 Three months ended June 30, 2025
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 1,147,430  $ 404,255  $ 1,551,685  $ 1,362,681  $ 369,254  $ 1,731,935 
Net premiums written $ 828,277  $ 375,147  $ 1,203,424  $ 980,478  $ 345,079  $ 1,325,557 
Net premiums earned $ 526,334  $ 355,277  $ 881,611  $ 554,275  $ 313,735  $ 868,010 
Net claims and claim expenses incurred (71,041) 63,962  (7,079) (40,642) 32,712  (7,930)
Acquisition expenses 64,539  110,897  175,436  82,232  91,968  174,200 
Operational expenses 59,987  10,592  70,579  59,176  12,393  71,569 
Underwriting income (loss) $ 472,849  $ 169,826  $ 642,675  $ 453,509  $ 176,662  $ 630,171 
Net claims and claim expenses incurred:
Current accident year $ 61,689  $ 188,704  $ 250,393  $ 90,827  $ 167,819  $ 258,646 
Prior accident years (132,730) (124,742) (257,472) (131,469) (135,107) (266,576)
Total $ (71,041) $ 63,962  $ (7,079) $ (40,642) $ 32,712  $ (7,930)
Net claims and claim expense ratio:
Current accident year 11.7  % 53.1  % 28.4  % 16.4  % 53.5  % 29.8  %
Prior accident years (25.2) % (35.1) % (29.2) % (23.7) % (43.1) % (30.7) %
Calendar year (13.5) % 18.0  % (0.8) % (7.3) % 10.4  % (0.9) %
Acquisition expense ratio 12.3  % 31.2  % 19.9  % 14.8  % 29.3  % 20.1  %
Operating expense ratio 11.4  % 3.0  % 8.0  % 10.7  % 4.0  % 8.2  %
Combined ratio 10.2  % 52.2  % 27.1  % 18.2  % 43.7  % 27.4  %
Adjusted combined ratio (1)
8.8  % 51.5  % 26.0  % 16.4  % 42.5  % 25.8  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
10

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Six months ended June 30, 2026 Six months ended June 30, 2025
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 2,427,037  $ 832,068  $ 3,259,105  $ 3,029,322  $ 833,446  $ 3,862,768 
Net premiums written $ 1,826,399  $ 632,218  $ 2,458,617  $ 2,391,528  $ 625,023  $ 3,016,551 
Net premiums earned $ 1,089,055  $ 693,294  $ 1,782,349  $ 1,437,094  $ 678,866  $ 2,115,960 
Net claims and claim expenses incurred (76,484) 153,513  77,029  1,390,752  224,575  1,615,327 
Acquisition expenses 129,180  203,287  332,467  148,813  193,032  341,845 
Operational expenses 115,554  20,761  136,315  111,013  24,822  135,835 
Underwriting income (loss) $ 920,805  $ 315,733  $ 1,236,538  $ (213,484) $ 236,437  $ 22,953 
Net claims and claim expenses incurred:
Current accident year $ 118,890  $ 376,352  $ 495,242  $ 1,589,600  $ 479,361  $ 2,068,961 
Prior accident years (195,374) (222,839) (418,213) (198,848) (254,786) (453,634)
Total $ (76,484) $ 153,513  $ 77,029  $ 1,390,752  $ 224,575  $ 1,615,327 
Net claims and claim expense ratio:
Current accident year 10.9  % 54.3  % 27.8  % 110.6  % 70.6  % 97.8  %
Prior accident years (17.9) % (32.2) % (23.5) % (13.8) % (37.5) % (21.5) %
Calendar year (7.0) % 22.1  % 4.3  % 96.8  % 33.1  % 76.3  %
Acquisition expense ratio 11.8  % 29.4  % 18.7  % 10.4  % 28.4  % 16.2  %
Operating expense ratio 10.6  % 3.0  % 7.6  % 7.7  % 3.7  % 6.4  %
Combined ratio 15.4  % 54.5  % 30.6  % 114.9  % 65.2  % 98.9  %
Adjusted combined ratio (1)
14.2  % 53.8  % 29.6  % 113.2  % 63.8  % 97.3  %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
11

