•Annualized return on average common equity of 47.1% and annualized operating return on average common equity of 21.7%.

•Combined ratio of 84.8% and adjusted combined ratio of 82.4%.

•Q3 2024 Large Loss Events had a net negative impact of $243.2 million on net income available to common shareholders, and added 12.7 percentage points to the combined ratio.

•Fee income of $82.1 million; up 27.1% from Q3 2023.

•Net investment income of $423.9 million; up 28.8% from Q3 2023.

•Mark-to-market gains of $943.7 million, primarily driven by $612.4 million related to the fixed maturity portfolio and $134.2 million related to Company’s investment in TWFG.

•Repurchased $106.8 million of common shares in the third quarter.

•Hurricane Milton is estimated to have a net negative impact of $275.0 million on the Company’s fourth quarter 2024 results of operations.

Pembroke, Bermuda, November 6, 2024 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the third quarter of 2024.

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

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

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

•Gross premiums written increased by $279.7 million, or 54.7%, due to:

–a $183.2 million increase in the catastrophe class of business, driven by an increase of $74.3 million in reinstatement premiums as well as a combination of organic growth, new opportunities, and the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, primarily at the July 1, 2024 renewal.

–a $96.5 million increase in the other property class of business, reflecting the renewal of business acquired in the Validus Acquisition and organic growth, in both catastrophe and non-catastrophe exposed business.

•Net premiums written increased by $256.4 million, or 57.6%, driven by the increase in gross premiums written discussed above, partially offset by an increase in ceded premiums written.

•Net claims and claim expense ratio - current accident year increased by 16.4 percentage points, due to a higher impact from large loss events compared to the third quarter of 2023. The Q3 2024 Large Loss Events added 43.5 percentage points to the catastrophe class of business and 24.8 percentage points to the other property class of business.

•Net claims and claim expense ratio - prior accident years decreased 10.3 percentage points, reflecting net favorable development in the third quarter of 2024, primarily driven by:

–net favorable development of $184.4 million from large catastrophe events across the 2017 to 2022 accident years, including $108.1 million from the 2022 Weather-Related Large Losses; and

–net favorable development on attritional losses across the other property class of business.

•Underwriting expense ratio increased 1.0 percentage point, primarily due to:

–a 0.4 percentage point increase in the acquisition expense ratio, driven by the increase in acquisition expenses from purchase accounting adjustments primarily related to the Validus Acquisition, which added 1.8 percentage points to the acquisition expense ratio in the third quarter of 2024. This was partially offset by changes in the mix of business as a result of the continued relative growth in the catastrophe class of business, which has a lower acquisition expense ratio than the other property class of business; and

–a 0.6 percentage point increase in the operating expense ratio primarily due to an increase in operating expenses following the Validus Acquisition.

•Combined ratio increased by 7.1 percentage points, and adjusted combined ratio, which removes the impact of acquisition related purchase accounting adjustments, increased by 5.1 percentage points, each primarily due to a higher impact from the Q3 2024 Large Loss Events as compared to the 2023 Large Loss Events, partially offset by an increase in prior accident year net favorable development.

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

•Gross premiums written increased by $502.0 million, or 45.3%, primarily driven by:

–the renewal of business acquired in the Validus Acquisition, principally in the general casualty and other specialty classes of business, which grew by $168.6 million and $208.4 million, respectively, compared to the third quarter of 2023; and

–organic growth of legacy lines, particularly within the other specialty class of business.

•Net premiums written increased 49.7%, consistent with the drivers discussed for gross premiums written above, in addition to an overall reduction in our retrocessional purchases.

•Combined ratio increased by 3.1 percentage points, and adjusted combined ratio, which removes the impact of acquisition related purchase accounting adjustments, increased by 1.0 percentage point, each primarily due to the increase in the underwriting expense ratio.

•Net claims and claim expense ratio - current accident year decreased by 1.4 percentage points, as the comparable period was impacted by event losses on catastrophe exposed lines within the other specialty class of business.

•Net claims and claim expense ratio - prior accident years reflects net favorable development driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the other specialty and credit classes of business.

