November 6, 2024 - EX-99.2 - 8-K: Current report filing


RenaissanceRe Holdings Ltd.
Contents


		Page

Basis of Presentation		i

Financial Highlights		1

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

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

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

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



Other Items
a.	Earnings per Share	27


Comments on Non-GAAP Financial Measures		28


RenaissanceRe Holdings Ltd.
Basis of Presentation

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

On November 1, 2023, the Company completed its acquisition (the “Validus Acquisition”) of Validus Holdings, Ltd. (“Validus Holdings”), Validus Specialty, LLC (“Validus Specialty”) and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as “Validus.” The operating activities of Validus are included in the Company’s consolidated statements of operations starting from the acquisition date, November 1, 2023. As such, the results of operations and comparisons to prior periods should be viewed in that context.

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

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


			i



Cautionary Statement Regarding Forward-Looking Statements

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


			ii


RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended			Nine months ended
	September 30, 2024				September 30, 2023			September 30, 2024			September 30, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	1,173,644			$	193,988		$	2,033,488		$	949,075
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	540,322			$	426,320		$	1,827,549		$	1,201,800

Underwriting income
Gross premiums written	$	2,400,136			$	1,618,443		$	9,816,315		$	7,060,325
Net premiums written	2,162,504				1,421,260			8,200,588			5,880,766
Net premiums earned	2,582,969				1,755,876			7,568,194			5,221,688




Underwriting income (loss)	393,756				385,804			1,413,774			1,106,438

Net claims and claim expense ratio:


Current accident year	64.5		%		58.1		%	57.4		%	55.3		%
Prior accident years	(11.3)		%		(9.0)		%	(6.5)		%	(5.6)		%
Calendar year	53.2		%		49.1		%	50.9		%	49.7		%

Acquisition expense ratio	26.8		%		24.2		%	25.9		%	24.5		%
Operating expense ratio	4.8		%		4.7		%	4.5		%	4.6		%
Combined ratio	84.8		%		78.0		%	81.3		%	78.8		%
Adjusted combined ratio (1)	82.4		%		77.8		%	78.9		%	78.6		%

Fee income
Management fee income	$	54,945			$	44,486		$	166,325		$	128,830
Performance fee income	27,120				20,072			83,367			37,181
Total fee income	$	82,065			$	64,558		$	249,692		$	166,011

Investment results - managed
Net investment income	$	423,859			$	329,108		$	1,225,479		$	876,148
Net realized and unrealized gains (losses) on investments	943,745				(228,087)			602,507			(171,417)


Total investment result	$	1,367,604			$	101,021		$	1,827,986		$	704,731
Total investment return - annualized	18.3		%		2.0		%	8.2		%	4.2		%

Investment results - retained (1)
Net investment income	$	291,899			$	216,764		$	842,791		$	574,088
Net realized and unrealized gains (losses) on investments	786,067				(220,486)			510,469			(204,622)
Total investment result	$	1,077,966			$	(3,722)		$	1,353,260		$	369,466
Total investment return - annualized	20.2		%		—		%	8.4		%	3.1		%

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


			1


Financial Highlights - Per Share Data & ROE

	Three months ended						Nine months ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	22.68		$	3.81		$	38.95		$	20.17
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	22.62		$	3.80		$	38.84		$	20.13
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	10.23		$	8.41		$	34.86		$	25.58

Average shares outstanding - basic	50,959			50,261			51,439			46,345
Average shares outstanding - diluted	51,104			50,358			51,582			46,451

Return on average common equity - annualized	47.1		%	11.5		%	28.8		%	22.1		%
Operating return on average common equity - annualized (1)	21.7		%	25.3		%	26.0		%	28.0		%

	September 30, 2024			December 31, 2023
Book value per common share	$	202.01		$	165.20
Tangible book value per common share (1)	$	182.76		$	141.87
Tangible book value per common share plus accumulated dividends (1)	$	210.45		$	168.39
Year to date change in book value per common share plus change in accumulated dividends	23.0		%	59.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	29.6		%	47.6		%

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


			2



Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended		Nine months ended
	September 30, 2024			September 30, 2023		September 30, 2024		September 30, 2023
Revenues
Gross premiums written	$	2,400,136		$	1,618,443	$	9,816,315	$	7,060,325
Net premiums written	$	2,162,504		$	1,421,260	$	8,200,588	$	5,880,766
Decrease (increase) in unearned premiums	420,465			334,616		(632,394)		(659,078)
Net premiums earned	2,582,969			1,755,876		7,568,194		5,221,688
Net investment income	423,859			329,108		1,225,479		876,148
Net foreign exchange gains (losses)	16,804			(25,886)		(27,694)		(53,877)
Equity in earnings (losses) of other ventures	5,718			10,842		32,435		28,072
Other income (loss)	680			(5,866)		799		(6,296)
Net realized and unrealized gains (losses) on investments	943,745			(228,087)		602,507		(171,417)



Total revenues	3,973,775			1,835,987		9,401,720		5,894,318
Expenses
Net claims and claim expenses incurred	1,373,614			861,576		3,849,239		2,593,987
Acquisition expenses	690,338			425,745		1,965,697		1,280,547
Operational expenses	125,261			82,751		339,484		240,716
Corporate expenses	26,078			17,143		100,489		53,357
Interest expense	23,809			22,951		70,522		49,980
Total expenses	2,239,100			1,410,166		6,325,431		4,218,587
Income (loss) before taxes	1,734,675			425,821		3,076,289		1,675,731
Income tax benefit (expense)	(102,012)			(9,295)		(96,536)		(44,139)


Net income (loss)	1,632,663			416,526		2,979,753		1,631,592
Net (income) loss attributable to redeemable noncontrolling interests	(450,176)			(213,695)		(919,734)		(655,986)
Net income (loss) attributable to RenaissanceRe	1,182,487			202,831		2,060,019		975,606
Dividends on preference shares	(8,843)			(8,843)		(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	1,173,644		$	193,988	$	2,033,488	$	949,075


			3



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	September 30, 2024		December 31, 2023
Assets
Fixed maturity investments trading, at fair value – amortized cost $23,927,291 at September 30, 2024 (December 31, 2023 – $20,872,450)	$	24,287,185	$	20,877,108


Short term investments, at fair value – amortized cost $4,302,346 at September 30, 2024 (December 31, 2023 – $4,603,340)	4,302,991		4,604,079
Equity investments, at fair value	133,091		106,766
Other investments, at fair value	4,172,451		3,515,566
Investments in other ventures, under equity method	137,959		112,624
Total investments	33,033,677		29,216,143
Cash and cash equivalents	1,572,911		1,877,518
Premiums receivable	8,226,928		7,280,682
Prepaid reinsurance premiums	1,197,533		924,777
Reinsurance recoverable	4,738,637		5,344,286
Accrued investment income	223,003		205,713
Deferred acquisition costs and value of business acquired	1,719,100		1,751,437
Deferred tax asset	650,712		685,040
Receivable for investments sold	332,048		622,197
Other assets	344,383		323,960
Goodwill and other intangibles	717,478		775,352

Total assets	$	52,756,410	$	49,007,105
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	21,221,194	$	20,486,869
Unearned premiums	7,041,149		6,136,135
Debt	1,935,928		1,958,655
Reinsurance balances payable	3,179,282		3,186,174
Payable for investments purchased	606,601		661,611
Other liabilities	668,673		1,021,872

Total liabilities	34,652,827		33,451,316
Redeemable noncontrolling interests	6,860,999		6,100,831
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2024 (December 31, 2023 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 51,940,355 shares issued and outstanding at September 30, 2024 (December 31, 2023 – 52,693,887)	51,940		52,694
Additional paid-in capital	1,959,061		2,144,459
Accumulated other comprehensive loss	(13,027)		(14,211)
Retained earnings	8,494,610		6,522,016
Total shareholders’ equity attributable to RenaissanceRe	11,242,584		9,454,958


