0000913144-24-000098 | 10-Q | XBRL Viewer | Renaissancere Holdings LTD

DERIVATIVE INSTRUMENTS - Narrative (Details) - Derivative instruments not designated as hedges - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Interest rate futures \| Long
Derivative [Line Items]
Notional amount	$ 6,800,000,000	$ 5,900,000,000
Interest rate futures \| Short
Derivative [Line Items]
Notional amount	2,400,000,000	2,700,000,000
Foreign currency forward contracts, underwriting and non-investment operations \| Long
Derivative [Line Items]
Notional amount	636,200,000	805,200,000
Foreign currency forward contracts, underwriting and non-investment operations \| Short
Derivative [Line Items]
Notional amount	310,800,000	496,400,000
Foreign currency forward contracts, investment operations \| Long
Derivative [Line Items]
Notional amount	279,800,000	420,700,000
Foreign currency forward contracts, investment operations \| Short
Derivative [Line Items]
Notional amount	102,400,000	130,000,000.0
Credit default swaps \| Long
Derivative [Line Items]
Notional amount	1,500,000,000	1,500,000,000
Credit default swaps \| Short
Derivative [Line Items]
Notional amount	19,300,000	22,100,000
Equity futures \| Long
Derivative [Line Items]
Notional amount	0	0
Commodity futures \| Long
Derivative [Line Items]
Notional amount	486,200,000	255,200,000
Commodity options \| Long
Derivative [Line Items]
Notional amount	$ 300,000	$ 400,000

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains or losses arising from changes in fair value in its consolidated statements of operations.

FASB ASC Topic 820, Fair Value Measurements, prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:

•Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

•Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

•Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity.

There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:



At June 30, 2024	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	10,165,179	$	10,165,179	$	—	$	—
Corporate (1)	7,253,535		—		7,253,535		—
Residential mortgage-backed	1,762,405		—		1,762,405		—
Asset-backed	1,458,394		—		1,458,394		—
Agencies	568,308		—		568,308		—

Non-U.S. government	563,512		—		563,512		—



Commercial mortgage-backed	320,738		—		320,738		—
Total fixed maturity investments trading	22,092,071		10,165,179		11,926,892		—
Short term investments	4,361,052		164,944		4,196,108		—
Equity investments	114,405		114,405		—		—
Other investments
Catastrophe bonds	1,901,612		—		1,901,612		—
Term loans	96,639		—		—		96,639
Direct private equity investments	45,278		—		—		45,278
	2,043,529		—		1,901,612		141,917
Fund investments (2)	1,765,892		—		—		—



Total other investments	3,809,421		—		1,901,612		141,917
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(440)		—		—		(440)

Derivative assets (4)	28,515		14,944		13,571		—
Derivative liabilities (4)	(15,457)		(6,925)		(8,532)		—

Total other assets and (liabilities)	12,618		8,019		5,039		(440)
	$	30,389,567	$	10,452,547	$	18,029,651	$	141,477

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

(2)Fund investments, which may include private equity funds, private credit funds, and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at June 30, 2024 was $0.4 million of other assets and $0.8 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.



At December 31, 2023	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	10,060,203	$	10,060,203	$	—	$	—
Corporate (1)	6,499,075		—		6,499,075		—
Asset-backed	1,491,695		—		1,491,695		—
Residential mortgage-backed	1,420,362		—		1,420,362		—
Agencies	489,117		—		489,117		—
Non-U.S. government	483,576		—		483,576		—
Commercial mortgage-backed	433,080		—		433,080		—
Total fixed maturity investments trading	20,877,108		10,060,203		10,816,905		—
Short term investments	4,604,079		130,232		4,473,847		—
Equity investments	106,766		106,766		—		—
Other investments
Catastrophe bonds	1,942,199		—		1,942,199		—
Term loans	97,658		—		—		97,658
Direct private equity investments	59,905		—		—		59,905
	2,099,762		—		1,942,199		157,563
Fund investments (2)	1,415,804		—		—		—


Total other investments	3,515,566		—		1,942,199		157,563
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(515)		—		—		(515)
Derivative assets (4)	44,724		16,701		28,023		—
Derivative liabilities (4)	(29,992)		(10,372)		(19,620)		—

Total other assets and (liabilities)	14,217		6,329		8,403		(515)
	$	29,117,736	$	10,303,530	$	17,241,354	$	157,048

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

(2)Fund investments, which may include private equity funds, private credit funds and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at December 31, 2023 was $2.2 million of other assets and $2.7 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value

Fixed Maturity Investments

Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, corporate (including non-U.S. government-backed corporate), non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed.

The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third-party data. Securities which are priced by an index provider are generally included in the index.

In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active and non-distressed markets.

The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class.

U.S. Treasuries

Level 1 - At June 30, 2024, the Company’s U.S. treasuries fixed maturity investments are primarily priced by pricing services and had a weighted average yield to maturity of 4.5% and a weighted average credit quality of AA (December 31, 2023 - 4.1% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Corporate

Level 2 - At June 30, 2024, the Company’s corporate fixed maturity investments principally consist of U.S. and international corporations and non-U.S. government-backed corporations and had a weighted average yield to maturity of 5.9% and a weighted average credit quality of BBB (December 31, 2023 - 5.7% and BBB, respectively).

The Company’s corporate fixed maturity investments, other than non-U.S. government-backed corporations, are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information, including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate.

Non-U.S. government-backed corporate fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high-quality credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Agencies

Level 2 - At June 30, 2024, the Company’s agency fixed maturity investments had a weighted average yield to maturity of 5.1% and a weighted average credit quality of AA (December 31, 2023 - 4.6% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information, including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

Non-U.S. Government

Level 2 - At June 30, 2024, the Company’s non-U.S. government fixed maturity investments had a weighted average yield to maturity of 4.9% and a weighted average credit quality of AA (December 31, 2023 - 4.4% and AA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as provincial governments and supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Residential Mortgage-backed

Level 2 - At June 30, 2024, the Company’s residential mortgage-backed fixed maturity investments had a weighted average yield of maturity of 5.5%, a weighted average credit quality of AA, and a weighted average life of 8.0 years (December 31, 2023 - 5.1%, AA and 7.7 years, respectively). Residential mortgage-backed securities include both agency and non-agency mortgage-backed securities. The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to-be-announced market, which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with active market quotes.

