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RenaissanceRe Reports $907.7 Million of Net Income Available to Common Shareholders and $733.7 million of Operating Income Available to Common Shareholders in Q3 2025.
•Annualized return on average common equity of 34.9% and annualized operating return on average common equity of 28.2%.
•Combined ratio of 68.4% and adjusted combined ratio of 66.6%.
•21.9% underlying growth in the catastrophe class gross premiums written from Q3 2024, without the impact of reinstatement premiums.
•Fee income of $101.8 million, up 24.1% from Q3 2024.
•Total investment result of $750.2 million, including net investment income of $438.4 million and mark-to-market gains of $311.9 million.
•Repurchased approximately $205.2 million of common shares in Q3 2025. Repurchased an additional $100.0 million from October 1, 2025, through October 24, 2025.
•Year-to-date growth in book value per common share and tangible book value per common share plus change in accumulated dividends of 18.1% and 21.8%, respectively.
Pembroke, Bermuda, October 28, 2025 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the third quarter of 2025.
Net Income Available to Common Shareholders per Diluted Common Share: $19.40
Operating Income Available to Common Shareholders per Diluted Common Share: $15.62
Underwriting Income
$770.2M
Fee Income
$101.8M
Net Investment Income
$438.4M
Change in Book Value per Common Share: 9.0%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 10.3%
Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends and Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

Kevin J. O’Donnell, President and Chief Executive Officer, said, “We delivered exceptional results this quarter with growth in book value per common share and tangible book value per common share plus change in accumulated dividends of 9.0% and 10.3%, respectively. This benefited from low catastrophe activity and continued outperformance in our three drivers of profit - underwriting, fee, and net investment income.

Year to date, we have grown book value per share and tangible book value per share plus change in accumulated dividends by 18.1% and 21.8%, respectively – a particularly strong result given that this includes the impact of the California Wildfires in the first quarter. These outcomes reflect the consistent execution of our strategy, our disciplined underwriting approach and the resulting diversification of our income streams. Looking ahead, we remain confident in the sustainability of our strong earnings and our ability to generate consistent, superior returns and long-term value for our shareholders.”
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Consolidated Financial Results
Consolidated Highlights

Three months ended September 30,
(in thousands, except per share amounts and percentages)20252024
Gross premiums written
$2,323,626$2,400,136
Net premiums written2,057,8022,162,504
Net premiums earned
2,433,8052,582,969
Underwriting income (loss)770,189393,756
Combined ratio
68.4 %84.8 %
Adjusted combined ratio (1)
66.6 %82.4 %
Net Income (Loss)
Available (attributable) to common shareholders
907,6671,173,644
Available (attributable) to common shareholders per diluted common share
$19.40$22.62
Return on average common equity - annualized
34.9 %47.1 %
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
733,717540,322
Available (attributable) to common shareholders per diluted common share (1)
$15.62$10.23
Operating return on average common equity - annualized (1)
28.2 %21.7 %
At September 30,
20252024
Book Value per Common Share
Book value per common share
$231.23$202.01
Quarterly change in book value per common share (2)
9.0 %12.3 %
Quarterly change in book value per common share plus change in accumulated dividends (2)
9.2 %12.5 %
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$214.57$182.76
Tangible book value per common share plus accumulated dividends (1)
$243.85$210.45
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)
10.3 %15.0 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)Represents the percentage change during the three months ended September 30, 2025, and September 30, 2024, respectively.