Total liabilities, noncontrolling interests and shareholders’ equity	$	52,756,410	$	49,007,105

Book value per common share	$	202.01	$	165.20


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended September 30, 2024						Three months ended September 30, 2023
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	790,709		$	1,609,427		$	2,400,136		$	511,012		$	1,107,431		$	1,618,443
Net premiums written	$	701,222		$	1,461,282		$	2,162,504		$	444,872		$	976,388		$	1,421,260
Net premiums earned	$	994,777		$	1,588,192		$	2,582,969		$	760,365		$	995,511		$	1,755,876
Net claims and claim expenses incurred	329,967			1,043,647			1,373,614			206,361			655,215			861,576
Acquisition expenses	192,439			497,899			690,338			143,348			282,397			425,745
Operational expenses	77,688			47,573			125,261			54,624			28,127			82,751
Underwriting income (loss)	$	394,683		$	(927)		$	393,756		$	356,032		$	29,772		$	385,804

Net claims and claim expenses incurred:


Current accident year	$	621,710		$	1,044,410		$	1,666,120		$	350,238		$	669,285		$	1,019,523
Prior accident years	(291,743)			(763)			(292,506)			(143,877)			(14,070)			(157,947)
Total	$	329,967		$	1,043,647		$	1,373,614		$	206,361		$	655,215		$	861,576

Net claims and claim expense ratio:


Current accident year	62.5		%	65.8		%	64.5		%	46.1		%	67.2		%	58.1		%
Prior accident years	(29.3)		%	(0.1)		%	(11.3)		%	(19.0)		%	(1.4)		%	(9.0)		%
Calendar year	33.2		%	65.7		%	53.2		%	27.1		%	65.8		%	49.1		%
Acquisition expense ratio	19.3		%	31.4		%	26.8		%	18.9		%	28.4		%	24.2		%
Operating expense ratio	7.8		%	3.0		%	4.8		%	7.2		%	2.8		%	4.7		%

Combined ratio	60.3		%	100.1		%	84.8		%	53.2		%	97.0		%	78.0		%
Adjusted combined ratio (1)	58.1		%	97.7		%	82.4		%	53.0		%	96.7		%	77.8		%

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


			5



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2024						Nine months ended September 30, 2023
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	4,433,688		$	5,382,627		$	9,816,315		$	3,217,817		$	3,842,508		$	7,060,325
Net premiums written	$	3,457,500		$	4,743,088		$	8,200,588		$	2,609,356		$	3,271,410		$	5,880,766
Net premiums earned	$	2,911,694		$	4,656,500		$	7,568,194		$	2,206,471		$	3,015,217		$	5,221,688
Net claims and claim expenses incurred	757,570			3,091,669			3,849,239			675,963			1,918,024			2,593,987
Acquisition expenses	566,566			1,399,131			1,965,697			429,273			851,274			1,280,547
Operational expenses	206,737			132,747			339,484			165,514			75,202			240,716
Underwriting income (loss)	$	1,380,821		$	32,953		$	1,413,774		$	935,721		$	170,717		$	1,106,438

Net claims and claim expenses incurred:


Current accident year	$	1,228,371		$	3,118,726		$	4,347,097		$	933,172		$	1,955,612		$	2,888,784
Prior accident years	(470,801)			(27,057)			(497,858)			(257,209)			(37,588)			(294,797)
Total	$	757,570		$	3,091,669		$	3,849,239		$	675,963		$	1,918,024		$	2,593,987

Net claims and claim expense ratio:


Current accident year	42.2		%	67.0		%	57.4		%	42.3		%	64.9		%	55.3		%
Prior accident years	(16.2)		%	(0.6)		%	(6.5)		%	(11.7)		%	(1.3)		%	(5.6)		%
Calendar year	26.0		%	66.4		%	50.9		%	30.6		%	63.6		%	49.7		%
Acquisition expense ratio	19.5		%	30.0		%	25.9		%	19.5		%	28.2		%	24.5		%
Operating expense ratio	7.1		%	2.9		%	4.5		%	7.5		%	2.5		%	4.6		%

Combined ratio	52.6		%	99.3		%	81.3		%	57.6		%	94.3		%	78.8		%
Adjusted combined ratio (1)	50.2		%	96.8		%	78.9		%	57.4		%	94.1		%	78.6		%

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


			6


Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend

	Total
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Gross premiums written	$	2,400,136		$	3,425,495		$	3,990,684		$	1,802,041		$	1,618,443
Net premiums written	$	2,162,504		$	2,838,511		$	3,199,573		$	1,587,047		$	1,421,260
Net premiums earned	$	2,582,969		$	2,541,315		$	2,443,910		$	2,249,445		$	1,755,876
Net claims and claim expenses incurred	1,373,614			1,309,502			1,166,123			979,522			861,576
Acquisition expenses	690,338			644,438			630,921			594,487			425,745
Operational expenses	125,261			108,039			106,184			134,466			82,751
Underwriting income (loss)	$	393,756		$	479,336		$	540,682		$	540,970		$	385,804

Net claims and claim expenses incurred:


Current accident year	$	1,666,120		$	1,417,773		$	1,263,204		$	1,135,332		$	1,019,523
Prior accident years	(292,506)			(108,271)			(97,081)			(155,810)			(157,947)
Total	$	1,373,614		$	1,309,502		$	1,166,123		$	979,522		$	861,576

Net claims and claim expense ratio:


Current accident year	64.5		%	55.8		%	51.7		%	50.5		%	58.1		%
Prior accident years	(11.3)		%	(4.3)		%	(4.0)		%	(7.0)		%	(9.0)		%
Calendar year	53.2		%	51.5		%	47.7		%	43.5		%	49.1		%
Acquisition expense ratio	26.8		%	25.3		%	25.9		%	26.5		%	24.2		%
Operating expense ratio	4.8		%	4.3		%	4.3		%	6.0		%	4.7		%
Combined ratio	84.8		%	81.1		%	77.9		%	76.0		%	78.0		%
Adjusted combined ratio (1)	82.4		%	78.6		%	75.4		%	73.6		%	77.8		%

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


			7



Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend

	Property
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Gross premiums written	$	790,709		$	1,753,098		$	1,889,881		$	344,597		$	511,012
Net premiums written	$	701,222		$	1,358,660		$	1,397,618		$	357,953		$	444,872
Net premiums earned	$	994,777		$	980,834		$	936,083		$	884,321		$	760,365
Net claims and claim expenses incurred	329,967			273,354			154,249			123,942			206,361
Acquisition expenses	192,439			188,345			185,782			170,854			143,348
Operational expenses	77,688			67,425			61,624			85,919			54,624
Underwriting income (loss)	$	394,683		$	451,710		$	534,428		$	503,606		$	356,032

Net claims and claim expenses incurred:


Current accident year	$	621,710		$	357,745		$	248,916		$	275,638		$	350,238
Prior accident years	(291,743)			(84,391)			(94,667)			(151,696)			(143,877)
Total	$	329,967		$	273,354		$	154,249		$	123,942		$	206,361

Net claims and claim expense ratio:


Current accident year	62.5		%	36.5		%	26.6		%	31.2		%	46.1		%
Prior accident years	(29.3)		%	(8.6)		%	(10.1)		%	(17.2)		%	(19.0)		%
Calendar year	33.2		%	27.9		%	16.5		%	14.0		%	27.1		%
Acquisition expense ratio	19.3		%	19.1		%	19.9		%	19.4		%	18.9		%
Operating expense ratio	7.8		%	6.9		%	6.5		%	9.7		%	7.2		%

Combined ratio	60.3		%	53.9		%	42.9		%	43.1		%	53.2		%
Adjusted combined ratio (1)	58.1		%	51.7		%	40.5		%	41.7		%	53.0		%