Non-agency mortgage-based securities are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable.

Commercial Mortgage-backed

Level 2 - At June 30, 2024, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average yield to maturity of 6.6%, a weighted average credit quality of AAA, and a weighted average life of 3.8 years (December 31, 2023 - 8.8%, AAA and 2.2 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.

Asset-backed

Level 2 - At June 30, 2024, the Company’s asset-backed fixed maturity investments had a weighted average yield to maturity of 6.9%, a weighted average credit quality of AA and a weighted average life of 4.4 years (December 31, 2023 - 7.0%, AA and 3.9 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of collateralized loan obligations and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector.

Short Term Investments

Level 1 - At June 30, 2024, the Company’s short term investments in U.S. treasuries are primarily priced by pricing services and had a weighted average yield to maturity of 5.3% and a weighted average credit quality of AA (December 31, 2023 - 5.3% and AAA). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Level 2 - At June 30, 2024, the Company’s other short term investments had a weighted average yield to maturity of 5.3% and a weighted average credit quality of AAA (December 31, 2023 - 5.3% and AAA, respectively). Amortized cost approximates fair value for the majority of the remainder of the Company’s short term investments portfolio and, in certain cases, fair value is determined in a manner similar to the Company’s fixed maturity investments noted above.

Equity Investments

Level 1 - The fair value of the Company’s portfolio of equity investments are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.

Other Investments

Catastrophe Bonds

Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.

Other Assets and Liabilities

Derivatives

Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures and options contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk-free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.

Level 3 Assets and Liabilities Measured at Fair Value

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:



At June 30, 2024	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments
Direct private equity investments	$	45,278	Internal valuation model	Discount rate	10.0		%

				Liquidity discount	15.0		%
Term loans	96,639		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	141,917
Other assets and (liabilities)


Assumed and ceded (re)insurance contracts	(440)		Internal valuation model	Net undiscounted cash flows	$	12,567
				Expected loss ratio	1.7		%


				Discount rate	4.3		%



Total other assets and (liabilities)	(440)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	141,477



At December 31, 2023	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments








Direct private equity investments	$	59,905	Internal valuation model	Discount rate	10.0		%
				Liquidity discount	15.0		%
Term loans	97,658		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	157,563
Other assets and (liabilities)


Assumed and ceded (re)insurance contracts	(515)		Internal valuation model	Net undiscounted cash flows	$	12,478
				Expected loss ratio	2.3		%


				Discount rate	3.8		%


Total other assets and (liabilities)	(515)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	157,048

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - April 1, 2024	$	59,964	$	97,433	$	(517)	$	156,880

Included in net investment income	—		—		—		—
Included in net realized and unrealized gains (losses) on investments	(14,687)		—		—		(14,687)
Included in other income (loss)	—		—		178		178
Total foreign exchange gains (losses)	1		—		—		1
Purchases	—		—		—		—

Settlements	—		(794)		(101)		(895)



Balance - June 30, 2024	$	45,278	$	96,639	$	(440)	$	141,477





	Other investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - January 1, 2024	$	59,905	$	97,658	$	(515)	$	157,048
Included in net investment income	63		—		—		63
Included in net realized and unrealized gains (losses) on investments	(14,687)		—		—		(14,687)
Included in other income (loss)	—		—		35		35
Total foreign exchange gains (losses)	(3)		—		—		(3)
Purchases	—		—		141		141
Settlements	—		(1,019)		(101)		(1,120)



Balance - June 30, 2024	$	45,278	$	96,639	$	(440)	$	141,477



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - April 1, 2023	$	67,532	$	100,000	$	(1,112)	$	166,420
Included in net investment income	62		—		—		62
Included in net realized and unrealized gains (losses) on investments	3,548		—		—		3,548
Included in other income (loss)	—		—		(1,029)		(1,029)
Total foreign exchange gains (losses)	13		—		—		13
Purchases	—		—		1,666		1,666




Balance - June 30, 2023	$	71,155	$	100,000	$	(475)	$	170,680



	Other investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - January 1, 2023	$	66,780	$	100,000	$	(1,832)	$	164,948
Included in net investment income	124		—		—		124
Included in net realized and unrealized gains (losses) on investments	4,257		—		—		4,257
Included in other income (loss)	—		—		(9)		(9)
Total foreign exchange losses	(6)		—		—		(6)
Purchases	—		—		1,366		1,366




Balance - June 30, 2023	$	71,155	$	100,000	$	(475)	$	170,680

Other Investments

Direct Private Equity Investments

Level 3 - At June 30, 2024, the Company’s other investments included $45.3 million (December 31, 2023 - $59.9 million) of direct private equity investments which are recorded at fair value, with the fair value obtained through the use of internal valuation models. The Company measured the fair value of these investments using multiples of net tangible book value of the underlying entities. The significant unobservable inputs used in the fair value measurement of these investments are liquidity discount rates applied to each of the net tangible book value multiples used in the internal valuation models, and discount rates applied to the expected cash flows of the underlying entities in various scenarios. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Generally, an increase in the liquidity discount rate or discount rates would result in a decrease in the fair value of these private equity investments.

Term Loans

Level 3 - At June 30, 2024, the Company’s other investments included a $96.6 million (December 31, 2023 - $97.7 million) investment in a term loan which is recorded at fair value, with the fair value obtained through the use of a discounted cash flow model. The significant unobservable inputs used in the discounted cash flow model are the cash flow projection of the associated term loan, and the discount rate. The discount rate used is based on the Secured Overnight Financing Rate (“SOFR”), which is then adjusted for credit risk and a risk premium. These adjustments may be impacted by market movements implied by transactions of similar or related assets, loan-to-value, tenor, liquidity, credit risk adjustment or other risk factors. Assumptions used in the valuation process may significantly impact the resulting fair value.

