Form: 8-K

Current report

April 28, 2026

Documents


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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.
Segment Underwriting Results
b.
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
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RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 25 through 33 for “Comments on Non-GAAP Financial Measures.”

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








i

Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry and government initiatives and regulatory matters affecting the (re)insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by the Company that its current objectives or plans will be achieved. Numerous factors could cause the Company’s actual results to differ materially from those addressed by the forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts globally; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its operating subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

ii

RenaissanceRe Holdings Ltd.
Financial Highlights
Three months ended
March 31,
2026		March 31,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders$284,535 $161,147 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$590,537 $(69,754)
Underwriting income
Gross premiums written$3,478,873 $4,155,503 
Net premiums written2,678,296 3,443,529 
Net premiums earned
2,183,614 2,720,781 
Underwriting income (loss) 588,758 (770,597)
Net claims and claim expense ratio:
Current accident year52.5 %108.0 %
Prior accident years(7.4)%(7.2)%
Calendar year45.1 %100.8 %
Acquisition expense ratio23.8 %23.8 %
Operating expense ratio4.1 %3.7 %
Combined ratio73.0 %128.3 %
Adjusted combined ratio (1)
72.0 %126.4 %
Fee income
Management fee income$47,927 $46,061 
Performance fee income46,199 (15,604)
Total fee income$94,126 $30,457 
Investment results - managed
Net investment income$420,502 $405,353 
Equity in earnings (losses) of other ventures (2)
20,485 17,828 
Net realized and unrealized gains (losses) on investments(421,913)332,940 
Total investment result (2)
$19,074 $756,121 
Investment results - retained (1)
Net investment income$304,144 $279,106 
Equity in earnings (losses) of other ventures (2)
20,485 17,828 
Net realized and unrealized gains (losses) on investments(356,754)328,312 
Total investment result (2)
$(32,125)$625,246 
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented have been updated to conform to the current presentation.
1

Financial Highlights - Per Share Data & ROE
Three months ended
March 31,
2026		March 31,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$6.60 $3.29 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$6.57 $3.27 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$13.75 $(1.49)
Average shares outstanding - basic42,434 48,334 
Average shares outstanding - diluted42,628 48,514 
Return on average common equity - annualized10.5 %6.6 %
Operating return on average common equity - annualized (1)
21.8 %(2.9)%
March 31,
2026		December 31,
2025
Book value per common share$250.48 $247.00 
Tangible book value per common share (1)
$233.49 $230.10 
Tangible book value per common share plus accumulated dividends (1)
$263.58 $259.78 
Year to date change in book value per common share plus change in accumulated dividends1.6 %27.0 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)
1.7 %30.8 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.




2

Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months ended
March 31,
2026		March 31,
2025
Revenues
Gross premiums written$3,478,873 $4,155,503 
Net premiums written$2,678,296 $3,443,529 
Decrease (increase) in unearned premiums(494,682)(722,748)
Net premiums earned2,183,614 2,720,781 
Net investment income420,502 405,353 
Net foreign exchange gains (losses) (9,019)(7,328)
Equity in earnings (losses) of other ventures20,485 17,828 
Other income (loss) 1,247 914 
Net realized and unrealized gains (losses) on investments(421,913)332,940 
Total revenues2,194,916 3,470,488 
Expenses
Net claims and claim expenses incurred983,971 2,743,758 
Acquisition expenses521,850 647,435 
Operational expenses89,035 100,185 
Corporate expenses19,460 22,810 
Interest expense31,786 27,086 
Total expenses1,646,102 3,541,274 
Income (loss) before taxes548,814 (70,786)
Income tax benefit (expense)(32,984)45,525 
Net income (loss) 515,830 (25,261)
Net (income) loss attributable to redeemable noncontrolling interests(222,451)195,252 
Net income (loss) attributable to RenaissanceRe293,379 169,991 
Dividends on preference shares(8,844)(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$284,535 $161,147 
3

Summary Consolidated Financial Statements
Consolidated Balance Sheets
March 31,
2026		December 31,
2025
Assets
Fixed maturity investments trading, at fair value – amortized cost $24,893,245 at March 31, 2026 (December 31, 2025 – $24,658,351)
$24,901,291 $24,884,323 
Short term investments, at fair value – amortized cost $3,887,637 at March 31, 2026 (December 31, 2025 – $4,760,027)
3,883,610 4,759,811 
Equity investments, at fair value1,594,284 1,732,990 
Other investments, at fair value4,651,495 4,574,214 
Investments in other ventures, under equity method140,853 121,871 
Total investments35,171,533 36,073,209 
Cash and cash equivalents1,562,883 1,731,181 
Premiums receivable8,097,885 7,252,454 
Prepaid reinsurance premiums1,354,841 993,781 
Reinsurance recoverable3,730,957 3,899,913 
Accrued investment income234,709 233,688 
Deferred acquisition costs and value of business acquired
1,665,666 1,538,540 
Deferred tax asset
705,661 701,927 
Receivable for investments sold182,534 414,523 
Other assets393,908 328,087 
Goodwill and other intangibles617,772 633,087 
Total assets$53,718,349 $53,800,390 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$22,291,058 $22,302,345 
Unearned premiums6,885,462 6,028,174 
Debt2,330,051 2,329,201 
Reinsurance balances payable2,821,884 2,540,518 
Payable for investments purchased308,635 533,101 
Other liabilities523,894 856,302 
Total liabilities35,160,984 34,589,641 
Redeemable noncontrolling interests7,043,124 7,602,092 
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2026 (December 31, 2025 – 30,000)
750,000 750,000 
Common shares: $1.00 par value – 42,973,774 shares issued and outstanding at March 31, 2026 (December 31, 2025 – 43,961,539)
42,974 43,962 
Additional paid-in capital— — 
Accumulated other comprehensive loss(12,152)(12,626)
Retained earnings10,733,419 10,827,321 
Total shareholders’ equity attributable to RenaissanceRe
11,514,241 11,608,657 
Total liabilities, noncontrolling interests and shareholders’ equity
$53,718,349 $53,800,390 
Book value per common share$250.48 $247.00 
4