Underwriting and Reserves
Gross Premiums Written
Three months ended
Q/Q $
Change
 Q/Q % Change Six months ended
Y/Y $
Change
 Y/Y % Change
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Property Segment
Catastrophe $ 1,164,911  $ 1,352,658  $ (187,747) (13.9) % $ 2,450,353  $ 2,680,919  $ (230,566) (8.6) %
Catastrophe - gross reinstatement premiums (17,481) 10,023  (27,504) (274.4) % (23,316) 348,403  (371,719) (106.7) %
Total catastrophe gross premiums written 1,147,430  1,362,681  (215,251) (15.8) % 2,427,037  3,029,322  (602,285) (19.9) %
Other property 400,948  367,195  33,753  9.2  % 829,560  829,912  (352) —  %
Other property - gross reinstatement premiums 3,307  2,059  1,248  60.6  % 2,508  3,534  (1,026) (29.0) %
Total other property gross premiums written 404,255  369,254  35,001  9.5  % 832,068  833,446  (1,378) (0.2) %
Property segment gross premiums written $ 1,551,685  $ 1,731,935  $ (180,250) (10.4) % $ 3,259,105  $ 3,862,768  $ (603,663) (15.6) %
Casualty and Specialty Segment
General casualty (1)
$ 423,977  $ 513,078  $ (89,101) (17.4) % $ 924,935  $ 1,193,527  $ (268,592) (22.5) %
Professional liability (2)
260,105  266,380  (6,275) (2.4) % 559,801  503,341  56,460  11.2  %
Credit (3)
216,408  267,540  (51,132) (19.1) % 575,712  668,293  (92,581) (13.9) %
Other specialty (4)
542,249  642,247  (99,998) (15.6) % 1,153,744  1,348,754  (195,010) (14.5) %
Casualty and Specialty segment gross premiums written $ 1,442,739  $ 1,689,245  $ (246,506) (14.6) % $ 3,214,192  $ 3,713,915  $ (499,723) (13.5) %
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(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
Net Premiums Written
Three months ended
Q/Q $
Change
 Q/Q % Change Six months ended
Y/Y $
Change
 Y/Y % Change
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Property Segment
Catastrophe $ 845,441  $ 966,645  $ (121,204) (12.5) % $ 1,845,996  $ 2,043,980  $ (197,984) (9.7) %
Catastrophe - net reinstatement premiums (17,164) 13,833  (30,997) (224.1) % (19,597) 347,548  (367,145) (105.6) %
Total catastrophe net premiums written 828,277  980,478  (152,201) (15.5) % 1,826,399  2,391,528  (565,129) (23.6) %
Other property 369,930  341,955  27,975  8.2  % 628,271  620,350  7,921  1.3  %
Other property - net reinstatement premiums 5,217  3,124  2,093  67.0  % 3,947  4,673  (726) (15.5) %
Total other property net premiums written 375,147  345,079  30,068  8.7  % 632,218  625,023  7,195  1.2  %
Property segment net premiums written $ 1,203,424  $ 1,325,557  $ (122,133) (9.2) % $ 2,458,617  $ 3,016,551  $ (557,934) (18.5) %
Casualty and Specialty Segment
General casualty (1)
$ 316,411  $ 487,630  $ (171,219) (35.1) % $ 750,508  $ 1,120,797  $ (370,289) (33.0) %
Professional liability (2)
187,077  245,979  (58,902) (23.9) % 437,323  467,700  (30,377) (6.5) %
Credit (3)
166,882  204,354  (37,472) (18.3) % 458,173  550,175  (92,002) (16.7) %
Other specialty (4)
403,166  506,750  (103,584) (20.4) % 850,635  1,058,576  (207,941) (19.6) %
Casualty and Specialty segment net premiums written $ 1,073,536  $ 1,444,713  $ (371,177) (25.7) % $ 2,496,639  3,197,248  $ (700,609) (21.9) %
(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

Underwriting and Reserves
Net Premiums Earned
Three months ended
Q/Q $
Change
 Q/Q % Change Six months ended
Y/Y $
Change
 Y/Y % Change
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Property Segment
Catastrophe $ 543,498  $ 540,442  $ 3,056  0.6  % $ 1,108,652  $ 1,089,546  $ 19,106  1.8  %
Catastrophe - net reinstatement premiums (17,164) 13,833  (30,997) (224.1) % (19,597) 347,548  (367,145) (105.6) %
Total catastrophe net premiums earned 526,334  554,275  (27,941) (5.0) % 1,089,055  1,437,094  (348,039) (24.2) %
Other property 350,060  310,611  39,449  12.7  % 689,347  674,193  15,154  2.2  %
Other property - net reinstatement premiums 5,217  3,124  2,093  67.0  % 3,947  4,673  (726) (15.5) %
Total other property net premiums earned 355,277  313,735  41,542  13.2  % 693,294  678,866  14,428  2.1  %
Property segment net premiums earned $ 881,611  $ 868,010  $ 13,601  1.6  % $ 1,782,349  $ 2,115,960  $ (333,611) (15.8) %
Casualty and Specialty Segment
General casualty (1)
$ 420,028  $ 550,882  $ (130,854) (23.8) % $ 856,794  $ 1,159,479  $ (302,685) (26.1) %
Professional liability (2)
240,711  274,807  (34,096) (12.4) % 514,841  477,536  37,305  7.8  %
Credit (3)
218,917  228,484  (9,567) (4.2) % 403,220  440,098  (36,878) (8.4) %
Other specialty (4)
438,254  489,971  (51,717) (10.6) % 825,931  939,862  (113,931) (12.1) %
Casualty and Specialty segment net premiums earned $ 1,317,910  $ 1,544,144  $ (226,234) (14.7) % $ 2,600,786  $ 3,016,975  $ (416,189) (13.8) %
(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(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.




14

Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case Reserves Additional Case Reserves IBNR Total
June 30, 2026
Property $ 1,618,503  $ 1,436,824  $ 1,972,558  $ 5,027,885 
Casualty and Specialty 3,769,361  451,036  13,020,852  17,241,249 
Total
 $ 5,387,864  $ 1,887,860  $ 14,993,410  $ 22,269,134 
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 
15

RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
Three months ended June 30, 2026 Three months ended June 30, 2025
Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period $ 22,291,058  $ 3,730,957  $ 18,560,101  $ 22,857,131  $ 4,577,895  $ 18,279,236 
Incurred claims and claim expenses
Current year 1,318,655  176,852  1,141,803  1,454,999  143,166  1,311,833 
Prior years (72,541) 126,884  (199,425) (387,891) (118,181) (269,710)
Total incurred claims and claim expenses 1,246,114  303,736  942,378  1,067,108  24,985  1,042,123 
Paid claims and claim expenses
Current year 78,535  10,652  67,883  214,570  28,327  186,243 
Prior years 1,166,092  157,799  1,008,293  1,017,230  306,558  710,672 
Total paid claims and claim expenses 1,244,627  168,451  1,076,176  1,231,800  334,885  896,915 
Foreign exchange and other (1)
(23,411) (2,756) (20,655) 221,324  32,978  188,346 
Reserve for claims and claim expenses, end of period $ 22,269,134  $ 3,863,486  $ 18,405,648  $ 22,913,763  $ 4,300,973  $ 18,612,790 
Six months ended June 30, 2026 Six months ended June 30, 2025
Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period $ 22,302,345  $ 3,899,913  $ 18,402,432  $ 21,303,491  $ 4,481,390  $ 16,822,101 
Incurred claims and claim expenses
Current year 2,605,233  317,444  2,287,789  4,910,424  658,959  4,251,465 
Prior years (326,089) 35,351  (361,440) (738,474) (272,890) (465,584)
Total incurred claims and claim expenses 2,279,144  352,795  1,926,349  4,171,950  386,069  3,785,881 
Paid claims and claim expenses
Current year 130,678  20,213  110,465  751,322  72,965  678,357 
Prior years 2,130,937  346,643  1,784,294  2,101,319  502,615  1,598,704 
Total paid claims and claim expenses 2,261,615  366,856  1,894,759  2,852,641  575,580  2,277,061 
Foreign exchange and other (1)
(50,740) (22,366) (28,374) 290,963  9,094  281,869 
Reserve for claims and claim expenses, end of period $ 22,269,134  $ 3,863,486  $ 18,405,648  $ 22,913,763  $ 4,300,973  $ 18,612,790 
(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.
16