Other Assets and Liabilities

Assumed and Ceded (Re)insurance Contracts

Level 3 - At June 30, 2024, the Company had a $0.4 million net liability (December 31, 2023 - $0.5 million net liability) related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered an observable input as each is defined in the contract. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company uses various financial instruments in the normal course of its business. The Company’s (re)insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values.

Debt

Included on the Company’s consolidated balance sheet at June 30, 2024 were debt obligations of $2.0 billion (December 31, 2023 - $2.0 billion). At June 30, 2024, the fair value of the Company’s debt obligations was $1.9 billion (December 31, 2023 – $1.9 billion).

The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations. Refer to “Note 7. Debt and Credit Facilities” for additional information related to the Company’s debt obligations.

The Fair Value Option for Financial Assets and Financial Liabilities

The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic 825, Financial Instruments, as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value:



	June 30, 2024		December 31, 2023
Other investments	$	3,809,421	$	3,515,566
Other assets	$	384	$	2,227
Other liabilities	$	824	$	2,742

The change in fair value of other investments resulted in net unrealized losses on investments for the three and six months ended June 30, 2024 of $37.5 million and $11.4 million, respectively (June 30, 2023 – net unrealized gains of $50.2 million and $80.4 million, respectively).

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At June 30, 2024

Fair Value

Unfunded
Commitments

Redemption Frequency

Redemption
Notice Period (Minimum Days)

Redemption
Notice Period (Maximum Days)

Private credit funds

1,063,707

1,000,766

See below

Private equity funds

507,004

639,793

See below

Hedge funds

195,181

—

See below

Total other investments measured using net asset valuations

1,765,892

1,640,559



At December 31, 2023	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private credit funds	$	982,016	$	949,135	See below	See below	See below
Private equity funds	433,788		673,778		See below	See below	See below

Total other investments measured using net asset valuations	$	1,415,804	$	1,622,913

Private Credit Funds

The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including U.S. direct lending funds, secondaries, mezzanine investments, distressed securities and senior secured bank loan funds. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Private Equity Funds

The Company’s investments in private equity funds include limited partnership or similar interests that invest in certain private equity asset classes including U.S. and global leveraged buyouts. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Hedge Funds

The Company’s investments in hedge funds are primarily focused on global multi-strategy opportunities. These investments are generally redeemable at the option of the Company, at less than a month’s notice. Certain restrictions on redemptions, including initial lock-up periods or redemption gates, may also apply to the Company, as defined by each fund’s governing documents. Redemption gates allow the investment manager of a fund to defer part or all of a redemption request so as to not negatively impact the value of the redemption or the value of any interests that remain in the fund.

Limited Partnerships Entities

The Company’s fund investments, included within other investments, represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company determined that certain of these limited partnership interests represent investments in variable interest entities (“VIEs”) and that it is not required to consolidate these investments because it is not the primary beneficiary of these VIEs. The Company’s maximum exposure to loss with respect to these VIEs is limited to the carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.

The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs:



	Maximum Exposure to Loss
At June 30, 2024	Carrying amount		Unfunded Commitments		Total
Other investments	$	1,619,395	$	1,556,422	$	3,175,817

At December 31, 2023
Other investments	$	1,251,799	$	1,550,452	$	2,802,251

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SHAREHOLDERS’ EQUITY (Details) - USD ($)					3 Months Ended		6 Months Ended
SHAREHOLDERS’ EQUITY (Details) - USD ($)	Jun. 28, 2024	Jun. 14, 2024	Mar. 29, 2024	Mar. 15, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 13, 2024
Class of Stock [Line Items]
Dividends per common share (in dollars per share)		$ 0.39		$ 0.39
Dividends paid per common share (in dollars per share)	$ 0.39		$ 0.39
Dividends on preference shares					$ (8,844,000)	$ (8,844,000)	$ (17,688,000)	$ (17,688,000)
Dividends on common shares							$ (40,900,000)	$ (36,000,000.0)
Series F Preference Shares
Class of Stock [Line Items]
Dividend rate, percentage							5.75%
Liquidation preference per annum (in dollars per share)					$ 1,437.5		$ 1,437.5
Liquidation preference quarterly (in dollars per share)					359.375		359.375
Series F Preferred Shares, Depositary Shares
Class of Stock [Line Items]
Liquidation preference per annum (in dollars per share)					1.4375		1.4375
Liquidation preference quarterly (in dollars per share)					0.359375		$ 0.359375
Series G Preferred Stock
Class of Stock [Line Items]
Dividend rate, percentage							4.20%
Liquidation preference per annum (in dollars per share)					1,050		$ 1,050
Liquidation preference quarterly (in dollars per share)					262.50		262.50
Series G Preferred Shares, Depositary Shares
Class of Stock [Line Items]
Liquidation preference per annum (in dollars per share)					1.05		1.05
Liquidation preference quarterly (in dollars per share)					$ 0.2625		$ 0.2625
Common Shares
Class of Stock [Line Items]
Share repurchase program, authorized amount									$ 500,000,000.0
Share repurchase program, shares repurchased (in shares)							485,071
Value of shares repurchased							$ 108,500,000
Shares repurchased, average price per share (in dollars per share)							$ 223.73
Remaining authorized repurchase amount					$ 416,200,000		$ 416,200,000

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 22, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-14428
Entity Registrant Name	RENAISSANCERE HOLDINGS LTD
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0141974
Entity Address, Address Line One	Renaissance House
Entity Address, Address Line Two	12 Crow Lane
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 19
City Area Code	441
Local Phone Number	295-4513
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		52,155,667
Entity Central Index Key	0000913144
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Shares, Par Value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, Par Value $1.00 per share
Trading Symbol	RNR
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
Trading Symbol	RNR PRF
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share
Trading Symbol	RNR PRG
Security Exchange Name	NYSE

FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information Used as Level 3 Inputs (Details) $ in Thousands	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	$ 3,809,421	$ 3,515,566
Other liabilities	(824)	(2,742)
Fair Value, Measurements, Recurring
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	3,809,421	3,515,566
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	30,389,567	29,117,736
Fair Value, Measurements, Recurring \| Assumed and ceded (re)insurance contracts
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other liabilities	(440)	(515)
Fair Value, Measurements, Recurring \| Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	141,917	157,563
Other liabilities	(440)	(515)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	141,477	157,048
Fair Value, Measurements, Recurring \| Internal valuation model \| Fair Value (Level 3) \| Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other liabilities	(440)	(515)
Fair Value, Measurements, Recurring \| Direct private equity investments \| Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	45,278	59,905
Fair Value, Measurements, Recurring \| Direct private equity investments \| Internal valuation model \| Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	45,278	59,905
Fair Value, Measurements, Recurring \| Term Loans \| Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	96,639	97,658
Fair Value, Measurements, Recurring \| Term Loans \| Internal valuation model \| Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	96,600	97,700
Fair Value, Measurements, Recurring \| Term Loans \| Discounted cash flow \| Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	$ 96,639	$ 97,658
Discount rate \| Fair Value, Measurements, Recurring \| Internal valuation model \| Fair Value (Level 3) \| Weighted Average or Actual \| Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share)	0.043	0.038
Discount rate \| Fair Value, Measurements, Recurring \| Direct private equity investments \| Internal valuation model \| Fair Value (Level 3) \| Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) \| $ / shares	0.100	0.100
Liquidity discount \| Fair Value, Measurements, Recurring \| Direct private equity investments \| Internal valuation model \| Fair Value (Level 3) \| Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) \| $ / shares	0.150	0.150
Credit spread adjustment \| Fair Value, Measurements, Recurring \| Term Loans \| Discounted cash flow \| Fair Value (Level 3) \| Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) \| $ / shares	0.002	0.002
Risk premium \| Fair Value, Measurements, Recurring \| Term Loans \| Discounted cash flow \| Fair Value (Level 3) \| Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) \| $ / shares	0.026	0.026
Net undiscounted cash flows \| Fair Value, Measurements, Recurring \| Internal valuation model \| Fair Value (Level 3) \| Weighted Average or Actual \| Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share)	12,567,000	12,478,000
Expected loss ratio \| Fair Value, Measurements, Recurring \| Internal valuation model \| Fair Value (Level 3) \| Weighted Average or Actual \| Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share)	0.017	0.023

VARIABLE INTEREST ENTITIES (Details)		3 Months Ended		6 Months Ended
VARIABLE INTEREST ENTITIES (Details)	Jan. 10, 2023 USD ($) note	Jun. 30, 2024 USD ($) account	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) account	Jun. 30, 2023 USD ($)	Jun. 18, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Number of segregated accounts \| account		4		4
Assets		$ 51,567,589,000		$ 51,567,589,000				$ 49,007,105,000
Liabilities		35,053,386,000		35,053,386,000				33,451,316,000
Investments in other ventures, under equity method		151,608,000		151,608,000				112,624,000
Redeemable noncontrolling interests		6,335,308,000		6,335,308,000				6,100,831,000
Ceded premiums written		586,984,000	$ 455,818,000	1,378,095,000	$ 982,376,000
Ceded premiums earned		435,876,000	399,474,000	868,906,000	816,612,000
Vermeer
Variable Interest Entity [Line Items]
Redeemable noncontrolling interests		1,489,892,000	1,590,408,000	1,489,892,000	1,590,408,000		$ 1,433,268,000	1,555,297,000	$ 1,538,245,000	$ 1,490,840,000
Fontana
Variable Interest Entity [Line Items]
Redeemable noncontrolling interests		453,744,000	$ 277,886,000	453,744,000	277,886,000		$ 451,397,000	353,823,000	$ 276,859,000	$ 268,031,000
Variable Interest Entity, Primary Beneficiary \| Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Assets		2,000,000,000.0		2,000,000,000.0				2,400,000,000
Liabilities		2,000,000,000.0		2,000,000,000.0				2,400,000,000
Net assets		56,800,000		56,800,000				74,200,000
Variable Interest Entity, Primary Beneficiary \| Vermeer
Variable Interest Entity [Line Items]
Assets		1,900,000,000		1,900,000,000				1,700,000,000
Liabilities		374,400,000		374,400,000				102,700,000
Redeemable noncontrolling interests		1,500,000,000		1,500,000,000				1,600,000,000
Variable Interest Entity, Primary Beneficiary \| Fontana
Variable Interest Entity [Line Items]
Assets		1,800,000,000		1,800,000,000				1,500,000,000
Liabilities		1,200,000,000		1,200,000,000				1,000,000,000.0
Redeemable noncontrolling interests		453,700,000		453,700,000				353,800,000
Variable Interest Entity, Primary Beneficiary \| RenaissanceRe Holdings Ltd. \| Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Payments of capital distribution				$ 33,000,000.0	$ 62,300,000
Variable interest entity, ownership percentage				12.50%	13.10%
Variable Interest Entity, Primary Beneficiary \| RenaissanceRe Holdings Ltd. \| Upsilon RFO Re Ltd. \| Preference shares
Variable Interest Entity [Line Items]
Investment in variable interest entity					$ 10,200,000
Variable Interest Entity, Primary Beneficiary \| Investors Of Upsilon RFO Diversified I, II and III \| Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Payments of capital distribution				$ 190,600,000	489,600,000
Net assets		409,000,000.0		409,000,000.0				500,000,000.0
Variable Interest Entity, Primary Beneficiary \| Third Party Investor \| Upsilon RFO Re Ltd. \| Preference shares
Variable Interest Entity [Line Items]
Investment in variable interest entity					39,800,000
Variable Interest Entity, Not Primary Beneficiary \| Upsilon Diversified
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method		600,000		600,000				800,000
Variable Interest Entity, Not Primary Beneficiary \| NOC1
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method		2,000,000.0		2,000,000.0				1,700,000
Variable Interest Entity, Not Primary Beneficiary \| AlphaCat Managers Ltd
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method		5,100,000		5,100,000				4,400,000
Variable Interest Entity, Not Primary Beneficiary \| Upsilon Diversified
Variable Interest Entity [Line Items]
Assets		416,800,000		416,800,000				600,800,000
Liabilities		18,300,000		18,300,000				108,000,000.0
Variable Interest Entity, Not Primary Beneficiary \| Upsilon Diversified \| Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Investment owned, fair value		409,100,000		409,100,000				503,100,000
Variable Interest Entity, Not Primary Beneficiary \| NOC1
Variable Interest Entity [Line Items]
Assets		204,200,000		204,200,000				196,500,000
Liabilities		49,200,000		49,200,000				22,800,000
Variable Interest Entity, Not Primary Beneficiary \| Mona Lisa Re
Variable Interest Entity [Line Items]
Assets		615,200,000		615,200,000				436,900,000
Liabilities		615,200,000		615,200,000				436,900,000
Number of notes issued \| note	2
Variable Interest Entity, Not Primary Beneficiary \| Mona Lisa Re \| Term Loans
Variable Interest Entity [Line Items]
Investment in participating notes		3,400,000		3,400,000				2,200,000
Variable Interest Entity, Not Primary Beneficiary \| Mona Lisa Re \| One Hundred Fifty Million Principal At Risk Variable Rate Note
Variable Interest Entity [Line Items]
Face amount						$ 150,000,000
Variable Interest Entity, Not Primary Beneficiary \| Mona Lisa Re \| Eighty Five Million Principal At Risk Variable Rate Note
Variable Interest Entity [Line Items]
Face amount	$ 85,000,000
Variable Interest Entity, Not Primary Beneficiary \| Mona Lisa Re \| One Hundred Million Principal At Risk Variable Rate Note
Variable Interest Entity [Line Items]
Face amount	$ 100,000,000
Variable Interest Entity, Not Primary Beneficiary \| Tailwind Re Ltd
Variable Interest Entity [Line Items]
Assets		418,600,000		418,600,000				417,100,000
Liabilities		418,600,000		418,600,000				417,100,000
Variable Interest Entity, Not Primary Beneficiary \| Tailwind Re Ltd \| Term Loans
Variable Interest Entity [Line Items]
Investment in participating notes		0		0				800,000
Variable Interest Entity, Not Primary Beneficiary \| AlphaCat Managers Ltd
Variable Interest Entity [Line Items]
Assets		4,300,000,000		4,300,000,000				5,000,000,000.0
Liabilities		2,000,000,000.0		2,000,000,000.0				2,400,000,000
Variable Interest Entity, Not Primary Beneficiary \| Investors Of Upsilon RFO Diversified IV \| Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Net assets		$ 111,000,000.0		111,000,000.0				$ 88,300,000
Variable Interest Entity, Not Primary Beneficiary \| Third Party Investor \| Upsilon Diversified
Variable Interest Entity [Line Items]
Payments of capital distribution				165,100,000	420,800,000
Variable Interest Entity, Not Primary Beneficiary \| Third Party Investor \| Upsilon Diversified \| Preference shares
Variable Interest Entity [Line Items]
Investment in variable interest entity				16,900,000	30,000,000.0
Variable Interest Entity, Not Primary Beneficiary \| Third Party Investor \| NOC1 \| Preference shares
Variable Interest Entity [Line Items]
Investment in variable interest entity				20,000,000.0
Variable Interest Entity, Not Primary Beneficiary \| Renaissance Reinsurance Ltd. \| Mona Lisa Re
Variable Interest Entity [Line Items]
Ceded premiums written				31,200,000	18,300,000
Ceded premiums earned				17,000,000.0	16,000,000.0
Variable Interest Entity, Not Primary Beneficiary \| DaVinci Reinsurance Ltd. \| Mona Lisa Re
Variable Interest Entity [Line Items]
Ceded premiums written				7,800,000	4,600,000
Ceded premiums earned				4,200,000	$ 4,000,000.0
Variable Interest Entity, Not Primary Beneficiary \| Validus Acquisition \| Tailwind Re Ltd
Variable Interest Entity [Line Items]
Ceded premiums written				42,700,000
Ceded premiums earned				$ 21,200,000

