RenaissanceRe Holdings Ltd. | ||
Contents |
Page | |||||||||||
Basis of Presentation | |||||||||||
Financial Highlights | |||||||||||
Summary Consolidated Financial Statements | |||||||||||
a. | Consolidated Statements of Operations | ||||||||||
b. | Consolidated Balance Sheets | ||||||||||
Underwriting and Reserves | |||||||||||
a. | Consolidated Segment Underwriting Results | ||||||||||
b. | Consolidated and Segment Underwriting Results - Five Quarter Trend | ||||||||||
c. | Property Segment - Catastrophe and Other Property Underwriting Results | ||||||||||
d. | Gross Premiums Written | ||||||||||
e. | Net Premiums Written | ||||||||||
f. | Net Premiums Earned | ||||||||||
g. | Reserves for Claims and Claim Expenses | ||||||||||
h. | Paid to Incurred Analysis | ||||||||||
Managed Joint Ventures and Fee Income | |||||||||||
a. | Fee Income | ||||||||||
b. | Fee income - Five Quarter Trend | ||||||||||
c. | Noncontrolling Interests | ||||||||||
d. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | ||||||||||
Investments | |||||||||||
a. | Total Investment Result | ||||||||||
b. | Investments Composition | ||||||||||
c. | Managed Investments - Credit Rating | ||||||||||
d. | Retained Investments - Credit Rating | ||||||||||
Other Items | |||||||||||
a. | Earnings per Share | ||||||||||
Comments on Non-GAAP Financial Measures |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
i |
Cautionary Statement Regarding Forward-Looking Statements |
ii |
RenaissanceRe Holdings Ltd. | |||||||||||
Financial Highlights | |||||||||||
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 161,147 | $ | 364,798 | |||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | (69,754) | $ | 636,379 | |||||||
Underwriting income | |||||||||||
Gross premiums written | $ | 4,155,503 | $ | 3,990,684 | |||||||
Net premiums written | 3,443,529 | 3,199,573 | |||||||||
Net premiums earned | 2,720,781 | 2,443,910 | |||||||||
Underwriting income (loss) | (770,597) | 540,682 | |||||||||
Net claims and claim expense ratio: | |||||||||||
Current accident year | 108.0 | % | 51.7 | % | |||||||
Prior accident years | (7.2) | % | (4.0) | % | |||||||
Calendar year | 100.8 | % | 47.7 | % | |||||||
Acquisition expense ratio | 23.8 | % | 25.9 | % | |||||||
Operating expense ratio | 3.7 | % | 4.3 | % | |||||||
Combined ratio | 128.3 | % | 77.9 | % | |||||||
Adjusted combined ratio (1) | 126.4 | % | 75.4 | % | |||||||
Fee income | |||||||||||
Management fee income | $ | 46,061 | $ | 56,053 | |||||||
Performance fee income | (15,604) | 27,497 | |||||||||
Total fee income | $ | 30,457 | $ | 83,550 | |||||||
Investment results - managed | |||||||||||
Net investment income | $ | 405,353 | $ | 390,775 | |||||||
Net realized and unrealized gains (losses) on investments | 332,940 | (213,654) | |||||||||
Total investment result | $ | 738,293 | $ | 177,121 | |||||||
Total investment return - annualized | 9.3 | % | 2.8 | % | |||||||
Investment results - retained (1) | |||||||||||
Net investment income | $ | 279,106 | $ | 267,477 | |||||||
Net realized and unrealized gains (losses) on investments | 328,312 | (193,839) | |||||||||
Total investment result | $ | 607,418 | $ | 73,638 | |||||||
Total investment return - annualized | 10.6 | % | 1.6 | % |
1 |
Financial Highlights - Per Share Data & ROE | |||||||||||
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.29 | $ | 6.96 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.27 | $ | 6.94 | |||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | (1.49) | $ | 12.18 | |||||||
Average shares outstanding - basic | 48,334 | 51,678 | |||||||||
Average shares outstanding - diluted | 48,514 | 51,828 | |||||||||
Return on average common equity - annualized | 6.6 | % | 16.4 | % | |||||||
Operating return on average common equity - annualized (1) | (2.9) | % | 28.7 | % | |||||||
March 31, 2025 | December 31, 2024 | ||||||||||
Book value per common share | $ | 196.18 | $ | 195.77 | |||||||
Tangible book value per common share (1) | $ | 178.31 | $ | 177.18 | |||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 206.79 | $ | 205.26 | |||||||
Year to date change in book value per common share plus change in accumulated dividends | 0.4 | % | 19.4 | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 0.9 | % | 26.0 | % |
2 |
Summary Consolidated Financial Statements | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
Three months ended | ||||||||||||||
March 31, 2025 | March 31, 2024 | |||||||||||||
Revenues | ||||||||||||||
Gross premiums written | $ | 4,155,503 | $ | 3,990,684 | ||||||||||
Net premiums written | $ | 3,443,529 | $ | 3,199,573 | ||||||||||
Decrease (increase) in unearned premiums | (722,748) | (755,663) | ||||||||||||
Net premiums earned | 2,720,781 | 2,443,910 | ||||||||||||
Net investment income | 405,353 | 390,775 | ||||||||||||
Net foreign exchange gains (losses) | (7,328) | (35,683) | ||||||||||||
Equity in earnings (losses) of other ventures | 17,828 | 14,127 | ||||||||||||
Other income (loss) | 914 | (50) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 332,940 | (213,654) | ||||||||||||
Total revenues | 3,470,488 | 2,599,425 | ||||||||||||
Expenses | ||||||||||||||
Net claims and claim expenses incurred | 2,743,758 | 1,166,123 | ||||||||||||
Acquisition expenses | 647,435 | 630,921 | ||||||||||||
Operational expenses | 100,185 | 106,184 | ||||||||||||
Corporate expenses | 22,810 | 39,252 | ||||||||||||
Interest expense | 27,086 | 23,104 | ||||||||||||
Total expenses | 3,541,274 | 1,965,584 | ||||||||||||
Income (loss) before taxes | (70,786) | 633,841 | ||||||||||||
Income tax benefit (expense) | 45,525 | (15,372) | ||||||||||||
Net income (loss) | (25,261) | 618,469 | ||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | 195,252 | (244,827) | ||||||||||||
Net income (loss) attributable to RenaissanceRe | 169,991 | 373,642 | ||||||||||||
Dividends on preference shares | (8,844) | (8,844) | ||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 161,147 | $ | 364,798 | ||||||||||
3 |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Balance Sheets | |||||||||||
March 31, 2025 | December 31, 2024 | ||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value – amortized cost $23,266,328 at March 31, 2025 (December 31, 2024 – $23,750,540) | $ | 23,310,208 | $ | 23,562,514 | |||||||
Short term investments, at fair value – amortized cost $5,054,809 at March 31, 2025 (December 31, 2024 – $4,532,166) | 5,054,254 | 4,531,655 | |||||||||