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


			8


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

	Casualty and Specialty
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Gross premiums written	$	1,609,427		$	1,672,397		$	2,100,803		$	1,457,444		$	1,107,431
Net premiums written	$	1,461,282		$	1,479,851		$	1,801,955		$	1,229,094		$	976,388
Net premiums earned	$	1,588,192		$	1,560,481		$	1,507,827		$	1,365,124		$	995,511
Net claims and claim expenses incurred	1,043,647			1,036,148			1,011,874			855,580			655,215
Acquisition expenses	497,899			456,093			445,139			423,633			282,397
Operational expenses	47,573			40,614			44,560			48,547			28,127
Underwriting income (loss)	$	(927)		$	27,626		$	6,254		$	37,364		$	29,772

Net claims and claim expenses incurred:


Current accident year	$	1,044,410		$	1,060,028		$	1,014,288		$	859,694		$	669,285
Prior accident years	(763)			(23,880)			(2,414)			(4,114)			(14,070)
Total	$	1,043,647		$	1,036,148		$	1,011,874		$	855,580		$	655,215

Net claims and claim expense ratio:


Current accident year	65.8		%	67.9		%	67.3		%	63.0		%	67.2		%
Prior accident years	(0.1)		%	(1.5)		%	(0.2)		%	(0.3)		%	(1.4)		%
Calendar year	65.7		%	66.4		%	67.1		%	62.7		%	65.8		%
Acquisition expense ratio	31.4		%	29.2		%	29.5		%	31.0		%	28.4		%
Operating expense ratio	3.0		%	2.6		%	3.0		%	3.6		%	2.8		%
Combined ratio	100.1		%	98.2		%	99.6		%	97.3		%	97.0		%
Adjusted combined ratio (1)	97.7		%	95.6		%	97.1		%	94.3		%	96.7		%

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


			9



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results

	Three months ended September 30, 2024									Three months ended September 30, 2023
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	344,005		$	446,704		$	790,709		$	160,821		$	350,191		$	511,012
Net premiums written	$	262,133		$	439,089		$	701,222		$	95,483		$	349,389		$	444,872
Net premiums earned	$	592,156		$	402,621		$	994,777		$	407,738		$	352,627		$	760,365
Net claims and claim expenses incurred	117,096			212,871			329,967			33,476			172,885			206,361
Acquisition expenses	74,934			117,505			192,439			50,779			92,569			143,348
Operational expenses	63,591			14,097			77,688			44,343			10,281			54,624
Underwriting income (loss)	$	336,535		$	58,148		$	394,683		$	279,140		$	76,892		$	356,032

Net claims and claim expenses incurred:


Current accident year	$	330,056		$	291,654		$	621,710		$	116,377		$	233,861		$	350,238
Prior accident years	(212,960)			(78,783)			(291,743)			(82,901)			(60,976)			(143,877)
Total	$	117,096		$	212,871		$	329,967		$	33,476		$	172,885		$	206,361

Net claims and claim expense ratio:


Current accident year	55.7		%	72.4		%	62.5		%	28.5		%	66.3		%	46.1		%
Prior accident years	(35.9)		%	(19.5)		%	(29.3)		%	(20.3)		%	(17.3)		%	(19.0)		%
Calendar year	19.8		%	52.9		%	33.2		%	8.2		%	49.0		%	27.1		%
Acquisition expense ratio	12.7		%	29.2		%	19.3		%	12.4		%	26.3		%	18.9		%
Operating expense ratio	10.7		%	3.5		%	7.8		%	10.9		%	2.9		%	7.2		%

Combined ratio	43.2		%	85.6		%	60.3		%	31.5		%	78.2		%	53.2		%
Adjusted combined ratio (1)	40.3		%	84.3		%	58.1		%	31.3		%	78.1		%	53.0		%

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


			10



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results





















	Nine months ended September 30, 2024									Nine months ended September 30, 2023
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	2,949,731		$	1,483,957		$	4,433,688		$	2,091,255		$	1,126,562		$	3,217,817
Net premiums written	$	2,224,004		$	1,233,496		$	3,457,500		$	1,683,906		$	925,450		$	2,609,356
Net premiums earned	$	1,717,139		$	1,194,555		$	2,911,694		$	1,184,224		$	1,022,247		$	2,206,471
Net claims and claim expenses incurred	119,416			638,154			757,570			138,757			537,206			675,963
Acquisition expenses	237,913			328,653			566,566			143,466			285,807			429,273
Operational expenses	168,925			37,812			206,737			134,304			31,210			165,514
Underwriting income (loss)	$	1,190,885		$	189,936		$	1,380,821		$	767,697		$	168,024		$	935,721

Net claims and claim expenses incurred:


Current accident year	$	464,858		$	763,513		$	1,228,371		$	323,172		$	610,000		$	933,172
Prior accident years	(345,442)			(125,359)			(470,801)			(184,415)			(72,794)			(257,209)
Total	$	119,416		$	638,154		$	757,570		$	138,757		$	537,206		$	675,963

Net claims and claim expense ratio:


Current accident year	27.1		%	63.9		%	42.2		%	27.3		%	59.7		%	42.3		%
Prior accident years	(20.1)		%	(10.5)		%	(16.2)		%	(15.6)		%	(7.1)		%	(11.7)		%
Calendar year	7.0		%	53.4		%	26.0		%	11.7		%	52.6		%	30.6		%
Acquisition expense ratio	13.8		%	27.5		%	19.5		%	12.2		%	27.9		%	19.5		%
Operating expense ratio	9.8		%	3.2		%	7.1		%	11.3		%	3.1		%	7.5		%

Combined ratio	30.6		%	84.1		%	52.6		%	35.2		%	83.6		%	57.6		%
Adjusted combined ratio (1)	27.4		%	83.2		%	50.2		%	35.0		%	83.5		%	57.4		%

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


			11



Underwriting and Reserves
Gross Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Nine months ended				Y/Y $ Change		Y/Y % Change
	September 30, 2024		September 30, 2023						September 30, 2024		September 30, 2023
Property Segment
Catastrophe	$	277,788	$	168,896	$	108,892	64.5	%	$	2,890,349	$	2,096,530	$	793,819	37.9	%
Catastrophe - gross reinstatement premiums	66,217		(8,075)		74,292		(920.0)	%	59,382		(5,275)		64,657		(1225.7)	%
Total catastrophe gross premiums written	344,005		160,821		183,184		113.9	%	2,949,731		2,091,255		858,476		41.1	%
Other property	440,018		346,703		93,315		26.9	%	1,464,163		1,125,498		338,665		30.1	%
Other property - gross reinstatement premiums	6,686		3,488		3,198		91.7	%	19,794		1,064		18,730		1760.3	%
Total other property gross premiums written	446,704		350,191		96,513		27.6	%	1,483,957		1,126,562		357,395		31.7	%
Property segment gross premiums written	$	790,709	$	511,012	$	279,697	54.7	%	$	4,433,688	$	3,217,817	$	1,215,871	37.8	%

Casualty and Specialty Segment
General casualty (1)	$	519,555	$	350,954	$	168,601	48.0	%	$	1,739,464	$	1,194,791	$	544,673	45.6	%
Professional liability (2)	331,610		281,259		50,351		17.9	%	916,196		971,796		(55,600)		(5.7)	%
Credit (3)	213,826		139,184		74,642		53.6	%	765,304		562,845		202,459		36.0	%
Other specialty (4)	544,436		336,034		208,402		62.0	%	1,961,663		1,113,076		848,587		76.2	%
Casualty and Specialty segment gross premiums written	$	1,609,427	$	1,107,431	$	501,996	45.3	%	$	5,382,627	$	3,842,508	$	1,540,119	40.1	%


(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.