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	$ 3,809,421		$ 3,809,421		$ 3,515,566
Other liabilities	824		824		2,742
Debt	1,960,167		1,960,167		1,958,655
Long-term debt, fair value	1,900,000		1,900,000		1,900,000
Net Investment Income \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized (losses) gains recognized in earnings	(37,500)	$ 50,200	(11,400)	$ 80,400
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	3,809,421		3,809,421		3,515,566
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	141,917		141,917		157,563
Other liabilities	440		440		515
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Direct private equity investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	45,278		45,278		59,905
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	96,639		96,639		97,658
Significant Unobservable Inputs (Level 3) \| Internal valuation model \| Fair Value, Measurements, Recurring \| Assumed and ceded (re)insurance contracts, group two
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities	440		440		515
Significant Unobservable Inputs (Level 3) \| Internal valuation model \| Fair Value, Measurements, Recurring \| Direct private equity investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	45,278		45,278		59,905
Significant Unobservable Inputs (Level 3) \| Internal valuation model \| Fair Value, Measurements, Recurring \| Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	$ 96,600		$ 96,600		$ 97,700
U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.50%		4.50%		4.10%
Corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.90%		5.90%		5.70%
Agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.10%		5.10%		4.60%
Non-U.S. Government
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.90%		4.90%		4.40%
Residential Mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.50%		5.50%		5.10%
Weighted average life			8 years		7 years 8 months 12 days
Commercial Mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	6.60%		6.60%		8.80%
Weighted average life			3 years 9 months 18 days		2 years 2 months 12 days
Asset-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	6.90%		6.90%		7.00%
Weighted average life			4 years 4 months 24 days		3 years 10 months 24 days
Short Term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.30%		5.30%		5.30%
Other Short Term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.30%		5.30%		5.30%
Private Credit Funds \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			5 years
Private Credit Funds \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			10 years
Direct private equity investments \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			5 years
Direct private equity investments \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			10 years

RESERVE FOR CLAIMS AND CLAIM EXPENSES

6 Months Ended

Jun. 30, 2024

Insurance Loss Reserves [Abstract]

RESERVE FOR CLAIMS AND CLAIM EXPENSES

The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells. The Company’s reserve for claims and claim expenses are a combination of case reserves, additional case reserves (“ACR”) and incurred but not reported losses and incurred but not enough reported losses (collectively referred to as “IBNR”). Case reserves are losses reported to the Company by insureds and ceding companies, but which have not yet been paid. If deemed necessary and in certain situations, the Company establishes ACR which represents the Company’s estimate for claims related to specific contracts which the Company believes may not be adequately estimated by the client as of that date or within the IBNR. The Company establishes IBNR using actuarial techniques and expert judgement to represent the anticipated cost of claims which have not been reported to the Company yet, or where the Company anticipates increased reporting. The Company’s reserving committee, which includes members of the Company’s senior management, reviews, discusses, and assesses the reasonableness and adequacy of the reserving estimates included in our unaudited consolidated financial statements.

