•Annualized return on average common equity of 33.7% and annualized operating return on average common equity of 24.2%.

•Combined ratio of 75.1% and adjusted combined ratio of 73.0%.

•Fee income of $95.0 million, up 12.9% from Q2 2024.

•Total investment result of $762.8 million, including net investment income of $413.1 million and mark-to-market gains of $349.7 million.

•Repurchased approximately 1.6 million common shares at an aggregate cost of $376.4 million and an average price of $242.18 per common share. Repurchased an additional 293.8 thousand common shares at an aggregate cost of $70.2 million and an average price of $239.03 per common share from July 1, 2025 through July 21, 2025.

•Year-to-date change in book value per common share of 8.4% and growth in tangible book value per common share plus change in accumulated dividends of 10.4%.

Pembroke, Bermuda, July 23, 2025 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the second 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 reflected a successful mid-year renewal as the Company executed on market opportunities in the catastrophe class and optimized the property portfolio.

–The decrease of $21.2 million, or 1.2%, was primarily driven by:

–an increase in the catastrophe class of $98.1 million, or 7.8%, driven by strong mid-year renewals reflective of organic growth on existing clients, as well as new underwriting opportunities, including in U.S. catastrophe-exposed business; and

–a decrease in the other property class of $119.3 million, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business.

•Net premiums earned decreased by $112.8 million, or 11.5%, primarily driven by the reductions in the other property class gross premiums written, in addition to an increase in ceded premiums written in 2024, which continued to impact net premiums earned in 2025.

•Net claims and claim expense ratio - current accident year improved by 6.7 percentage points, due to the relatively low level of catastrophe losses in the quarter, as compared to Q2 2024, which had a 7.7 percentage point impact from large losses.

•Net claims and claim expense ratio - prior accident years reflected net favorable development of 30.7%, driven by:

–net favorable development of $131.5 million in the catastrophe class, primarily from the weather-related large losses in 2021, 2022, and 2023; and

–net favorable development of $135.1 million in the other property class, primarily due to reported losses coming in lower than expected.

•Underwriting expense ratio increased by 2.3 percentage points, consisting of:

–a 1.0 percentage point increase in the acquisition expense ratio and a 1.3 percentage point increase in the operating expense ratio, both primarily driven by the decrease in net premiums earned.

•Combined ratio and adjusted combined ratio each improved primarily due to the lower current accident year net losses and higher prior accident year net favorable development.

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

•Gross premiums written increased by $16.8 million, or 1.0%, driven by:

–increases mainly in the credit and specialty classes, which were largely offset by a net decrease within the casualty lines of business.

•Net premiums written decreased by 2.4%, driven by an increase in the Company’s retrocessional purchases.

•Net claims and claim expense ratio - current accident year increased by 0.3 percentage points due to the impact of higher attritional losses, primarily within the casualty lines of business, partly offset by a lower impact from large losses as compared to Q2 2024.

•Net claims and claim expense ratio - prior accident years of (0.2) percentage points, reflecting overall net favorable development in the quarter.

•Underwriting expense ratio increased 2.0 percentage points, which consisted of:

–a 1.1 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

–a 0.9 percentage point increase in the operating expense ratio mainly due to an increase in compensation expenses.

(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 remained consistently strong.

•Performance fee income increased due to positive underlying underwriting results and prior year net favorable development, primarily in DaVinci and Upsilon.

•Net investment income remained consistently strong, with an increase of $2.3 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 $477.3 million, mainly driven by:

–net realized and unrealized gains on fixed maturity investments trading of $94.6 million, primarily due to decreases in some market yields and a general tightening of credit spreads in Q2 2025, as compared to net realized and unrealized losses of $90.7 million in Q2 2024, primarily due to increases in market yields and a general widening of credit spreads; and

–an increase in net realized and unrealized gains on investment-related derivatives of $165.1 million, primarily due to a combination of gains on long equity and gold futures, as well as gains from treasury futures.

•Total investments were $34.5 billion at June 30, 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 5.1% and 2.6 years, respectively (December 31, 2024 - 5.4% and 2.9 years, respectively).

•Net income attributable to redeemable noncontrolling interests of $328.3 million was primarily driven by:

–underwriting income across vehicles, particularly in DaVinci and Vermeer; and

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

•Income tax expense of $176.9 million in Q2 2025, primarily driven by the newly effective Bermuda corporate income tax.

•Share Repurchases of 1.6 million common shares at an aggregate cost of $376.4 million and an average price of $242.18 per common share. Repurchased an additional 293.8 thousand common shares at an aggregate cost of $70.2 million and an average price of $239.03 per common share from July 1, 2025 through July 21, 2025.

•Raised third party capital of $106.1 million, including $81.3 million in Medici and $17.5 million in Upsilon Diversified.

•Return of third party capital of $216.7 million, including $153.0 million in Upsilon Diversified as a result of the release of collateral associated with prior years’ contracts, and $56.7 million in Medici.

•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.