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Three Drivers of Profit: Underwriting, Fee and Investment Income
Underwriting Results - Property Segment: Combined ratio of 15.5% with 21.9% underlying growth, without the impact of reinstatement premiums, in the catastrophe class gross premiums written
Property Segment
Three months ended September 30,
Q/Q Change
(in thousands, except percentages)20252024
Gross premiums written
$733,274$790,709(7.3)%
Net premiums written694,125701,222(1.0)%
Net premiums earned936,933994,777(5.8)%
Underwriting income (loss)
791,511394,683
Underwriting Ratios
Net claims and claim expense ratio - current accident year
26.7 %62.5 %(35.8)pts
Net claims and claim expense ratio - prior accident years
(40.9)%(29.3)%(11.6) pts
Net claims and claim expense ratio - calendar year
(14.2)%33.2 %(47.4)pts
Underwriting expense ratio
29.7 %27.1 %2.6 pts
Combined ratio
15.5 %60.3 %(44.8)pts
Adjusted combined ratio (1)
14.2 %58.1 %(43.9)pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written in the catastrophe class increased by $60.7 million, or 21.9%, without the impact of reinstatement premiums, reflecting underlying growth, primarily in U.S. catastrophe-exposed business; offset by
–a decrease in gross reinstatement premiums of $116.3 million in the catastrophe class compared to Q3 2024, due to prior accident years favorable development and a relatively low level of catastrophe losses in the current quarter, resulting in a total decrease in gross premiums written compared to Q3 2024.
•Net claims and claim expense ratio - current accident year improved by 35.8 percentage points, due to the relatively low level of catastrophe losses in the quarter, as compared to Q3 2024, which included a 35.0 percentage point impact from large losses.
•Net claims and claim expense ratio - prior accident years reflected net favorable development of 40.9%, driven by:
–net favorable development of $236.8 million in the catastrophe class, primarily from the weather-related large losses in 2022 and small events across accident years; and
–net favorable development of $146.8 million in the other property class, primarily due to reported losses coming in lower than expected from weather-related large losses in 2022 and 2024, and attritional loss experience.
•Underwriting expense ratio increased by 2.6 percentage points, consisting of:
–a 1.2 percentage point increase in the acquisition expense ratio and a 1.4 percentage point increase in the operating expense ratio, both primarily driven by the decrease in net premiums earned following the decrease in net reinstatement premiums from Q3 2024.
•Combined ratio and adjusted combined ratio each improved primarily due to the lower current accident year net losses and higher prior accident years net favorable development.
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Underwriting Results - Casualty and Specialty Segment: Combined ratio of 101.4% and adjusted combined ratio of 99.3%
Casualty and Specialty Segment

Three months ended September 30,
Q/Q Change
(in thousands, except percentages)
20252024
Gross premiums written
$1,590,352$1,609,427(1.2)%
Net premiums written1,363,6771,461,282(6.7)%
Net premiums earned1,496,8721,588,192(5.7)%
Underwriting income (loss)
(21,322)(927)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
67.4 %65.8 %1.6 pts
Net claims and claim expense ratio - prior accident years
0.2 %(0.1)%0.3 pts
Net claims and claim expense ratio - calendar year
67.6 %65.7 %1.9 pts
Underwriting expense ratio
33.8 %34.4 %(0.6) pts
Combined ratio
101.4 %100.1 %1.3 pts
Adjusted combined ratio (1)
99.3 %97.7 %1.6 pts
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
•Gross premiums written decreased by $19.1 million, or 1.2%, driven by decreases in the casualty lines of business and partially offset by increases in the credit and specialty classes.
•Net premiums written decreased by $97.6 million, or 6.7%, primarily driven by an increase in the Company’s retrocessional purchases.
•Net claims and claim expense ratio - calendar year increased by 1.9 percentage points due to the impact of higher attritional losses.
–The net claims and claim expense ratio - prior accident years of 0.2% included an adverse impact of 0.5 percentage points from purchase accounting adjustments.
•Underwriting expense ratio decreased 0.6 percentage points, driven by a 0.4 percentage point decrease in the operating expense ratio.
Fee Income: $101.8 million of fee income, up 24.1% from Q3 2024
Fee Income

Three months ended September 30,
Q/Q Change
(in thousands)
20252024
Management fee income
$53,014 $54,945 $(1,931)
Performance fee income (loss) (1)
48,796 27,120 21,676 
Total fee income
$101,810 $82,065 $19,745 
(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.
•Performance fee income increased due to positive current year underwriting results in DaVinci and prior accident years net favorable development, primarily in DaVinci, Upsilon and certain structured reinsurance products.
•Total fee income included $88.7 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss).
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Investment Results: Total investment result of $750.2 million; reflecting net investment income of $438.4 million and net realized and unrealized gains of $311.9 million
Investment Results