Managed Joint Ventures and Fee Income
Fee Income
The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Management fee income $ 48,138  $ 56,407  $ 96,065  $ 102,468 
Performance fee income (loss) (1)
34,889  38,550  81,088  22,946 
Total fee income $ 83,027  $ 94,957  $ 177,153  $ 125,414 
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
 $ 59,390  $ 82,465  $ 131,561  $ 73,523 
Underwriting income (loss) (1)
23,637  12,492  45,592  51,891 
Total fee income $ 83,027  $ 94,957  $ 177,153  $ 125,414 
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
17

Managed Joint Ventures and Fee Income
Fee Income - Five Quarter Trend
The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.
Three months ended
June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Management fee income $ 48,138  $ 47,927  $ 52,002  $ 53,014  $ 56,407 
Performance fee income (loss) (1)
34,889  46,199  49,626  48,796  38,550 
Total fee income $ 83,027  $ 94,126  $ 101,628  $ 101,810  $ 94,957 
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.
Three months ended
June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
 $ 59,390  $ 72,171  $ 87,877  $ 88,689  $ 82,465 
Underwriting income (loss) (1)
23,637  21,955  13,751  13,121  12,492 
Total fee income $ 83,027  $ 94,126  $ 101,628  $ 101,810  $ 94,957 
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
18

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

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Redeemable noncontrolling interests - DaVinci
 $ (205,117) $ (218,453) $ (362,017) $ (106,012)
Redeemable noncontrolling interests - Medici (26,313) (38,993) (46,120) (54,156)
Redeemable noncontrolling interests - Vermeer (64,783) (57,425) (116,482) 49,655 
Redeemable noncontrolling interests - Fontana (19,047) (13,468) (13,092) (22,574)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (315,260) $ (328,339) $ (537,711) $ (133,087)

Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Operating (income) loss attributable to redeemable noncontrolling interests (2)
$ (349,016) $ (297,139) $ (627,534) $ (61,162)
Non-operating (income) loss attributable to redeemable noncontrolling interests 33,756  (31,200) 89,823  (71,925)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (315,260) $ (328,339) $ (537,711) $ (133,087)
(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.






19

Managed Joint Ventures and Fee Income
Noncontrolling Interests
A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheets is set forth below:
June 30,
2026		 December 31,
2025
Redeemable noncontrolling interests - DaVinci
 $ 3,496,477  $ 3,701,637 
Redeemable noncontrolling interests - Medici 1,444,350  1,398,166 
Redeemable noncontrolling interests - Vermeer 1,888,913  1,922,431 
Redeemable noncontrolling interests - Fontana 513,613  579,858 
Redeemable noncontrolling interests
 $ 7,343,353  $ 7,602,092 

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:
June 30,
2026		 December 31,
2025
DaVinci 73.7  % 75.7  %
Medici 81.1  % 88.7  %
Vermeer 100.0  % 100.0  %
Fontana 61.6  % 71.3  %
20

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations and Balance Sheet Data
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Revenues
Gross premiums written $ 540,267  $ 606,642  $ 1,197,045  $ 1,461,507 
Net premiums written $ 467,486  $ 527,741  $ 1,067,675  $ 1,329,979 
Decrease (increase) in unearned premiums (173,561) (219,320) (464,494) (561,782)
Net premiums earned 293,925  308,421  603,181  768,197 
Net investment income 66,834  68,155  131,951  131,567 
Net foreign exchange gains (losses) (723) (547) (2,381) (2,931)
Net realized and unrealized gains (losses) on investments (36,581) 13,723  (86,494) 50,211 
Total revenues 323,455  389,752  646,257  947,044 
Expenses
Net claims and claim expenses incurred (53,847) (28,991) (63,511) 668,280 
Acquisition expenses 88,911  88,194  173,453  69,802 
Operational expenses
 29,511  35,758  61,343  58,251 
Corporate expenses
 117  205  220  243 
Interest expense 4,445  5,185  8,988  8,383 
Total expenses 69,137  100,351  180,493  804,959 
Income (loss) before taxes 254,318  289,401  465,764  142,085 
Income tax benefit (expense) (707) (902) (1,348) (2,080)
Net income (loss) available (attributable) to DaVinci common shareholders $ 253,611  $ 288,499  $ 464,416  $ 140,005 
Net claims and claim expense ratio - current accident year
 12.9  % 18.8  % 12.5  % 102.6  %
Net claims and claim expense ratio - prior accident years
 (31.2) % (28.2) % (23.0) % (15.6) %
Net claims and claim expense ratio - calendar year
 (18.3) % (9.4) % (10.5) % 87.0  %
Underwriting expense ratio
 40.3  % 40.2  % 38.9  % 16.7  %
Combined ratio
 22.0  % 30.8  % 28.4  % 103.7  %
Balance Sheet Data:
 June 30,
2026		 December 31,
2025
Total investments $ 5,940,496  $ 6,246,947 
Total assets 7,540,155  7,225,478 
Reserve for claims and claim expenses 1,280,665  1,485,378 
Debt 297,134  296,972 
Total shareholders’ equity 4,602,785  4,888,369 

