•Growth in book value per share of 0.2% and growth in tangible book value per share plus change in accumulated dividends of 0.9%, in Q1 2025.

•Repurchased approximately 1.5 million common shares at an aggregate cost of $361.1 million and an average price of $242.08 per common share.

•Annualized return on average common equity of 6.6% and annualized operating return on average common equity of (2.9)% despite the 2025 Large Loss Events (which includes the California Wildfires) having a net negative impact of $702.8 million, after tax, on net income available to common shareholders.

•Total investment result of $738.3 million with net investment income of $405.4 million and mark-to-market gains of $332.9 million.

•Combined ratio of 128.3% and adjusted combined ratio of 126.4%, which included a 52.6 percentage point impact from the 2025 Large Loss Events.

•Casualty and Specialty combined ratio of 111.1% and adjusted combined ratio of 108.8%, which included a 9.2 percentage point impact from the 2025 Large Loss Events.

•Fee income of $30.5 million impacted by the California Wildfires, with management fees of $46.1 million and performance fees of $(15.6) million.

Pembroke, Bermuda, April 23, 2025 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the first quarter of 2025.

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

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

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

•Gross premiums written increased by $241.0 million, or 12.7%, driven by:

–an increase of $325.5 million, or 24.3%, in the catastrophe class, driven by a $361.9 million increase in reinstatement premiums, primarily related to the California Wildfires;

–otherwise gross premiums written in the catastrophe class remained relatively flat, with rate reductions at the January 1st renewals largely offset by other opportunities for growth

–partially offset by a decrease of $84.6 million in the other property class, primarily as a result of downwards premium adjustments on prior underwriting years.

•Net premiums written increased by $293.4 million, or 21.0%, driven by the increase in gross premiums written and a decrease in ceded premiums written.

•Net claims and claim expense ratio - current accident year increased by 118.5 percentage points, due to the impact of the California Wildfires, which added 159.4 percentage points to the catastrophe class and 29.6 percentage points to the other property class.

•Net claims and claim expense ratio - prior accident years reflected net favorable development of 15.0%, primarily driven by:

–net favorable development of $67.4 million in the catastrophe class, primarily driven by the weather-related large losses in 2021, 2022 and 2023; and

–net favorable development of $119.7 million in the other property class, primarily from attritional losses.

•Underwriting expense ratio decreased 7.8 percentage points, primarily due to:

–a 6.4 percentage point decrease in the acquisition expense ratio, primarily driven by the increase in net reinstatement premiums and the reversal of profit commissions, each as a result of the California Wildfires; and

–a 1.4 percentage point decrease in the operating expense ratio, primarily due to the increase in net reinstatement premiums.

•Combined ratio and adjusted combined ratio each increased primarily due to the impact of the California Wildfires.

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

•Gross premiums written decreased by $76.1 million, or 3.6%, driven by:

–changes in premium estimates on business written in prior underwriting years;

–partially offset by growth on the Company’s existing mortgage book of business.

•Net premiums written decreased by 2.7%, consistent with the drivers for gross premiums written discussed above.

•Net claims and claim expense ratio - current accident year increased by 9.4 percentage points compared to Q1 2024, principally driven by the impact of the 2025 Large Loss Events which added 9.7 percentage points to the current accident year ratio.

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

•Underwriting expense ratio increased 2.5 percentage points, which consisted of:

–a 3.0 percentage point increase in the net acquisition expense ratio, driven by changes in the mix of business due to increased mortgage business, which carries higher acquisition costs, and ceded impacts in the quarter.

•Combined ratio and adjusted combined ratio each increased primarily due to the impact of the 2025 Large Loss Events.

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

•Management fee income decreased, reflecting:

–a reduction in management fees from DaVinci as a result of the 2025 Large Loss Events; and

–recapture of previously deferred management fees in Q1 2024, which did not repeat in Q1 2025.

•Performance fee loss in Q1 2025, as compared to income in Q1 2024, as a result of the 2025 Large Loss Events, which primarily impacted DaVinci and certain structured reinsurance products.

Investment Results: Net investment income increased by $14.6 million and net realized and unrealized gains improved by $546.6 million from Q1 2024

•Net investment income increased by $14.6 million, primarily due to higher average invested assets in the fixed maturity investments portfolio, partially offset by decreases in market yields.