Equity investments, at fair value | 887,508 | 117,756 | |||||||||
Other investments, at fair value | 4,239,952 | 4,324,761 | |||||||||
Investments in other ventures, under equity method | 101,227 | 102,770 | |||||||||
Total investments | 33,593,149 | 32,639,456 | |||||||||
Cash and cash equivalents | 1,632,797 | 1,676,604 | |||||||||
Premiums receivable | 8,437,901 | 7,290,228 | |||||||||
Prepaid reinsurance premiums | 1,213,867 | 888,332 | |||||||||
Reinsurance recoverable | 4,577,895 | 4,481,390 | |||||||||
Accrued investment income | 216,780 | 238,290 | |||||||||
Deferred acquisition costs and value of business acquired | 1,684,843 | 1,552,359 | |||||||||
Deferred tax asset | 764,711 | 701,053 | |||||||||
Receivable for investments sold | 160,587 | 91,669 | |||||||||
Other assets | 664,706 | 444,037 | |||||||||
Goodwill and other intangibles | 686,147 | 704,132 | |||||||||
Total assets | $ | 53,633,383 | $ | 50,707,550 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 22,857,131 | $ | 21,303,491 | |||||||
Unearned premiums | 6,999,119 | 5,950,415 | |||||||||
Debt | 2,753,738 | 1,886,689 | |||||||||
Reinsurance balances payable | 2,857,122 | 2,804,344 | |||||||||
Payable for investments purchased | 551,871 | 150,721 | |||||||||
Other liabilities | 575,726 | 1,060,129 | |||||||||
Total liabilities | 36,594,707 | 33,155,789 | |||||||||
Redeemable noncontrolling interests | 6,690,173 | 6,977,749 | |||||||||
Shareholders’ Equity | |||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2025 (December 31, 2024 – 30,000) | 750,000 | 750,000 | |||||||||
Common shares: $1.00 par value – 48,928,318 shares issued and outstanding at March 31, 2025 (December 31, 2024 – 50,180,987) | 48,928 | 50,181 | |||||||||
Additional paid-in capital | 1,146,653 | 1,512,435 | |||||||||
Accumulated other comprehensive loss | (14,844) | (14,756) | |||||||||
Retained earnings | 8,417,766 | 8,276,152 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 10,348,503 | 10,574,012 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 53,633,383 | $ | 50,707,550 | |||||||
Book value per common share | $ | 196.18 | $ | 195.77 |
4 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2025 | Three months ended March 31, 2024 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,130,833 | $ | 2,024,670 | $ | 4,155,503 | $ | 1,889,881 | $ | 2,100,803 | $ | 3,990,684 | |||||||||||||||||||||||
Net premiums written | $ | 1,690,994 | $ | 1,752,535 | $ | 3,443,529 | $ | 1,397,618 | $ | 1,801,955 | $ | 3,199,573 | |||||||||||||||||||||||
Net premiums earned | $ | 1,247,950 | $ | 1,472,831 | $ | 2,720,781 | $ | 936,083 | $ | 1,507,827 | $ | 2,443,910 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 1,623,257 | 1,120,501 | 2,743,758 | 154,249 | 1,011,874 | 1,166,123 | |||||||||||||||||||||||||||||
Acquisition expenses | 167,645 | 479,790 | 647,435 | 185,782 | 445,139 | 630,921 | |||||||||||||||||||||||||||||
Operational expenses | 64,266 | 35,919 | 100,185 | 61,624 | 44,560 | 106,184 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | (607,218) | $ | (163,379) | $ | (770,597) | $ | 534,428 | $ | 6,254 | $ | 540,682 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 1,810,315 | $ | 1,129,317 | $ | 2,939,632 | $ | 248,916 | $ | 1,014,288 | $ | 1,263,204 | |||||||||||||||||||||||
Prior accident years | (187,058) | (8,816) | (195,874) | (94,667) | (2,414) | (97,081) | |||||||||||||||||||||||||||||
Total | $ | 1,623,257 | $ | 1,120,501 | $ | 2,743,758 | $ | 154,249 | $ | 1,011,874 | $ | 1,166,123 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 145.1 | % | 76.7 | % | 108.0 | % | 26.6 | % | 67.3 | % | 51.7 | % | |||||||||||||||||||||||
Prior accident years | (15.0) | % | (0.6) | % | (7.2) | % | (10.1) | % | (0.2) | % | (4.0) | % | |||||||||||||||||||||||
Calendar year | 130.1 | % | 76.1 | % | 100.8 | % | 16.5 | % | 67.1 | % | 47.7 | % | |||||||||||||||||||||||
Acquisition expense ratio | 13.5 | % | 32.5 | % | 23.8 | % | 19.9 | % | 29.5 | % | 25.9 | % | |||||||||||||||||||||||
Operating expense ratio | 5.1 | % | 2.5 | % | 3.7 | % | 6.5 | % | 3.0 | % | 4.3 | % | |||||||||||||||||||||||
Combined ratio | 148.7 | % | 111.1 | % | 128.3 | % | 42.9 | % | 99.6 | % | 77.9 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 147.1 | % | 108.8 | % | 126.4 | % | 40.5 | % | 97.1 | % | 75.4 | % | |||||||||||||||||||||||
5 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Consolidated Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||
Gross premiums written | $ | 4,155,503 | $ | 1,916,751 | $ | 2,400,136 | $ | 3,425,495 | $ | 3,990,684 | |||||||||||||||||||
Net premiums written | $ | 3,443,529 | $ | 1,751,628 | $ | 2,162,504 | $ | 2,838,511 | $ | 3,199,573 | |||||||||||||||||||
Net premiums earned | $ | 2,720,781 | $ | 2,527,566 | $ | 2,582,969 | $ | 2,541,315 | $ | 2,443,910 | |||||||||||||||||||
Net claims and claim expenses incurred | 2,743,758 | 1,483,742 | 1,373,614 | 1,309,502 | 1,166,123 | ||||||||||||||||||||||||
Acquisition expenses | 647,435 | 678,170 | 690,338 | 644,438 | 630,921 | ||||||||||||||||||||||||
Operational expenses | 100,185 | 157,104 | 125,261 | 108,039 | 106,184 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | (770,597) | $ | 208,550 | $ | 393,756 | $ | 479,336 | $ | 540,682 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 2,939,632 | $ | 1,837,218 | $ | 1,666,120 | $ | 1,417,773 | $ | 1,263,204 | |||||||||||||||||||
Prior accident years | (195,874) | (353,476) | (292,506) | (108,271) | (97,081) | ||||||||||||||||||||||||
Total | $ | 2,743,758 | $ | 1,483,742 | $ | 1,373,614 | $ | 1,309,502 | $ | 1,166,123 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 108.0 | % | 72.7 | % | 64.5 | % | 55.8 | % | 51.7 | % | |||||||||||||||||||
Prior accident years | (7.2) | % | (14.0) | % | (11.3) | % | (4.3) | % | (4.0) | % | |||||||||||||||||||
Calendar year | 100.8 | % | 58.7 | % | 53.2 | % | 51.5 | % | 47.7 | % | |||||||||||||||||||
Acquisition expense ratio | 23.8 | % | 26.8 | % | 26.8 | % | 25.3 | % | 25.9 | % | |||||||||||||||||||
Operating expense ratio | 3.7 | % | 6.2 | % | 4.8 | % | 4.3 | % | 4.3 | % | |||||||||||||||||||
Combined ratio | 128.3 | % | 91.7 | % | 84.8 | % | 81.1 | % | 77.9 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 126.4 | % | 89.4 | % | 82.4 | % | 78.6 | % | 75.4 | % |
6 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Property Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||