Underwriting and Reserves
Segment Underwriting Results
Three months ended March 31, 2026Three months ended March 31, 2025
PropertyCasualty and SpecialtyTotalPropertyCasualty and SpecialtyTotal
Gross premiums written$1,707,420 $1,771,453 $3,478,873 $2,130,833 $2,024,670 $4,155,503 
Net premiums written$1,255,193 $1,423,103 $2,678,296 $1,690,994 $1,752,535 $3,443,529 
Net premiums earned$900,738 $1,282,876 $2,183,614 $1,247,950 $1,472,831 $2,720,781 
Net claims and claim expenses incurred84,108 899,863 983,971 1,623,257 1,120,501 2,743,758 
Acquisition expenses157,031 364,819 521,850 167,645 479,790 647,435 
Operational expenses65,736 23,299 89,035 64,266 35,919 100,185 
Underwriting income (loss) $593,863 $(5,105)$588,758 $(607,218)$(163,379)$(770,597)
Net claims and claim expenses incurred:
Current accident year$244,849 $901,137 $1,145,986 $1,810,315 $1,129,317 $2,939,632 
Prior accident years(160,741)(1,274)(162,015)(187,058)(8,816)(195,874)
Total$84,108 $899,863 $983,971 $1,623,257 $1,120,501 $2,743,758 
Net claims and claim expense ratio:
Current accident year27.2 %70.2 %52.5 %145.1 %76.7 %108.0 %
Prior accident years(17.9)%(0.1)%(7.4)%(15.0)%(0.6)%(7.2)%
Calendar year9.3 %70.1 %45.1 %130.1 %76.1 %100.8 %
Acquisition expense ratio17.5 %28.5 %23.8 %13.5 %32.5 %23.8 %
Operating expense ratio7.3 %1.8 %4.1 %5.1 %2.5 %3.7 %
Combined ratio34.1 %100.4 %73.0 %148.7 %111.1 %128.3 %
Adjusted combined ratio (1)
33.0 %99.4 %72.0 %147.1 %108.8 %126.4 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

5

Underwriting and Reserves
Underwriting Results - Five Quarter Trend
Total
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Gross premiums written$3,478,873 $1,838,111 $2,323,626 $3,421,180 $4,155,503 
Net premiums written$2,678,296 $1,598,599 $2,057,802 $2,770,270 $3,443,529 
Net premiums earned$2,183,614 $2,334,442 $2,433,805 $2,412,154 $2,720,781 
Net claims and claim expenses incurred983,971 951,138 878,820 1,042,123 2,743,758 
Acquisition expenses521,850 601,060 659,723 642,605 647,435 
Operational expenses89,035 113,481 125,073 125,738 100,185 
Underwriting income (loss)$588,758 $668,763 $770,189 $601,688 $(770,597)
Net claims and claim expenses incurred:
Current accident year$1,145,986 $1,196,436 $1,258,871 $1,311,833 $2,939,632 
Prior accident years(162,015)(245,298)(380,051)(269,710)(195,874)
Total$983,971 $951,138 $878,820 $1,042,123 $2,743,758 
Net claims and claim expense ratio:
Current accident year52.5 %51.3 %51.7 %54.4 %108.0 %
Prior accident years(7.4)%(10.6)%(15.6)%(11.2)%(7.2)%
Calendar year45.1 %40.7 %36.1 %43.2 %100.8 %
Acquisition expense ratio23.8 %25.8 %27.2 %26.7 %23.8 %
Operating expense ratio4.1 %4.9 %5.1 %5.2 %3.7 %
Combined ratio73.0 %71.4 %68.4 %75.1 %128.3 %
Adjusted combined ratio (1)
72.0 %70.0 %66.6 %73.0 %126.4 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.












6

Underwriting and Reserves
Property Segment Underwriting Results - Five Quarter Trend
Property
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Gross premiums written$1,707,420 $346,099 $733,274 $1,731,935 $2,130,833 
Net premiums written$1,255,193 $333,320 $694,125 $1,325,557 $1,690,994 
Net premiums earned$900,738 $918,776 $936,933 $868,010 $1,247,950 
Net claims and claim expenses incurred84,108 (55,808)(133,504)(7,930)1,623,257 
Acquisition expenses157,031 180,660 192,347 174,200 167,645 
Operational expenses65,736 75,067 86,579 71,569 64,266 
Underwriting income (loss) $593,863 $718,857 $791,511 $630,171 $(607,218)
Net claims and claim expenses incurred:
Current accident year$244,849 $196,081 $250,169 $258,646 $1,810,315 
Prior accident years(160,741)(251,889)(383,673)(266,576)(187,058)
Total$84,108 $(55,808)$(133,504)$(7,930)$1,623,257 
Net claims and claim expense ratio:
Current accident year27.2 %21.3 %26.7 %29.8 %145.1 %
Prior accident years(17.9)%(27.4)%(40.9)%(30.7)%(15.0)%
Calendar year9.3 %(6.1)%(14.2)%(0.9)%130.1 %
Acquisition expense ratio17.5 %19.7 %20.5 %20.1 %13.5 %
Operating expense ratio7.3 %8.2 %9.2 %8.2 %5.1 %
Combined ratio34.1 %21.8 %15.5 %27.4 %148.7 %
Adjusted combined ratio (1)
33.0 %20.4 %14.2 %25.8 %147.1 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
7

