Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 7, 2024

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-14428
RENAISSANCERE HOLDINGS LTD.
(Exact Name Of Registrant As Specified In Its Charter)
Bermuda 98-0141974
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
        Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19
            (Address of Principal Executive Offices)         (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
symbol
Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNR New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
RNR PRF New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share RNR PRG New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer , Accelerated filer , Non-accelerated filer , Smaller reporting company , Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No
The number of Common Shares, par value U.S. $1.00 per share, outstanding at November 4, 2024 was 51,939,955.



RENAISSANCERE HOLDINGS LTD.
TABLE OF CONTENTS 
    Page
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

2


GLOSSARY OF DEFINED TERMS
In this Form 10-Q, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise.
“2023 Large Loss Events”
includes: (1) the wildfires in Hawaii in August 2023 and Hurricane Idalia; (2) a series of large, severe weather events in Texas and other Southern and Central U.S. states in June 2023; (3) the earthquakes in Southern and Central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023 and (4) certain aggregate loss contracts triggered during 2023.
“2024 Large Loss Events”
Hurricane Helene and the Other 2024 Large Loss Events
“AIG” American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries)
“ASC” Accounting Standards Codification
“AlphaCat Managers”
AlphaCat Managers Ltd.
“A.M. Best”
A.M. Best Company, Inc.
“Baltimore Bridge Collapse”
the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024
“DaVinci”
DaVinciRe Holdings Ltd. and its subsidiaries
“DaVinci Reinsurance”
DaVinci Reinsurance Ltd.
“ERM”
enterprise risk management
“Exchange Act”
the Securities Exchange Act of 1934, as amended
“FAL”
a deposit that must be submitted to support the underwriting capacity of a member of Lloyd’s
“FASB”
Financial Accounting Standards Board
“FCR”
financial condition report
“Fitch”
Fitch Ratings Ltd.
“Fontana” Fontana Holdings L.P. and its subsidiaries
“Form 10-K”
Annual Report on Form 10-K
“Form 10-Q”
this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024
“IRS”
United States Internal Revenue Service
“Medici”
RenaissanceRe Medici Fund Ltd.
“Moody’s”
Moody’s Investors Service
“NYSE”
New York Stock Exchange
“OECD”
Organisation for Economic Co-operation and Development
“Other 2024 Large Loss Events”
the Baltimore Bridge Collapse, a series of severe convective storms impacting the Southern and Midwest United States, the Hualien earthquake which impacted Taiwan in April 2024, a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, Hurricane Beryl, and certain aggregate loss contracts triggered during 2024
“Other Q3 2024 Large Loss Events”
a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, and Hurricane Beryl
“Q3 2024 Large Loss Events”
Hurricane Helene and the Other Q3 2024 Large Loss Events
“Renaissance Reinsurance”
Renaissance Reinsurance Ltd.
“Renaissance Reinsurance of Europe” Renaissance Reinsurance of Europe Unlimited Company    
“Renaissance Reinsurance U.S.” Renaissance Reinsurance U.S. Inc.
“RenaissanceRe”
RenaissanceRe Holdings Ltd.
3


“RenaissanceRe Finance” RenaissanceRe Finance Inc.
“RenaissanceRe Specialty U.S.”
RenaissanceRe Specialty U.S. Ltd.
“RREAG” RenaissanceRe Europe AG
“S&P”
Standard and Poor’s Rating Services
“SEC”
U.S. Securities and Exchange Commission
“Securities Act”
Securities Act of 1933, as amended
“Stock Purchase Agreement” Stock Purchase Agreement, dated May 22, 2023, among RenaissanceRe Holdings Ltd. and AIG, as amended
“Syndicate 1458”
RenaissanceRe Syndicate 1458
“Top Layer”
Top Layer Reinsurance Ltd.
“Tower Hill Companies”
collectively, our investments in a group of Tower Hill affiliated companies including Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc.
“TWFG”
TWFG, Inc. and its subsidiaries
“U.K.”
United Kingdom
“U.S.”
United States of America
“Upsilon Diversified”
RenaissanceRe Upsilon Diversified Fund, a segregated account of Upsilon Fund
“Upsilon Fund”
RenaissanceRe Upsilon Fund Ltd.
“Upsilon RFO”
Upsilon RFO Re Ltd.
“Validus”
Validus Holdings, Validus Specialty, and their respective subsidiaries that were acquired in the Validus Acquisition (including Validus Re and Validus Holdings (UK) Ltd), collectively
“Validus Acquisition”
The acquisitions under the Stock Purchase Agreement, together with the other transactions contemplated in the Stock Purchase Agreement
“Validus Business” the collective business of Validus
“Validus Holdings” Validus Holdings, Ltd.
“Validus Re” Validus Reinsurance, Ltd.
“Validus Specialty” Validus Specialty, LLC
“Validus Switzerland” Validus Reinsurance (Switzerland) Ltd
“Vermeer”
Vermeer Reinsurance Ltd.
4


NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of RenaissanceRe Holdings Ltd. contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates; the impact of the Validus Acquisition on our business; the consequences of our strategic decisions; the performance of our underwriting portfolio, Capital Partners unit, and investment portfolio; and the impact of general economic conditions such as changes in inflation and interest rates on our results of operations. This Form 10-Q also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the (re)insurance industries, and our integration of, and realization of benefits from, the Validus Acquisition.
The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:
our exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in our financial results;
the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;
the effectiveness of our claims and claim expense reserving process;
the effect of emerging claims and coverage issues;
the performance of our investment portfolio and financial market volatility;
the effects of inflation;
the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;
our ability to maintain our financial strength ratings;
our reliance on a small number of brokers;
the highly competitive nature of our 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;
our ability to attract and retain key executives and employees;
our ability to successfully implement our business, strategies and initiatives;
our exposure to credit loss from counterparties;
our need to make many estimates and judgments in the preparation of our financial statements;
our exposure to risks associated with our management of capital on behalf of investors in joint ventures or other entities we manage;
changes to the accounting rules and regulatory systems applicable to our 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 us;
our ability to comply with covenants in our 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;
5


a contention by the IRS that any of our 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 we operate, including recent changes in Bermuda tax law;
our ability to determine any impairments taken on our investments;
our ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third-party investments in our joint ventures and managed fund partners;
our ability to comply with applicable sanctions and foreign corrupt practices laws; and
our dependence on capital distributions from our operating subsidiaries.
As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, which are discussed in more detail in our filings with the SEC, including our Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024, and Item 1A of this Form 10-Q, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
6


PART I        FINANCIAL INFORMATION
ITEM 1.        FINANCIAL STATEMENTS
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
  Page
7


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Balance Sheets
(in thousands of United States Dollars, except share and per share amounts)
September 30,
2024
December 31,
2023
Assets (Unaudited) (Audited)
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 intangible assets 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 
Commitments and contingencies
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 income (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 


See accompanying notes to the consolidated financial statements
8


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Operations
For the three and nine months ended September 30, 2024 and 2023
(in thousands of United States Dollars, except per share amounts) (Unaudited)
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 
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 







See accompanying notes to the consolidated financial statements
9


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
For the three and nine months ended September 30, 2024 and 2023
(in thousands of United States Dollars) (Unaudited) 
Three months ended Nine months ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Comprehensive income (loss)
Net income (loss) $ 1,632,663  $ 416,526  $ 2,979,753  $ 1,631,592 
Change in net unrealized gains (losses) on investments, net of tax 84  (199) 250  1,109 
Foreign currency translation adjustments, net of tax 298  (257) 934  (153)
Comprehensive income (loss) 1,633,045  416,070  2,980,937  1,632,548 
Net (income) loss attributable to redeemable noncontrolling interests (450,176) (213,695) (919,734) (655,986)
Comprehensive (income) loss attributable to redeemable noncontrolling interests (450,176) (213,695) (919,734) (655,986)
Comprehensive income (loss) attributable to RenaissanceRe $ 1,182,869  $ 202,375  $ 2,061,203  $ 976,562 
 






















See accompanying notes to the consolidated financial statements
10


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the three and nine months ended September 30, 2024 and 2023
(in thousands of United States Dollars) (Unaudited) 
Three months ended Nine months ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Preference shares
Beginning balance $ 750,000  $ 750,000  $ 750,000  $ 750,000 
Ending balance 750,000  750,000  750,000  750,000 
Common shares
Beginning balance 52,421  51,182  52,694  43,718 
Issuance of shares
—  —  —  7,245 
Repurchase of shares
(478) —  (963) — 
Issuance of restricted stock awards
(3) (8) 209  211 
Ending balance 51,940  51,174  51,940  51,174 
Additional paid-in capital
Beginning balance 2,048,921  1,825,215  2,144,459  475,647 
Issuance of shares
—  37  —  1,344,363 
Repurchase of shares
(106,293) —  (214,342) — 
Change in redeemable noncontrolling interests
(1,518) (2,311) (1,594) (4,093)
Issuance of restricted stock awards
17,951  13,801  30,538  20,825 
Ending balance 1,959,061  1,836,742  1,959,061  1,836,742 
Accumulated other comprehensive income (loss)
Beginning balance (13,409) (14,050) (14,211) (15,462)
Change in net unrealized gains (loss) on investments, net of tax 84  (199) 250  1,109 
Foreign currency translation adjustments, net of tax
298  (257) 934  (153)
Ending balance (13,027) (14,506) (13,027) (14,506)
Retained earnings
Beginning balance 7,340,962  4,790,466  6,522,016  4,071,371 
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)
Dividends on common shares
(19,996) (19,247) (60,894) (55,239)
Dividends on preference shares
(8,843) (8,843) (26,531) (26,531)
Ending balance
8,494,610  4,965,207  8,494,610  4,965,207 
Total shareholders’ equity
$ 11,242,584  $ 7,588,617  $ 11,242,584  $ 7,588,617 
 