			12


Underwriting and Reserves
Net Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Nine months ended				Y/Y $ Change		Y/Y % Change
	September 30, 2024		September 30, 2023						September 30, 2024		September 30, 2023
Property Segment
Catastrophe	$	214,383	$	100,381	$	114,002	113.6	%	$	2,187,801	$	1,682,336	$	505,465	30.0	%
Catastrophe - net reinstatement premiums	47,750		(4,898)		52,648		(1074.9)	%	36,203		1,570		34,633		2205.9	%
Total catastrophe net premiums written	262,133		95,483		166,650		174.5	%	2,224,004		1,683,906		540,098		32.1	%
Other property	434,782		337,944		96,838		28.7	%	1,220,343		917,770		302,573		33.0	%
Other property - net reinstatement premiums	4,307		11,445		(7,138)		(62.4)	%	13,153		7,680		5,473		71.3	%
Total other property net premiums written	439,089		349,389		89,700		25.7	%	1,233,496		925,450		308,046		33.3	%
Property segment net premiums written	$	701,222	$	444,872	$	256,350	57.6	%	$	3,457,500	$	2,609,356	$	848,144	32.5	%

Casualty and Specialty Segment
General casualty (1)	$	503,911	$	321,685	$	182,226	56.6	%	$	1,672,297	$	1,083,185	$	589,112	54.4	%
Professional liability (2)	318,691		251,200		67,491		26.9	%	874,501		829,776		44,725		5.4	%
Credit (3)	164,233		108,857		55,376		50.9	%	556,304		403,965		152,339		37.7	%
Other specialty (4)	474,447		294,646		179,801		61.0	%	1,639,986		954,484		685,502		71.8	%
Casualty and Specialty segment net premiums written	$	1,461,282	$	976,388	$	484,894	49.7	%	$	4,743,088	3,271,410		$	1,471,678	45.0	%


(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.


			13


Underwriting and Reserves
Net Premiums Earned

	Three months ended				Q/Q $ Change		Q/Q % Change		Nine months ended				Y/Y $ Change		Y/Y % Change
	September 30, 2024		September 30, 2023						September 30, 2024		September 30, 2023
Property Segment
Catastrophe	$	544,406	$	412,636	$	131,770	31.9	%	$	1,680,936	$	1,182,654	$	498,282	42.1	%
Catastrophe - net reinstatement premiums	47,750		(4,898)		52,648		(1074.9)	%	36,203		1,570		34,633		2205.9	%
Total catastrophe net premiums earned	592,156		407,738		184,418		45.2	%	1,717,139		1,184,224		532,915		45.0	%
Other property	398,314		341,182		57,132		16.7	%	1,181,402		1,014,567		166,835		16.4	%
Other property - net reinstatement premiums	4,307		11,445		(7,138)		(62.4)	%	13,153		7,680		5,473		71.3	%
Total other property net premiums earned	402,621		352,627		49,994		14.2	%	1,194,555		1,022,247		172,308		16.9	%
Property segment net premiums earned	$	994,777	$	760,365	$	234,412	30.8	%	$	2,911,694	$	2,206,471	$	705,223	32.0	%

Casualty and Specialty Segment
General casualty (1)	$	568,044	$	334,597	$	233,447	69.8	%	$	1,692,205	$	1,013,498	$	678,707	67.0	%
Professional liability (2)	311,985		265,471		46,514		17.5	%	859,048		841,267		17,781		2.1	%
Credit (3)	195,963		116,524		79,439		68.2	%	581,973		364,617		217,356		59.6	%
Other specialty (4)	512,200		278,919		233,281		83.6	%	1,523,274		795,835		727,439		91.4	%
Casualty and Specialty segment net premiums earned	$	1,588,192	$	995,511	$	592,681	59.5	%	$	4,656,500	$	3,015,217	$	1,641,283	54.4	%


(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.


			14



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2024
Property	$	1,998,266	$	1,988,935	$	2,952,955	$	6,940,156
Casualty and Specialty	2,994,087		285,466		11,001,485		14,281,038

Total	$	4,992,353	$	2,274,401	$	13,954,440	$	21,221,194







December 31, 2023
Property (1)	$	2,461,580	$	2,401,911	$	2,970,129	$	7,833,620
Casualty and Specialty (1)	2,801,016		331,345		9,520,888		12,653,249

Total	$	5,262,596	$	2,733,256	$	12,491,017	$	20,486,869

(1)The previously reported amount has been adjusted to reclassify certain reserves from IBNR to additional case reserves.


			15


RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended September 30, 2024						Three months ended September 30, 2023
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	20,740,928	$	4,854,735	$	15,886,193	$	16,138,128	$	4,689,351	$	11,448,777
Incurred claims and claim expenses
Current year	1,846,357		180,237		1,666,120		1,157,972		138,449		1,019,523
Prior years	(396,239)		(103,733)		(292,506)		(364,103)		(206,156)		(157,947)
Total incurred claims and claim expenses	1,450,118		76,504		1,373,614		793,869		(67,707)		861,576
Paid claims and claim expenses
Current year	191,780		39,699		152,081		105,457		17,211		88,246
Prior years	941,897		220,466		721,431		823,494		349,478		474,016
Total paid claims and claim expenses	1,133,677		260,165		873,512		928,951		366,689		562,262




Foreign exchange and other (1)	163,825		67,563		96,262		(47,881)		(1,696)		(46,185)
Reserve for claims and claim expenses, end of period	$	21,221,194	$	4,738,637	$	16,482,557	$	15,955,165	$	4,253,259	$	11,701,906

	Nine months ended September 30, 2024						Nine months ended September 30, 2023
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	20,486,869	$	5,344,286	$	15,142,583	$	15,892,573	$	4,710,925	$	11,181,648
Incurred claims and claim expenses
Current year	4,867,662		520,565		4,347,097		3,334,721		445,937		2,888,784
Prior years	(798,410)		(300,552)		(497,858)		(491,492)		(196,695)		(294,797)
Total incurred claims and claim expenses	4,069,252		220,013		3,849,239		2,843,229		249,242		2,593,987
Paid claims and claim expenses
Current year	301,572		49,469		252,103		209,938		28,783		181,155
Prior years	3,153,478		817,476		2,336,002		2,570,546		689,846		1,880,700
Total paid claims and claim expenses	3,455,050		866,945		2,588,105		2,780,484		718,629		2,061,855




Foreign exchange and other (1)	120,123		41,283		78,840		(153)		11,721		(11,874)


Reserve for claims and claim expenses, end of period	$	21,221,194	$	4,738,637	$	16,482,557	$	15,955,165	$	4,253,259	$	11,701,906

(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.


			16

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.


	Three months ended		Nine months ended
	September 30, 2024			September 30, 2023		September 30, 2024		September 30, 2023




Management fee income	$	54,945		$	44,486	$	166,325	$	128,830





Performance fee income (loss) (1)	27,120			20,072		83,367		37,181

Total fee income	$	82,065		$	64,558	$	249,692	$	166,011

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

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.


	Three months ended		Nine months ended
	September 30, 2024			September 30, 2023		September 30, 2024		September 30, 2023
Fee income contributing to:
Underwriting income (loss) (1)	$	12,345		$	6,873	$	40,030	$	28,198
Equity in earnings (losses) of other ventures	—			(446)		(698)		(1,004)
Net income (loss) attributable to redeemable noncontrolling interests	69,720			58,131		210,360		138,817
Total fee income	$	82,065		$	64,558	$	249,692	$	166,011

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.


			17

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend


	Three months ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023




Management fee income	$	54,945	$	55,327	$	56,053	$	47,769	$	44,486





Performance fee income (loss) (1)	27,120		28,750		27,497		23,014		20,072

Total fee income	$	82,065	$	84,077	$	83,550	$	70,783	$	64,558

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.