Gross premiums written | $ | 2,130,833 | $ | 390,043 | $ | 790,709 | $ | 1,753,098 | $ | 1,889,881 | |||||||||||||||||||
Net premiums written | $ | 1,690,994 | $ | 376,136 | $ | 701,222 | $ | 1,358,660 | $ | 1,397,618 | |||||||||||||||||||
Net premiums earned | $ | 1,247,950 | $ | 938,658 | $ | 994,777 | $ | 980,834 | $ | 936,083 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,623,257 | 384,156 | 329,967 | 273,354 | 154,249 | ||||||||||||||||||||||||
Acquisition expenses | 167,645 | 191,988 | 192,439 | 188,345 | 185,782 | ||||||||||||||||||||||||
Operational expenses | 64,266 | 95,623 | 77,688 | 67,425 | 61,624 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | (607,218) | $ | 266,891 | $ | 394,683 | $ | 451,710 | $ | 534,428 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,810,315 | $ | 732,207 | $ | 621,710 | $ | 357,745 | $ | 248,916 | |||||||||||||||||||
Prior accident years | (187,058) | (348,051) | (291,743) | (84,391) | (94,667) | ||||||||||||||||||||||||
Total | $ | 1,623,257 | $ | 384,156 | $ | 329,967 | $ | 273,354 | $ | 154,249 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 145.1 | % | 78.0 | % | 62.5 | % | 36.5 | % | 26.6 | % | |||||||||||||||||||
Prior accident years | (15.0) | % | (37.1) | % | (29.3) | % | (8.6) | % | (10.1) | % | |||||||||||||||||||
Calendar year | 130.1 | % | 40.9 | % | 33.2 | % | 27.9 | % | 16.5 | % | |||||||||||||||||||
Acquisition expense ratio | 13.5 | % | 20.5 | % | 19.3 | % | 19.1 | % | 19.9 | % | |||||||||||||||||||
Operating expense ratio | 5.1 | % | 10.2 | % | 7.8 | % | 6.9 | % | 6.5 | % | |||||||||||||||||||
Combined ratio | 148.7 | % | 71.6 | % | 60.3 | % | 53.9 | % | 42.9 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 147.1 | % | 69.2 | % | 58.1 | % | 51.7 | % | 40.5 | % | |||||||||||||||||||
7 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Casualty and Specialty Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||
Gross premiums written | $ | 2,024,670 | $ | 1,526,708 | $ | 1,609,427 | $ | 1,672,397 | $ | 2,100,803 | |||||||||||||||||||
Net premiums written | $ | 1,752,535 | $ | 1,375,492 | $ | 1,461,282 | $ | 1,479,851 | $ | 1,801,955 | |||||||||||||||||||
Net premiums earned | $ | 1,472,831 | $ | 1,588,908 | $ | 1,588,192 | $ | 1,560,481 | $ | 1,507,827 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,120,501 | 1,099,586 | 1,043,647 | 1,036,148 | 1,011,874 | ||||||||||||||||||||||||
Acquisition expenses | 479,790 | 486,182 | 497,899 | 456,093 | 445,139 | ||||||||||||||||||||||||
Operational expenses | 35,919 | 61,481 | 47,573 | 40,614 | 44,560 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | (163,379) | $ | (58,341) | $ | (927) | $ | 27,626 | $ | 6,254 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,129,317 | $ | 1,105,011 | $ | 1,044,410 | $ | 1,060,028 | $ | 1,014,288 | |||||||||||||||||||
Prior accident years | (8,816) | (5,425) | (763) | (23,880) | (2,414) | ||||||||||||||||||||||||
Total | $ | 1,120,501 | $ | 1,099,586 | $ | 1,043,647 | $ | 1,036,148 | $ | 1,011,874 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 76.7 | % | 69.5 | % | 65.8 | % | 67.9 | % | 67.3 | % | |||||||||||||||||||
Prior accident years | (0.6) | % | (0.3) | % | (0.1) | % | (1.5) | % | (0.2) | % | |||||||||||||||||||
Calendar year | 76.1 | % | 69.2 | % | 65.7 | % | 66.4 | % | 67.1 | % | |||||||||||||||||||
Acquisition expense ratio | 32.5 | % | 30.6 | % | 31.4 | % | 29.2 | % | 29.5 | % | |||||||||||||||||||
Operating expense ratio | 2.5 | % | 3.9 | % | 3.0 | % | 2.6 | % | 3.0 | % | |||||||||||||||||||
Combined ratio | 111.1 | % | 103.7 | % | 100.1 | % | 98.2 | % | 99.6 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 108.8 | % | 101.3 | % | 97.7 | % | 95.6 | % | 97.1 | % |
8 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2025 | Three months ended March 31, 2024 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,666,641 | $ | 464,192 | $ | 2,130,833 | $ | 1,341,137 | $ | 548,744 | $ | 1,889,881 | |||||||||||||||||||||||
Net premiums written | $ | 1,411,050 | $ | 279,944 | $ | 1,690,994 | $ | 1,063,723 | $ | 333,895 | $ | 1,397,618 | |||||||||||||||||||||||
Net premiums earned | $ | 882,819 | $ | 365,131 | $ | 1,247,950 | $ | 546,195 | $ | 389,888 | $ | 936,083 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 1,431,394 | 191,863 | 1,623,257 | (24,829) | 179,078 | 154,249 | |||||||||||||||||||||||||||||
Acquisition expenses | 66,581 | 101,064 | 167,645 | 82,790 | 102,992 | 185,782 | |||||||||||||||||||||||||||||
Operational expenses | 51,837 | 12,429 | 64,266 | 50,140 | 11,484 | 61,624 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | (666,993) | $ | 59,775 | $ | (607,218) | $ | 438,094 | $ | 96,334 | $ | 534,428 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 1,498,773 | $ | 311,542 | $ | 1,810,315 | $ | 27,682 | $ | 221,234 | $ | 248,916 | |||||||||||||||||||||||
Prior accident years | (67,379) | (119,679) | (187,058) | (52,511) | (42,156) | (94,667) | |||||||||||||||||||||||||||||
Total | $ | 1,431,394 | $ | 191,863 | $ | 1,623,257 | $ | (24,829) | $ | 179,078 | $ | 154,249 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 169.8 | % | 85.3 | % | 145.1 | % | 5.1 | % | 56.7 | % | 26.6 | % | |||||||||||||||||||||||
Prior accident years | (7.7) | % | (32.8) | % | (15.0) | % | (9.6) | % | (10.8) | % | (10.1) | % | |||||||||||||||||||||||
Calendar year | 162.1 | % | 52.5 | % | 130.1 | % | (4.5) | % | 45.9 | % | 16.5 | % | |||||||||||||||||||||||
Acquisition expense ratio | 7.6 | % | 27.7 | % | 13.5 | % | 15.2 | % | 26.4 | % | 19.9 | % | |||||||||||||||||||||||
Operating expense ratio | 5.9 | % | 3.4 | % | 5.1 | % | 9.2 | % | 2.9 | % | 6.5 | % | |||||||||||||||||||||||
Combined ratio | 175.6 | % | 83.6 | % | 148.7 | % | 19.8 | % | 75.3 | % | 42.9 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 174.0 | % | 82.1 | % | 147.1 | % | 16.2 | % | 74.6 | % | 40.5 | % | |||||||||||||||||||||||
9 |
Underwriting and Reserves | |||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | |||||||||||||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 1,328,261 | $ | 1,364,673 | $ | (36,412) | (2.7) | % | |||||||||||||||
Catastrophe - gross reinstatement premiums | 338,380 | (23,536) | 361,916 | (1537.7) | % | ||||||||||||||||||
Total catastrophe gross premiums written | 1,666,641 | 1,341,137 | 325,504 | 24.3 | % | ||||||||||||||||||
Other property | 462,717 | 542,151 | (79,434) | (14.7) | % | ||||||||||||||||||