Three months ended September 30,
Q/Q Change
(in thousands, except percentages)
20252024
Net investment income$438,354$423,859$14,495
Net realized and unrealized gains (losses) on investments311,890943,745(631,855)
Total investment result
$750,244$1,367,604$(617,360)
Net investment income return - annualized5.2 %5.7 %(0.5) pts
Total investment return - annualized
8.9 %18.3 %(9.4)pts
•Net investment income remained consistently strong, increasing by $14.5 million, primarily due to higher average invested assets in the fixed maturity investments portfolio, partially offset by decreases in market yields.
•Net realized and unrealized gains on investments of $311.9 million, driven by:
–$181.0 million of net realized and unrealized gains on investment-related derivatives, primarily due to a combination of net gains on equity and gold futures; and
–$86.1 million of net realized and unrealized gains on fixed maturity investments trading, driven by market yields decreasing during the quarter.
•Total investments were $35.8 billion at September 30, 2025 (December 31, 2024 - $32.6 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 4.9% and 2.6 years, respectively (December 31, 2024 - 5.4% and 2.9 years, respectively).

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Other Items of Note
•Net income attributable to redeemable noncontrolling interests of $415.2 million was primarily driven by:
–underwriting income across vehicles, particularly in DaVinci and Vermeer; and
–$133.7 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
–$88.7 million of management and performance fee income.
•Income tax expense of $148.9 million in Q3 2025, driven by strong profitability across the Company’s operating jurisdictions, including Bermuda.
•Share repurchases of 851.9 thousand common shares at an aggregate cost of $205.2 million and an average price of $240.89 per common share. Repurchased an additional 388.3 thousand common shares at an aggregate cost of $100.0 million and an average price of $257.52 per common share from October 1, 2025, through October 24, 2025.
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Conference Call Details and Additional Information
Non-GAAP Financial Measures and Additional Financial Information
This Press Release 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,” and “adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.
Please refer to the “Investors - Reports & Filings” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Conference Call Information
RenaissanceRe will host a conference call on Wednesday, October 29, 2025, at 10:00 a.m. ET to discuss this release. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at investor.renre.com. A replay will be available after the call at the same location.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release 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, industry capital, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such 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
7

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 between Russia and Ukraine, and in the Middle East; 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 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.

INVESTOR CONTACT:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
(441) 239-4830
MEDIA CONTACT:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Senior Vice President, Investor Relations & Communications
(441) 239-4946
or
Kekst CNC
Nicholas Capuano
(917) 842-7859


8

RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations and Financial Data
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Revenues
Gross premiums written$2,323,626 $2,400,136 $9,900,309 $9,816,315 
Net premiums written$2,057,802 $2,162,504 $8,271,601 $8,200,588 
Decrease (increase) in unearned premiums376,003 420,465 (704,861)(632,394)
Net premiums earned2,433,805 2,582,969 7,566,740 7,568,194 
Net investment income438,354 423,859 1,256,815 1,225,479 
Net foreign exchange gains (losses)877 16,804 2,209 (27,694)
Equity in earnings (losses) of other ventures12,551 5,718 50,712 32,435 
Other income (loss)705 680 4,243 799 
Net realized and unrealized gains (losses) on investments311,890 943,745 994,550 602,507 
Total revenues
3,198,182 3,973,775 9,875,269 9,401,720 
Expenses
Net claims and claim expenses incurred878,820 1,373,614 4,664,701 3,849,239 
Acquisition expenses659,723 690,338 1,949,763 1,965,697 
Operational expenses125,073 125,261 350,996 339,484 
Corporate expenses23,414 26,078 70,005 100,489 
Interest expense30,582 23,809 89,461 70,522 
Total expenses
1,717,612 2,239,100 7,124,926 6,325,431 
Income (loss) before taxes1,480,570 1,734,675 2,750,343 3,076,289 
Income tax benefit (expense)(148,860)(102,012)(280,204)(96,536)
Net income (loss)1,331,710 1,632,663 2,470,139 2,979,753 
Net (income) loss attributable to redeemable noncontrolling interests(415,200)(450,176)(548,287)(919,734)
Net income (loss) attributable to RenaissanceRe916,510 1,182,487 1,921,852 2,060,019 
Dividends on preference shares(8,843)(8,843)(26,531)(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$907,667 $1,173,644 $1,895,321 $2,033,488 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic$19.47 $22.68 $39.60 $38.95 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted$19.40 $22.62 $39.46 $38.84 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$15.62 $10.23 $25.99 $34.86 
Average shares outstanding - basic
45,845 50,959 47,106 51,439 
Average shares outstanding - diluted
46,005 51,104 47,268 51,582 
Net claims and claim expense ratio
36.1 %53.2 %61.6 %50.9 %
Underwriting expense ratio
32.3 %31.6 %30.5 %30.4 %
Combined ratio
68.4 %84.8 %92.1 %81.3 %
Return on average common equity - annualized
34.9 %47.1 %25.1 %28.8 %
Operating return on average common equity - annualized (1)
28.2 %21.7 %16.7 %26.0 %
(1)See Comments on Non-GAAP Financial Measures for a reconciliation of non-GAAP financial measures.
9

RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
September 30,
2025		December 31,
2024
Assets
Fixed maturity investments trading, at fair value$23,772,222 $23,562,514 
Short-term investments, at fair value
6,018,146 4,531,655 
Equity investments, at fair value1,465,833 117,756 
Other investments, at fair value4,432,389 4,324,761 
Investments in other ventures, under equity method115,597 102,770 
Total investments35,804,187 32,639,456 
Cash and cash equivalents1,701,568 1,676,604 
Premiums receivable8,130,508 7,290,228 
Prepaid reinsurance premiums1,216,757 888,332 
Reinsurance recoverable4,085,093 4,481,390 
Accrued investment income225,254 238,290 
Deferred acquisition costs and value of business acquired
1,656,042 1,552,359 
Deferred tax asset
705,469 701,053 
Receivable for investments sold54,571 91,669 
Other assets267,297 444,037 
Goodwill and other intangible assets651,328 704,132 
Total assets$54,498,074 $50,707,550 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$22,712,860 $21,303,491 
Unearned premiums6,986,618 5,950,415 
Debt2,229,135 1,886,689 
Reinsurance balances payable2,703,090 2,804,344 
Payable for investments purchased298,908 150,721 
Other liabilities596,038 1,060,129 
Total liabilities35,526,649 33,155,789 
Redeemable noncontrolling interests7,469,059 6,977,749 
Shareholders’ Equity
Preference shares750,000 750,000 
Common shares46,501 50,181 
Additional paid-in capital605,305 1,512,435 
Accumulated other comprehensive income (loss)(13,647)(14,756)
Retained earnings10,114,207 8,276,152 
Total shareholders’ equity attributable to RenaissanceRe11,502,366 10,574,012 
Total liabilities, noncontrolling interests and shareholders’ equity$54,498,074 $50,707,550 
Book value per common share$231.23 $195.77 