•Net realized and unrealized gains on investments improved by $546.6 million, mainly driven by:

–net realized and unrealized gains on fixed maturity investments trading of $236.3 million, primarily due to decreases in market yields in Q1 2025, as compared to net realized and unrealized losses of $202.2 million in Q1 2024, primarily due to increases in market yields; and

–an increase in net realized and unrealized gains on investment-related derivatives of $199.5 million, primarily as a result of gains on interest rate futures, due to market yield movements, and gains on commodity futures, following price increases on the underlying commodities.

•Total investments were $33.6 billion at March 31, 2025 (December 31, 2024 - $32.6 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.2% and 2.7 years, respectively (December 31, 2024 - 5.4% and 2.9 years, respectively).

•Net loss attributable to redeemable noncontrolling interests of $195.3 million was primarily driven by:

–underwriting losses across vehicles, particularly in DaVinci and Vermeer, driven by the California Wildfires; partially offset by

–net investment income and net realized and unrealized gains in the investment portfolios of the Company’s joint ventures and managed funds.

•Income tax benefit of $45.5 million in Q1 2025, compared to an expense of $15.4 million in Q1 2024. The income tax benefit was primarily driven by a $37.3 million tax benefit recorded due to a valuation allowance release against a specific deferred tax asset, as well as underwriting losses due to the 2025 Large Loss Events. This benefit was partially offset by income tax expense related to investment income, mark-to-market gains and other items.

•Share Repurchases of 1.5 million common shares at an aggregate cost of $361.1 million and an average price of $242.08 per common share. Repurchased an additional 278.0 thousand common shares at an aggregate cost of $65.3 million and an average price of $234.83 per common share from April 1, 2025 through April 21, 2025.

•Launch of Medici UCITS, a new Irish domiciled property catastrophe bond fund, a sub-fund of RenaissanceRe Medici ICAV, in March 2025. Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s catastrophe bond investment strategy through a dedicated European-regulated UCITS structure. Medici UCITS launched with $341.5 million in total capital, made up of a combination of primarily existing partner capital, new partner capital and a $140.0 million co-investment from the Company.

•Raised third party capital of $461.8 million, primarily through Fontana ($129.2 million), DaVinci ($69.7 million), Medici ($61.5 million), and Medici UCITS ($201.5 million) which included $176.5 million transferred in kind from Medici as noted below.

•Return of third party capital of $406.2 million, including $72.0 million in Fontana, and $254.1 million in Medici which included $176.5 million that was transferred in kind to Medici UCITS.

•Offering of $500.0 million principal amount of the Company’s 5.800% Senior Notes due 2035 completed on February 25, 2025. The Company received net proceeds of approximately $493.5 million from the offering of senior notes after deducting the underwriting discounts and estimated offering expenses payable.

•Offering of $300.0 million principal amount of DaVinciRe Holdings Ltd. 5.950% Senior Notes due 2035 completed on March 5, 2025.

•RenaissanceRe Finance repaid in full at maturity the aggregate principal amount of $300.0 million, plus applicable accrued interest, of its 3.700% Senior Notes due 2025 on April 1, 2025.

(1)The “California Wildfires” were a series of wildfires that burned throughout southern California in January 2025.

(2)“Other 2025 Large Loss Events” represents: the crash of American Airlines flight 5342 in January 2025, and certain refinery fires in the first quarter of 2025.

(3)“2025 Large Loss Events” includes the California Wildfires and the Other 2025 Large Loss Events.

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

RenaissanceRe will host a conference call on Thursday, April 24, 2025 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - News & Events - Investor Calendar” section of the Company’s website at www.renre.com. An archive of the call will be available from approximately 1:00 p.m. ET on April 24, 2025, through midnight ET on May 1, 2025.

