RenaissanceRe : Financial Supplement Q1 2026

Published: 2026-04-28 17:55:18 ET RNR

Published on 04/28/2026 at 05:55 pm EDT

‌RenaissanceRe Holdings Ltd. Financial Supplement

March 31, 2026

Investors:

RenaissanceRe Holdings Ltd. Keith McCue

Senior Vice President Finance & Investor Relations T: +1 441 239 4830

Media Contacts: RenaissanceRe Holdings Ltd. Hayden Kenny

Senior Vice President

Investor Relations & Communications T: +1 441 239 4946

Kekst CNC Nicholas Capuano T: +1 917-842-7859

‌Page

Consolidated Statements of Operations 3

Consolidated Balance Sheets 4

Segment Underwriting Results 5

Segment Underwriting Results - Five Quarter Trend 6

Property Segment - Catastrophe and Other Property Underwriting Results 9

Gross Premiums Written 10

Net Premiums Written 11

Net Premiums Earned 12

Reserves for Claims and Claim Expenses 13

Paid to Incurred Analysis 14

Fee Income 15

Fee Income - Five Quarter Trend 16

Noncontrolling Interests 17

DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations 19

Total Investment Result 20

Investments Composition 21

Managed Investments - Credit Rating 22

Retained Investments - Credit Rating 23

Earnings per Share 24

‌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 https://www.renre.com for further information about RenaissanceRe.

‌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.

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 written

2,678,296

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 year

52.5 %

108.0 %

Prior accident years

(7.4)%

(7.2)%

Calendar year

45.1 %

100.8 %

Acquisition expense ratio

23.8 %

Operating expense ratio

4.1 %

3.7 %

Combined ratio

73.0 %

128.3 %

Adjusted combined ratio (1)

72.0 %

126.4 %

Fee income

Management fee income

$ 47,927

$ 46,061

Performance fee income

46,199

(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

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

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.

‌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 - basic

42,434

48,334

Average shares outstanding - diluted

42,628

48,514

Return on average common equity - annualized

10.5 %

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 dividends

1.6 %

27.0 %

Year to date change in tangible book value per common share plus change in accumulated dividends (1)

1.7 %

30.8 %

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

Three months ended

March 31,

2026

March 31,

2025

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 earned

2,183,614

2,720,781

Net investment income

420,502

405,353

Net foreign exchange gains (losses)

(9,019)

(7,328)

Equity in earnings (losses) of other ventures

20,485

17,828

Other income (loss)

1,247

914

Net realized and unrealized gains (losses) on investments

(421,913)

332,940

Total revenues

2,194,916

3,470,488

Expenses

Net claims and claim expenses incurred

983,971

2,743,758

Acquisition expenses

521,850

647,435

Operational expenses

89,035

100,185

Corporate expenses

19,460

22,810

Interest expense

31,786

27,086

Total expenses

1,646,102

3,541,274

Income (loss) before taxes

548,814

(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 RenaissanceRe

293,379

169,991

Dividends on preference shares

(8,844)