The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, additional case reserves and IBNR:



At June 30, 2024	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	2,059,363	$	1,425,623	$	3,511,286	$	6,996,272
Casualty and Specialty	2,914,646		204,062		10,625,948		13,744,656

Total	$	4,974,009	$	1,629,685	$	14,137,234	$	20,740,928

At December 31, 2023
Property	$	2,461,580	$	1,459,010	$	3,913,030	$	7,833,620
Casualty and Specialty	2,801,016		203,560		9,648,673		12,653,249

Total	$	5,262,596	$	1,662,570	$	13,561,703	$	20,486,869

Activity in the liability for unpaid claims and claim expenses is summarized as follows:



Six months ended June 30,	2024		2023
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	15,142,583	$	11,181,648
Net incurred related to:
Current year	2,680,977		1,869,261
Prior years	(205,352)		(136,850)
Total net incurred	2,475,625		1,732,411
Net paid related to:
Current year	100,022		92,909
Prior years	1,614,571		1,406,684
Total net paid	1,714,593		1,499,593




Foreign exchange and other (1)	(17,422)		34,311
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	15,886,193		11,448,777
Reinsurance recoverable as of end of period	4,854,735		4,689,351
Reserve for claims and claim expenses as of end of period	$	20,740,928	$	16,138,128

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

Prior Year Development of the Reserve for Net Claims and Claim Expenses

The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an insurer’s estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable development is generally reduced by offsetting changes in its reinsurance recoverable, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest, all of which generally move in the opposite direction to changes in the Company’s ultimate claims and claim expenses.

The following table details the Company’s prior year net development by segment of its net claims and claim expenses:



Six months ended June 30,	2024		2023
	(Favorable) Adverse Development		(Favorable) Adverse Development
Property	$	(179,058)	$	(113,332)
Casualty and Specialty	(26,294)		(23,518)

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(205,352)	$	(136,850)

Changes to prior year estimated net claims and claim expenses increased net income by $205.4 million during the six months ended June 30, 2024 (2023 - increased net income by $136.9 million), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interests - DaVinci, Fontana and Vermeer and income tax.

Property Segment

The following tables detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large catastrophe events and other small catastrophe events and attritional loss movements:



Six months ended June 30,	2024
	(Favorable) Adverse Development
Catastrophe net claims and claim expenses
Large catastrophe events
2023 Large Loss Events (1)	$	(20,720)
2022 Weather-Related Large Losses (2)	(29,577)
2021 Weather-Related Large Losses (3)	(56,537)
2020 Weather-Related Large Loss Events (4)	(5,303)
2019 Large Loss Events (5)	(5,724)
2018 Large Loss Events (6)	(12,408)
2017 Large Loss Events (7)	(14,756)

Total large catastrophe events	(145,025)
Small catastrophe events and attritional loss movements


Other small catastrophe events and attritional loss movements	(43,995)
Actuarial assumption changes	9,962
Total small catastrophe events and attritional loss movements	(34,033)

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(179,058)

(1)“2023 Large Loss Events” includes Hurricane Otis and Storm Ciaran in October and November 2023, the wildfires in Hawaii in August 2023 and Hurricane Idalia, a series of large, severe weather events in Texas and other southern and central U.S. states in June 2023, the earthquakes in southern and central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023, and certain aggregate loss contracts triggered during 2023.

(2)“2022 Weather-Related Large Losses” includes Hurricane Ian, the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, Hurricane Fiona and the typhoons in Asia during the third quarter of 2022, Hurricane Nicole and Winter Storm Elliott during the fourth quarter of 2022, and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events.

(3)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts.

(4)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.

(5)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(6)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts.

(7)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.

The net favorable development of prior accident years net claims and claim expenses on the large catastrophe events was primarily driven by better than expected loss emergence across the 2017 to 2023 accident years.

The net favorable development on other small catastrophe events and attritional loss movements was primarily related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods. Partially offsetting these net favorable developments was net adverse development related to actuarial assumption changes.



Six months ended June 30,	2023
	(Favorable) Adverse Development
Catastrophe net claims and claim expenses
Large catastrophe events
2022 Weather-Related Large Losses	$	25,994
2021 Weather-Related Large Losses	(31,000)
2020 Weather-Related Large Loss Events	(3,077)
2019 Large Loss Events	(22,636)
2018 Large Loss Events	(24,059)
2017 Large Loss Events	(18,382)
Other	(620)
Total large catastrophe events	(73,780)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(39,552)
Total small catastrophe events and attritional loss movements	(39,552)

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(113,332)

The net favorable development of prior accident years net claims and claim expenses was largely driven by better than expected loss emergence.

The net favorable development on other small catastrophe events and attritional loss movements was related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Casualty and Specialty Segment

The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:



Six months ended June 30,	2024		2023
	(Favorable) Adverse Development		(Favorable) Adverse Development
Actuarial methods - actual reported claims less than expected claims	$	(49,665)	$	(26,428)
Actuarial assumption changes	23,371		2,910
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(26,294)	$	(23,518)

The Company principally estimates net claims and claim expenses for the Casualty and Specialty segment using traditional actuarial methods.

The net favorable development of prior accident years net claims and claim expenses in the six months ended June 30, 2024, was primarily due to reported losses generally coming in lower than expected on attritional net claims and claim expenses and was driven by favorable experience within the Company’s other specialty and credit classes of business, partially offset by actuarial assumption changes.