Underwriting and Reserves
Casualty and Specialty Segment Underwriting Results - Five Quarter Trend
Casualty and Specialty
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Gross premiums written$1,771,453 $1,492,012 $1,590,352 $1,689,245 $2,024,670 
Net premiums written$1,423,103 $1,265,279 $1,363,677 $1,444,713 $1,752,535 
Net premiums earned$1,282,876 $1,415,666 $1,496,872 $1,544,144 $1,472,831 
Net claims and claim expenses incurred899,863 1,006,946 1,012,324 1,050,053 1,120,501 
Acquisition expenses364,819 420,400 467,376 468,405 479,790 
Operational expenses23,299 38,414 38,494 54,169 35,919 
Underwriting income (loss)$(5,105)$(50,094)$(21,322)$(28,483)$(163,379)
Net claims and claim expenses incurred:
Current accident year$901,137 $1,000,355 $1,008,702 $1,053,187 $1,129,317 
Prior accident years(1,274)6,591 3,622 (3,134)(8,816)
Total$899,863 $1,006,946 $1,012,324 $1,050,053 $1,120,501 
Net claims and claim expense ratio:
Current accident year70.2 %70.7 %67.4 %68.2 %76.7 %
Prior accident years(0.1)%0.4 %0.2 %(0.2)%(0.6)%
Calendar year70.1 %71.1 %67.6 %68.0 %76.1 %
Acquisition expense ratio28.5 %29.7 %31.2 %30.3 %32.5 %
Operating expense ratio1.8 %2.7 %2.6 %3.5 %2.5 %
Combined ratio100.4 %103.5 %101.4 %101.8 %111.1 %
Adjusted combined ratio (1)
99.4 %102.3 %99.3 %99.5 %108.8 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.









8

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended March 31, 2026Three months ended March 31, 2025
CatastropheOther PropertyTotalCatastropheOther PropertyTotal
Gross premiums written$1,279,607 $427,813 $1,707,420 $1,666,641 $464,192 $2,130,833 
Net premiums written$998,122 $257,071 $1,255,193 $1,411,050 $279,944 $1,690,994 
Net premiums earned$562,721 $338,017 $900,738 $882,819 $365,131 $1,247,950 
Net claims and claim expenses incurred(5,443)89,551 84,108 1,431,394 191,863 1,623,257 
Acquisition expenses64,641 92,390 157,031 66,581 101,064 167,645 
Operational expenses55,567 10,169 65,736 51,837 12,429 64,266 
Underwriting income (loss)$447,956 $145,907 $593,863 $(666,993)$59,775 $(607,218)
Net claims and claim expenses incurred:
Current accident year$57,201 $187,648 $244,849 $1,498,773 $311,542 $1,810,315 
Prior accident years(62,644)(98,097)(160,741)(67,379)(119,679)(187,058)
Total$(5,443)$89,551 $84,108 $1,431,394 $191,863 $1,623,257 
Net claims and claim expense ratio:
Current accident year10.2 %55.5 %27.2 %169.8 %85.3 %145.1 %
Prior accident years(11.2)%(29.0)%(17.9)%(7.7)%(32.8)%(15.0)%
Calendar year(1.0)%26.5 %9.3 %162.1 %52.5 %130.1 %
Acquisition expense ratio11.5 %27.3 %17.5 %7.6 %27.7 %13.5 %
Operating expense ratio9.9 %3.0 %7.3 %5.9 %3.4 %5.1 %
Combined ratio20.4 %56.8 %34.1 %175.6 %83.6 %148.7 %
Adjusted combined ratio (1)
19.2 %56.1 %33.0 %174.0 %82.1 %147.1 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
9

Underwriting and Reserves
Gross Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2026		March 31,
2025
Property Segment
Catastrophe$1,285,442 $1,328,261 $(42,819)(3.2)%
Catastrophe - gross reinstatement premiums(5,835)338,380 (344,215)(101.7)%
Total catastrophe gross premiums written1,279,607 1,666,641 (387,034)(23.2)%
Other property428,612 462,717 (34,105)(7.4)%
Other property - gross reinstatement premiums(799)1,475 (2,274)(154.2)%
Total other property gross premiums written427,813 464,192 (36,379)(7.8)%
Property segment gross premiums written$1,707,420 $2,130,833 $(423,413)(19.9)%
Casualty and Specialty Segment
General casualty (1)
$500,958 $680,449 $(179,491)(26.4)%
Professional liability (2)
299,696 236,961 62,735 26.5 %
Credit (3)
359,304 400,753 (41,449)(10.3)%
Other specialty (4)
611,495 706,507 (95,012)(13.4)%
Casualty and Specialty segment gross premiums written$1,771,453 $2,024,670 $(253,217)(12.5)%
(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.
10

Underwriting and Reserves
Net Premiums Written
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2026		March 31,
2025
Property Segment
Catastrophe$1,000,555 $1,077,335 $(76,780)(7.1)%
Catastrophe - net reinstatement premiums(2,433)333,715 (336,148)(100.7)%
Total catastrophe net premiums written998,122 1,411,050 (412,928)(29.3)%
Other property258,341 278,395 (20,054)(7.2)%
Other property - net reinstatement premiums(1,270)1,549 (2,819)(182.0)%
Total other property net premiums written257,071 279,944 (22,873)(8.2)%
Property segment net premiums written$1,255,193 $1,690,994 $(435,801)(25.8)%
Casualty and Specialty Segment
General casualty (1)
$434,097 $633,167 $(199,070)(31.4)%
Professional liability (2)
250,246 221,721 28,525 12.9 %
Credit (3)
291,291 345,821 (54,530)(15.8)%
Other specialty (4)
447,469 551,826 (104,357)(18.9)%
Casualty and Specialty segment net premiums written$1,423,103 $1,752,535 $(329,432)(18.8)%
(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.
11