Net income (loss) available (attributable) to RenaissanceRe common shareholders

$ 284,535

$ 161,147

‌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 value

1,594,284

1,732,990

Other investments, at fair value

4,651,495

4,574,214

Investments in other ventures, under equity method

140,853

121,871

Total investments

35,171,533

36,073,209

Cash and cash equivalents

1,562,883

1,731,181

Premiums receivable

8,097,885

7,252,454

Prepaid reinsurance premiums

1,354,841

993,781

Reinsurance recoverable

3,730,957

3,899,913

Accrued investment income

234,709

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 sold

182,534

414,523

Other assets

393,908

328,087

Goodwill and other intangibles

617,772

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 premiums

6,885,462

6,028,174

Debt

2,330,051

2,329,201

Reinsurance balances payable

2,821,884

2,540,518

Payable for investments purchased

308,635

533,101

Other liabilities

523,894

856,302

Total liabilities

35,160,984

34,589,641

Redeemable noncontrolling interests

7,043,124

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

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 earnings

10,733,419

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

Three months ended March 31, 2026 Three months ended March 31, 2025

Property

Casualty and

Specialty Total Property

Casualty and

Specialty Total

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 incurred

84,108 899,863 983,971 1,623,257 1,120,501 2,743,758

Acquisition expenses

157,031 364,819 521,850 167,645 479,790 647,435

Operational expenses

65,736 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 year

27.2 %

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 year

9.3 %

70.1 %

45.1 %

130.1 %

76.1 %

100.8 %

Acquisition expense ratio

17.5 %

28.5 %

23.8 %

13.5 %

32.5 %

23.8 %

Operating expense ratio

7.3 %

1.8 %

4.1 %

5.1 %

2.5 %

3.7 %

Combined ratio 34.1 % 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 %

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

‌March 31,‌

2026

December 31,

2025

Total 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 incurred

983,971 951,138 878,820 1,042,123 2,743,758

Acquisition expenses

521,850 601,060 659,723 642,605 647,435

Operational expenses

89,035 113,481 125,073 125,738 100,185

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 year

52.5 %

51.3 %

51.7 %

54.4 %

108.0 %

Prior accident years

(7.4)%

(10.6)%

(15.6)%

(11.2)%

(7.2)%

Calendar year

45.1 %

40.7 %

36.1 %

43.2 %

100.8 %

Acquisition expense ratio

23.8 %

25.8 %

27.2 %

26.7 %

23.8 %

Operating expense ratio

4.1 %

4.9 %

5.1 %

5.2 %

3.7 %

Combined ratio 73.0 % 71.4 % 68.4 % 75.1 % 128.3 %

Adjusted combined ratio (1) 72.0 % 70.0 % 66.6 % 73.0 % 126.4 %

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

March 31,

2026

December 31,

2025

Property 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 incurred

84,108 (55,808) (133,504) (7,930) 1,623,257

Acquisition expenses

157,031 180,660 192,347 174,200 167,645

Operational expenses

65,736 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 year

27.2 %

21.3 %

26.7 %

29.8 %

145.1 %

Prior accident years

(17.9)%

(27.4)%

(40.9)%

(30.7)%

(15.0)%

Calendar year

9.3 %

(6.1)%

(14.2)%

(0.9)%

130.1 %

Acquisition expense ratio

17.5 %

19.7 %

20.5 %

20.1 %

13.5 %

Operating expense ratio

7.3 %

8.2 %

9.2 %

8.2 %

5.1 %

Combined ratio 34.1 % 21.8 % 15.5 % 27.4 % 148.7 %

Adjusted combined ratio (1) 33.0 % 20.4 % 14.2 % 25.8 % 147.1 %

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

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 incurred

899,863 1,006,946 1,012,324 1,050,053 1,120,501

Acquisition expenses

364,819 420,400 467,376 468,405 479,790

Operational expenses

23,299 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 year

70.2 %

70.7 %

67.4 %

68.2 %

76.7 %

Prior accident years

(0.1)%

0.4 %

0.2 %

(0.2)%

(0.6)%

Calendar year

70.1 %

71.1 %

67.6 %

68.0 %

76.1 %

Acquisition expense ratio

28.5 %

29.7 %

31.2 %

30.3 %

32.5 %

Operating expense ratio

1.8 %

2.7 %

2.6 %

3.5 %

2.5 %

Combined ratio 100.4 % 103.5 % 101.4 % 101.8 % 111.1 %

Adjusted combined ratio (1) 99.4 % 102.3 % 99.3 % 99.5 % 108.8 %

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

‌Three months ended March 31, 2026 Three months ended March 31, 2025‌

Catastrophe

Other

Property Total Catastrophe

Other

Property Total

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 expenses

64,641 92,390 157,031 66,581 101,064 167,645

Operational expenses

55,567 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 year

10.2 %

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 ratio

11.5 %

27.3 %

17.5 %

7.6 %

27.7 %

13.5 %

Operating expense ratio

9.9 %

3.0 %

7.3 %

5.9 %

3.4 %

5.1 %

Combined ratio 20.4 % 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 %

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

‌March 31,‌

2026

March 31,

2025

Q/Q $ Change

Q/Q %

Change

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 written

1,279,607

1,666,641

(387,034)

(23.2)%

Other property

428,612

462,717

(34,105)

(7.4)%

Other property - gross reinstatement premiums

(799)

1,475

(2,274)

(154.2)%

Total other property gross premiums written

427,813

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)%

Includes automobile liability, casualty clash, employers' liability, umbrella or excess casualty, workers' compensation and general liability.

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

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

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.

‌March 31,‌

2026

March 31,

2025

Q/Q $ Change

Q/Q %

Change

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 written

998,122

1,411,050

(412,928)

(29.3)%

Other property

258,341

278,395

(20,054)

(7.2)%

Other property - net reinstatement premiums

(1,270)

1,549

(2,819)

(182.0)%

Total other property net premiums written

257,071

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)%

Includes automobile liability, casualty clash, employers' liability, umbrella or excess casualty, workers' compensation and general liability.