21

Investments
Total Investment Result
Managed (1)
Retained (2)
Three months ended Three months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net investment income
Fixed maturity investments trading $ 297,222  $ 282,173  $ 235,395  $ 219,737 
Short term investments 32,957  48,415  12,138  24,672 
Equity investments
Fixed income exchange traded funds 26,119  6,528  23,197  6,528 
Common stock (3)
676  615  676  615 
Other investments
Catastrophe bonds 40,095  47,948  6,205  6,988 
Fund and direct private equity investments (3)
33,333  21,692  33,636  21,692 
Cash and cash equivalents 9,420  12,333  8,879  11,045 
439,822  419,704  320,126  291,277 
Investment expenses (7,333) (6,596) (5,784) (5,205)
Net investment income $ 432,489  $ 413,108  $ 314,342  $ 286,072 
Equity in earnings (losses) of other ventures (4)
$ 17,829  $ 20,333  $ 17,829  $ 20,333 
Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)
$ (115,341) $ 149,510  $ (85,392) $ 130,497 
Equity-related investments (7)
217,292  111,118  217,908  111,146 
Commodity-related investments (8)
(79,131) 33,253  (79,131) 33,254 
Other investments
Catastrophe bonds (1,125) (14,016) 829  (1,730)
Fund and direct private equity investments (3)
99,933  69,855  99,317  69,855 
Net realized and unrealized gains (losses) on investments $ 121,628  $ 349,720  $ 153,531  $ 343,022 
Total investment result (4)
$ 571,946  $ 783,161  $ 485,702  $ 649,427 
Average invested assets $ 35,692,318  $ 34,044,766  $ 26,224,468  $ 24,554,890 
Net investment income return - annualized 5.0  % 5.0  % 4.9  % 4.7  %
Total investment return - annualized (4)
6.6  % 9.6  % 7.6  % 11.0  %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(4)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(5)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(6)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(7)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(8)Includes commodity-related derivatives, which includes commodity futures and commodity options.
22

Investments
Total Investment Result
Managed (1)
Retained (2)
Six months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net investment income
Fixed maturity investments trading $ 591,716  $ 566,896  $ 468,036  $ 446,565 
Short term investments 67,263  89,444  25,822  42,585 
Equity investments
Fixed income exchange traded funds 47,811  7,712  44,889  7,712 
Common stock (3)
1,353  1,341  1,353  1,337 
Other investments
Catastrophe bonds 80,027  102,702  11,493  15,885 
Fund and direct private equity investments (3)
58,544  40,415  58,755  40,415 
Cash and cash equivalents 20,583  23,443  19,269  21,315 
867,297  831,953  629,617  575,814 
Investment expenses (14,306) (13,492) (11,131) (10,636)
Net investment income $ 852,991  $ 818,461  $ 618,486  $ 565,178 
Equity in earnings (losses) of other ventures (4)
$ 38,314  $ 38,161  $ 38,314  $ 38,161 
Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)
$ (383,289) $ 462,387  $ (301,155) $ 405,251 
Equity-related investments (7)
69,866  61,529  71,486  61,430 
Commodity-related investments (8)
(13,821) 150,844  (13,821) 150,845 
Other investments
Catastrophe bonds (12,954) (54,429) 361  (8,521)
Fund and direct private equity investments (3)
39,913  62,329  39,906  62,329 
Net realized and unrealized gains (losses) on investments $ (300,285) $ 682,660  $ (203,223) $ 671,334 
Total investment result (4)
$ 591,020  $ 1,539,282  $ 453,577  $ 1,274,673 
Average invested assets $ 35,819,281  $ 33,576,329  $ 26,134,807  $ 24,166,665 
Net investment income return - annualized 4.9  % 5.0  % 4.8  % 4.7  %
Total investment return - annualized (4)
3.4  % 9.5  % 3.5  % 10.8  %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(4)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(5)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(6)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(7)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(8)Includes commodity-related derivatives, which includes commodity futures and commodity options.
23

Investments
Investments Composition
June 30, 2026 December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Fair Value Unrealized Gain (Loss) Fair Value Unrealized Gain (Loss) Fair Value Unrealized Gain (Loss) Fair Value Unrealized Gain (Loss)
Fixed maturity investments trading, at fair value
Corporate $ 9,916,723  $ (35,129) $ 8,092,112  $ (39,093) $ 8,528,828  $ 75,453  $ 6,654,252  $ 49,673 
U.S. treasuries 9,308,212  (22,850) 6,659,009  (16,892) 10,641,503  134,072  7,651,734  101,770 
Other (3)
5,960,495  (38,127) 5,072,627  (28,963) 5,713,992  16,447  4,787,279  18,137 
Total fixed maturity investments trading, at fair value 25,185,430  (96,106) 19,823,748  (84,948) 24,884,323  225,972  19,093,265  169,580 
Short term investments, at fair value 3,949,012  (3,768) 1,306,844  (3,697) 4,759,811  (216) 1,831,823  (10)
Equity investments, at fair value
Fixed income exchange traded funds 1,603,299  (20,791) 1,433,543  (19,316) 1,582,811  26,827  1,582,811  26,827 
Equity exchange traded funds 102,273  (12,747) 102,273  (12,747) —  —  —  — 
Common stock
 140,580  93,534  140,119  93,773  150,179  95,243  146,514  95,056 
Total equity investments, at fair value 1,846,152  59,996  1,675,935  61,710  1,732,990  122,070  1,729,325  121,883 
Other investments, at fair value
Catastrophe bonds 1,772,044  6,906  331,529  1,292  1,613,710  25,617  231,893  1,445 
Fund investments 3,156,249  462,703  3,133,115  463,129  2,775,499  381,941  2,762,301  382,200 
Direct private equity investments 154,876  41,481  154,876  41,481  185,005  71,612  185,005  71,612 
Total other investments, at fair value 5,083,169  511,090  3,619,520  505,902  4,574,214  479,170  3,179,199  455,257 
Investments in other ventures, under equity method 149,337  —  149,337  —  121,871  —  121,871  — 
Total investments $ 36,213,100  $ 471,212  $ 26,575,384  $ 478,967  $ 36,073,209  $ 826,996  $ 25,955,483  $ 746,710 