Underwriting and Reserves
Net Premiums Earned
Three months ended
Q/Q $
Change
Q/Q % Change
March 31,
2026		March 31,
2025
Property Segment
Catastrophe$565,154 $549,104 $16,050 2.9 %
Catastrophe - net reinstatement premiums(2,433)333,715 (336,148)(100.7)%
Total catastrophe net premiums earned562,721 882,819 (320,098)(36.3)%
Other property339,287 363,582 (24,295)(6.7)%
Other property - net reinstatement premiums(1,270)1,549 (2,819)(182.0)%
Total other property net premiums earned338,017 365,131 (27,114)(7.4)%
Property segment net premiums earned$900,738 $1,247,950 $(347,212)(27.8)%
Casualty and Specialty Segment
General casualty (1)
$436,766 $608,597 $(171,831)(28.2)%
Professional liability (2)
274,130 202,729 71,401 35.2 %
Credit (3)
184,303 211,614 (27,311)(12.9)%
Other specialty (4)
387,677 449,891 (62,214)(13.8)%
Casualty and Specialty segment net premiums earned$1,282,876 $1,472,831 $(189,955)(12.9)%
(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.




12

Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case ReservesAdditional Case ReservesIBNRTotal
March 31, 2026
Property$1,749,063 $1,562,377 $2,039,860 $5,351,300 
Casualty and Specialty3,645,622 334,902 12,959,234 16,939,758 
Total
$5,394,685 $1,897,279 $14,999,094 $22,291,058 
December 31, 2025
Property$1,797,427 $1,679,848 $2,208,709 $5,685,984 
Casualty and Specialty3,393,451 327,941 12,894,969 16,616,361 
Total$5,190,878 $2,007,789 $15,103,678 $22,302,345 
13

RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
Three months ended March 31, 2026Three months ended March 31, 2025
GrossRecoveriesNetGrossRecoveriesNet
Reserve for claims and claim expenses, beginning of period$22,302,345 $3,899,913 $18,402,432 $21,303,491 $4,481,390 $16,822,101 
Incurred claims and claim expenses
Current year1,286,578 140,592 1,145,986 3,455,425 515,793 2,939,632 
Prior years(253,548)(91,533)(162,015)(350,583)(154,709)(195,874)
Total incurred claims and claim expenses1,033,030 49,059 983,971 3,104,842 361,084 2,743,758 
Paid claims and claim expenses
Current year52,143 9,561 42,582 536,752 44,638 492,114 
Prior years964,845 188,844 776,001 1,084,089 196,057 888,032 
Total paid claims and claim expenses1,016,988 198,405 818,583 1,620,841 240,695 1,380,146 
Foreign exchange and other (1)
(27,329)(19,610)(7,719)69,639 (23,884)93,523 
Reserve for claims and claim expenses, end of period$22,291,058 $3,730,957 $18,560,101 $22,857,131 $4,577,895 $18,279,236 
(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.

14

Managed Joint Ventures and Fee Income
Fee Income
The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.
Three months ended
March 31,
2026		March 31,
2025
Management fee income$47,927 $46,061 
Performance fee income (loss) (1)
46,199 (15,604)
Total fee income$94,126 $30,457 
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.
Three months ended
March 31,
2026		March 31,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
$72,171 $(8,942)
Underwriting income (loss) (1)
21,955 39,399 
Total fee income$94,126 $30,457 
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
15

Managed Joint Ventures and Fee Income
Fee Income - Five Quarter Trend
The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.
Three months ended
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Management fee income$47,927 $52,002 $53,014 $56,407 $46,061 
Performance fee income (loss) (1)
46,199 49,626 48,796 38,550 (15,604)
Total fee income$94,126 $101,628 $101,810 $94,957 $30,457 
(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.
Three months ended
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests
$72,171 $87,877 $88,689 $82,465 $(8,942)
Underwriting income (loss) (1)
21,955 13,751 13,121 12,492 39,399 
Total fee income$94,126 $101,628 $101,810 $94,957 $30,457 
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.
16

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

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:
Three months ended
March 31,
2026		March 31,
2025
Redeemable noncontrolling interests - DaVinci
$(156,900)$112,441 
Redeemable noncontrolling interests - Medici(19,807)(15,163)
Redeemable noncontrolling interests - Vermeer(51,699)107,080 
Redeemable noncontrolling interests - Fontana5,955 (9,106)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$(222,451)$195,252 

Three months ended
March 31,
2026		March 31,
2025
Operating (income) loss attributable to redeemable noncontrolling interests (2)
$(278,518)$235,977 
Non-operating (income) loss attributable to redeemable noncontrolling interests56,067 (40,725)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$(222,451)$195,252 
(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.






17

Managed Joint Ventures and Fee Income
Noncontrolling Interests
A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheets is set forth below:
March 31,
2026		December 31,
2025
Redeemable noncontrolling interests - DaVinci
$3,291,360 $3,701,637 
Redeemable noncontrolling interests - Medici1,433,068 1,398,166 
Redeemable noncontrolling interests - Vermeer1,824,130 1,922,431 
Redeemable noncontrolling interests - Fontana494,566 579,858 
Redeemable noncontrolling interests
$7,043,124 $7,602,092 

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:
March 31,
2026		December 31,
2025
DaVinci73.7 %75.7 %
Medici88.8 %88.7 %
Vermeer100.0 %100.0 %
Fontana61.6 %71.3 %
18