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

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

‌March 31,‌

2026

March 31,

2025

Q/Q $ Change

Q/Q %

Change

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 earned

562,721

882,819

(320,098)

(36.3)%

Other property

339,287

363,582

(24,295)

(6.7)%

Other property - net reinstatement premiums

(1,270)

1,549

(2,819)

(182.0)%

Total other property net premiums earned

338,017

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)%

Includes automobile liability, casualty clash, employers' liability, umbrella or excess casualty, workers' compensation and general liability.

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

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

‌Case Reserves‌

Case Reserves

IBNR

Total

March 31, 2026

Property

$ 1,749,063

$ 1,562,377

$ 2,039,860

$ 5,351,300

Casualty and Specialty

3,645,622

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 Specialty

3,393,451

327,941

12,894,969

16,616,361

Total

$ 5,190,878

$ 2,007,789

$ 15,103,678

$ 22,302,345

Three months ended March 31, 2026 Three months ended March 31, 2025

Gross

Recoveries

Net

Gross

Recoveries

Net

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 year

1,286,578

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 expenses

1,033,030

49,059

983,971

3,104,842

361,084

2,743,758

Paid claims and claim expenses

Current year

52,143

9,561

42,582

536,752

44,638

492,114

Prior years

964,845

188,844

776,001

1,084,089

196,057

888,032

Total paid claims and claim expenses

1,016,988

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

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.

‌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

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

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.

‌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

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

‌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

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 - Fontana

5,955 (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 interests

56,067

(40,725)

Net (income) loss attributable to redeemable noncontrolling interests (1)

$ (222,451)

$ 195,252

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.

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

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 - Medici

1,433,068

1,398,166

Redeemable noncontrolling interests - Vermeer

1,824,130

1,922,431

Redeemable noncontrolling interests - Fontana

494,566

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

DaVinci

73.7 %

75.7 %

Medici

88.8 %

88.7 %

Vermeer

100.0 %

Fontana

61.6 %

71.3 %

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 earned

309,256

459,776

Net investment income

65,117

63,412

Net foreign exchange gains (losses)

(1,658)

(2,384)

Net realized and unrealized gains (losses) on investments

(49,913)

36,488

Total revenues

322,802

557,292

Expenses

Net claims and claim expenses incurred

(9,664)

697,271

Acquisition expenses

84,542

(18,392)

Operational expenses

31,832

22,493

Corporate expenses

103

Interest expense

4,543

3,198

Total expenses

111,356

704,608

Income (loss) before taxes

211,446

(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 assets

7,035,483

7,225,478

Reserve for claims and claim expenses

1,408,234

1,485,378

Debt

297,052

296,972

Total shareholders' equity

4,349,174

4,888,369

‌Managed (1) Retained (2)‌

Three months ended Three months ended

March 31,

2026

2025

2026

2025

Net investment income

Fixed maturity investments trading

$ 294,494

$ 284,723

$ 232,641

$ 226,828

Short term investments

34,306

41,029

13,684

17,913

Equity investments

Fixed income exchange traded funds

21,692

1,184

21,692

1,184

Common stock (3)

677

726

677

722

Other investments

Catastrophe bonds

39,932

54,754

5,288

8,897

Fund and direct private equity investments (3)

25,211

18,723

25,119

18,723

Cash and cash equivalents

11,163

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 - annualized

4.9 %

5.1 %

4.8 %

Total investment return - annualized (4)

0.3 %

9.6 %

(0.5)%

10.9 %

"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.

"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.

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."

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.

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.

Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

Includes commodity-related derivatives, which includes commodity futures and commodity options.

‌March 31, 2026 December 31, 2025‌

Managed (1) Retained (2) Managed (1) Retained (2)

Type of Investment Fair Value

Fixed maturity investments trading, at fair value

Unrealized

Gain (Loss) Fair Value

Unrealized

Gain (Loss) Fair Value

Unrealized

Gain (Loss) Fair Value

Unrealized Gain (Loss)

U.S. treasuries

$ 10,253,936

$ 46,066

$ 7,488,394

$ 35,709

$ 10,641,503

$ 134,072

$ 7,651,734 $

101,770

Corporate

8,984,951

(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 value

24,901,291

8,046

19,696,998

318

24,884,323

225,972

19,093,265

169,580

Short term investments, at fair value

3,883,610

(4,027)

1,191,542

(3,855)

4,759,811

(216)

1,831,823

(10)

Equity investments, at fair value

Fixed income exchange traded funds

1,359,777

(25,313)

1,293,249

(24,574)

1,582,811

26,827

1,582,811

26,827

Equity exchange traded funds

106,569

(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 value

1,594,284

46,770

1,527,083

47,595

1,732,990

122,070

1,729,325

121,883

Other investments, at fair value

Catastrophe bonds

1,609,000

9,582

288,916

475

1,613,710

25,617

231,893

1,445

Fund investments

2,917,837

383,870

2,903,505

384,611

2,775,499

381,941

2,762,301

382,200

Direct private equity investments

124,658

11,265

124,658

11,265

185,005

71,612

185,005

71,612

Total other investments, at fair value

4,651,495

404,717

3,317,079

396,351

4,574,214

479,170

3,179,199

455,257

Investments in other ventures, under equity method

140,853

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, 2026

December 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

"Managed" represents the consolidated total investments as presented on the Company's consolidated balance sheets.