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

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
			Three months ended March 31, 2025
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	2,130,833					$	2,024,670					$	—					$	4,155,503
Net premiums written			$	1,690,994					$	1,752,535					$	—					$	3,443,529
Net premiums earned			$	1,247,950					$	1,472,831					$	—					$	2,720,781
Net claims and claim expenses incurred			1,623,257						1,120,501						—						2,743,758
Acquisition expenses			167,645						479,790						—						647,435
Operational expenses			64,266						35,919						—						100,185
Underwriting income (loss)			$	(607,218)					$	(163,379)					$	—					(770,597)
Net investment income															405,353						405,353
Net foreign exchange gains (losses)															(7,328)						(7,328)
Equity in earnings (losses) of other ventures															17,828						17,828
Other income (loss)															914						914
Net realized and unrealized gains (losses) on investments															332,940						332,940
Corporate expenses															(22,810)						(22,810)
Interest expense															(27,086)						(27,086)
Income (loss) before taxes																					(70,786)
Income tax benefit (expense)															45,525						45,525
Net (income) loss attributable to redeemable noncontrolling interests															195,252						195,252
Dividends on preference shares															(8,844)						(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	161,147
Net claims and claim expenses incurred – current accident year			$	1,810,315					$	1,129,317					$	—					$	2,939,632
Net claims and claim expenses incurred – prior accident years			(187,058)						(8,816)						—						(195,874)
Net claims and claim expenses incurred – total			$	1,623,257					$	1,120,501					$	—					$	2,743,758
Net claims and claim expense ratio – current accident year			145.1		%				76.7		%										108.0		%
Net claims and claim expense ratio – prior accident years			(15.0)		%				(0.6)		%										(7.2)		%
Net claims and claim expense ratio – calendar year			130.1		%				76.1		%										100.8		%
Underwriting expense ratio			18.6		%				35.0		%										27.5		%
Combined ratio			148.7		%				111.1		%										128.3		%
			Three months ended March 31, 2024
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	1,889,881					$	2,100,803					$	—					$	3,990,684
Net premiums written			$	1,397,618					$	1,801,955					$	—					$	3,199,573
Net premiums earned			$	936,083					$	1,507,827					$	—					$	2,443,910
Net claims and claim expenses incurred			154,249						1,011,874						—						1,166,123
Acquisition expenses			185,782						445,139						—						630,921
Operational expenses			61,624						44,560						—						106,184
Underwriting income (loss)			$	534,428					$	6,254					$	—					540,682
Net investment income															390,775						390,775
Net foreign exchange gains (losses)															(35,683)						(35,683)
Equity in earnings (losses) of other ventures															14,127						14,127
Other income (loss)															(50)						(50)
Net realized and unrealized gains (losses) on investments															(213,654)						(213,654)
Corporate expenses															(39,252)						(39,252)
Interest expense															(23,104)						(23,104)
Income (loss) before taxes																					633,841
Income tax benefit (expense)															(15,372)						(15,372)
Net (income) loss attributable to redeemable noncontrolling interests															(244,827)						(244,827)
Dividends on preference shares															(8,844)						(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	364,798
Net claims and claim expenses incurred – current accident year			$	248,916					$	1,014,288					$	—					$	1,263,204
Net claims and claim expenses incurred – prior accident years			(94,667)						(2,414)						—						(97,081)
Net claims and claim expenses incurred – total			$	154,249					$	1,011,874					$	—					$	1,166,123
Net claims and claim expense ratio – current accident year			26.6		%				67.3		%										51.7		%
Net claims and claim expense ratio – prior accident years			(10.1)		%				(0.2)		%										(4.0)		%
Net claims and claim expense ratio – calendar year			16.5		%				67.1		%										47.7		%
Underwriting expense ratio			26.4		%				32.5		%										30.2		%
Combined ratio			42.9		%				99.6		%										77.9		%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

Comments on Non-GAAP Financial Measures

(1)Revised from previously reported “corporate expenses associated with acquisitions and dispositions” to “expenses (revenues) associated with acquisitions, dispositions and impairments” to clarify inclusion of impairments on strategic investments related to acquisitions and dispositions.

(2)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2025 for the acquisitions of Validus of $50.7 million (2024 - $56.9 million); and TMR and Platinum of $2.9 million (2024 - $3.7 million).

(3)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date.

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

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

(1)Represents the acquired goodwill and other intangible assets at March 31, 2025 for the acquisitions of Validus $459.2 million (2024 - $527.4 million), TMR $25.8 million (2024 - $26.9 million) and Platinum $201.2 million (2024 - $204.6 million).

(2)At March 31, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (2024 - $18.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at March 31, 2025 for the acquisitions of Validus $130.2 million (2024 - $323.3 million), TMR $49.6 million (2024 - $59.6 million) and Platinum $(0.6) million (2024 - $(0.8) million).

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