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations and Balance Sheet Data
Three months ended
March 31,
2026		March 31,
2025
Revenues
Gross premiums written$656,778 $854,865 
Net premiums written$600,189 $802,238 
Decrease (increase) in unearned premiums(290,933)(342,462)
Net premiums earned309,256 459,776 
Net investment income65,117 63,412 
Net foreign exchange gains (losses) (1,658)(2,384)
Net realized and unrealized gains (losses) on investments(49,913)36,488 
Total revenues322,802 557,292 
Expenses
Net claims and claim expenses incurred(9,664)697,271 
Acquisition expenses84,542 (18,392)
Operational expenses
31,832 22,493 
Corporate expenses
103 38 
Interest expense4,543 3,198 
Total expenses111,356 704,608 
Income (loss) before taxes211,446 (147,316)
Income tax benefit (expense)(641)(1,178)
Net income (loss) available (attributable) to DaVinci common shareholders$210,805 $(148,494)
Net claims and claim expense ratio - current accident year
12.1 %158.7 %
Net claims and claim expense ratio - prior accident years
(15.2)%(7.0)%
Net claims and claim expense ratio - calendar year
(3.1)%151.7 %
Underwriting expense ratio
37.6 %0.8 %
Combined ratio
34.5 %152.5 %
Balance Sheet Data:
March 31,
2026		December 31,
2025
Total investments$5,724,399 $6,246,947 
Total assets7,035,483 7,225,478 
Reserve for claims and claim expenses1,408,234 1,485,378 
Debt297,052 296,972 
Total shareholders’ equity4,349,174 4,888,369 

19

Investments
Total Investment Result
Managed (1)
Retained (2)
Three months endedThree months ended
March 31,
2026		March 31,
2025		March 31,
2026		March 31,
2025
Net investment income
Fixed maturity investments trading$294,494 $284,723 $232,641 $226,828 
Short term investments34,306 41,029 13,684 17,913 
Equity investments
Fixed income exchange traded funds21,692 1,184 21,692 1,184 
Common stock (3)
677 726 677 722 
Other investments
Catastrophe bonds39,932 54,754 5,288 8,897 
Fund and direct private equity investments (3)
25,211 18,723 25,119 18,723 
Cash and cash equivalents11,163 11,110 10,390 10,270 
427,475 412,249 309,491 284,537 
Investment expenses(6,973)(6,896)(5,347)(5,431)
Net investment income$420,502 $405,353 $304,144 $279,106 
Equity in earnings (losses) of other ventures (4)
$20,485 $17,828 $20,485 $17,828 
Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)
$(267,948)$312,877 $(215,763)$274,754 
Equity-related investments (7)
(147,426)(49,589)(146,422)(49,716)
Commodity-related investments (8)
65,310 117,591 65,310 117,591 
Other investments
Catastrophe bonds(11,829)(40,413)(468)(6,791)
Fund and direct private equity investments (3)
(60,020)(7,526)(59,411)(7,526)
Net realized and unrealized gains (losses) on investments$(421,913)$332,940 $(356,754)$328,312 
Total investment result (4)
$19,074 $756,121 $(32,125)$625,246 
Average invested assets$35,622,372 $33,116,302 $25,914,519 $23,796,175 
Net investment income return - annualized4.9 %5.1 %4.8 %4.8 %
Total investment return - annualized (4)
0.3 %9.6 %(0.5)%10.9 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(4)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented have been updated to conform to the current presentation.
(5)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods have been updated to conform to the current presentation.
(6)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(7)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(8)Includes commodity-related derivatives, which includes commodity futures and commodity options.
20

Investments
Investments Composition
March 31, 2026December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Type of InvestmentFair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)
Fixed maturity investments trading, at fair value
U.S. treasuries$10,253,936 $46,066 $7,488,394 $35,709 $10,641,503 $134,072 $7,651,734 $101,770 
Corporate8,984,951 (18,441)7,372,851 (21,646)8,528,828 75,453 6,654,252 49,673 
Other (3)
5,662,404 (19,579)4,835,753 (13,745)5,713,992 16,447 4,787,279 18,137 
Total fixed maturity investments trading, at fair value24,901,291 8,046 19,696,998 318 24,884,323 225,972 19,093,265 169,580 
Short term investments, at fair value3,883,610 (4,027)1,191,542 (3,855)4,759,811 (216)1,831,823 (10)
Equity investments, at fair value
Fixed income exchange traded funds1,359,777 (25,313)1,293,249 (24,574)1,582,811 26,827 1,582,811 26,827 
Equity exchange traded funds106,569 (8,451)106,569 (8,451)— — — — 
Common stock
127,938 80,534 127,265 80,620 150,179 95,243 146,514 95,056 
Total equity investments, at fair value1,594,284 46,770 1,527,083 47,595 1,732,990 122,070 1,729,325 121,883 
Other investments, at fair value
Catastrophe bonds1,609,000 9,582 288,916 475 1,613,710 25,617 231,893 1,445 
Fund investments2,917,837 383,870 2,903,505 384,611 2,775,499 381,941 2,762,301 382,200 
Direct private equity investments124,658 11,265 124,658 11,265 185,005 71,612 185,005 71,612 
Total other investments, at fair value4,651,495 404,717 3,317,079 396,351 4,574,214 479,170 3,179,199 455,257 
Investments in other ventures, under equity method140,853 — 140,853 — 121,871 — 121,871 — 
Total investments$35,171,533 $455,506 $25,873,555 $440,409 $36,073,209 $826,996 $25,955,483 $746,710 

March 31, 2026December 31, 2025
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Weighted average yield to maturity of investments (4)
5.1 %5.1 %4.8 %4.8 %
Average duration of investments, in years (4)
2.9 3.4 2.6 3.0 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$0.01 $3.86 
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(3)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.
(4)Excludes equity exchange traded funds, common stock, direct private equity investments, private equity funds, multi-strategy funds, equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.
(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.
21