June 30, 2026 December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Weighted average yield to maturity of investments (4)
5.3  % 5.3  % 4.8  % 4.8  %
Average duration of investments, in years (4)
3.0  3.5  2.6  3.0 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$ (2.03) $ 3.86 
(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 various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)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.
(4)Excludes equity exchange traded funds, common stock, direct private equity investments, private equity funds, multi-strategy funds, equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.
(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.
24

Investments
Managed Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
June 30, 2026 Fair Value AAA AA A BBB Non-
Investment
Grade		 Not Rated
Fixed maturity investments trading, at fair value
Corporate
 $ 9,916,723  $ 81,588  $ 393,526  $ 4,098,024  $ 4,488,306  $ 847,153  $ 8,126  $ — 
U.S. treasuries 9,308,212  —  9,308,212  —  —  —  —  — 
Residential mortgage-backed 2,690,648  146,373  2,415,568  360  2,993  59,412  65,942  — 
Asset-backed 1,688,500  1,130,514  206,871  228,261  112,185  —  10,669  — 
Non-U.S. government 683,983  405,955  158,479  106,555  11,558  1,436  —  — 
Agencies 560,030  —  560,030  —  —  —  —  — 
Commercial mortgage-backed 337,334  275,237  60,344  1,678  —  —  75  — 
Total fixed maturity investments trading, at fair value 25,185,430  2,039,667  13,103,030  4,434,878  4,615,042  908,001  84,812  — 
Short term investments, at fair value 3,949,012  2,806,516  1,139,584  682  313  1,851  66  — 
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,603,299  —  —  224,365  —  1,378,934  —  — 
Common stock and equity exchange traded funds
 242,853  —  —  —  —  —  —  242,853 
Total equity investments, at fair value
 1,846,152  —  —  224,365  —  1,378,934  —  242,853 
Other investments, at fair value
Catastrophe bonds 1,772,044  —  —  —  —  1,772,044  —  — 
Fund investments
Private credit funds 1,531,757  —  —  —  —  —  —  1,531,757 
Private equity funds 793,136  —  —  —  —  —  —  793,136 
Multi-strategy funds (4)
593,071  —  —  —  —  —  —  593,071 
Insurance-linked securities funds
 162,192  —  —  —  —  —  —  162,192 
Equity funds 76,093  —  —  —  —  —  —  76,093 
Direct private equity investments 154,876  —  —  —  —  —  —  154,876 
Total other investments, at fair value 5,083,169  —  —  —  —  1,772,044  —  3,311,125 
Investments in other ventures, under equity method 149,337  —  —  —  —  —  —  149,337 
Total investments $ 36,213,100  $ 4,846,183  $ 14,242,614  $ 4,659,925  $ 4,615,355  $ 4,060,830  $ 84,878  $ 3,703,315 
100.0  % 13.5  % 39.3  % 12.9  % 12.7  % 11.2  % 0.2  % 10.2  %
(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)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.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
25

Investments
Retained Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
June 30, 2026
Fair Value
 AAA AA A BBB
Non-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
Corporate
 $ 8,092,112  $ 62,939  $ 341,022  $ 3,413,242  $ 3,644,696  $ 622,633  $ 7,580  $ — 
U.S. treasuries 6,659,009  —  6,659,009  —  —  —  —  — 
Residential mortgage-backed 2,221,657  123,720  1,969,230  360  2,993  59,412  65,942  — 
Asset-backed 1,552,233  1,061,203  203,158  176,820  101,543  —  9,509  — 
Non-U.S. government 569,635  334,972  133,772  87,897  11,558  1,436  —  — 
Agencies 447,466  —  447,466  —  —  —  —  — 
Commercial mortgage-backed 281,636  242,945  37,859  757  —  —  75  — 
Total fixed maturity investments trading, at fair value 19,823,748  1,825,779  9,791,516  3,679,076  3,760,790  683,481  83,106  — 
Short term investments, at fair value 1,306,844  743,789  560,376  682  241  1,706  50  — 
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,433,543  —  —  224,365  —  1,209,178  —  — 
Common stock and equity exchange traded funds
 242,392  —  —  —  —  —  —  242,392 
Total equity investments, at fair value 1,675,935  —  —  224,365  —  1,209,178  —  242,392 
Other investments, at fair value
Catastrophe bonds 331,529  —  —  —  —  331,529  —  — 
Fund investments
Private credit funds 1,508,623  —  —  —  —  —  —  1,508,623 
Private equity funds 793,136  —  —  —  —  —  —  793,136 
Multi-strategy funds (4)
593,071  —  —  —  —  —  —  593,071 
Insurance-linked securities funds
 162,192  —  —  —  —  —  —  162,192 
Equity funds 76,093  —  —  —  —  —  —  76,093 
Direct private equity investments 154,876  —  —  —  —  —  —  154,876 
Total other investments, at fair value 3,619,520  —  —  —  —  331,529  —  3,287,991 
Investments in other ventures, under equity method 149,337  —  —  —  —  —  —  149,337 
Total investments $ 26,575,384  $ 2,569,568  $ 10,351,892  $ 3,904,123  $ 3,761,031  $ 2,225,894  $ 83,156  $ 3,679,720 
100.0  % 9.6  % 39.0  % 14.7  % 14.2  % 8.4  % 0.3  % 13.8  %
(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(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)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.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
26