Other property - gross reinstatement premiums | 1,475 | 6,593 | (5,118) | (77.6) | % | ||||||||||||||||||
Total other property gross premiums written | 464,192 | 548,744 | (84,552) | (15.4) | % | ||||||||||||||||||
Property segment gross premiums written | $ | 2,130,833 | $ | 1,889,881 | $ | 240,952 | 12.7 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 680,449 | $ | 588,566 | $ | 91,883 | 15.6 | % | |||||||||||||||
Professional liability (2) | 236,961 | 370,481 | (133,520) | (36.0) | % | ||||||||||||||||||
Credit (3) | 400,753 | 345,132 | 55,621 | 16.1 | % | ||||||||||||||||||
Other specialty (4) | 706,507 | 796,624 | (90,117) | (11.3) | % | ||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 2,024,670 | $ | 2,100,803 | $ | (76,133) | (3.6) | % | |||||||||||||||
10 |
Underwriting and Reserves | |||||||||||||||||||||||
Net Premiums Written | |||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | |||||||||||||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 1,077,335 | $ | 1,084,181 | $ | (6,846) | (0.6) | % | |||||||||||||||
Catastrophe - net reinstatement premiums | 333,715 | (20,458) | 354,173 | (1731.2) | % | ||||||||||||||||||
Total catastrophe net premiums written | 1,411,050 | 1,063,723 | 347,327 | 32.7 | % | ||||||||||||||||||
Other property | 278,395 | 328,814 | (50,419) | (15.3) | % | ||||||||||||||||||
Other property - net reinstatement premiums | 1,549 | 5,081 | (3,532) | (69.5) | % | ||||||||||||||||||
Total other property net premiums written | 279,944 | 333,895 | (53,951) | (16.2) | % | ||||||||||||||||||
Property segment net premiums written | $ | 1,690,994 | $ | 1,397,618 | $ | 293,376 | 21.0 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 633,167 | $ | 564,426 | $ | 68,741 | 12.2 | % | |||||||||||||||
Professional liability (2) | 221,721 | 343,068 | (121,347) | (35.4) | % | ||||||||||||||||||
Credit (3) | 345,821 | 275,350 | 70,471 | 25.6 | % | ||||||||||||||||||
Other specialty (4) | 551,826 | 619,111 | (67,285) | (10.9) | % | ||||||||||||||||||
Casualty and Specialty segment net premiums written | $ | 1,752,535 | $ | 1,801,955 | $ | (49,420) | (2.7) | % |
11 |
Underwriting and Reserves | |||||||||||||||||||||||
Net Premiums Earned | |||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | |||||||||||||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 549,104 | $ | 566,653 | $ | (17,549) | (3.1) | % | |||||||||||||||
Catastrophe - net reinstatement premiums | 333,715 | (20,458) | 354,173 | (1731.2) | % | ||||||||||||||||||
Total catastrophe net premiums earned | 882,819 | 546,195 | 336,624 | 61.6 | % | ||||||||||||||||||
Other property | 363,582 | 384,807 | (21,225) | (5.5) | % | ||||||||||||||||||
Other property - net reinstatement premiums | 1,549 | 5,081 | (3,532) | (69.5) | % | ||||||||||||||||||
Total other property net premiums earned | 365,131 | 389,888 | (24,757) | (6.3) | % | ||||||||||||||||||
Property segment net premiums earned | $ | 1,247,950 | $ | 936,083 | $ | 311,867 | 33.3 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 608,597 | $ | 512,542 | $ | 96,055 | 18.7 | % | |||||||||||||||
Professional liability (2) | 202,729 | 309,110 | (106,381) | (34.4) | % | ||||||||||||||||||
Credit (3) | 211,614 | 202,080 | 9,534 | 4.7 | % | ||||||||||||||||||
Other specialty (4) | 449,891 | 484,095 | (34,204) | (7.1) | % | ||||||||||||||||||
Casualty and Specialty segment net premiums earned | $ | 1,472,831 | $ | 1,507,827 | $ | (34,996) | (2.3) | % |
12 |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
March 31, 2025 | |||||||||||||||||||||||
Property | $ | 1,991,539 | $ | 1,841,944 | $ | 3,703,176 | $ | 7,536,659 | |||||||||||||||
Casualty and Specialty | 3,147,473 | 282,534 | 11,890,465 | 15,320,472 | |||||||||||||||||||
Total | $ | 5,139,012 | $ | 2,124,478 | $ | 15,593,641 | $ | 22,857,131 | |||||||||||||||
December 31, 2024 | |||||||||||||||||||||||
Property | $ | 1,845,228 | $ | 1,905,553 | $ | 2,821,958 | $ | 6,572,739 | |||||||||||||||
Casualty and Specialty | 3,081,081 | 295,074 | 11,354,597 | 14,730,752 | |||||||||||||||||||
Total | $ | 4,926,309 | $ | 2,200,627 | $ | 14,176,555 | $ | 21,303,491 | |||||||||||||||
13 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2025 | Three months ended March 31, 2024 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 21,303,491 | $ | 4,481,390 | $ | 16,822,101 | $ | 20,486,869 | $ | 5,344,286 | $ | 15,142,583 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 3,455,425 | 515,793 | 2,939,632 | 1,436,689 | 173,485 | 1,263,204 | |||||||||||||||||||||||||||||
Prior years | (350,583) | (154,709) | (195,874) | (277,066) | (179,985) | (97,081) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 3,104,842 | 361,084 | 2,743,758 | 1,159,623 | (6,500) | 1,166,123 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 536,752 | 44,638 | 492,114 | 45,012 | 4,355 | 40,657 | |||||||||||||||||||||||||||||
Prior years | 1,084,089 | 196,057 | 888,032 | 1,194,652 | 322,447 | 872,205 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 1,620,841 | 240,695 | 1,380,146 | 1,239,664 | 326,802 | 912,862 | |||||||||||||||||||||||||||||
Foreign exchange and other (1) | 69,639 | (23,884) | 93,523 | (37,218) | (17,304) | (19,914) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 22,857,131 | $ | 4,577,895 | $ | 18,279,236 | $ | 20,369,610 | $ | 4,993,680 | $ | 15,375,930 | |||||||||||||||||||||||
14 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Management fee income | $ | 46,061 | $ | 56,053 | |||||||
Performance fee income (loss) (1) | (15,604) | 27,497 | |||||||||
Total fee income | $ | 30,457 | $ | 83,550 |
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Fee income contributing to: | |||||||||||
Underwriting income (loss) (1) | $ | 39,399 | $ | 14,694 | |||||||
Equity in earnings (losses) of other ventures | — | (355) | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests | (8,942) | 69,211 | |||||||||
Total fee income | $ | 30,457 | $ | 83,550 |
15 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income - Five Quarter Trend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||
Management fee income | $ | 46,061 | $ | 53,536 | $ | 54,945 | $ | 55,327 | $ | 56,053 | |||||||||||||||||||
Performance fee income (loss) (1) | (15,604) | 23,568 | 27,120 | 28,750 | 27,497 | ||||||||||||||||||||||||
Total fee income | $ | 30,457 | $ | 77,104 | $ | 82,065 | $ | 84,077 | $ | 83,550 |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||