•Underwriting expense ratio increased 3.2 percentage points, driven by a 3.0 percentage point increase in the acquisition expense ratio primarily due to the impact of Validus integration related activities and purchase accounting adjustments, which collectively added 2.6 percentage points to the acquisition expense ratio in the third quarter of 2024.

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

•Management fee income increased $10.5 million, reflecting growth in the Company’s joint ventures and managed funds, specifically DaVinciRe Holdings Ltd. (“DaVinci”), and Fontana Holdings L.P. (“Fontana”), as well as the addition of fees earned by AlphaCat Managers Ltd., which was acquired as part of the Validus Acquisition.

•Performance fee income increased $7.0 million, driven by strong underwriting results and prior year favorable development, primarily in DaVinci and Upsilon RFO Re Ltd.

•Net investment income increased $94.8 million, due to a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity investments portfolio.

•Net realized and unrealized gains on investments increased by $1.2 billion, principally driven by:

–higher net realized and unrealized gains on fixed maturity investments trading of $891.7 million, primarily due to decreases in interest rates in Q3 2024, as compared to interest rate increases in Q3 2023;

–an increase in net realized and unrealized gains on other investments of $162.5 million driven by an increase in the value of the Company’s investment in TWFG as a result of TWFG, Inc.’s initial public offering in the third quarter of 2024;

–an increase in net realized and unrealized gains on investment-related derivatives of $66.9 million, primarily as a result of the impact of the interest rate movements noted above on interest rate futures and commodity price movements favorably impacting commodity futures; and

–an increase in net realized and unrealized gains on catastrophe bonds of $33.8 million, reflective of changes in risk spreads in the wider catastrophe bond market.

•Total investments were $33.0 billion at September 30, 2024 (December 31, 2023 - $29.2 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.1% and 2.9 years, respectively (December 31, 2023 - 5.8% and 2.6 years, respectively).

•Net income attributable to redeemable noncontrolling interests of $450.2 million was primarily driven by strong:

–underwriting results in DaVinci and Vermeer Reinsurance Ltd.;

–net investment income driven by higher average invested assets and higher yielding assets within the investment portfolios of the Company’s joint ventures and managed funds; and

–net realized and unrealized gains on investments of the Company’s joint ventures and managed funds.

•Income tax expense of $102.0 million in the current quarter, primarily driven by income in the Company’s U.S. operations.

•Share Repurchases of 477.8 thousand common shares at an aggregate cost of $106.8 million and an average price of $223.45 per common share in the third quarter of 2024.

–On November 6, 2024, the Board approved an increase in the Company’s authorized share repurchase program, bringing the total current authorization up to $750 million.

•Hurricane Milton is estimated to have a $275.0 million net negative impact on net income (loss) available (attributable) to common shareholders in the fourth quarter of 2024.

(1)“Other Q3 2024 Large Loss Events” includes: a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, and Hurricane Beryl.

(2)“Q3 2024 Large Loss Events” includes: Hurricane Helene and the “Other Q3 2024 Large Loss Events.”

Please refer to the “Investors - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.

RenaissanceRe will host a conference call on Thursday, November 7, 2024 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - Webcasts & Presentations” section of the Company’s website at www.renre.com.