The net favorable development of prior accident years net claims and claim expenses in the six months ended June 30, 2023 was primarily due to reported losses generally coming in lower than expected on attritional net claims and claim expenses driven by favorable experience within the Company’s other specialty and credit classes of business.

VARIABLE INTEREST ENTITIES	6 Months Ended
VARIABLE INTEREST ENTITIES	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Upsilon RFO Upsilon RFO Re Ltd. (“Upsilon RFO”) is an exempted company incorporated in Bermuda. It is registered as a segregated accounts company and as a collateralized insurer. Upsilon RFO currently has four segregated accounts (Upsilon RFO Diversified I, II, III and IV). RenaissanceRe indirectly owns a portion of the participating non-voting preference shares of three of the existing segregated accounts of Upsilon RFO (Upsilon RFO Diversified I, II and III) and all of Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholder) participate in all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk, and therefore, these shares have been accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance. Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO Diversified I, II and III as it has the power over the activities that most significantly impact the economic performance of those segregated accounts and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to those segregated accounts, in accordance with the accounting guidance. As a result, the Company consolidates Upsilon RFO Diversified I, II and III and all significant inter-company transactions have been eliminated. The Company has determined that it is not the primary beneficiary of Upsilon RFO Diversified IV, as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to that segregated account, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of Upsilon RFO Diversified IV. The Company does not have, has not previously had, and does not expect to have, a material investment in Upsilon RFO Diversified IV. In addition, the Company expects its absolute and relative ownership in Upsilon RFO Diversified IV to remain minimal. Other than its equity investments in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide. 2024 During the six months ended June 30, 2024 and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $190.6 million of capital to investors of Upsilon RFO Diversified I, II and III, including $33.0 million to the Company. At June 30, 2024, the Company’s participation in the risks assumed by Upsilon RFO Diversified I, II and III was 12.5%. At June 30, 2024, the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO Diversified I, II and III of $2.0 billion and $2.0 billion, respectively (December 31, 2023 - $2.4 billion and $2.4 billion, respectively). Of the total assets and liabilities of Upsilon RFO Diversified I, II and III, a net amount of $56.8 million (December 31, 2023 - $74.2 million) is attributable to the Company, and $409.0 million (December 31, 2023 - $500.0 million) is attributable to third-party investors. Of the total assets and liabilities of Upsilon RFO Diversified IV, a net amount of $111.0 million (December 31, 2023 - $88.3 million) is attributable to third-party investors. 2023 During the six months ended June 30, 2023, and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $489.6 million of capital to investors of Upsilon RFO Diversified I, II and III, including $62.3 million to the Company. Also, during the six months ended June 30, 2023, Upsilon RFO issued $39.8 million of non-voting preference shares to existing investors, including $10.2 million to the Company. At June 30, 2023, the Company’s participation in the risks assumed by Upsilon RFO Diversified I, II and III was 13.1%. Upsilon Diversified RenaissanceRe Upsilon Diversified Fund (“Upsilon Diversified”) is a segregated account of RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted company incorporated in Bermuda which is registered as a segregated accounts company and a Class A Professional Fund. Upsilon Diversified provides a fund structure through which investors can invest in reinsurance risk managed by the Company, which includes investments in Upsilon RFO and Medici. The Company concluded that Upsilon Diversified meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Upsilon Diversified and concluded it is not the primary beneficiary of Upsilon Diversified, as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon Diversified, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of Upsilon Diversified. Upsilon Diversified meets the definition of an investment company in accordance with accounting guidance, and accordingly, is required to account for all of its investments, including its investments in Upsilon RFO and Medici, at fair value. The Company does not have, has not previously had, and does not expect to have, a material investment in Upsilon Diversified. In addition, the Company expects its absolute and relative ownership in Upsilon Diversified to remain minimal. Other than its current equity investment in Upsilon Diversified, the Company has not provided financial or other support to Upsilon Diversified that it was not contractually required to provide. The total assets of Upsilon Diversified principally reflect its investment in Upsilon RFO. 2024 During the six months ended June 30, 2024 and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $165.1 million of capital to investors. In addition, third-party investors subscribed for $16.9 million of non-voting preference shares. The fair value of the Company’s indirect equity ownership in Upsilon Diversified is included in investments in other ventures and was $0.6 million at June 30, 2024 (December 31, 2023 - $0.8 million). At June 30, 2024, the total assets and total liabilities of Upsilon Diversified were $416.8 million and $18.3 million, respectively (December 31, 2023 - $600.8 million and $108.0 million, respectively). Upsilon Diversified’s investment in Upsilon RFO was valued at $409.1 million at June 30, 2024 (December 31, 2023 - $503.1 million). 2023 During the six months ended June 30, 2023 and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $420.8 million of capital to investors. Also, during the six months ended June 30, 2023, Upsilon Diversified issued $30.0 million of non-voting preference shares to existing investors. NOC1 NOC1 is a segregated account of Upsilon Fund formed in 2023, that provides a fund structure through which investors can invest in a portfolio of insurance-linked securities, principally catastrophe bonds. The Company concluded that NOC1 meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with NOC1 and concluded it is not the primary beneficiary of NOC1, as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to NOC1, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of NOC1. The Company does not have, and does not expect to have, a material investment in NOC 1 and expects its absolute and relative ownership in NOC1 to remain minimal. Other than its current equity investment in NOC1, the Company has not provided financial or other support to NOC1 that it was not contractually required to provide. 