10

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended September 30, 2025
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$733,274 $1,590,352 $— $2,323,626 
Net premiums written$694,125 $1,363,677 $— $2,057,802 
Net premiums earned$936,933 $1,496,872 $— $2,433,805 
Net claims and claim expenses incurred(133,504)1,012,324 — 878,820 
Acquisition expenses192,347 467,376 — 659,723 
Operational expenses86,579 38,494 — 125,073 
Underwriting income (loss)$791,511 $(21,322)$— 770,189 
Net investment income438,354 438,354 
Net foreign exchange gains (losses)877 877 
Equity in earnings (losses) of other ventures
12,551 12,551 
Other income (loss)705 705 
Net realized and unrealized gains (losses) on investments311,890 311,890 
Corporate expenses(23,414)(23,414)
Interest expense(30,582)(30,582)
Income (loss) before taxes
1,480,570 
Income tax benefit (expense)(148,860)(148,860)
Net (income) loss attributable to redeemable noncontrolling interests(415,200)(415,200)
Dividends on preference shares(8,843)(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$907,667 
Net claims and claim expenses incurred – current accident year$250,169 $1,008,702 $— $1,258,871 
Net claims and claim expenses incurred – prior accident years(383,673)3,622 — (380,051)
Net claims and claim expenses incurred – total$(133,504)$1,012,324 $— $878,820 
Net claims and claim expense ratio – current accident year26.7 %67.4 %51.7 %
Net claims and claim expense ratio – prior accident years(40.9)%0.2 %(15.6)%
Net claims and claim expense ratio – calendar year(14.2)%67.6 %36.1 %
Underwriting expense ratio29.7 %33.8 %32.3 %
Combined ratio15.5 %101.4 %68.4 %
Three months ended September 30, 2024
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$790,709 $1,609,427 $— $2,400,136 
Net premiums written$701,222 $1,461,282 $— $2,162,504 
Net premiums earned$994,777 $1,588,192 $— $2,582,969 
Net claims and claim expenses incurred329,967 1,043,647 — 1,373,614 
Acquisition expenses192,439 497,899 — 690,338 
Operational expenses77,688 47,573 — 125,261 
Underwriting income (loss)$394,683 $(927)$— 393,756 
Net investment income423,859 423,859 
Net foreign exchange gains (losses)16,804 16,804 
Equity in earnings (losses) of other ventures
5,718 5,718 
Other income (loss)680 680 
Net realized and unrealized gains (losses) on investments943,745 943,745 
Corporate expenses(26,078)(26,078)
Interest expense(23,809)(23,809)
Income (loss) before taxes
1,734,675 
Income tax benefit (expense)(102,012)(102,012)
Net (income) loss attributable to redeemable noncontrolling interests(450,176)(450,176)
Dividends on preference shares(8,843)(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$1,173,644 
Net claims and claim expenses incurred – current accident year$621,710 $1,044,410 $— $1,666,120 
Net claims and claim expenses incurred – prior accident years(291,743)(763)— (292,506)
Net claims and claim expenses incurred – total$329,967 $1,043,647 $— $1,373,614 
Net claims and claim expense ratio – current accident year62.5 %65.8 %64.5 %
Net claims and claim expense ratio – prior accident years(29.3)%(0.1)%(11.3)%
Net claims and claim expense ratio – calendar year33.2 %65.7 %53.2 %
Underwriting expense ratio27.1 %34.4 %31.6 %
Combined ratio60.3 %100.1 %84.8 %
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RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Nine months ended September 30, 2025
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$4,596,042 $5,304,267 $— $9,900,309 
Net premiums written$3,710,676 $4,560,925 $— $8,271,601 
Net premiums earned$3,052,893 $4,513,847 $— $7,566,740 
Net claims and claim expenses incurred1,481,823 3,182,878 — 4,664,701 
Acquisition expenses534,192 1,415,571 — 1,949,763 
Operational expenses222,414 128,582 — 350,996 
Underwriting income (loss)$814,464 $(213,184)$— 601,280 
Net investment income1,256,815 1,256,815 
Net foreign exchange gains (losses)2,209 2,209 
Equity in earnings of other ventures50,712 50,712 
Other income (loss)4,243 4,243 
Net realized and unrealized gains (losses) on investments994,550 994,550 
Corporate expenses(70,005)(70,005)
Interest expense(89,461)(89,461)
Income (loss) before taxes and redeemable noncontrolling interests2,750,343 
Income tax benefit (expense)(280,204)(280,204)
Net (income) loss attributable to redeemable noncontrolling interests(548,287)(548,287)
Dividends on preference shares(26,531)(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$1,895,321 
Net claims and claim expenses incurred – current accident year$2,319,130 $3,191,206 $— $5,510,336 
Net claims and claim expenses incurred – prior accident years(837,307)(8,328)— (845,635)
Net claims and claim expenses incurred – total$1,481,823 $3,182,878 $— $4,664,701 
Net claims and claim expense ratio – current accident year76.0 %70.7 %72.8 %
Net claims and claim expense ratio – prior accident years(27.5)%(0.2)%(11.2)%
Net claims and claim expense ratio – calendar year48.5 %70.5 %61.6 %
Underwriting expense ratio24.8 %34.2 %30.5 %
Combined ratio73.3 %104.7 %92.1 %
Nine months ended September 30, 2024
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$4,433,688 $5,382,627 $— $9,816,315 
Net premiums written$3,457,500 $4,743,088 $— $8,200,588 
Net premiums earned$2,911,694 $4,656,500 $— $7,568,194 
Net claims and claim expenses incurred757,570 3,091,669 — 3,849,239 
Acquisition expenses566,566 1,399,131 — 1,965,697 
Operational expenses206,737 132,747 — 339,484 
Underwriting income (loss)$1,380,821 $32,953 $— 1,413,774 
Net investment income1,225,479 1,225,479 
Net foreign exchange gains (losses)(27,694)(27,694)
Equity in earnings of other ventures32,435 32,435 
Other income (loss)799 799 
Net realized and unrealized gains (losses) on investments602,507 602,507 
Corporate expenses(100,489)(100,489)
Interest expense(70,522)(70,522)
Income (loss) before taxes and redeemable noncontrolling interests3,076,289 
Income tax benefit (expense)(96,536)(96,536)
Net (income) loss attributable to redeemable noncontrolling interests(919,734)(919,734)
Dividends on preference shares(26,531)(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$2,033,488 
Net claims and claim expenses incurred – current accident year$1,228,371 $3,118,726 $— $4,347,097 
Net claims and claim expenses incurred – prior accident years(470,801)(27,057)— (497,858)
Net claims and claim expenses incurred – total$757,570 $3,091,669 $— $3,849,239 
Net claims and claim expense ratio – current accident year42.2 %67.0 %57.4 %
Net claims and claim expense ratio – prior accident years(16.2)%(0.6)%(6.5)%
Net claims and claim expense ratio – calendar year26.0 %66.4 %50.9 %
Underwriting expense ratio26.6 %32.9 %30.4 %
Combined ratio52.6 %99.3 %81.3 %
12