•DaVinci repaid in full at maturity the aggregate principal amount of $150.0 million, plus applicable accrued interest, of its 4.750% Senior Notes due 2025 on May 1, 2025.

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, July 24, 2025 at 10:00 a.m. ET to discuss this release. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at investor.renre.com. A replay will be available after the call at the same location.

(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 June 30, 2025
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	1,731,935					$	1,689,245					$	—					$	3,421,180
Net premiums written			$	1,325,557					$	1,444,713					$	—					$	2,770,270
Net premiums earned			$	868,010					$	1,544,144					$	—					$	2,412,154
Net claims and claim expenses incurred			(7,930)						1,050,053						—						1,042,123
Acquisition expenses			174,200						468,405						—						642,605
Operational expenses			71,569						54,169						—						125,738
Underwriting income (loss)			$	630,171					$	(28,483)					$	—					601,688
Net investment income															413,108						413,108
Net foreign exchange gains (losses)															8,660						8,660
Equity in earnings (losses) of other ventures															20,333						20,333
Other income (loss)															2,624						2,624
Net realized and unrealized gains (losses) on investments															349,720						349,720
Corporate expenses															(23,781)						(23,781)
Interest expense															(31,793)						(31,793)
Income (loss) before taxes																					1,340,559
Income tax benefit (expense)															(176,869)						(176,869)
Net (income) loss attributable to redeemable noncontrolling interests															(328,339)						(328,339)
Dividends on preference shares															(8,844)						(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	826,507
Net claims and claim expenses incurred – current accident year			$	258,646					$	1,053,187					$	—					$	1,311,833
Net claims and claim expenses incurred – prior accident years			(266,576)						(3,134)						—						(269,710)
Net claims and claim expenses incurred – total			$	(7,930)					$	1,050,053					$	—					$	1,042,123
Net claims and claim expense ratio – current accident year			29.8		%				68.2		%										54.4		%
Net claims and claim expense ratio – prior accident years			(30.7)		%				(0.2)		%										(11.2)		%
Net claims and claim expense ratio – calendar year			(0.9)		%				68.0		%										43.2		%
Underwriting expense ratio			28.3		%				33.8		%										31.9		%
Combined ratio			27.4		%				101.8		%										75.1		%
			Three months ended June 30, 2024
			Property						Casualty and Specialty						Other						Total
Gross premiums written			$	1,753,098					$	1,672,397					$	—					$	3,425,495
Net premiums written			$	1,358,660					$	1,479,851					$	—					$	2,838,511
Net premiums earned			$	980,834					$	1,560,481					$	—					$	2,541,315
Net claims and claim expenses incurred			273,354						1,036,148						—						1,309,502
Acquisition expenses			188,345						456,093						—						644,438
Operational expenses			67,425						40,614						—						108,039
Underwriting income (loss)			$	451,710					$	27,626					$	—					479,336
Net investment income															410,845						410,845
Net foreign exchange gains (losses)															(8,815)						(8,815)
Equity in earnings (losses) of other ventures															12,590						12,590
Other income (loss)															169						169
Net realized and unrealized gains (losses) on investments															(127,584)						(127,584)
Corporate expenses															(35,159)						(35,159)
Interest expense															(23,609)						(23,609)
Income (loss) before taxes																					707,773
Income tax benefit (expense)															20,848						20,848
Net (income) loss attributable to redeemable noncontrolling interests															(224,731)						(224,731)
Dividends on preference shares															(8,844)						(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders																					$	495,046
Net claims and claim expenses incurred – current accident year			$	357,745					$	1,060,028					$	—					$	1,417,773
Net claims and claim expenses incurred – prior accident years			(84,391)						(23,880)						—						(108,271)
Net claims and claim expenses incurred – total			$	273,354					$	1,036,148					$	—					$	1,309,502
Net claims and claim expense ratio – current accident year			36.5		%				67.9		%										55.8		%
Net claims and claim expense ratio – prior accident years			(8.6)		%				(1.5)		%										(4.3)		%
Net claims and claim expense ratio – calendar year			27.9		%				66.4		%										51.5		%
Underwriting expense ratio			26.0		%				31.8		%										29.6		%
Combined ratio			53.9		%				98.2		%										81.1		%

(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 and six months ended June 30, 2025 for the acquisitions of Validus $48.0 million and $98.7 million, respectively (2024 - $59.0 million and $115.9 million, respectively); and TMR and Platinum $2.4 million and $5.2 million, respectively (2024 - $3.8 million and $7.5 million, respectively).

(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 June 30, 2025 for the acquisitions of Validus $442.1 million (2024 - $507.2 million), TMR $25.5 million (2024 - $26.6 million) and Platinum $201.1 million (2024 - $203.6 million).

(2)At June 30, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (2024 - $17.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at June 30, 2025 for the acquisitions of Validus $94.6 million (2024 - $270.7 million), TMR $47.7 million (2024 - $57.0 million) and Platinum $(0.6) million (2024 - $(0.7) 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.