Other Items
Earnings per Share
Three months ended Six months ended
(common shares in thousands) June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234  $ 826,507  $ 938,769  $ 987,654 
Amount allocated to participating common shareholders (1)
(11,065) (13,344) (15,411) (15,269)
Net income (loss) allocated to RenaissanceRe common shareholders $ 643,169  $ 813,163  $ 923,358  $ 972,385 
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)
41,379  47,140  41,906  47,737 
Per common share equivalents of non-vested shares (2)
166  146  180  163 
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)
41,545  47,286  42,086  47,900 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 15.54  $ 17.25  $ 22.03  $ 20.37 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48  $ 17.20  $ 21.94  $ 20.30 
(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.
(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.
27

Comments on Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
28

Comments on Non-GAAP Financial Measures
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 and the Bermuda deferred tax benefit resulting from Bermuda law changes enacted in 2025, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”
The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability. Additionally, management believes that these measures provide a view of the Company’s underlying business that allows for better comparisons of the Company’s performance over time by focusing on the Company’s core business operations.
The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”



29

Comments on Non-GAAP Financial Measures
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 654,234  $ 826,507  $ 938,769  $ 987,654 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (122,753) (363,736) 287,331  (737,089)
Net foreign exchange losses (gains) 7,345  (8,660) 16,364  (1,332)
Expenses (revenues) associated with acquisitions, dispositions and impairments
 —  1,996  3  3,432 
Acquisition related purchase accounting adjustments (1)
22,707  50,312  45,413  103,883 
Bermuda net deferred tax asset (2)
—  —  —  — 
Income tax expense (benefit) (3)
19,984  56,964  (59,759) 96,356 
Net income (loss) attributable to redeemable noncontrolling interests (4)
(33,756) 31,200  (89,823) 71,925 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 547,761  $ 594,583  $ 1,138,298  $ 524,829 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 15.48  $ 17.20  $ 21.94  $ 20.30 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (2.95) (7.69) 6.83  (15.39)
Net foreign exchange losses (gains) 0.18  (0.18) 0.39  (0.03)
Expenses (revenues) associated with acquisitions, dispositions and impairments
 —  0.04  —  0.08 
Acquisition related purchase accounting adjustments (1)
0.55  1.06  1.08  2.17 
Bermuda net deferred tax asset (2)
—  —  —  — 
Income tax expense (benefit) (3)
0.47  1.20  (1.43) 2.01 
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.81) 0.66  (2.13) 1.50 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 12.92  $ 12.29  $ 26.68  $ 10.64 
Return on average common equity - annualized 24.0  % 33.7  % 17.2  % 20.1  %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds (4.5) % (14.8) % 5.3  % (15.0) %
Net foreign exchange losses (gains) 0.3  % (0.4) % 0.3  % —  %
Expenses (revenues) associated with acquisitions, dispositions and impairments
 —  % 0.1  % —  % —  %
Acquisition related purchase accounting adjustments (1)
0.8  % 2.0  % 0.8  % 2.1  %
Bermuda net deferred tax asset (2)
—  % —  % —  % —  %
Income tax expense (benefit) (3)
0.7  % 2.3  % (1.1) % 2.0  %
Net income (loss) attributable to redeemable noncontrolling interests (4)
(1.2) % 1.3  % (1.6) % 1.5  %
Operating return on average common equity - annualized 20.1  % 24.2  % 20.9  % 10.7  %
(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and six months ended June 30, 2026 for the acquisitions of Validus of $21.0 million and $41.9 million (2025 - $48.0 million and $98.7 million); and TMR and Platinum of $1.8 million and $3.5 million (2025 - $2.4 million and $5.2 million).
(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date and the deferred tax benefit related to Bermuda law changes enacted in 2025.
(3)Represents the income tax expense or benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory income tax rates of applicable jurisdictions, adjusted for relevant factors and other applicable income taxes.
(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.
30

Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.
The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns by excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments to provide for better comparability and a more accurate measure of the Company’s underlying operations. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
June 30,
2026		 December 31,
2025
Book value per common share $ 264.77  $ 247.00 
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.41) (14.40)
Other goodwill and intangible assets (2)
(0.22) (0.21)
Acquisition related purchase accounting adjustments (3)
(2.48) (2.29)
Tangible book value per common share 247.66  230.10 
Adjustment for accumulated dividends 30.50  29.68 
Tangible book value per common share plus accumulated dividends $ 278.16  $ 259.78 
Year to date change in book value per common share 7.2  % 26.2  %
Year to date change in book value per common share plus change in accumulated dividends 7.5  % 27.0  %
Year to date change in tangible book value per common share plus change in accumulated dividends 8.0  % 30.8  %
(1)Represents the acquired goodwill and other intangible assets at June 30, 2026 of $602.4 million (December 31, 2025 - $633.1 million) for the acquisitions of Validus, TMR and Platinum of $377.9 million, $24.5 million and $200.1 million, respectively (December 31, 2025 - $408.0 million, $25.0 million and $200.1 million, respectively).
(2)At June 30, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.
(3)Represents the purchase accounting adjustments related to the fair value adjustments to reserves at June 30, 2026 for the acquisitions of Validus, TMR and Platinum of $63.7 million, $40.7 million and $(0.5) million, respectively (December 31, 2025 - $57.7 million, $43.6 million and $(0.5) million, respectively).
31