Fee income contributing to: | |||||||||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 39,399 | $ | 2,893 | $ | 12,345 | $ | 12,992 | $ | 14,694 | |||||||||||||||||||
Equity in earnings (losses) of other ventures | — | 697 | — | (343) | (355) | ||||||||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests | (8,942) | 73,514 | 69,720 | 71,428 | 69,211 | ||||||||||||||||||||||||
Total fee income | $ | 30,457 | $ | 77,104 | $ | 82,065 | $ | 84,077 | $ | 83,550 |
16 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 112,441 | $ | (148,013) | |||||||
Redeemable noncontrolling interests - Medici | (15,163) | (46,269) | |||||||||
Redeemable noncontrolling interests - Vermeer | 107,080 | (52,971) | |||||||||
Redeemable noncontrolling interests - Fontana | (9,106) | 2,426 | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | 195,252 | $ | (244,827) |
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | 235,977 | $ | (301,654) | |||||||
Non-operating (income) loss attributable to redeemable noncontrolling interests | (40,725) | 56,827 | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | 195,252 | $ | (244,827) | |||||||
17 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 2,992,338 | $ | 3,061,708 | |||||||
Redeemable noncontrolling interests - Medici | 1,469,402 | 1,646,745 | |||||||||
Redeemable noncontrolling interests - Vermeer | 1,692,777 | 1,799,857 | |||||||||
Redeemable noncontrolling interests - Fontana | 535,656 | 469,439 | |||||||||
Redeemable noncontrolling interests | $ | 6,690,173 | $ | 6,977,749 |
March 31, 2025 | December 31, 2024 | ||||||||||
DaVinci | 75.7 | % | 74.6 | % | |||||||
Medici | 87.0 | % | 84.2 | % | |||||||
Vermeer | 100.0 | % | 100.0 | % | |||||||
Fontana | 71.3 | % | 73.5 | % |
18 |
Managed Joint Ventures and Fee Income | |||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Revenues | |||||||||||
Gross premiums written | $ | 854,865 | $ | 690,235 | |||||||
Net premiums written | $ | 802,238 | $ | 650,572 | |||||||
Decrease (increase) in unearned premiums | (342,462) | (361,746) | |||||||||
Net premiums earned | 459,776 | 288,826 | |||||||||
Net investment income | 63,412 | 57,576 | |||||||||
Net foreign exchange gains (losses) | (2,384) | (1,967) | |||||||||
Net realized and unrealized gains (losses) on investments | 36,488 | (38,720) | |||||||||
Total revenues | 557,292 | 305,715 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 697,271 | 6,397 | |||||||||
Acquisition expenses | (18,392) | 67,085 | |||||||||
Operational expenses | 22,493 | 35,011 | |||||||||
Corporate expenses | 38 | 89 | |||||||||
Interest expense | 3,198 | 1,858 | |||||||||
Total expenses | 704,608 | 110,440 | |||||||||
Income (loss) before taxes | (147,316) | 195,275 | |||||||||
Income tax benefit (expense) | (1,178) | (798) | |||||||||
Net income (loss) available (attributable) to DaVinci common shareholders | $ | (148,494) | $ | 194,477 | |||||||
Net claims and claim expenses incurred - current accident year | $ | 729,739 | $ | 57,913 | |||||||
Net claims and claim expenses incurred - prior accident years | (32,468) | (51,516) | |||||||||
Net claims and claim expenses incurred - total | $ | 697,271 | $ | 6,397 | |||||||
Net claims and claim expense ratio - current accident year | 158.7 | % | 20.1 | % | |||||||
Net claims and claim expense ratio - prior accident years | (7.0) | % | (17.9) | % | |||||||
Net claims and claim expense ratio - calendar year | 151.7 | % | 2.2 | % | |||||||
Underwriting expense ratio | 0.8 | % | 35.4 | % | |||||||
Combined ratio | 152.5 | % | 37.6 | % |
19 |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||
March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 284,723 | $ | 257,289 | $ | 226,828 | $ | 208,224 | |||||||||||||||
Short term investments | 41,029 | 46,791 | 17,913 | 22,868 | |||||||||||||||||||
Equity investments | |||||||||||||||||||||||
Fixed income exchange traded funds | 1,184 | — | 1,184 | — | |||||||||||||||||||
Other equity investments | 726 | 560 | 722 | 560 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 54,754 | 58,249 | 8,897 | 7,430 | |||||||||||||||||||
Other | 18,723 | 17,925 | 18,723 | 17,925 | |||||||||||||||||||
Cash and cash equivalents | 11,110 | 14,722 | 10,270 | 13,876 | |||||||||||||||||||
412,249 | 395,536 | 284,537 | 270,883 | ||||||||||||||||||||
Investment expenses | (6,896) | (4,761) | (5,431) | (3,406) | |||||||||||||||||||
Net investment income | $ | 405,353 | $ | 390,775 | $ | 279,106 | $ | 267,477 | |||||||||||||||
Net investment income return - annualized | 5.1 | % | 5.7 | % | 4.8 | % | 5.3 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | 10,035 | $ | 9,796 | $ | 9,433 | $ | 12,517 | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 226,240 | (211,996) | 190,375 | (176,552) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 141,646 | (57,806) | 139,990 | (59,195) | |||||||||||||||||||
Net realized gains (losses) on equity investments | 8 | — | 8 | — | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 2,950 | 13,097 | 2,823 | 13,090 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (40,413) | 18,907 | (6,791) | 1,953 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (7,526) | 14,348 | (7,526) | 14,348 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 332,940 | (213,654) | 328,312 | (193,839) | |||||||||||||||||||
Total investment result | $ | 738,293 | $ | 177,121 | $ | 607,418 | $ | 73,638 | |||||||||||||||
Average invested assets | $ | 33,116,302 | $ | 29,426,362 | $ | 23,796,175 | $ | 20,914,306 | |||||||||||||||
Total investment return - annualized | 9.3 | % | 2.8 | % | 10.6 | % | 1.6 | % |
20 |
Investments | ||
Investments Composition |
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 11,199,657 | $ | 89,412 | $ | 8,319,626 | $ | 63,036 | $ | 11,001,893 | $ | (60,748) | $ | 8,434,097 | $ | (65,990) | |||||||||||||||||||||||||||||||
Corporate (3) | 7,795,056 | (6,969) | 6,283,785 | (15,439) | 7,862,423 | (57,047) | 6,474,619 | (57,112) | |||||||||||||||||||||||||||||||||||||||
Other (4) | 4,315,495 | (38,563) | 3,638,856 | (29,802) | 4,698,198 | (70,231) | 4,063,827 | (55,176) | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 23,310,208 | 43,880 | 18,242,267 | 17,795 | 23,562,514 | (188,026) | 18,972,543 | (178,278) | |||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,054,254 | (555) | 2,149,332 | (121) | 4,531,655 | (511) | 1,527,469 | (97) | |||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds | 764,191 | (2,000) | 764,191 | (2,000) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other equity investments | 123,317 | 78,228 | 122,927 | 78,137 | 117,756 | 73,270 | 117,596 | 73,311 | |||||||||||||||||||||||||||||||||||||||