	Three months ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Fee income contributing to:
Underwriting income (loss) (1)	$	12,345	$	12,992	$	14,694	$	6,234	$	6,873
Equity in earnings (losses) of other ventures	—		(343)		(355)		(419)		(446)
Net income (loss) attributable to redeemable noncontrolling interests	69,720		71,428		69,211		64,968		58,131
Total fee income	$	82,065	$	84,077	$	83,550	$	70,783	$	64,558


			18

Managed Joint Ventures and Fee Income

Noncontrolling Interests

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

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:


	Three months ended		Nine months ended
	September 30, 2024			September 30, 2023		September 30, 2024		September 30, 2023
Redeemable noncontrolling interests - DaVinci	$	(223,288)		$	(107,881)	$	(523,812)	$	(333,490)
Redeemable noncontrolling interests - Medici	(123,497)			(60,022)		(183,015)		(167,281)
Redeemable noncontrolling interests - Vermeer	(73,534)			(51,959)		(183,129)		(151,527)
Redeemable noncontrolling interests - Fontana	(29,857)			6,167		(29,778)		(3,688)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(450,176)		$	(213,695)	$	(919,734)	$	(655,986)


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023			September 30, 2024		September 30, 2023
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	(331,737)	$	(265,152)		$	(878,529)	$	(741,148)
Non-operating (income) loss attributable to redeemable noncontrolling interests	(118,439)		51,457			(41,205)		85,162
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(450,176)	$	(213,695)		$	(919,734)	$	(655,986)

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

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


			19

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:


	September 30, 2024		December 31, 2023
Redeemable noncontrolling interests - DaVinci	$	2,958,452	$	2,541,482
Redeemable noncontrolling interests - Medici	1,680,520		1,650,229
Redeemable noncontrolling interests - Vermeer	1,738,426		1,555,297
Redeemable noncontrolling interests - Fontana	483,601		353,823
Redeemable noncontrolling interests	$	6,860,999	$	6,100,831

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:


	September 30, 2024		December 31, 2023
DaVinci	74.6	%	72.2	%
Medici	84.9	%	88.3	%
Vermeer	100.0	%	100.0	%
Fontana	73.5	%	68.4	%


			20


Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

	Three months ended			Nine months ended
	September 30, 2024				September 30, 2023			September 30, 2024			September 30, 2023
Revenues
Gross premiums written	$	132,088			$	71,414		$	1,324,517		$	1,091,850
Net premiums written	$	125,828			$	56,810		$	1,214,901		$	1,012,462
Decrease (increase) in unearned premiums	195,059				196,643			(307,980)			(299,067)
Net premiums earned	320,887				253,453			906,921			713,395
Net investment income	62,840				54,367			180,847			147,240
Net foreign exchange gains (losses)	(3,036)				(2,439)			(4,335)			(2,922)

Net realized and unrealized gains (losses) on investments	104,122				(38,706)			48,148			(57,824)
Total revenues	484,813				266,675			1,131,581			799,889
Expenses
Net claims and claim expenses incurred	76,302				22,850			111,001			117,845
Acquisition expenses	68,156				60,061			206,519			134,237
Operational and corporate expenses	36,405				31,058			108,568			86,656
Interest expense	1,859				1,859			5,576			5,575
Total expenses	182,722				115,828			431,664			344,313
Income (loss) before taxes	302,091				150,847			699,917			455,576
Income tax benefit (expense)	(3,061)				(1,593)			(4,014)			(3,249)


Net income (loss) available (attributable) to DaVinci common shareholders	$	299,030			$	149,254		$	695,903		$	452,327

Net claims and claim expenses incurred - current accident year	$	176,040			$	74,850		$	297,561		$	209,103
Net claims and claim expenses incurred - prior accident years	(99,738)				(52,000)			(186,560)			(91,258)
Net claims and claim expenses incurred - total	$	76,302			$	22,850		$	111,001		$	117,845

Net claims and claim expense ratio - current accident year	54.9		%		29.5		%	32.8		%	29.3		%
Net claims and claim expense ratio - prior accident years	(31.1)		%		(20.5)		%	(20.6)		%	(12.8)		%
Net claims and claim expense ratio - calendar year	23.8		%		9.0		%	12.2		%	16.5		%
Underwriting expense ratio	32.6		%		36.0		%	34.8		%	31.0		%
Combined ratio	56.4		%		45.0		%	47.0		%	47.5		%


			21



Investments
Total Investment Result

	Managed (1)			Retained (2)
	Three months ended			Three months ended
	September 30, 2024				September 30, 2023			September 30, 2024			September 30, 2023
Fixed maturity investments trading	$	289,687			$	188,781		$	235,284		$	150,871
Short term investments	46,746				66,722			20,417			39,189
Equity investments	670				510			670			510
Other investments
Catastrophe bonds	61,175				54,583			9,239			6,682
Other	20,937				20,031			20,937			20,031
Cash and cash equivalents	10,226				4,160			9,677			3,882
	429,441				334,787			296,224			221,165
Investment expenses	(5,582)				(5,679)			(4,325)			(4,401)
Net investment income	$	423,859			$	329,108		$	291,899		$	216,764

Net investment income return - annualized	5.7		%		5.7		%	5.3		%	4.9		%


Net realized gains (losses) on fixed maturity investments trading	$	22,052			$	(121,112)		$	18,496		$	(95,934)
Net unrealized gains (losses) on fixed maturity investments trading	590,309				(158,226)			492,004			(138,664)

Net realized and unrealized gains (losses) on investment-related derivatives	97,534				30,594			97,226			22,227
Net realized gains (losses) on equity investments	340				(10)			198			(10)
Net unrealized gains (losses) on equity investments	18,778				2,261			18,844			2,256


Net realized and unrealized gains (losses) on other investments - catastrophe bonds	66,291				32,474			10,858			3,707
Net realized and unrealized gains (losses) on other investments - other	148,441				(14,068)			148,441			(14,068)
Net realized and unrealized gains (losses) on investments	943,745				(228,087)			786,067			(220,486)
Total investment result	$	1,367,604			$	101,021		$	1,077,966		$	(3,722)

Average invested assets	$	31,781,118			$	25,751,710		$	22,867,593		$	17,451,582

Total investment return - annualized	18.3		%		2.0		%	20.2		%	0.0		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			22



Investments
Total Investment Result

	Managed (1)			Retained (2)
	Nine months ended			Nine months ended
	September 30, 2024				September 30, 2023			September 30, 2024			September 30, 2023
Fixed maturity investments trading	$	820,876			$	514,020		$	665,457		$	406,126
Short term investments	141,923				149,903			66,216			76,864
Equity investments	1,819				6,675			1,819			6,675
Other investments
Catastrophe bonds	177,860				142,936			24,051			19,181
Other	59,525				65,422			59,525			65,422
Cash and cash equivalents	40,347				13,009			38,570			12,244
	1,242,350				891,965			855,638			586,512
Investment expenses	(16,871)				(15,817)			(12,847)			(12,424)
Net investment income	$	1,225,479			$	876,148		$	842,791		$	574,088

Net investment income return - annualized	5.5		%		5.1		%	5.1		%	4.7		%


Net realized gains (losses) on fixed maturity investments trading	$	(33,965)			$	(300,089)		$	(19,561)		$	(250,141)
Net unrealized gains (losses) on fixed maturity investments trading	353,465				14,007			292,273			18,324

Net realized and unrealized gains (losses) on investment-related derivatives	50,102				(22,295)			47,121			(26,373)
Net realized gains (losses) on equity investments	355				(27,503)			213			(27,503)
Net unrealized gains (losses) on equity investments	26,368				62,039			26,409			62,042