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

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
			Three months ended September 30, 2024
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	790,709					$	1,609,427					$	—					$	2,400,136
Net premiums written			$	701,222					$	1,461,282					$	—					$	2,162,504
Net premiums earned			$	994,777					$	1,588,192					$	—					$	2,582,969
Net claims and claim expenses incurred			329,967						1,043,647						—						1,373,614
Acquisition expenses			192,439						497,899						—						690,338
Operational expenses			77,688						47,573						—						125,261
Underwriting income (loss)			$	394,683					$	(927)					$	—					393,756
Net investment income															423,859						423,859
Net foreign exchange gains (losses)															16,804						16,804
Equity in earnings of other ventures															5,718						5,718
Other income (loss)															680						680
Net realized and unrealized gains (losses) on investments															943,745						943,745
Corporate expenses															(26,078)						(26,078)
Interest expense															(23,809)						(23,809)
Income (loss) before taxes and redeemable noncontrolling interests																					1,734,675
Income tax benefit (expense)															(102,012)						(102,012)
Net (income) loss attributable to redeemable noncontrolling interests															(450,176)						(450,176)
Dividends on preference shares															(8,843)						(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	1,173,644
Net claims and claim expenses incurred – current accident year			$	621,710					$	1,044,410					$	—					$	1,666,120
Net claims and claim expenses incurred – prior accident years			(291,743)						(763)						—						(292,506)
Net claims and claim expenses incurred – total			$	329,967					$	1,043,647					$	—					$	1,373,614
Net claims and claim expense ratio – current accident year			62.5		%				65.8		%										64.5		%
Net claims and claim expense ratio – prior accident years			(29.3)		%				(0.1)		%										(11.3)		%
Net claims and claim expense ratio – calendar year			33.2		%				65.7		%										53.2		%
Underwriting expense ratio			27.1		%				34.4		%										31.6		%
Combined ratio			60.3		%				100.1		%										84.8		%
			Three months ended September 30, 2023
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	511,012					$	1,107,431					$	—					$	1,618,443
Net premiums written			$	444,872					$	976,388					$	—					$	1,421,260
Net premiums earned			$	760,365					$	995,511					$	—					$	1,755,876
Net claims and claim expenses incurred			206,361						655,215						—						861,576
Acquisition expenses			143,348						282,397						—						425,745
Operational expenses			54,624						28,127						—						82,751
Underwriting income (loss)			$	356,032					$	29,772					$	—					385,804
Net investment income															329,108						329,108
Net foreign exchange gains (losses)															(25,886)						(25,886)
Equity in earnings of other ventures															10,842						10,842
Other income (loss)															(5,866)						(5,866)
Net realized and unrealized gains (losses) on investments															(228,087)						(228,087)
Corporate expenses															(17,143)						(17,143)
Interest expense															(22,951)						(22,951)
Income (loss) before taxes and redeemable noncontrolling interests																					425,821
Income tax benefit (expense)															(9,295)						(9,295)
Net (income) loss attributable to redeemable noncontrolling interests															(213,695)						(213,695)
Dividends on preference shares															(8,843)						(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	193,988
Net claims and claim expenses incurred – current accident year			$	350,238					$	669,285					$	—					$	1,019,523
Net claims and claim expenses incurred – prior accident years			(143,877)						(14,070)						—						(157,947)
Net claims and claim expenses incurred – total			$	206,361					$	655,215					$	—					$	861,576
Net claims and claim expense ratio – current accident year			46.1		%				67.2		%										58.1		%
Net claims and claim expense ratio – prior accident years			(19.0)		%				(1.4)		%										(9.0)		%
Net claims and claim expense ratio – calendar year			27.1		%				65.8		%										49.1		%
Underwriting expense ratio			26.1		%				31.2		%										28.9		%
Combined ratio			53.2		%				97.0		%										78.0		%

Comments on Non-GAAP Financial Measures

(1)Previously reported "corporate expenses associated with acquisitions and dispositions" has been amended to "expenses (revenues) associated with acquisitions, dispositions and impairments" to now also include impairments on strategic investments related to acquisitions and dispositions.

(2)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and nine months ended September 30, 2024 for the acquisitions of Validus - $56.0 million and $171.9 million, respectively (2023 - $Nil and $Nil, respectively); and TMR and Platinum - $3.8 million and $11.3 million respectively (2023 - $4.0 million and $12.1 million respectively).

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

(4)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(5)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

(1)Represents the acquired goodwill and other intangible assets at September 30, 2024 for the acquisitions of Validus $488.4 million (September 30, 2023 - $Nil), TMR $26.4 million (September 30, 2023 - $27.4 million) and Platinum $202.7 million (September 30, 2023 - $206.5 million).

(2)At September 30, 2024, the adjustment for other goodwill and intangible assets included $8.9 million (September 30, 2023 - $18.2 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at September 30, 2024 for the acquisitions of Validus $220.1 million (September 30, 2023 - $Nil), TMR $54.4 million (September 30, 2023 - $64.9 million) and Platinum $(0.7) million (September 30, 2023 - $(0.8) million).