Total equity investments, at fair value | 887,508 | 76,228 | 887,118 | 76,137 | 117,756 | 73,270 | 117,596 | 73,311 | |||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,653,148 | (55,223) | 235,385 | (33,871) | 1,984,396 | (16,861) | 329,472 | (28,524) | |||||||||||||||||||||||||||||||||||||||
Fund investments | 2,379,128 | 242,098 | 2,379,128 | 242,098 | 2,128,499 | 256,379 | 2,128,499 | 256,379 | |||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 207,676 | 95,283 | 207,676 | 95,283 | 211,866 | 99,473 | 211,866 | 99,473 | |||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 4,239,952 | 282,158 | 2,822,189 | 303,510 | 4,324,761 | 338,991 | 2,669,837 | 327,328 | |||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,227 | — | 101,227 | — | 102,770 | — | 102,770 | — | |||||||||||||||||||||||||||||||||||||||
Total investments | $ | 33,593,149 | $ | 401,711 | $ | 24,202,133 | $ | 397,321 | $ | 32,639,456 | $ | 223,724 | $ | 23,390,215 | $ | 222,264 | |||||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||
Weighted average yield to maturity of investments (5) | 5.2 | % | 5.1 | % | 5.4 | % | 5.3 | % | |||||||||||||||
Average duration of investments, in years (5) | 2.7 | 3.1 | 2.9 | 3.4 | |||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | 0.36 | $ | (3.55) |
21 |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Managed Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments Not Subject to Credit Ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2025 | Fair Value | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 11,199,657 | $ | — | $ | 11,199,657 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 7,795,056 | 272,737 | 419,014 | 3,066,443 | 3,121,763 | 891,086 | 24,013 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,396,178 | 1,173,295 | 157,057 | 47,864 | 17,962 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,393,065 | 132,815 | 1,123,976 | 360 | 7,038 | 68,300 | 60,576 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 617,537 | — | 617,212 | — | — | 325 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 600,986 | 395,799 | 180,070 | 22,540 | 2,577 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 307,729 | 244,204 | 61,078 | 932 | 1,327 | 188 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 23,310,208 | 2,218,850 | 13,758,064 | 3,138,139 | 3,150,667 | 959,899 | 84,589 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,054,254 | 2,986,513 | 2,034,779 | 17,727 | 9,169 | 6,060 | 6 | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds (4) | 764,191 | — | 267,782 | — | — | 496,409 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other equity investments | 123,317 | — | — | — | — | — | — | 123,317 | ||||||||||||||||||||||||||||||||||||||||||
Total equity investments, at fair value | 887,508 | — | 267,782 | — | — | 496,409 | — | 123,317 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,653,148 | — | — | — | — | 1,653,148 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 1,268,388 | — | — | — | — | — | — | 1,268,388 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 630,765 | — | — | — | — | — | — | 630,765 | ||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 338,891 | — | — | — | — | — | — | 338,891 | ||||||||||||||||||||||||||||||||||||||||||
Insurance-linked securities funds | 141,084 | — | — | — | — | — | — | 141,084 | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 207,676 | — | — | — | — | — | — | 207,676 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 4,239,952 | — | — | — | — | 1,653,148 | — | 2,586,804 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,227 | — | — | — | — | — | — | 101,227 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 33,593,149 | $ | 5,205,363 | $ | 16,060,625 | $ | 3,155,866 | $ | 3,159,836 | $ | 3,115,516 | $ | 84,595 | $ | 2,811,348 | ||||||||||||||||||||||||||||||||||
100.0 | % | 15.4 | % | 47.8 | % | 9.4 | % | 9.4 | % | 9.3 | % | 0.3 | % | 8.4 | % |
22 |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments Not Subject to Credit Ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2025 | Fair Value | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 8,319,626 | $ | — | $ | 8,319,626 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 6,283,785 | 200,262 | 332,697 | 2,597,210 | 2,475,256 | 658,029 | 20,331 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,308,338 | 1,085,453 | 157,057 | 47,866 | 17,962 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,132,214 | 108,598 | 887,342 | 360 | 7,038 | 68,300 | 60,576 | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 476,665 | 307,742 | 148,378 | 17,968 | 2,577 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 476,346 | — | 476,094 | — | — | 252 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 245,293 | 201,034 | 41,812 | 932 | 1,327 | 188 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 18,242,267 | 1,903,089 | 10,363,006 | 2,664,336 | 2,504,160 | 726,769 | 80,907 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 2,149,332 | 879,348 | 1,241,320 | 13,978 | 9,169 | 5,511 | 6 | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds (4) | 764,191 | — | 267,782 | — | — | 496,409 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other equity investments | 122,927 | — | — | — | — | — | — | 122,927 | ||||||||||||||||||||||||||||||||||||||||||
Total equity investments, at fair value | 887,118 | — | 267,782 | — | — | 496,409 | — | 122,927 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 235,385 | — | — | — | — | 235,385 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 1,268,388 | — | — | — | — | — | — | 1,268,388 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 630,765 | — | — | — | — | — | — | 630,765 | ||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 338,891 | — | — | — | — | — | — | 338,891 | ||||||||||||||||||||||||||||||||||||||||||
Insurance-linked securities funds | 141,084 | — | — | — | — | — | — | 141,084 | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 207,676 | — | — | — | — | — | — | 207,676 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,822,189 | — | — | — | — | 235,385 | — | 2,586,804 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,227 | — | — | — | — | — | — | 101,227 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 24,202,133 | $ | 2,782,437 | $ | 11,872,108 | $ | 2,678,314 | $ | 2,513,329 | $ | 1,464,074 | $ | 80,913 | $ | 2,810,958 | ||||||||||||||||||||||||||||||||||