Net realized and unrealized gains (losses) on other investments - catastrophe bonds	51,091				94,786			8,923			11,391
Net realized and unrealized gains (losses) on other investments - other	155,091				7,638			155,091			7,638
Net realized and unrealized gains (losses) on investments	602,507				(171,417)			510,469			(204,622)
Total investment result	$	1,827,986			$	704,731		$	1,353,260		$	369,466

Average invested assets	$	30,603,740			$	24,233,329		$	21,890,949		$	16,210,884

Total investment return - annualized	8.2		%		4.2		%	8.4		%	3.1		%


			23



Investments
Investments Composition




	September 30, 2024								December 31, 2023
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
Type of Investment	Fair value		Unrealized gain (loss)		Fair value		Unrealized gain (loss)		Fair value		Unrealized gain (loss)		Fair value		Unrealized gain (loss)









Fixed maturity investments trading, at fair value
U.S. treasuries	$	11,736,158	$	236,991	$	9,150,229	$	187,432	$	10,060,203	$	66,743	$	8,013,451	$	49,476
Corporate (3)	7,790,634		98,503		6,483,226		69,794		6,499,075		(41,016)		5,340,330		(54,622)
Other (4)	4,760,393		24,400		4,115,473		26,153		4,317,830		(21,069)		3,738,758		(4,321)
Total fixed maturity investments trading, at fair value	24,287,185		359,894		19,748,928		283,379		20,877,108		4,658		17,092,539		(9,467)
Short term investments, at fair value	4,302,991		645		1,208,526		527		4,604,079		739		1,624,407		718

Equity investments, at fair value	133,091		89,029		132,944		89,083		106,766		62,660		106,562		62,673

Other investments, at fair value
Catastrophe bonds	1,896,075		(19,390)		291,476		(28,991)		1,942,199		(76,684)		250,384		(36,995)
Fund investments	1,982,762		229,865		1,982,762		229,865		1,415,804		184,744		1,415,804		184,744
Term loans	94,575		—		94,575		—		97,658		—		97,658		—
Direct private equity investments	199,039		86,646		199,039		86,646		59,905		(38,359)		59,905		(38,359)
Total other investments, at fair value	4,172,451		297,121		2,567,852		287,520		3,515,566		69,701		1,823,751		109,390
Investments in other ventures, under equity method	137,959		(10,000)		137,959		(10,000)		112,624		—		112,624		—
Total investments	$	33,033,677	$	736,689	$	23,796,209	$	650,509	$	29,216,143	$	137,758	$	20,759,883	$	163,314


	September 30, 2024					December 31, 2023
	Managed (1)		Retained (2)			Managed (1)		Retained (2)


Weighted average yield to maturity of investments (5)	5.1	%	4.9		%	5.8	%	5.4		%

Average duration of investments, in years (5)	2.9		3.4			2.6		3.2
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)			$	5.46				$	(0.18)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

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

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(5)Excludes equity investments, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.


			24



Investments
Managed Investments - Credit Rating (1)

				Credit Rating (2)																Investments not subject to credit ratings
September 30, 2024	Fair value				AAA			AA			A			BBB			Non- Investment grade						Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	11,736,158			$	—		$	11,736,158		$	—		$	—		$	—		$	—			$	—
Corporate (3)	7,790,634				207,103			434,567			2,850,909			2,955,625			1,325,420			17,010				—
Residential mortgage-backed	1,753,318				141,663			1,464,976			3,765			7,854			75,755			59,305				—
Asset-backed	1,440,194				1,180,151			169,621			67,940			20,063			—			2,419				—
Agencies	615,627				—			615,627			—			—			—			—				—
Non-U.S. government	609,355				402,839			178,276			25,569			2,671			—			—				—
Commercial mortgage-backed	341,899				283,017			54,767			822			—			1,977			1,316				—
Total fixed maturity investments trading, at fair value	24,287,185				2,214,773			14,653,992			2,949,005			2,986,213			1,403,152			80,050				—

Short term investments, at fair value	4,302,991				2,655,887			1,638,511			638			4,330			3,625			—				—



Equity investments, at fair value	133,091				—			—			—			—			—			—				133,091

Other investments, at fair value
Catastrophe bonds	1,896,075				—			—			—			—			1,896,075			—				—
Fund investments:
Private credit funds	1,107,258				—			—			—			—			—			—				1,107,258
Private equity funds	541,995				—			—			—			—			—			—				541,995
Hedge funds	333,509				—			—			—			—			—			—				333,509
Term loans	94,575				—			—			94,575			—			—			—				—
Direct private equity investments	199,039				—			—			—			—			—			—				199,039
Total other investments, at fair value	4,172,451				—			—			94,575			—			1,896,075			—				2,181,801

Investments in other ventures, under equity method	137,959				—			—			—			—			—			—				137,959

Total investments	$	33,033,677			$	4,870,660		$	16,292,503		$	3,044,218		$	2,990,543		$	3,302,852		$	80,050			$	2,452,851
	100.0		%		14.8		%	49.3		%	9.2		%	9.1		%	10.0		%	0.2		%		7.4		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

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


			25



Investments
Retained Investments - Credit Rating (1)

				Credit Rating (2)																Investments not subject to credit ratings
September 30, 2024	Fair value				AAA			AA			A			BBB			Non- Investment grade						Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	9,150,229			$	—		$	9,150,229		$	—		$	—		$	—		$	—			$	—
Corporate (3)	6,483,226				156,179			369,007			2,464,059			2,372,830			1,107,539			13,612				—
Residential mortgage-backed	1,485,523				115,867			1,222,977			3,765			7,854			75,755			59,305				—
Asset-backed	1,353,490				1,093,449			169,621			67,938			20,063			—			2,419				—
Agencies	473,789				—			473,789			—			—			—			—				—
Non-U.S. government	517,377				333,040			159,239			22,427			2,671			—			—				—
Commercial mortgage-backed	285,294				233,579			47,600			822			—			1,977			1,316				—
Total fixed maturity investments trading, at fair value	19,748,928				1,932,114			11,592,462			2,559,011			2,403,418			1,185,271			76,652				—

Short term investments, at fair value	1,208,526				514,363			688,036			638			2,160			3,329			—				—




Equity investments, at fair value	132,944				—			—			—			—			—			—				132,944

Other investments, at fair value
Catastrophe bonds	291,476				—			—			—			—			291,476			—				—
Fund investments:
Private credit funds	1,107,258				—			—			—			—			—			—				1,107,258
Private equity funds	541,995				—			—			—			—			—			—				541,995
Hedge funds	333,509				—			—			—			—			—			—				333,509
Term loans	94,575				—			—			94,575			—			—			—				—
Direct private equity investments	199,039				—			—			—			—			—			—				199,039
Total other investments, at fair value	2,567,852				—			—			94,575			—			291,476			—				2,181,801

Investments in other ventures, under equity method	137,959				—			—			—			—			—			—				137,959

Total investments	$	23,796,209			$	2,446,477		$	12,280,498		$	2,654,224		$	2,405,578		$	1,480,076		$	76,652			$	2,452,704
	100.0		%		10.3		%	51.6		%	11.2		%	10.1		%	6.2		%	0.3		%		10.3		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

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


			26



Other Items
Earnings per Share

	Three months ended		Nine months ended
(common shares in thousands)	September 30, 2024			September 30, 2023		September 30, 2024		September 30, 2023
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	1,173,644		$	193,988	$	2,033,488	$	949,075
Amount allocated to participating common shareholders (1)	(17,850)			(2,637)		(30,042)		(14,108)
Net income (loss) allocated to RenaissanceRe common shareholders	$	1,155,794		$	191,351	$	2,003,446	$	934,967
Denominator:

Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	50,959			50,261		51,439		46,345
Per common share equivalents of non-vested shares (2)	145			97		143		106

Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	51,104			50,358		51,582		46,451
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	22.68		$	3.81	$	38.95	$	20.17
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	22.62		$	3.80	$	38.84	$	20.13

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.