See accompanying notes to the consolidated financial statements
11


RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the nine months ended September 30, 2024 and 2023
(in thousands of United States Dollars) (Unaudited)
Nine months ended
September 30,
2024
September 30,
2023
Cash flows provided by (used in) operating activities
Net income (loss) $ 2,979,753  $ 1,631,592 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization, accretion and depreciation 251,608  (121,068)
Equity in undistributed (earnings) losses of other ventures 13,113  (2,566)
Net realized and unrealized (gains) losses on investments (552,405) 149,122 
Change in:
Premiums receivable (946,246) (789,338)
Prepaid reinsurance premiums (272,756) (7,504)
Reinsurance recoverable 605,649  457,666 
Deferred acquisition costs and value of business acquired
32,337  (95,350)
Reserve for claims and claim expenses 734,325  62,592 
Unearned premiums 905,014  663,389 
Reinsurance balances payable (6,892) (604,675)
Other (357,594) 55,279 
Net cash provided by (used in) operating activities 3,385,906  1,399,139 
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading 19,075,147  15,300,245 
Purchases of fixed maturity investments trading (21,805,719) (17,053,131)
Proceeds from sales of equity investments
463  566,022 
Purchases of equity investments
(217) (1,706)
Proceeds from sales of short term investments
24,465,915  25,689,155 
Purchases of short term investments
(24,080,234) (27,466,343)
Proceeds from sales of other investments
784,065  334,214 
Purchases of other investments
(1,164,589) (860,164)
Purchases of investments in other ventures
(56,674) (20,171)
Return of investment from investment in other ventures 1,301  2,752 
Net cash provided by (used in) investing activities (2,780,542) (3,509,127)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares (60,894) (55,239)
Dividends paid – preference shares (26,531) (26,531)
RenaissanceRe common share issuance, net of expenses   1,351,608 
RenaissanceRe common share repurchases (215,305)  
Issuance of debt, net of expenses   740,581 
Repayment of Medici Revolving Credit Facility
(100,000) (30,000)
Drawdown of Medici Revolving Credit Facility
75,000   
Subscriptions of third-party redeemable noncontrolling interest shares
289,245  481,373 
Redemptions of third-party redeemable noncontrolling interest shares
(851,495) (337,652)
Taxes paid on withholding shares (21,515) (20,004)
Net cash provided by (used in) financing activities (911,495) 2,104,136 
Effect of exchange rate changes on foreign currency cash 1,524  7,397 
Net increase (decrease) in cash and cash equivalents (304,607) 1,545 
Cash and cash equivalents, beginning of period 1,877,518  1,194,339 
Cash and cash equivalents, end of period $ 1,572,911  $ 1,195,884 

See accompanying notes to the consolidated financial statements
12


RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2024
(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars,
except shares, per share amounts and percentages) (Unaudited)
NOTE 1. ORGANIZATION
This report on Form 10-Q should be read in conjunction with RenaissanceRe’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Form 10-K”). RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Through its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.
These consolidated financial statements include the results of the Company, its subsidiaries, and all variable interest entities in which the Company is considered to be the primary beneficiary.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2023, except as described below.
BASIS OF PRESENTATION
These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.
Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.
USE OF ESTIMATES IN FINANCIAL STATEMENTS
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs, the value of business acquired (“VOBA”) and the fair value of other assets acquired and liabilities assumed in acquisitions; and the Company’s deferred tax valuation allowance.
13


NOTE 3. INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
September 30,
2024
December 31,
2023
U.S. treasuries $ 11,736,158  $ 10,060,203 
Corporate (1)
7,790,634  6,499,075 
Residential mortgage-backed 1,753,318  1,420,362 
Asset-backed 1,440,194  1,491,695 
Agencies 615,627  489,117 
Non-U.S. government 609,355  483,576 
Commercial mortgage-backed 341,899  433,080 
Total fixed maturity investments trading $ 24,287,185  $ 20,877,108 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30,
2024
December 31,
2023
Amortized 
Cost
Fair Value Amortized Cost Fair Value
Due in less than one year
$ 1,224,238  $ 1,226,745  $ 587,720  $ 582,519 
Due after one through five years
12,783,659  12,971,037  11,439,510  11,468,263 
Due after five through ten years
5,993,586  6,155,650  5,182,667  5,188,716 
Due after ten years
406,699  398,342  307,392  292,473 
Mortgage-backed
2,085,663  2,095,217  1,864,520  1,853,442 
Asset-backed 1,433,446  1,440,194  1,490,641  1,491,695 
Total $ 23,927,291  $ 24,287,185  $ 20,872,450  $ 20,877,108 
Equity Investments
The following table summarizes the fair value of equity investments:
September 30,
2024
December 31,
2023
Financials $ 131,775  $ 106,542 
Basic materials 754   
Industrial, utilities and energy 288   
Consumer 141  212 
Communications and technology 101  12 
Healthcare 32   
Total $ 133,091  $ 106,766 
14