100.0 | % | 11.5 | % | 49.1 | % | 11.1 | % | 10.4 | % | 6.0 | % | 0.3 | % | 11.6 | % |
23 |
Other Items | |||||||||||
Earnings per Share | |||||||||||
Three months ended | |||||||||||
(common shares in thousands) | March 31, 2025 | March 31, 2024 | |||||||||
Numerator: | |||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 161,147 | $ | 364,798 | |||||||
Amount allocated to participating common shareholders (1) | (2,365) | (5,273) | |||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 158,782 | $ | 359,525 | |||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 48,334 | 51,678 | |||||||||
Per common share equivalents of non-vested shares (2) | 180 | 150 | |||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 48,514 | 51,828 | |||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.29 | $ | 6.96 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.27 | $ | 6.94 | |||||||
24 |
Comments on Non-GAAP Financial Measures |
25 |
Comments on Non-GAAP Financial Measures |
26 |
Comments on Non-GAAP Financial Measures |
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 161,147 | $ | 364,798 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (373,353) | 232,561 | |||||||||
Net foreign exchange losses (gains) | 7,328 | 35,683 | |||||||||
Expenses (revenues) associated with acquisitions, dispositions and impairments (1) | 1,436 | 20,266 | |||||||||
Acquisition related purchase accounting adjustments (2) | 53,571 | 60,560 | |||||||||
Bermuda net deferred tax asset (3) | — | (7,890) | |||||||||
Income tax expense (benefit) (4) | 39,392 | (12,772) | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (5) | 40,725 | (56,827) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (69,754) | $ | 636,379 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.27 | $ | 6.94 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (7.70) | 4.49 | |||||||||
Net foreign exchange losses (gains) | 0.15 | 0.69 | |||||||||
Expenses (revenues) associated with acquisitions, dispositions and impairments (1) | 0.04 | 0.39 | |||||||||
Acquisition related purchase accounting adjustments (2) | 1.10 | 1.17 | |||||||||
Bermuda net deferred tax asset (3) | — | (0.15) | |||||||||
Income tax expense (benefit) (4) | 0.81 | (0.25) | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (5) | 0.84 | (1.10) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | (1.49) | $ | 12.18 | |||||||
Return on average common equity - annualized | 6.6 | % | 16.4 | % | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (15.4) | % | 10.7 | % | |||||||
Net foreign exchange losses (gains) | 0.3 | % | 1.6 | % | |||||||
Expenses (revenues) associated with acquisitions, dispositions and impairments (1) | 0.1 | % | 0.9 | % | |||||||
Acquisition related purchase accounting adjustments (2) | 2.2 | % | 2.7 | % | |||||||
Bermuda net deferred tax asset (3) | — | % | (0.4) | % | |||||||
Income tax expense (benefit) (4) | 1.6 | % | (0.6) | % | |||||||
Net income (loss) attributable to redeemable noncontrolling interests (5) | 1.7 | % | (2.6) | % | |||||||
Operating return on average common equity - annualized | (2.9) | % | 28.7 | % |
27 |
Comments on Non-GAAP Financial Measures |
March 31, 2025 | December 31, 2024 | ||||||||||
Book value per common share | $ | 196.18 | $ | 195.77 | |||||||
Adjustment for: | |||||||||||
Acquisition related goodwill and other intangible assets (1) | (14.02) | (14.03) | |||||||||
Other goodwill and intangible assets (2) | (0.19) | (0.18) | |||||||||
Acquisition related purchase accounting adjustments (3) | (3.66) | (4.38) | |||||||||
Tangible book value per common share | 178.31 | 177.18 | |||||||||
Adjustment for accumulated dividends | 28.48 | 28.08 | |||||||||
Tangible book value per common share plus accumulated dividends | $ | 206.79 | $ | 205.26 | |||||||
Year to date change in book value per common share | 0.2 | % | 18.5 | % | |||||||
Year to date change in book value per common share plus change in accumulated dividends | 0.4 | % | 19.4 | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 0.9 | % | 26.0 | % |
28 |
Comments on Non-GAAP Financial Measures |
Three months ended March 31, 2025 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 175.6 | % | 83.6 | % | 148.7 | % | 111.1 | % | 128.3 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (1.6) | % | (1.5) | % | (1.6) | % | (2.3) | % | (1.9) | % | |||||||||||||||||||
Adjusted combined ratio | 174.0 | % | 82.1 | % | 147.1 | % | 108.8 | % | 126.4 | % | |||||||||||||||||||
Three months ended December 31, 2024 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 50.2 | % | 106.3 | % | 71.6 | % | 103.7 | % | 91.7 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (2.8) | % | (1.8) | % | (2.4) | % | (2.4) | % | (2.3) | % | |||||||||||||||||||
Adjusted combined ratio | 47.4 | % | 104.5 | % | 69.2 | % | 101.3 | % | 89.4 | % | |||||||||||||||||||
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 | % |
29 |
Comments on Non-GAAP Financial Measures |
Three months ended March 31, 2025 | Three months ended March 31, 2024 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 284,723 | $ | (57,895) | $ | 226,828 | $ | 257,289 | $ | (49,065) | $ | 208,224 | |||||||||||||||||||||||
Short term investments | 41,029 | (23,116) | 17,913 | 46,791 | (23,923) | 22,868 | |||||||||||||||||||||||||||||
Equity investments | |||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds | 1,184 | — | 1,184 | — | — | — | |||||||||||||||||||||||||||||
Other equity investments | 726 | (4) | 722 | 560 | — | 560 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 54,754 | (45,857) | 8,897 | 58,249 | (50,819) | 7,430 | |||||||||||||||||||||||||||||
Other | 18,723 | — | 18,723 | 17,925 | — | 17,925 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 11,110 | (840) | 10,270 | 14,722 | (846) | 13,876 | |||||||||||||||||||||||||||||
412,249 | (127,712) | 284,537 | 395,536 | (124,653) | 270,883 | ||||||||||||||||||||||||||||||
Investment expenses | (6,896) | 1,465 | (5,431) | (4,761) | 1,355 | (3,406) | |||||||||||||||||||||||||||||
Net investment income | $ | 405,353 | $ | (126,247) | $ | 279,106 | $ | 390,775 | $ | (123,298) | $ | 267,477 | |||||||||||||||||||||||