Investments
Managed Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
March 31, 2026Fair ValueAAAAAABBBNon-
Investment
Grade		Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries$10,253,936 $— $10,253,936 $— $— $— $— $— 
Corporate
8,984,951 114,393 312,348 3,618,125 4,005,467 926,109 8,509 — 
Residential mortgage-backed2,514,249 148,113 2,238,324 372 3,118 62,374 61,948 — 
Asset-backed1,629,118 1,145,489 215,976 174,130 84,848 — 8,675 — 
Non-U.S. government697,691 434,220 159,861 99,852 2,774 984 — — 
Agencies499,011 — 498,579 — — 432 — — 
Commercial mortgage-backed322,335 270,219 49,820 2,221 — — 75 — 
Total fixed maturity investments trading, at fair value24,901,291 2,112,434 13,728,844 3,894,700 4,096,207 989,899 79,207 — 
Short term investments, at fair value3,883,610 2,642,574 1,231,198 3,863 5,113 601 261 — 
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,359,777 — — 223,951 — 1,135,826 — — 
Common stock and equity exchange traded funds
234,507 — — — — — — 234,507 
Total equity investments, at fair value
1,594,284 — — 223,951 — 1,135,826 — 234,507 
Other investments, at fair value
Catastrophe bonds1,609,000 — — — — 1,609,000 — — 
Fund investments
Private credit funds1,465,531 — — — — — — 1,465,531 
Private equity funds703,805 — — — — — — 703,805 
Multi-strategy funds (4)
543,612 — — — — — — 543,612 
Insurance-linked securities funds
158,982 — — — — — — 158,982 
Equity funds45,907 — — — — — — 45,907 
Direct private equity investments124,658 — — — — — — 124,658 
Total other investments, at fair value4,651,495 — — — — 1,609,000 — 3,042,495 
Investments in other ventures, under equity method140,853 — — — — — — 140,853 
Total investments$35,171,533 $4,755,008 $14,960,042 $4,122,514 $4,101,320 $3,735,326 $79,468 $3,417,855 
100.0 %13.6 %42.5 %11.7 %11.7 %10.6 %0.2 %9.7 %
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(3)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
22

Investments
Retained Investments - Credit Rating (1)
Credit Rating (2)
Investments Not Subject to Credit Ratings
March 31, 2026
Fair Value
AAAAAABBB
Non-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries$7,488,394 $— $7,488,394 $— $— $— $— $— 
Corporate
7,372,851 90,071 270,105 3,051,696 3,292,733 661,201 7,045 — 
Residential mortgage-backed2,091,627 123,337 1,840,478 372 3,118 62,374 61,948 — 
Asset-backed1,489,123 1,062,779 212,144 131,716 74,944 — 7,540 — 
Non-U.S. government569,777 353,974 131,276 80,769 2,774 984 — — 
Agencies408,399 — 408,082 — — 317 — — 
Commercial mortgage-backed276,827 240,600 34,839 1,313 — — 75 — 
Total fixed maturity investments trading, at fair value19,696,998 1,870,761 10,385,318 3,265,866 3,373,569 724,876 76,608 — 
Short term investments, at fair value1,191,542 521,588 660,406 3,863 5,051 393 241 — 
Equity investments, at fair value
Fixed income exchange traded funds (3)
1,293,249 — — 223,951 — 1,069,298 — — 
Common stock and equity exchange traded funds
233,834 — — — — — — 233,834 
Total equity investments, at fair value1,527,083 — — 223,951 — 1,069,298 — 233,834 
Other investments, at fair value
Catastrophe bonds288,916 — — — — 288,916 — — 
Fund investments
Private credit funds1,451,199 — — — — — — 1,451,199 
Private equity funds703,805 — — — — — — 703,805 
Multi-strategy funds (4)
543,612 — — — — — — 543,612 
Insurance-linked securities funds
158,982 — — — — — — 158,982 
Equity funds45,907 — — — — — — 45,907 
Direct private equity investments124,658 — — — — — — 124,658 
Total other investments, at fair value3,317,079 — — — — 288,916 — 3,028,163 
Investments in other ventures, under equity method140,853 — — — — — — 140,853 
Total investments$25,873,555 $2,392,349 $11,045,724 $3,493,680 $3,378,620 $2,083,483 $76,849 $3,402,850 
100.0 %9.1 %42.7 %13.5 %13.1 %8.1 %0.3 %13.2 %
(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(3)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
23


Other Items
Earnings per Share
Three months ended
(common shares in thousands)March 31,
2026		March 31,
2025
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders$284,535 $161,147 
Amount allocated to participating common shareholders (1)
(4,572)(2,365)
Net income (loss) allocated to RenaissanceRe common shareholders$279,963 $158,782 
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)
42,434 48,334 
Per common share equivalents of non-vested shares (2)
194 180 
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)
42,628 48,514 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$6.60 $3.29 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$6.57 $3.27 
(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.
(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.
24

Comments on Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
25

Comments on Non-GAAP Financial Measures
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax and the Bermuda deferred tax benefit resulting from Bermuda law changes enacted in 2025, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”
The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability. Additionally, management believes that these measures provide a view of the Company’s underlying business that allows for better comparisons of the Company’s performance over time by focusing on the Company’s core business operations.
The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”