Comments on Non-GAAP Financial Measures
Adjusted Combined Ratio
The Company has included in this Financial Supplement “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”
Three months ended June 30, 2026
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 10.2  % 52.2  % 27.1  % 103.3  % 72.8  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.4) % (0.7) % (1.1) % (1.0) % (1.1) %
Adjusted combined ratio 8.8  % 51.5  % 26.0  % 102.3  % 71.7  %
Three months ended March 31, 2026
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 20.4  % 56.8  % 34.1  % 100.4  % 73.0  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.2) % (0.7) % (1.1) % (1.0) % (1.0) %
Adjusted combined ratio 19.2  % 56.1  % 33.0  % 99.4  % 72.0  %
Three months ended December 31, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio (9.3) % 70.6  % 21.8  % 103.5  % 71.4  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.7) % (0.9) % (1.4) % (1.2) % (1.4) %
Adjusted combined ratio (11.0) % 69.7  % 20.4  % 102.3  % 70.0  %
Three months ended September 30, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio (6.0) % 45.0  % 15.5  % 101.4  % 68.4  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6) % (0.8) % (1.3) % (2.1) % (1.8) %
Adjusted combined ratio (7.6) % 44.2  % 14.2  % 99.3  % 66.6  %
Three months ended June 30, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 18.2  % 43.7  % 27.4  % 101.8  % 75.1  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.8) % (1.2) % (1.6) % (2.3) % (2.1) %
Adjusted combined ratio 16.4  % 42.5  % 25.8  % 99.5  % 73.0  %
(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.
32


Comments on Non-GAAP Financial Measures
Adjusted Combined Ratio

Six months ended June 30, 2026
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 15.4  % 54.5  % 30.6  % 101.9  % 72.9  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.2) % (0.7) % (1.0) % (1.1) % (1.0) %
Adjusted combined ratio 14.2  % 53.8  % 29.6  % 100.8  % 71.9  %
Six months ended June 30, 2025
Catastrophe Other Property Property Casualty and Specialty Total
Combined ratio 114.9  % 65.2  % 98.9  % 106.4  % 103.3  %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.7) % (1.4) % (1.6) % (2.4) % (2.0) %
Adjusted combined ratio 113.2  % 63.8  % 97.3  % 104.0  % 101.3  %
(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.
33

Comments on Non-GAAP Financial Measures
Retained Total Investment Result
The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”
Three months ended June 30, 2026 Three months ended June 30, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Net investment income
Fixed maturity investments trading $ 297,222  $ (61,827) $ 235,395  $ 282,173  $ (62,436) $ 219,737 
Short term investments 32,957  (20,819) 12,138  48,415  (23,743) 24,672 
Equity investments
Fixed income exchange traded funds 26,119  (2,922) 23,197  6,528  —  6,528 
Common stock (4)
676  —  676  615  —  615 
Other investments
Catastrophe bonds 40,095  (33,890) 6,205  47,948  (40,960) 6,988 
Fund and direct private equity investments (4)
33,333  303  33,636  21,692  —  21,692 
Cash and cash equivalents 9,420  (541) 8,879  12,333  (1,288) 11,045 
439,822  (119,696) 320,126  419,704  (128,427) 291,277 
Investment expenses (7,333) 1,549  (5,784) (6,596) 1,391  (5,205)
Net investment income $ 432,489  $ (118,147) $ 314,342  $ 413,108  $ (127,036) $ 286,072 
Equity in earnings (losses) of other ventures (5)
$ 17,829  $ —  $ 17,829  $ 20,333  $ —  $ 20,333 
Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)
$ (115,341) $ 29,949  $ (85,392) $ 149,510  $ (19,013) $ 130,497 
Equity-related investments (8)
217,292  616  217,908  111,118  28  111,146 
Commodity-related investments (9)
(79,131) —  (79,131) 33,253  1  33,254 
Other investments
Catastrophe bonds (1,125) 1,954  829  (14,016) 12,286  (1,730)
Fund and direct private equity investments (4)
99,933  (616) 99,317  69,855  —  69,855 
Net realized and unrealized gains (losses) on investments $ 121,628  $ 31,903  $ 153,531  $ 349,720  $ (6,698) $ 343,022 
Total investment result (5)
$ 571,946  $ (86,244) $ 485,702  $ 783,161  $ (133,734) $ 649,427 
Average invested assets $ 35,692,318  $ (9,467,850) $ 26,224,468  $ 34,044,766  $ (9,489,876) $ 24,554,890 
Net investment income return - annualized 5.0  % (0.1) % 4.9  % 5.0  % (0.3) % 4.7  %
Total investment return - annualized (5)
6.6  % 1.0  % 7.6  % 9.6  % 1.4  % 11.0  %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(5)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(6)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(7)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(8)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(9)Includes commodity-related derivatives, which includes commodity futures and commodity options.
34

Comments on Non-GAAP Financial Measures
Retained Total Investment Result
Six months ended June 30, 2026 Six months ended June 30, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Net investment income
Fixed maturity investments trading $ 591,716  $ (123,680) $ 468,036  $ 566,896  $ (120,331) $ 446,565 
Short term investments 67,263  (41,441) 25,822  89,444  (46,859) 42,585 
Equity investments
Fixed income exchange traded funds 47,811  (2,922) 44,889  7,712  —  7,712 
Common stock (4)
1,353  —  1,353  1,341  (4) 1,337 
Other investments
Catastrophe bonds 80,027  (68,534) 11,493  102,702  (86,817) 15,885 
Fund and direct private equity investments (4)
58,544  211  58,755  40,415  —  40,415 
Cash and cash equivalents 20,583  (1,314) 19,269  23,443  (2,128) 21,315 
867,297  (237,680) 629,617  831,953  (256,139) 575,814 
Investment expenses (14,306) 3,175  (11,131) (13,492) 2,856  (10,636)
Net investment income $ 852,991  $ (234,505) $ 618,486  $ 818,461  $ (253,283) $ 565,178 
Equity in earnings (losses) of other ventures (5)
$ 38,314  $ —  $ 38,314  $ 38,161  $ —  $ 38,161 
Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)
$ (383,289) $ 82,134  $ (301,155) $ 462,387  $ (57,136) $ 405,251 
Equity-related investments (8)
69,866  1,620  71,486  61,529  (99) 61,430 
Commodity-related investments (9)
(13,821) —  (13,821) 150,844  1  150,845 
Other investments
Catastrophe bonds (12,954) 13,315  361  (54,429) 45,908  (8,521)
Fund and direct private equity investments (4)
39,913  (7) 39,906  62,329  —  62,329 
Net realized and unrealized gains (losses) on investments $ (300,285) $ 97,062  $ (203,223) $ 682,660  $ (11,326) $ 671,334 
Total investment result (5)
$ 591,020  $ (137,443) $ 453,577  $ 1,539,282  $ (264,609) $ 1,274,673 
Average invested assets $ 35,819,281  $ (9,684,474) $ 26,134,807  $ 33,576,329  $ (9,409,664) $ 24,166,665 
Net investment income return - annualized 4.9  % (0.1) % 4.8  % 5.0  % (0.3) % 4.7  %
Total investment return - annualized (5)
3.4  % 0.1  % 3.5  % 9.5  % 1.3  % 10.8  %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(5)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.
(6)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.
(7)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(8)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(9)Includes commodity-related derivatives, which includes commodity futures and commodity options.
35