Net investment income return - annualized | 5.1 | % | (0.3) | % | 4.8 | % | 5.7 | % | (0.4) | % | 5.3 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | 10,035 | $ | (602) | $ | 9,433 | $ | 9,796 | $ | 2,721 | $ | 12,517 | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 226,240 | (35,865) | 190,375 | (211,996) | 35,444 | (176,552) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 141,646 | (1,656) | 139,990 | (57,806) | (1,389) | (59,195) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | 8 | — | 8 | — | — | — | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 2,950 | (127) | 2,823 | 13,097 | (7) | 13,090 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (40,413) | 33,622 | (6,791) | 18,907 | (16,954) | 1,953 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (7,526) | — | (7,526) | 14,348 | — | 14,348 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 332,940 | (4,628) | 328,312 | (213,654) | 19,815 | (193,839) | |||||||||||||||||||||||||||||
Total investment result | $ | 738,293 | $ | (130,875) | $ | 607,418 | $ | 177,121 | $ | (103,483) | $ | 73,638 | |||||||||||||||||||||||
Average invested assets | $ | 33,116,302 | $ | (9,320,127) | $ | 23,796,175 | $ | 29,426,362 | $ | (8,512,056) | $ | 20,914,306 | |||||||||||||||||||||||
Total investment return - annualized | 9.3 | % | 1.3 | % | 10.6 | % | 2.8 | % | (1.2) | % | 1.6 | % |
30 |
Comments on Non-GAAP Financial Measures |
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 11,199,657 | $ | (2,880,031) | $ | 8,319,626 | $ | 11,001,893 | $ | (2,567,796) | $ | 8,434,097 | |||||||||||||||||||||||
Corporate (4) | 7,795,056 | (1,511,271) | 6,283,785 | 7,862,423 | (1,387,804) | 6,474,619 | |||||||||||||||||||||||||||||
Asset-backed | 1,396,178 | (87,840) | 1,308,338 | 1,422,393 | (84,112) | 1,338,281 | |||||||||||||||||||||||||||||
Residential mortgage-backed | 1,393,065 | (260,851) | 1,132,214 | 1,707,056 | (256,383) | 1,450,673 | |||||||||||||||||||||||||||||
Agencies | 617,537 | (141,191) | 476,346 | 623,489 | (132,006) | 491,483 | |||||||||||||||||||||||||||||
Non-U.S. government | 600,986 | (124,321) | 476,665 | 618,809 | (104,896) | 513,913 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 307,729 | (62,436) | 245,293 | 326,451 | (56,974) | 269,477 | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 23,310,208 | (5,067,941) | 18,242,267 | 23,562,514 | (4,589,971) | 18,972,543 | |||||||||||||||||||||||||||||
Short term investments, at fair value | 5,054,254 | (2,904,922) | 2,149,332 | 4,531,655 | (3,004,186) | 1,527,469 | |||||||||||||||||||||||||||||
Equity investments, at fair value | |||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds | 764,191 | — | 764,191 | — | — | — | |||||||||||||||||||||||||||||
Other equity investments | 123,317 | (390) | 122,927 | 117,756 | (160) | 117,596 | |||||||||||||||||||||||||||||
Total equity investments, at fair value | 887,508 | (390) | 887,118 | 117,756 | (160) | 117,596 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,653,148 | (1,417,763) | 235,385 | 1,984,396 | (1,654,924) | 329,472 | |||||||||||||||||||||||||||||
Fund investments: | |||||||||||||||||||||||||||||||||||
Private credit funds | 1,268,388 | — | 1,268,388 | 1,181,146 | — | 1,181,146 | |||||||||||||||||||||||||||||
Private equity funds | 630,765 | — | 630,765 | 609,105 | — | 609,105 | |||||||||||||||||||||||||||||
Hedge funds | 338,891 | — | 338,891 | 338,248 | — | 338,248 | |||||||||||||||||||||||||||||
Insurance-linked securities funds | 141,084 | — | 141,084 | — | — | — | |||||||||||||||||||||||||||||
Direct private equity investments | 207,676 | — | 207,676 | 211,866 | — | 211,866 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 4,239,952 | (1,417,763) | 2,822,189 | 4,324,761 | (1,654,924) | 2,669,837 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,227 | — | 101,227 | 102,770 | — | 102,770 | |||||||||||||||||||||||||||||
Total investments | $ | 33,593,149 | $ | (9,391,016) | $ | 24,202,133 | $ | 32,639,456 | $ | (9,249,241) | $ | 23,390,215 |
31 |
Comments on Non-GAAP Financial Measures |
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) - Managed (1) | Adjustment (2) | Unrealized Gain (Loss) - Retained (3) | Unrealized Gain (Loss) - Managed (1) | Adjustment (2) | Unrealized Gain (Loss) - Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 89,412 | $ | (26,376) | $ | 63,036 | $ | (60,748) | $ | (5,242) | $ | (65,990) | |||||||||||||||||||||||
Corporate (4) | (6,969) | (8,470) | (15,439) | (57,047) | (65) | (57,112) | |||||||||||||||||||||||||||||
Other (5) | (38,563) | 8,761 | (29,802) | (70,231) | 15,055 | (55,176) | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 43,880 | (26,085) | 17,795 | (188,026) | 9,748 | (178,278) | |||||||||||||||||||||||||||||
Short term investments, at fair value | (555) | 434 | (121) | (511) | 414 | (97) | |||||||||||||||||||||||||||||
Equity investments, at fair value | |||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds | (2,000) | — | (2,000) | — | — | — | |||||||||||||||||||||||||||||
Other equity investments | 78,228 | (91) | 78,137 | 73,270 | 41 | 73,311 | |||||||||||||||||||||||||||||
Total equity investments, at fair value | 76,228 | (91) | 76,137 | 73,270 | 41 | 73,311 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | (55,223) | 21,352 | (33,871) | (16,861) | (11,663) | (28,524) | |||||||||||||||||||||||||||||
Fund investments | 242,098 | — | 242,098 | 256,379 | — | 256,379 | |||||||||||||||||||||||||||||
Direct private equity investments | 95,283 | — | 95,283 | 99,473 | — | 99,473 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 282,158 | 21,352 | 303,510 | 338,991 | (11,663) | 327,328 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total investments | $ | 401,711 | $ | (4,390) | $ | 397,321 | $ | 223,724 | $ | (1,460) | $ | 222,264 | |||||||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | 0.36 | $ | (3.55) |
32 |
Comments on Non-GAAP Financial Measures |
Three months ended | |||||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | 195,252 | $ | (244,827) | |||||||
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | (36,921) | 36,448 | |||||||||
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | (3,804) | 20,379 | |||||||||
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | (40,725) | 56,827 | |||||||||
Operating (income) loss attributable to redeemable noncontrolling interests | $ | 235,977 | $ | (301,654) |
33 |