			27



Comments on Non-GAAP Financial Measures

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


			28



Comments on Non-GAAP Financial Measures

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax asset, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”

The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability.

The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.


			29



Comments on Non-GAAP Financial Measures


	Three months ended						Nine months ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	1,173,644		$	193,988		$	2,033,488		$	949,075
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(877,454)			260,561			(551,416)			266,203
Net foreign exchange losses (gains)	(16,804)			25,886			27,694			53,877
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)	17,400			3,373			54,968			14,714
Acquisition related purchase accounting adjustments (2)	59,812			4,017			183,175			12,054
Bermuda net deferred tax asset (3)	—			—			(7,890)			—
Income tax expense (benefit) (4)	65,285			(10,048)			46,325			(8,961)
Net income (loss) attributable to redeemable noncontrolling interests (5)	118,439			(51,457)			41,205			(85,162)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	540,322		$	426,320		$	1,827,549		$	1,201,800

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	22.62		$	3.80		$	38.84		$	20.13
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(17.17)			5.17			(10.69)			5.73
Net foreign exchange losses (gains)	(0.33)			0.51			0.54			1.16
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)	0.34			0.07			1.07			0.32
Acquisition related purchase accounting adjustments (2)	1.17			0.08			3.55			0.26
Bermuda net deferred tax asset (3)	—			—			(0.15)			—
Income tax expense (benefit) (4)	1.28			(0.20)			0.90			(0.19)
Net income (loss) attributable to redeemable noncontrolling interests (5)	2.32			(1.02)			0.80			(1.83)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	10.23		$	8.41		$	34.86		$	25.58

Return on average common equity - annualized	47.1		%	11.5		%	28.8		%	22.1		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(35.2)		%	15.5		%	(7.8)		%	6.2		%
Net foreign exchange losses (gains)	(0.7)		%	1.5		%	0.4		%	1.3		%
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)	0.7		%	0.2		%	0.8		%	0.3		%
Acquisition related purchase accounting adjustments (2)	2.4		%	0.3		%	2.6		%	0.3		%
Bermuda net deferred tax asset (3)	—		%	—		%	(0.1)		%	—		%
Income tax expense (benefit) (4)	2.6		%	(0.6)		%	0.7		%	(0.2)		%
Net income (loss) attributable to redeemable noncontrolling interests (5)	4.8		%	(3.1)		%	0.6		%	(2.0)		%
Operating return on average common equity - annualized	21.7		%	25.3		%	26.0		%	28.0		%

(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.


			30



Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets, plus accumulated dividends.

The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.


	September 30, 2024			December 31, 2023
Book value per common share	$	202.01		$	165.20
Adjustment for:
Acquisition related goodwill and other intangible assets (1)	(13.81)			(14.71)
Other goodwill and intangible assets (2)	(0.17)			(0.35)
Acquisition related purchase accounting adjustments (3)	(5.27)			(8.27)
Tangible book value per common share	182.76			141.87
Adjustment for accumulated dividends	27.69			26.52
Tangible book value per common share plus accumulated dividends	$	210.45		$	168.39




Year to date change in book value per common share	22.3		%	57.9		%
Year to date change in book value per common share plus change in accumulated dividends	23.0		%	59.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends	29.6		%	47.6		%

(1)Represents the acquired goodwill and other intangible assets at September 30, 2024 for the acquisitions of Validus $488.4 million (December 31, 2023 - $542.7 million), TMR $26.4 million (December 31, 2023 - $27.2 million) and Platinum $202.7 million (December 31, 2023 - $205.5 million).

(2)At September 30, 2024, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2023 - $18.1 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 (December 31, 2023 - $374.4 million), TMR $54.4 million (December 31, 2023 - $62.2 million) and Platinum $(0.7) million (December 31, 2023 - $(0.8) million).


			31



Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

The Company has included in this Financial Supplement “adjusted combined ratio” for the company, its segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”


	Three months ended September 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	43.2	%	85.6	%	60.3	%	100.1	%	84.8	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.9)	%	(1.3)	%	(2.2)	%	(2.4)	%	(2.4)	%
Adjusted combined ratio	40.3	%	84.3	%	58.1	%	97.7	%	82.4	%

	Three months ended June 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	28.1	%	91.2	%	53.9	%	98.2	%	81.1	%
Adjustment for acquisition related purchase accounting adjustments (1)	(3.2)	%	(0.9)	%	(2.2)	%	(2.6)	%	(2.5)	%
Adjusted combined ratio	24.9	%	90.3	%	51.7	%	95.6	%	78.6	%

	Three months ended March 31, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	19.8	%	75.3	%	42.9	%	99.6	%	77.9	%
Adjustment for acquisition related purchase accounting adjustments (1)	(3.6)	%	(0.7)	%	(2.4)	%	(2.5)	%	(2.5)	%
Adjusted combined ratio	16.2	%	74.6	%	40.5	%	97.1	%	75.4	%

	Three months ended December 31, 2023
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	17.8	%	79.9	%	43.1	%	97.3	%	76.0	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.0)	%	(0.5)	%	(1.4)	%	(3.0)	%	(2.4)	%
Adjusted combined ratio	15.8	%	79.4	%	41.7	%	94.3	%	73.6	%

	Three months ended September 30, 2023
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	31.5	%	78.2	%	53.2	%	97.0	%	78.0	%
Adjustment for acquisition related purchase accounting adjustments (1)	(0.2)	%	(0.1)	%	(0.2)	%	(0.3)	%	(0.2)	%
Adjusted combined ratio	31.3	%	78.1	%	53.0	%	96.7	%	77.8	%

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.


			32



Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio


	Nine months ended September 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	30.6	%	84.1	%	52.6	%	99.3	%	81.3	%
Adjustment for acquisition related purchase accounting adjustments (1)	(3.2)	%	(0.9)	%	(2.4)	%	(2.5)	%	(2.4)	%
Adjusted combined ratio	27.4	%	83.2	%	50.2	%	96.8	%	78.9	%

	Nine months ended September 30, 2023
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	35.2	%	83.6	%	57.6	%	94.3	%	78.8	%
Adjustment for acquisition related purchase accounting adjustments (1)	(0.2)	%	(0.1)	%	(0.2)	%	(0.2)	%	(0.2)	%
Adjusted combined ratio	35.0	%	83.5	%	57.4	%	94.1	%	78.6	%


			33



Comments on Non-GAAP Financial Measures

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”


	Three months ended September 30, 2024									Three months ended September 30, 2023
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	289,687		$	(54,403)		$	235,284		$	188,781		$	(37,910)		$	150,871
Short term investments	46,746			(26,329)			20,417			66,722			(27,533)			39,189
Equity investments	670			—			670			510			—			510
Other investments
Catastrophe bonds	61,175			(51,936)			9,239			54,583			(47,901)			6,682
Other	20,937			—			20,937			20,031			—			20,031
Cash and cash equivalents	10,226			(549)			9,677			4,160			(278)			3,882
	429,441			(133,217)			296,224			334,787			(113,622)			221,165
Investment expenses	(5,582)			1,257			(4,325)			(5,679)			1,278			(4,401)
Net investment income	$	423,859		$	(131,960)		$	291,899		$	329,108		$	(112,344)		$	216,764

Net investment income return - annualized	5.7		%	(0.4)		%	5.3		%	5.7		%	(0.8)		%	4.9		%

Net realized gains (losses) on fixed maturity investments trading	$	22,052		$	(3,556)		$	18,496		$	(121,112)		$	25,178		$	(95,934)
Net unrealized gains (losses) on fixed maturity investments trading	590,309			(98,305)			492,004			(158,226)			19,562			(138,664)
Net realized and unrealized gains (losses) on investment-related derivatives	97,534			(308)			97,226			30,594			(8,367)			22,227
Net realized gains (losses) on equity investments	340			(142)			198			(10)			—			(10)
Net unrealized gains (losses) on equity investments	18,778			66			18,844			2,261			(5)			2,256

Net realized and unrealized gains (losses) on other investments - catastrophe bonds	66,291			(55,433)			10,858			32,474			(28,767)			3,707
Net realized and unrealized gains (losses) on other investments - other	148,441			—			148,441			(14,068)			—			(14,068)
Net realized and unrealized gains (losses) on investments	943,745			(157,678)			786,067			(228,087)			7,601			(220,486)
Total investment result	$	1,367,604		$	(289,638)		$	1,077,966		$	101,021		$	(104,743)		$	(3,722)

Average invested assets	$	31,781,118		$	(8,913,525)		$	22,867,593		$	25,751,710		$	(8,300,128)		$	17,451,582

Total investment return - annualized	18.3		%	1.9		%	20.2		%	2.0		%	(2.0)		%	0.0		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.