2024 During the six months ended June 30, 2024, investors subscribed for $20.0 million of non-voting preference shares. The fair value of the Company’s indirect equity ownership in NOC1 is included in investments in other ventures and was $2.0 million at June 30, 2024 (December 31, 2023 - $1.7 million). At June 30, 2024, the total assets and total liabilities of NOC1 were $204.2 million and $49.2 million, respectively (December 31, 2023 - $196.5 million and $22.8 million, respectively). Vermeer Vermeer provides capacity focused on risk remote layers in the U.S. property catastrophe market. Refer to “Note 8. Noncontrolling Interests” for additional information regarding Vermeer. At June 30, 2024, the Company’s consolidated balance sheet included total assets and total liabilities of Vermeer of $1.9 billion and $374.4 million, respectively (December 31, 2023 - $1.7 billion and $102.7 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Vermeer of $1.5 billion at June 30, 2024 (December 31, 2023 - $1.6 billion). Fontana Fontana provides reinsurance capacity focused on business written within the Company’s Casualty and Specialty segment. Refer to “Note 8. Noncontrolling Interests” for additional information regarding Fontana. At June 30, 2024, the Company’s consolidated balance sheet included total assets and total liabilities of Fontana of $1.8 billion and $1.2 billion, respectively (December 31, 2023 - $1.5 billion and $1.0 billion, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Fontana of $453.7 million at June 30, 2024 (December 31, 2023 - $353.8 million). Mona Lisa Re Ltd. Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled special purpose insurer (“SPI”), provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors. Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci Reinsurance underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Mona Lisa Re and concluded it is not the primary beneficiary of Mona Lisa Re as it does not have the power over the activities that most significantly impact the economic performance of Mona Lisa Re, in accordance with the accounting guidance. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci Reinsurance which are accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance, and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide. Renaissance Reinsurance and DaVinci Reinsurance have together entered into ceded reinsurance contracts with Mona Lisa Re with ceded premiums written of $31.2 million and $7.8 million, respectively, during the six months ended June 30, 2024 (2023 - $18.3 million and $4.6 million, respectively). In addition, Renaissance Reinsurance and DaVinci Reinsurance recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $17.0 million and $4.2 million, respectively, during the six months ended June 30, 2024 (2023 - $16.0 million and $4.0 million, respectively). Effective June 18, 2024, Mona Lisa Re issued a series of principal-at-risk variable rate notes to investors for a principal amount of $150.0 million. Effective January 10, 2023, Mona Lisa Re issued two series of principal-at-risk variable rate notes to investors for principal amounts of $85.0 million and $100.0 million. At June 30, 2024, the total assets and total liabilities of Mona Lisa Re were $615.2 million and $615.2 million, respectively (December 31, 2023 - $436.9 million and $436.9 million, respectively). The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $3.4 million at June 30, 2024 (December 31, 2023 - $2.2 million). Tailwind Re Ltd. Tailwind Re Ltd. (“Tailwind Re”), a Bermuda domiciled SPI provides reinsurance capacity to Validus through reinsurance agreements which are collateralized and funded by Tailwind Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors and the Company. Upon issuance of a series of notes by Tailwind Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Validus underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. The Company concluded that Tailwind Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Tailwind Re and concluded it is not the primary beneficiary of Tailwind Re as it does not have the power over the activities that most significantly impact the economic performance of Tailwind Re, in accordance with the accounting guidance. As a result, the financial position and results of operations of Tailwind Re are not consolidated by the Company. The only transactions related to Tailwind Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Validus, which are accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance, and, as at December 31, 2023, the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Tailwind Re, which were held as at December 31, 2023 but were fully redeemed in the first quarter of 2024, the Company has not provided financial or other support to Tailwind Re that it was not contractually required to provide. Validus has entered into ceded reinsurance contracts with Tailwind Re with ceded premiums written of $42.7 million during the six months ended June 30, 2024. In addition, Validus recognized ceded premiums earned related to the ceded reinsurance contracts with Tailwind Re of $21.2 million during the six months ended June 30, 2024. At June 30, 2024, the total assets and total liabilities of Tailwind Re were $418.6 million and $418.6 million, respectively (December 31, 2023 - $417.1 million and $417.1 million, respectively). The fair value of the Company’s investment in the principal-at-risk variable rate notes of Tailwind Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Tailwind Re was $Nil at June 30, 2024 (December 31, 2023 - $0.8 million). AlphaCat In connection with the Validus Acquisition, the Company acquired AlphaCat Managers Ltd. (“AlphaCat Managers”), which manages third-party capital in various forms, including through closed-end and open-end Bermuda mutual funds and one managed account (collectively, the “AlphaCat Funds”), which currently generates fee income. The AlphaCat Funds are primarily funded by third-party capital investors and controlled by external boards unaffiliated with the Company. The AlphaCat Funds are invested in various risk-linked instruments through variable funding notes issued by AlphaCat Reinsurance Ltd. (“AlphaCat Re”), AlphaCat Master Fund Ltd. and OmegaCat Reinsurance Ltd. (“OmegaCat Re”), which give investors access to a range of property catastrophe risks. Prior to the Validus Acquisition, substantially all of the AlphaCat Funds had received full redemption requests from their investors and capital was being released accordingly, subject to certain constraints. The Company expects to run off the business over a period of time. The Company concluded that the AlphaCat Funds, AlphaCat Re and OmegaCat Re meet the definition of VIEs as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with the AlphaCat Funds, AlphaCat Re and OmegaCat Re and concluded it is not the primary beneficiary as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to the AlphaCat Funds, AlphaCat Re and OmegaCat Re, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of the AlphaCat Funds, AlphaCat Re and OmegaCat Re. The Company has not provided financial or other support to the AlphaCat Funds, AlphaCat Re and OmegaCat Re that it was not contractually required to provide. The total assets of the AlphaCat Funds, AlphaCat Re and OmegaCat Re principally reflect their investments in OmegaCat Re and AlphaCat Re. The fair value of the Company’s direct equity ownership in the AlphaCat Funds and AlphaCat Re is included in other investments and was $5.1 million at June 30, 2024 (December 31, 2023 - $4.4 million). At June 30, 2024, the total assets and total liabilities of the AlphaCat Funds, AlphaCat Re and OmegaCat Re were $4.3 billion and $2.0 billion, respectively (December 31, 2023 - $5.0 billion and $2.4 billion, respectively). Fund Investments The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. Refer to “Note 4. Fair Value Measurements” for additional information.

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments Designated as Hedges of a Net Investment in Foreign Operation (Details) - Foreign Exchange Forward - Derivative instruments designated as hedges - Net Investment Hedging - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities)	$ 60,752	$ 59,020	$ 61,570	$ 59,348
Derivative gains (losses)	$ (1,361)	$ 591	$ 1,493	$ 1,539