Pledged Investments
At September 30, 2024, $10.1 billion (December 31, 2023 - $10.5 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $3.0 billion (December 31, 2023 - $2.9 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
Reverse Repurchase Agreements
At September 30, 2024, the Company held $48.5 million (December 31, 2023 - $159.7 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.
Net Investment Income
The components of net investment income are as follows:
Three months ended Nine months ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Fixed maturity investments trading $ 289,687  $ 188,781  $ 820,876  $ 514,020 
Short term investments 46,746  66,722  141,923  149,903 
Equity investments 670  510  1,819  6,675 
Other investments
Catastrophe bonds 61,175  54,583  177,860  142,936 
Other 20,937  20,031  59,525  65,422 
Cash and cash equivalents 10,226  4,160  40,347  13,009 
  429,441  334,787  1,242,350  891,965 
Investment expenses (5,582) (5,679) (16,871) (15,817)
Net investment income $ 423,859  $ 329,108  $ 1,225,479  $ 876,148 
15


Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months ended Nine months ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Net realized gains (losses) on fixed maturity investments trading $ 22,052  $ (121,112) $ (33,965) $ (300,089)
Net unrealized gains (losses) on fixed maturity investments trading 590,309  (158,226) 353,465  14,007 
Net realized and unrealized gains (losses) on fixed maturity investments trading 612,361  (279,338) 319,500  (286,082)
Net realized and unrealized gains (losses) on investment-related derivatives (1)
97,534  30,594  50,102  (22,295)
Net realized gains (losses) on equity investments 340  (10) 355  (27,503)
Net unrealized gains (losses) on equity investments 18,778  2,261  26,368  62,039 
Net realized and unrealized gains (losses) on equity investments 19,118  2,251  26,723  34,536 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds 66,291  32,474  51,091  94,786 
Net realized and unrealized gains (losses) on other investments - other 148,441  (14,068) 155,091  7,638 
Net realized and unrealized gains (losses) on investments $ 943,745  $ (228,087) $ 602,507  $ (171,417)
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures and credit default swaps), equity investments related derivatives (equity futures) and commodity investments related derivatives (commodity futures and commodity options). See “Note 13. Derivative Instruments” for additional information.
16


NOTE 4. FAIR VALUE MEASUREMENTS
The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains or losses arising from changes in fair value in its consolidated statements of operations.
FASB ASC Topic 820, Fair Value Measurements, prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:
Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;
Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and
Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.
In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity.
There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.
17


Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:
At September 30, 2024 Total Quoted
Prices in Active
Markets for
Identical 
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed maturity investments trading
U.S. treasuries $ 11,736,158  $ 11,736,158  $   $  
Corporate (1)
7,790,634    7,790,634   
Residential mortgage-backed 1,753,318    1,753,318   
Asset-backed 1,440,194    1,440,194   
Agencies 615,627    615,627   
Non-U.S. government 609,355    609,355   
Commercial mortgage-backed 341,899    341,899   
Total fixed maturity investments trading 24,287,185  11,736,158  12,551,027   
Short term investments 4,302,991  141,839  4,161,152   
Equity investments
133,091  133,091     
Other investments
Catastrophe bonds 1,896,075    1,896,075   
Direct private equity investments 199,039    148,005  51,034 
Term loans 94,575      94,575 
2,189,689    2,044,080  145,609 
Fund investments (2)
1,982,762  —  —  — 
Total other investments 4,172,451    2,044,080  145,609 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)
(497)     (497)
Derivative assets (4)
87,029  9,329  77,700   
Derivative liabilities (4)
(78,668) (17,841) (60,827)  
Total other assets and (liabilities) 7,864  (8,512) 16,873  (497)
 
$ 32,903,582  $ 12,002,576  $ 18,773,132  $ 145,112 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(2)Fund investments, which may include private equity funds, private credit funds, and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(3)Included in assumed and ceded (re)insurance contracts at September 30, 2024 was $3.0 million of other assets and $3.5 million of other liabilities.
(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

18


At December 31, 2023 Total Quoted
Prices in Active
Markets for
Identical
 Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed maturity investments trading
U.S. treasuries