			34



Comments on Non-GAAP Financial Measures

Retained Total Investment Result


	Nine months ended September 30, 2024									Nine months ended September 30, 2023
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	820,876		$	(155,419)		$	665,457		$	514,020		$	(107,894)		$	406,126
Short term investments	141,923			(75,707)			66,216			149,903			(73,039)			76,864
Equity investments	1,819			—			1,819			6,675			—			6,675
Other investments
Catastrophe bonds	177,860			(153,809)			24,051			142,936			(123,755)			19,181
Other	59,525			—			59,525			65,422			—			65,422
Cash and cash equivalents	40,347			(1,777)			38,570			13,009			(765)			12,244
	1,242,350			(386,712)			855,638			891,965			(305,453)			586,512
Investment expenses	(16,871)			4,024			(12,847)			(15,817)			3,393			(12,424)
Net investment income	$	1,225,479		$	(382,688)		$	842,791		$	876,148		$	(302,060)		$	574,088

Net investment income return - annualized	5.5		%	(0.4)		%	5.1		%	5.1		%	(0.4)		%	4.7		%

Net realized gains (losses) on fixed maturity investments trading	$	(33,965)		$	14,404		$	(19,561)		$	(300,089)		$	49,948		$	(250,141)
Net unrealized gains (losses) on fixed maturity investments trading	353,465			(61,192)			292,273			14,007			4,317			18,324
Net realized and unrealized gains (losses) on investment-related derivatives	50,102			(2,981)			47,121			(22,295)			(4,078)			(26,373)
Net realized gains (losses) on equity investments	355			(142)			213			(27,503)			—			(27,503)
Net unrealized gains (losses) on equity investments	26,368			41			26,409			62,039			3			62,042

Net realized and unrealized gains (losses) on other investments - catastrophe bonds	51,091			(42,168)			8,923			94,786			(83,395)			11,391
Net realized and unrealized gains (losses) on other investments - other	155,091			—			155,091			7,638			—			7,638
Net realized and unrealized gains (losses) on investments	602,507			(92,038)			510,469			(171,417)			(33,205)			(204,622)
Total investment result	$	1,827,986		$	(474,726)		$	1,353,260		$	704,731		$	(335,265)		$	369,466

Average invested assets	$	30,603,740		$	(8,712,791)		$	21,890,949		$	24,233,329		$	(8,022,445)		$	16,210,884

Total investment return - annualized	8.2		%	0.2		%	8.4		%	4.2		%	(1.1)		%	3.1		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.


			35



Comments on Non-GAAP Financial Measures

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to “retained total investments.”


	September 30, 2024						December 31, 2023
	Managed (1)		Adjustment (2)		Retained (3)		Managed (1)		Adjustment (2)		Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	11,736,158	$	(2,585,929)	$	9,150,229	$	10,060,203	$	(2,046,752)	$	8,013,451
Corporate (4)	7,790,634		(1,307,408)		6,483,226		6,499,075		(1,158,745)		5,340,330
Residential mortgage-backed	1,753,318		(267,795)		1,485,523		1,420,362		(246,468)		1,173,894
Asset-backed	1,440,194		(86,704)		1,353,490		1,491,695		(86,622)		1,405,073
Agencies	615,627		(141,838)		473,789		489,117		(119,518)		369,599
Non-U.S. government	609,355		(91,978)		517,377		483,576		(54,100)		429,476
Commercial mortgage-backed	341,899		(56,605)		285,294		433,080		(72,364)		360,716
Total fixed maturity investments trading, at fair value	24,287,185		(4,538,257)		19,748,928		20,877,108		(3,784,569)		17,092,539

Short term investments, at fair value	4,302,991		(3,094,465)		1,208,526		4,604,079		(2,979,672)		1,624,407




Equity investments, at fair value	133,091		(147)		132,944		106,766		(204)		106,562

Other investments, at fair value
Catastrophe bonds	1,896,075		(1,604,599)		291,476		1,942,199		(1,691,815)		250,384
Fund investments:
Private credit funds	1,107,258		—		1,107,258		982,016		—		982,016
Private equity funds	541,995		—		541,995		433,788		—		433,788
Hedge funds	333,509		—		333,509		—		—		—
Term loans	94,575		—		94,575		97,658		—		97,658
Direct private equity investments	199,039		—		199,039		59,905		—		59,905
Total other investments, at fair value	4,172,451		(1,604,599)		2,567,852		3,515,566		(1,691,815)		1,823,751

Investments in other ventures, under equity method	137,959		—		137,959		112,624		—		112,624

Total investments	$	33,033,677	$	(9,237,468)	$	23,796,209	$	29,216,143	$	(8,456,260)	$	20,759,883

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

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


			36


Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”


	September 30, 2024						December 31, 2023
	Unrealized gain (loss) - managed (1)		Adjustment (2)		Unrealized gain (loss) - retained (3)		Unrealized gain (loss) - managed (1)		Adjustment (2)		Unrealized gain (loss) - retained (3)
Type of Investment
Fixed maturity investments trading, at fair value
U.S. treasuries	$	236,991	$	(49,559)	$	187,432	$	66,743	$	(17,267)	$	49,476
Corporate (4)	98,503		(28,709)		69,794		(41,016)		(13,606)		(54,622)
Other (5)	24,400		1,753		26,153		(21,069)		16,748		(4,321)
Total fixed maturity investments trading, at fair value	359,894		(76,515)		283,379		4,658		(14,125)		(9,467)
Short term investments, at fair value	645		(118)		527		739		(21)		718
Equity investments, at fair value	89,029		54		89,083		62,660		13		62,673

Other investments, at fair value
Catastrophe bonds	(19,390)		(9,601)		(28,991)		(76,684)		39,689		(36,995)
Fund investments	229,865		—		229,865		184,744		—		184,744
Direct private equity investments	86,646		—		86,646		(38,359)		—		(38,359)

Total other investments, at fair value	297,121		(9,601)		287,520		69,701		39,689		109,390
Investments in other ventures, under equity method	(10,000)		$	—	(10,000)		—		$	—	—
Total investments	$	736,689	$	(86,180)	$	650,509	$	137,758	$	25,556	$	163,314

Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)					$	5.46					$	(0.18)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

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

(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $283.4 million and $(9.5) million at September 30, 2024 and December 31, 2023, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.


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Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023			September 30, 2024		September 30, 2023
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(450,176)	$	(213,695)		$	(919,734)	$	(655,986)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests	(101,588)		35,449			(49,723)		49,404
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests	(16,851)		16,008			8,518		35,758
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)	(118,439)		51,457			(41,205)		85,162
Operating (income) loss attributable to redeemable noncontrolling interests	$	(331,737)	$	(265,152)		$	(878,529)	$	(741,148)

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.


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Form: 8-K

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