26

Comments on Non-GAAP Financial Measures
Three months ended
March 31,
2026		March 31,
2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders$284,535 $161,147 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds410,084 (373,353)
Net foreign exchange losses (gains)9,019 7,328 
Expenses (revenues) associated with acquisitions, dispositions and impairments
3 1,436 
Acquisition related purchase accounting adjustments (1)
22,706 53,571 
Bermuda net deferred tax asset (2)
— — 
Income tax expense (benefit) (3)
(79,743)39,392 
Net income (loss) attributable to redeemable noncontrolling interests (4)
(56,067)40,725 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$590,537 $(69,754)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$6.57 $3.27 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds9.62 (7.70)
Net foreign exchange losses (gains)0.21 0.15 
Expenses (revenues) associated with acquisitions, dispositions and impairments
— 0.04 
Acquisition related purchase accounting adjustments (1)
0.53 1.10 
Bermuda net deferred tax asset (2)
— — 
Income tax expense (benefit) (3)
(1.86)0.81 
Net income (loss) attributable to redeemable noncontrolling interests (4)
(1.32)0.84 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$13.75 $(1.49)
Return on average common equity - annualized10.5 %6.6 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds15.2 %(15.4)%
Net foreign exchange losses (gains)0.3 %0.3 %
Expenses (revenues) associated with acquisitions, dispositions and impairments
— %0.1 %
Acquisition related purchase accounting adjustments (1)
0.8 %2.2 %
Bermuda net deferred tax asset (2)
— %— %
Income tax expense (benefit) (3)
(2.9)%1.6 %
Net income (loss) attributable to redeemable noncontrolling interests (4)
(2.1)%1.7 %
Operating return on average common equity - annualized21.8 %(2.9)%
(1)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, 2026 for the acquisitions of Validus of $21.0 million (2025 - $50.7 million); and TMR and Platinum of $1.8 million (2025 - $2.9 million).
(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date and the deferred tax benefit related to Bermuda law changes enacted in 2025.
(3)Represents the income tax expense or 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 income tax rates of applicable jurisdictions, adjusted for relevant factors and other applicable income taxes.
(4)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.
27

Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.
The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns by excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments to provide for better comparability and a more accurate measure of the Company’s underlying operations. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
March 31,
2026		December 31,
2025
Book value per common share$250.48 $247.00 
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.38)(14.40)
Other goodwill and intangible assets (2)
(0.20)(0.21)
Acquisition related purchase accounting adjustments (3)
(2.41)(2.29)
Tangible book value per common share233.49 230.10 
Adjustment for accumulated dividends30.09 29.68 
Tangible book value per common share plus accumulated dividends$263.58 $259.78 
Year to date change in book value per common share1.4 %26.2 %
Year to date change in book value per common share plus change in accumulated dividends1.6 %27.0 %
Year to date change in tangible book value per common share plus change in accumulated dividends1.7 %30.8 %
(1)Represents the acquired goodwill and other intangible assets at March 31, 2026 of $617.8 million (December 31, 2025 - $633.1 million) for the acquisitions of Validus of $392.9 million (December 31, 2025 - $408.0 million), TMR of $24.7 million (December 31, 2025 - $25.0 million) and Platinum of $200.1 million (December 31, 2025 - $200.1 million).
(2)At March 31, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.
(3)Represents the purchase accounting adjustments related to the fair value adjustments to reserves at March 31, 2026 for the acquisitions of Validus of $61.9 million (December 31, 2025 - $57.7 million), TMR of $42.2 million (December 31, 2025 - $43.6 million) and Platinum of $(0.5) million (December 31, 2025 - $(0.5) million).
28

Comments on Non-GAAP Financial Measures
Adjusted Combined Ratio
The Company has included in this Financial Supplement “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”
Three months ended March 31, 2026
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio20.4 %56.8 %34.1 %100.4 %73.0 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.2)%(0.7)%(1.1)%(1.0)%(1.0)%
Adjusted combined ratio19.2 %56.1 %33.0 %99.4 %72.0 %
Three months ended December 31, 2025
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio(9.3)%70.6 %21.8 %103.5 %71.4 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.7)%(0.9)%(1.4)%(1.2)%(1.4)%
Adjusted combined ratio(11.0)%69.7 %20.4 %102.3 %70.0 %
Three months ended September 30, 2025
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio(6.0)%45.0 %15.5 %101.4 %68.4 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6)%(0.8)%(1.3)%(2.1)%(1.8)%
Adjusted combined ratio(7.6)%44.2 %14.2 %99.3 %66.6 %
Three months ended June 30, 2025
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio18.2 %43.7 %27.4 %101.8 %75.1 %
Adjustment for acquisition related purchase accounting adjustments (1)
(1.8)%(1.2)%(1.6)%(2.3)%(2.1)%
Adjusted combined ratio16.4 %42.5 %25.8 %99.5 %73.0 %
Three months ended March 31, 2025
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio175.6 %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 ratio174.0 %82.1 %147.1 %108.8 %126.4 %
(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.
29