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Property Segment
Catastrophe$288,406 $344,005 $3,317,728 $2,949,731 
Other property444,868 446,704 1,278,314 1,483,957 
Property segment gross premiums written
$733,274 $790,709 $4,596,042 $4,433,688 
Casualty and Specialty Segment
General casualty (1)
$483,888 $519,555 $1,677,415 $1,739,464 
Professional liability (2)
294,918 331,610 798,259 916,196 
Credit (3)
253,713 213,826 922,006 765,304 
Other specialty (4)
557,833 544,436 1,906,587 1,961,663 
Casualty and Specialty segment gross premiums written
$1,590,352 $1,609,427 $5,304,267 $5,382,627 
(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.

13

RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Fixed maturity investments trading$287,139 $289,687 $854,035 $820,876 
Short-term investments
51,855 46,746 141,299 141,923 
Equity investments
Fixed income exchange traded funds
15,876 — 23,588 — 
Other equity investments
610 670 1,951 1,819 
Other investments
Catastrophe bonds50,503 61,175 153,205 177,860 
Other27,036 20,937 67,451 59,525 
Cash and cash equivalents12,045 10,226 35,488 40,347 
445,064 429,441 1,277,017 1,242,350 
Investment expenses(6,710)(5,582)(20,202)(16,871)
Net investment income$438,354 $423,859 $1,256,815 $1,225,479 
Net investment income return - annualized5.2 %5.7 %5.0 %5.5 %
Net realized gains (losses) on fixed maturity investments trading19,293 22,052 27,561 (33,965)
Net unrealized gains (losses) on fixed maturity investments trading66,796 590,309 389,382 353,465 
Net realized and unrealized gains (losses) on investment-related derivatives181,012 97,534 498,089 50,102 
Net realized gains (losses) on equity investments541 340 613 355 
Net unrealized gains (losses) on equity investments6,609 18,778 33,366 26,368 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds44,592 66,291 (9,837)51,091 
Net realized and unrealized gains (losses) on other investments - other(6,953)148,441 55,376 155,091 
Net realized and unrealized gains (losses) on investments311,890 943,745 994,550 602,507 
Total investment result$750,244 $1,367,604 $2,251,365 $1,827,986 
Total investment return - annualized8.9 %18.3 %9.0 %8.2 %
14

Comments on Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this Press Release, 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.
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, (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.
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.”
15