"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.

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.

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.

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.

‌March 31, 2026 Fair Value AAA AA A BBB‌

Fixed maturity investments trading, at fair value

Grade Not Rated

Ratings

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-backed 2,514,249 148,113 2,238,324 372 3,118 62,374 61,948 -

Asset-backed 1,629,118 1,145,489 215,976 174,130 84,848 - 8,675 -

Non-U.S. government 697,691 434,220 159,861 99,852 2,774 984 - -

Agencies 499,011 - 498,579 - - 432 - -

Commercial mortgage-backed 322,335 270,219 49,820 2,221 - - 75 -

Total fixed maturity investments trading, at fair value 24,901,291 2,112,434 13,728,844 3,894,700 4,096,207 989,899 79,207 -

Short term investments, at fair value 3,883,610 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 bonds 1,609,000 - - - - 1,609,000 - -

Fund investments

Private credit funds 1,465,531 - - - - - - 1,465,531

Private equity funds 703,805 - - - - - - 703,805

Multi-strategy funds (4) 543,612 - - - - - - 543,612

Insurance-linked securities funds 158,982 - - - - - - 158,982

Equity funds 45,907 - - - - - - 45,907

Direct private equity investments 124,658 - - - - - - 124,658

100.0 % 13.6 % 42.5 % 11.7 % 11.7 % 10.6 % 0.2 % 9.7 %

Total other investments, at fair value 4,651,495 - - - - 1,609,000 - 3,042,495 Investments in other ventures, under equity method 140,853 - - - - - - 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

"Managed" represents the consolidated total investments as presented on the Company's consolidated balance sheets.

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.

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.

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."

‌March 31, 2026 Fair Value AAA AA A BBB‌

Fixed maturity investments trading, at fair value

Grade Not Rated

Ratings

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-backed 2,091,627 123,337 1,840,478 372 3,118 62,374 61,948 -

Asset-backed 1,489,123 1,062,779 212,144 131,716 74,944 - 7,540 -

Non-U.S. government 569,777 353,974 131,276 80,769 2,774 984 - -

Agencies 408,399 - 408,082 - - 317 - -

Commercial mortgage-backed 276,827 240,600 34,839 1,313 - - 75 -

Total fixed maturity investments trading, at fair value 19,696,998 1,870,761 10,385,318 3,265,866 3,373,569 724,876 76,608 -

Short term investments, at fair value 1,191,542 521,588 660,406 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 value 1,527,083 - - 223,951 - 1,069,298 - 233,834

Other investments, at fair value

Catastrophe bonds 288,916 - - - - 288,916 - -

Fund investments

Private credit funds 1,451,199 - - - - - - 1,451,199

Private equity funds 703,805 - - - - - - 703,805

Multi-strategy funds (4) 543,612 - - - - - - 543,612

Insurance-linked securities funds 158,982 - - - - - - 158,982

Equity funds 45,907 - - - - - - 45,907

Direct private equity investments 124,658 - - - - - - 124,658

100.0 % 9.1 % 42.7 % 13.5 % 13.1 % 8.1 % 0.3 % 13.2 %

Total other investments, at fair value 3,317,079 - - - - 288,916 - 3,028,163 Investments in other ventures, under equity method 140,853 - - - - - - 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

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.

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."

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

Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.

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.

‌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.‌

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."

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 bonds

410,084

(373,353)

Net foreign exchange losses (gains)

9,019

7,328

Expenses (revenues) associated with acquisitions, dispositions and impairments

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 bonds

9.62

(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 - annualized

10.5 %

6.6 %

Adjustment for:

Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds

15.2 %

(15.4)%

Net foreign exchange losses (gains)

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 - annualized

21.8 %

(2.9)%

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).

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.

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.

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.

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 share

233.49

230.10

Adjustment for accumulated dividends

30.09

29.68

Tangible book value per common share plus accumulated dividends

$ 263.58

$ 259.78

Year to date change in book value per common share

1.4 %

26.2 %

Year to date change in book value per common share plus change in accumulated dividends

1.6 %

27.0 %

Year to date change in tangible book value per common share plus change in accumulated dividends

1.7 %

30.8 %

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).