Comments on Non-GAAP Financial Measures
Retained Total Investment Result
The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”
Three months ended March 31, 2026Three months ended March 31, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Net investment income
Fixed maturity investments trading$294,494 $(61,853)$232,641 $284,723 $(57,895)$226,828 
Short term investments34,306 (20,622)13,684 41,029 (23,116)17,913 
Equity investments
Fixed income exchange traded funds21,692 — 21,692 1,184 — 1,184 
Common stock (4)
677 — 677 726 (4)722 
Other investments
Catastrophe bonds39,932 (34,644)5,288 54,754 (45,857)8,897 
Fund and direct private equity investments (4)
25,211 (92)25,119 18,723 — 18,723 
Cash and cash equivalents11,163 (773)10,390 11,110 (840)10,270 
427,475 (117,984)309,491 412,249 (127,712)284,537 
Investment expenses(6,973)1,626 (5,347)(6,896)1,465 (5,431)
Net investment income$420,502 $(116,358)$304,144 $405,353 $(126,247)$279,106 
Equity in earnings (losses) of other ventures (5)
$20,485 $— $20,485 $17,828 $— $17,828 
Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)
$(267,948)$52,185 $(215,763)$312,877 $(38,123)$274,754 
Equity-related investments (8)
(147,426)1,004 (146,422)(49,589)(127)(49,716)
Commodity-related investments (9)
65,310 — 65,310 117,591 — 117,591 
Other investments
Catastrophe bonds(11,829)11,361 (468)(40,413)33,622 (6,791)
Fund and direct private equity investments (4)
(60,020)609 (59,411)(7,526)— (7,526)
Net realized and unrealized gains (losses) on investments$(421,913)$65,159 $(356,754)$332,940 $(4,628)$328,312 
Total investment result (5)
$19,074 $(51,199)$(32,125)$756,121 $(130,875)$625,246 
Average invested assets$35,622,372 $(9,707,853)$25,914,519 $33,116,302 $(9,320,127)$23,796,175 
Net investment income return - annualized4.9 %(0.1)%4.8 %5.1 %(0.3)%4.8 %
Total investment return - annualized (5)
0.3 %(0.8)%(0.5)%9.6 %1.3 %10.9 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”
(5)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented have been updated to conform to the current presentation.
(6)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods have been updated to conform to the current presentation.
(7)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
(8)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
(9)Includes commodity-related derivatives, which includes commodity futures and commodity options.
30

Comments on Non-GAAP Financial Measures
Retained Total Investments
The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investments to “retained total investments.”
March 31, 2026December 31, 2025
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries$10,253,936 $(2,765,542)$7,488,394 $10,641,503 $(2,989,769)$7,651,734 
Corporate
8,984,951 (1,612,100)7,372,851 8,528,828 (1,874,576)6,654,252 
Residential mortgage-backed2,514,249 (422,622)2,091,627 2,606,882 (491,472)2,115,410 
Asset-backed1,629,118 (139,995)1,489,123 1,606,790 (130,875)1,475,915 
Non-U.S. government697,691 (127,914)569,777 691,912 (142,679)549,233 
Agencies499,011 (90,612)408,399 486,817 (107,519)379,298 
Commercial mortgage-backed322,335 (45,508)276,827 321,591 (54,168)267,423 
Total fixed maturity investments trading, at fair value24,901,291 (5,204,293)19,696,998 24,884,323 (5,791,058)19,093,265 
Short term investments, at fair value3,883,610 (2,692,068)1,191,542 4,759,811 (2,927,988)1,831,823 
Equity investments, at fair value
Fixed income exchange traded funds1,359,777 (66,528)1,293,249 1,582,811 — 1,582,811 
Equity exchange traded funds106,569 — 106,569 — — — 
Common stock
127,938 (673)127,265 150,179 (3,665)146,514 
Total equity investments, at fair value
1,594,284 (67,201)1,527,083 1,732,990 (3,665)1,729,325 
Other investments, at fair value
Catastrophe bonds1,609,000 (1,320,084)288,916 1,613,710 (1,381,817)231,893 
Fund investments
Private credit funds1,465,531 (14,332)1,451,199 1,445,158 (13,198)1,431,960 
Private equity funds703,805 — 703,805 701,837 — 701,837 
Multi-strategy funds (4)
543,612 — 543,612 473,990 — 473,990 
Insurance-linked securities funds
158,982 — 158,982 154,514 — 154,514 
Equity funds45,907 — 45,907 — — — 
Direct private equity investments124,658 — 124,658 185,005 — 185,005 
Total other investments, at fair value4,651,495 (1,334,416)3,317,079 4,574,214 (1,395,015)3,179,199 
Investments in other ventures, under equity method140,853 — 140,853 121,871 — 121,871 
Total investments $35,171,533 $(9,297,978)$25,873,555 $36,073,209 $(10,117,726)$25,955,483 
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”
31

Comments on Non-GAAP Financial Measures
Retained Total Investments, Unrealized Gain (Loss)
The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”
March 31, 2026December 31, 2025
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$46,066 $(10,357)$35,709 $134,072 $(32,302)$101,770 
Corporate
(18,441)(3,205)(21,646)75,453 (25,780)49,673 
Other (4)
(19,579)5,834 (13,745)16,447 1,690 18,137 
Total fixed maturity investments trading, at fair value8,046 (7,728)318 225,972 (56,392)169,580 
Short term investments, at fair value(4,027)172 (3,855)(216)206 (10)
Equity investments, at fair value
Fixed income exchange traded funds(25,313)739 (24,574)26,827 — 26,827 
Equity exchange traded funds(8,451)— (8,451)— — — 
Common stock
80,534 86 80,620 95,243 (187)95,056 
Total equity investments, at fair value46,770 825 47,595 122,070 (187)121,883 
Other investments, at fair value
Catastrophe bonds9,582 (9,107)475 25,617 (24,172)1,445 
Fund investments383,870 741 384,611 381,941 259 382,200 
Direct private equity investments11,265 — 11,265 71,612 — 71,612 
Total other investments, at fair value404,717 (8,366)396,351 479,170 (23,913)455,257 
Investments in other ventures, under equity method— — — — — — 
Total investments$455,506 $(15,097)$440,409 $826,996 $(80,286)$746,710 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$0.01 $3.86 
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.
(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.
(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $0.3 million at March 31, 2026 (December 31, 2025 - $169.6 million). Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.
32

Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests
The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”
Three months ended
March 31,
2026		March 31,
2025
Net (income) loss attributable to redeemable noncontrolling interests (1)
$(222,451)$195,252 
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests 53,490 (36,921)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests2,577 (3,804)
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)
56,067 (40,725)
Operating (income) loss attributable to redeemable noncontrolling interests
$(278,518)$235,977 
(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.


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