Three months endedNine months ended
(in thousands of United States Dollars, except per share amounts and percentages)September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders$907,667 $1,173,644 $1,895,321 $2,033,488 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(267,298)(877,454)(1,004,387)(551,416)
Net foreign exchange losses (gains)(877)(16,804)(2,209)27,694 
Expenses (revenues) associated with acquisitions, dispositions and impairments
1,952 17,400 5,384 54,968 
Acquisition related purchase accounting adjustments (1)
43,083 59,812 146,966 183,175 
Bermuda net deferred tax asset (2)
— — — (7,890)
Income tax expense (benefit) (3)
39,255 65,285 135,611 46,325 
Net income (loss) attributable to redeemable noncontrolling interests (4)
9,935 118,439 81,860 41,205 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$733,717 $540,322 $1,258,546 $1,827,549 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$19.40 $22.62 $39.46 $38.84 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(5.81)(17.17)(21.25)(10.69)
Net foreign exchange losses (gains)(0.02)(0.33)(0.05)0.54 
Expenses (revenues) associated with acquisitions, dispositions and impairments
0.04 0.34 0.12 1.07 
Acquisition related purchase accounting adjustments (1)
0.94 1.17 3.11 3.55 
Bermuda net deferred tax asset (2)
— — — (0.15)
Income tax expense (benefit) (3)
0.85 1.28 2.87 0.90 
Net income (loss) attributable to redeemable noncontrolling interests (4)
0.22 2.32 1.73 0.80 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$15.62 $10.23 $25.99 $34.86 
Return on average common equity - annualized34.9 %47.1 %25.1 %28.8 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(10.3)%(35.2)%(13.3)%(7.8)%
Net foreign exchange losses (gains)— %(0.7)%— %0.4 %
Expenses (revenues) associated with acquisitions, dispositions and impairments
— %0.7 %0.1 %0.8 %
Acquisition related purchase accounting adjustments (1)
1.7 %2.4 %1.9 %2.6 %
Bermuda net deferred tax asset (2)
— %— %— %(0.1)%
Income tax expense (benefit) (3)
1.5 %2.6 %1.8 %0.7 %
Net income (loss) attributable to redeemable noncontrolling interests (4)
0.4 %4.8 %1.1 %0.6 %
Operating return on average common equity - annualized28.2 %21.7 %16.7 %26.0 %
(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 and nine months ended September 30, 2025 for the acquisitions of Validus $40.7 million and $139.4 million, respectively (2024 - $56.0 million and $171.9 million, respectively); and TMR and Platinum $2.4 million and $7.6 million, respectively (2024 - $3.8 million and $11.3 million, respectively).
(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date.
(3)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
(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.
16

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Press Release “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, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. 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.”
September 30,
2025		September 30,
2024
Book value per common share$231.23 $202.01 
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.01)(13.81)
Other goodwill and intangible assets (2)
(0.19)(0.17)
Acquisition related purchase accounting adjustments (3)
(2.46)(5.27)
Tangible book value per common share214.57 182.76 
Adjustment for accumulated dividends29.28 27.69 
Tangible book value per common share plus accumulated dividends$243.85 $210.45 
Quarterly change in book value per common share (4)
9.0 %12.3 %
Quarterly change in book value per common share plus change in accumulated dividends (4)
9.2 %12.5 %
Quarterly change in tangible book value per common share plus change in accumulated dividends (4)
10.3 %15.0 %
Year to date change in book value per common share
18.1 %22.3 %
Year to date change in book value per common share plus change in accumulated dividends
18.7 %23.0 %
Year to date change in tangible book value per common share plus change in accumulated dividends
21.8 %29.6 %
(1)Represents the acquired goodwill and other intangible assets at September 30, 2025, of $651.3 million (2024 - $717.5 million) for the acquisitions of Validus $425.0 million (2024 - $488.4 million), TMR $25.2 million (2024 - $26.4 million) and Platinum $201.0 million (2024 - $202.7 million).
(2)At September 30, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (2024 - $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 unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at September 30, 2025 for the acquisitions of Validus $69.4 million (2024 - $220.1 million), TMR $45.7 million (2024 - $54.4 million) and Platinum $(0.6) million (2024 - $(0.7) million).
(4)Represents the percentage change during the three months ended September 30, 2025, and September 30, 2024, respectively.



17

Adjusted Combined Ratio
The Company has included in this Press Release “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 September 30, 2025
CatastropheOther
Property		PropertyCasualty 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 September 30, 2024
CatastropheOther
Property		PropertyCasualty and SpecialtyTotal
Combined ratio43.2 %85.6 %60.3 %100.1 %84.8 %
Adjustment for acquisition related purchase accounting adjustments (1)
(2.9)%(1.3)%(2.2)%(2.4)%(2.4)%
Adjusted combined ratio40.3 %84.3 %58.1 %97.7 %82.4 %
(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.
18