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.

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).

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

Casualty and

Catastrophe Other Property Property Specialty Total

Combined ratio

20.4 %

56.8 %

34.1 %

100.4 %

73.0 %

Adjustment for acquisition related purchase accounting adjustments (1)

(1.2)%

(0.7)%

(1.1)%

(1.0)%

Adjusted combined ratio

19.2 %

56.1 %

33.0 %

99.4 %

72.0 %

Three months ended

December

31, 2025

Casualty and

Catastrophe

Other Property

Property Specialty

Total

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

Casualty and

Catastrophe

Other Property Property

Specialty

Total

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 %

Catastrophe

Three months ended June

Other Property Property

30, 2025

Casualty and Specialty

Total

Combined ratio

18.2 %

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 ratio

16.4 %

42.5 % 25.8 %

99.5 %

73.0 %

Three months ended March

31, 2025

Casualty and

Catastrophe

Other Property

Property

Specialty

Total

Combined ratio

175.6 %

83.6 %

148.7 %

111.1 %

128.3 %

Adjustment for acquisition related purchase accounting adjustments (1)

(1.6)%

(1.5)%

(1.6)%

(2.3)%

(1.9)%

Adjusted combined ratio

174.0 %

82.1 %

147.1 %

108.8 %

126.4 %

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.

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, 2026 Three 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 investments

34,306

(20,622)

13,684

41,029

(23,116)

17,913

Equity investments

Fixed income exchange traded funds

21,692

1,184

Common stock (4)

677

726

(4)

722

Other investments

Catastrophe bonds

39,932

(34,644)

5,288

54,754

(45,857)

8,897

Fund and direct private equity investments (4)

25,211

(92)

25,119

18,723

Cash and cash equivalents

11,163

(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

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)

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 - annualized

4.9 %

(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 %

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.

Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

Includes commodity-related derivatives, which includes commodity futures and commodity options.

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, 2026

December 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-backed

2,514,249

(422,622)

2,091,627

2,606,882

(491,472)

2,115,410

Asset-backed

1,629,118

(139,995)

1,489,123

1,606,790

(130,875)

1,475,915

Non-U.S. government

697,691

(127,914)

569,777

691,912

(142,679)

549,233

Agencies

499,011

(90,612)

408,399

486,817

(107,519)

379,298

Commercial mortgage-backed

322,335

(45,508)

276,827

321,591

(54,168)

267,423

Total fixed maturity investments trading, at fair value

24,901,291

(5,204,293)

19,696,998

24,884,323

(5,791,058)

19,093,265

Short term investments, at fair value

3,883,610

(2,692,068)

1,191,542

4,759,811

(2,927,988)

1,831,823

Equity investments, at fair value

Fixed income exchange traded funds

1,359,777

(66,528)

1,293,249

1,582,811

Equity exchange traded funds

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 bonds

1,609,000

(1,320,084)

288,916

1,613,710

(1,381,817)

231,893

Fund investments

Private credit funds

1,465,531

(14,332)

1,451,199

1,445,158

(13,198)

1,431,960

Private equity funds

703,805

701,837

Multi-strategy funds (4)

543,612

473,990

Insurance-linked securities funds

158,982

154,514

Equity funds

45,907

Direct private equity investments

124,658

185,005

Total other investments, at fair value

4,651,495

(1,334,416)

3,317,079

4,574,214

(1,395,015)

3,179,199

Investments in other ventures, under equity method

140,853

121,871

Total investments

$ 35,171,533

$ (9,297,978)

$ 25,873,555

$ 36,073,209

$ (10,117,726)

$ 25,955,483

"Managed" represents the consolidated total investments as presented on the Company's consolidated balance sheets.

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.

"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.

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."

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, 2026

December 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 value

8,046

(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

Equity exchange traded funds

(8,451)

Common stock

80,534

80,620

95,243

(187)

95,056

Total equity investments, at fair value

46,770

825

47,595

122,070

(187)

121,883

Other investments, at fair value

Catastrophe bonds

9,582

(9,107)

475

25,617

(24,172)

1,445

Fund investments

383,870

741

384,611

381,941

259

382,200

Direct private equity investments

11,265

71,612

Total other investments, at fair value

404,717

(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

"Managed" represents the consolidated total investments as presented on the Company's consolidated balance sheets.

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.

"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.

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.

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.

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 interests

2,577

(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

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.

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.

Disclaimer

RenaissanceRe Holdings Ltd. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:55 UTC.