Comments on Non-GAAP Financial Measures
Retained Total Investments
The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investments to “retained total investments.”
June 30, 2026 December 31, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading, at fair value
Corporate
 $ 9,916,723  $ (1,824,611) $ 8,092,112  $ 8,528,828  $ (1,874,576) $ 6,654,252 
U.S. treasuries 9,308,212  (2,649,203) 6,659,009  10,641,503  (2,989,769) 7,651,734 
Residential mortgage-backed 2,690,648  (468,991) 2,221,657  2,606,882  (491,472) 2,115,410 
Asset-backed 1,688,500  (136,267) 1,552,233  1,606,790  (130,875) 1,475,915 
Non-U.S. government 683,983  (114,348) 569,635  691,912  (142,679) 549,233 
Agencies 560,030  (112,564) 447,466  486,817  (107,519) 379,298 
Commercial mortgage-backed 337,334  (55,698) 281,636  321,591  (54,168) 267,423 
Total fixed maturity investments trading, at fair value 25,185,430  (5,361,682) 19,823,748  24,884,323  (5,791,058) 19,093,265 
Short term investments, at fair value 3,949,012  (2,642,168) 1,306,844  4,759,811  (2,927,988) 1,831,823 
Equity investments, at fair value
Fixed income exchange traded funds 1,603,299  (169,756) 1,433,543  1,582,811  —  1,582,811 
Equity exchange traded funds 102,273  —  102,273  —  —  — 
Common stock
 140,580  (461) 140,119  150,179  (3,665) 146,514 
Total equity investments, at fair value
 1,846,152  (170,217) 1,675,935  1,732,990  (3,665) 1,729,325 
Other investments, at fair value
Catastrophe bonds 1,772,044  (1,440,515) 331,529  1,613,710  (1,381,817) 231,893 
Fund investments
Private credit funds 1,531,757  (23,134) 1,508,623  1,445,158  (13,198) 1,431,960 
Private equity funds 793,136  —  793,136  701,837  —  701,837 
Multi-strategy funds (4)
593,071  —  593,071  473,990  —  473,990 
Insurance-linked securities funds
 162,192  —  162,192  154,514  —  154,514 
Equity funds 76,093  —  76,093  —  —  — 
Direct private equity investments 154,876  —  154,876  185,005  —  185,005 
Total other investments, at fair value 5,083,169  (1,463,649) 3,619,520  4,574,214  (1,395,015) 3,179,199 
Investments in other ventures, under equity method 149,337  —  149,337  121,871  —  121,871 
Total investments $ 36,213,100  $ (9,637,716) $ 26,575,384  $ 36,073,209  $ (10,117,726) $ 25,955,483 
(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 various 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 various joint ventures and managed funds.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
36

Comments on Non-GAAP Financial Measures
Retained Total Investments, Unrealized Gain (Loss)
The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various 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 various 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 and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”
June 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
 $ (35,129) $ (3,964) $ (39,093) $ 75,453  $ (25,780) $ 49,673 
U.S. treasuries (22,850) 5,958  (16,892) 134,072  (32,302) 101,770 
Other (4)
(38,127) 9,164  (28,963) 16,447  1,690  18,137 
Total fixed maturity investments trading, at fair value (96,106) 11,158  (84,948) 225,972  (56,392) 169,580 
Short term investments, at fair value (3,768) 71  (3,697) (216) 206  (10)
Equity investments, at fair value
Fixed income exchange traded funds (20,791) 1,475  (19,316) 26,827  —  26,827 
Equity exchange traded funds (12,747) —  (12,747) —  —  — 
Common stock
 93,534  239  93,773  95,243  (187) 95,056 
Total equity investments, at fair value 59,996  1,714  61,710  122,070  (187) 121,883 
Other investments, at fair value
Catastrophe bonds 6,906  (5,614) 1,292  25,617  (24,172) 1,445 
Fund investments 462,703  426  463,129  381,941  259  382,200 
Direct private equity investments 41,481  —  41,481  71,612  —  71,612 
Total other investments, at fair value 511,090  (5,188) 505,902  479,170  (23,913) 455,257 
Investments in other ventures, under equity method —  —  —  —  —  — 
Total investments $ 471,212  $ 7,755  $ 478,967  $ 826,996  $ (80,286) $ 746,710 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$ (2.03) $ 3.86 
(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 various 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 various joint ventures and managed funds.
(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)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $(84.9) million at June 30, 2026 (December 31, 2025 - $169.6 million). Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.
37

Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests
The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”
Three months ended Six months ended
June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net (income) loss attributable to redeemable noncontrolling interests (1)
$ (315,260) $ (328,339) $ (537,711) $ (133,087)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests 29,910  (18,500) 83,400  (55,421)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests 3,846  (12,700) 6,423  (16,504)
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)
33,756  (31,200) 89,823  (71,925)
Operating (income) loss attributable to redeemable noncontrolling interests
 $ (349,016) $ (297,139) $ (627,534) $ (61,162)
(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.


38