RenaissanceRe Holdings Ltd (RNR)

RenaissanceRe Schedules Second Quarter 2026 Financial Results Conference CallJuly 2, 2026 4:15 PM
Business Wire RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) will conduct an investment community conference call on Thursday, July 23, 2026, at 10:00 a.m. ET to discuss its financial results for the second quarter of 2026, as well as the Company’s outlook. RenaissanceRe will release its results following the close of market on Wednesday, July 22, 2026. 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, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region. View source version on businesswire.com: https://www.businesswire.com/news/home/20260702567558/en/ Investor Contact:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
441-239-4830 Media Contacts:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Senior Vice President, Investor Relations & Communications
441-239-4946 Kekst CNC
Nicholas Capuano
917-842-7859 Original: RenaissanceRe Schedules Second Quarter 2026 Financial Results Conference Call

RenaissanceRe Holdings Ltd. Announces Planned Leadership SuccessionMay 14, 2026 4:15 PM
Business Wire Robert Qutub and Ross Curtis to Retire; Matthew Neuber to Become Chief Financial Officer in 2027 RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today announced that Robert “Bob” Qutub, Chief Financial Officer, and Ross Curtis, Chief Portfolio Officer, intend to retire on December 31, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260514517401/en/Bob Qutub Matthew Neuber, RenaissanceRe’s Senior Financial Officer and Corporate Treasurer, will succeed Mr. Qutub as Chief Financial Officer, effective January 1, 2027. He will remain Corporate Treasurer and will join RenaissanceRe’s Governance Committee. Mr. Neuber’s appointment to Chief Financial Officer reflects his significant contributions to RenaissanceRe and is the outcome of the Company’s ongoing commitment to long-term succession planning. David Marra, RenaissanceRe’s Group Chief Underwriting Officer, will assume oversight of Mr. Curtis’ responsibilities in 2027. Kevin O’Donnell, President and Chief Executive Officer, said: “Since Bob joined us in 2016, he has provided rigorous financial oversight as RenaissanceRe has grown rapidly, including through two major acquisitions and geographic expansion. Over his tenure, Bob has evolved our investment portfolio and operations to reflect RenaissanceRe’s increased scale, and his financial acumen and leadership have helped drive greater earnings diversification and financial resilience that have been integral to our success. We are deeply grateful for his contributions and wish him and his family all the best in his retirement. “Matt brings a proven track record of financial leadership, with deep expertise in corporate finance and capital management. He has played a pivotal role in advancing our strategy and has scaled our Treasury function in line with RenaissanceRe’s growth. His appointment reflects not only his individual strengths, but also the depth of internal talent we have developed across RenaissanceRe. I look forward to continuing our work together as we drive long-term value for our shareholders.” Bob Qutub, Chief Financial Officer, said: “It has been an honor to be part of RenaissanceRe and to work alongside so many outstanding colleagues over the years. Having worked closely with Matt over the past decade, I am delighted to see him assume this role. I have great confidence in his leadership, strategic insight and financial expertise.” Mr. O’Donnell continued: “Over the past 27 years, Ross has helped shape the company we are today – from establishing our Syndicate 1458 to overseeing significant growth as Group Chief Underwriting Officer and most recently advancing our leadership in portfolio construction and capital efficiency as Chief Portfolio Officer. Importantly, he made a lasting impact on our culture by exemplifying our values, championing inclusion, and developing generations of talent. We thank Ross for his leadership and wish him and his family every happiness in his retirement. “David has successfully grown RenaissanceRe’s portfolio as Chief Underwriting Officer, both organically and through the Validus acquisition, while maintaining our collaborative, high-performing underwriting culture. I am confident that he will build on his long track record of underwriting leadership in this expanded role, matching desirable risk with capital and advancing our value proposition to customers at scale.” Ross Curtis, Chief Portfolio Officer, said: “It has been a true privilege to be part of the RenaissanceRe team for nearly thirty years and to contribute to a business defined by underwriting excellence and a strong, collaborative culture. I am proud of the company we have built and the deep client relationships we have fostered. I have every confidence that those enduring strengths will continue to distinguish RenaissanceRe in the years ahead.” To facilitate a smooth transition, Mr. Qutub will serve as a strategic advisor to the Company for a period of twelve months after his retirement and Mr. Curtis will serve as a strategic advisor for six months. About Matthew Neuber Mr. Neuber currently serves as RenaissanceRe’s Senior Financial Officer and Corporate Treasurer. In this role, he oversees the Company’s capital management, financial planning, and forecasting activities. He has been Corporate Treasurer since 2019 and during his tenure with RenaissanceRe has held roles of increasing responsibility across Capital Partners, Investor Relations, Strategic Investments and M&A. Mr. Neuber joined RenaissanceRe in 2014, bringing prior experience in private equity and asset management. He began his career in investment banking at Keefe, Bruyette & Woods, where he focused on the insurance industry. Mr. Neuber holds a B.A. in Economics from Williams College and an M.B.A. from The Wharton School of the University of Pennsylvania. He is also a CFA charterholder. He will continue to be based in RenaissanceRe’s Bermuda headquarters, pending immigration approval. 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, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region. Cautionary Statement Regarding Forward-Looking Statements Any forward-looking statements made in this Press Release, including any statements regarding any future results of operations and financial positions, business strategy, plan and any objectives for future operations, 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. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514517401/en/ Investor Contact:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
441-239-4830 Media Contacts:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Senior Vice President, Investor Relations & Communications
441-239-4946 Kekst CNC
Nicholas Capuano
917-842-7859 Original: RenaissanceRe Holdings Ltd. Announces Planned Leadership Succession

RenaissanceRe Holdings Ltd. Announces Board of Directors Changes, Declares Quarterly Dividend and Approves Renewal of Share Repurchase ProgramMay 6, 2026 4:29 PM
Business Wire RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced the following: Existing director, Henry Klehm III has been appointed Non-Executive Chair of the Board of Directors, succeeding James L. Gibbons in the role. Mr. Gibbons will continue to serve as an independent director of the Company and member of the Audit Committee. Stephen C. Hooley has been elected to serve as an independent director of the Company, succeeding David C. Bushnell who is retiring from the Board after 18 years of distinguished service. The Board of Directors has declared a quarterly dividend of $0.41 per common share on its common shares, payable on June 30, 2026, to shareholders of record on June 15, 2026. The Board of Directors has approved a renewal of RenaissanceRe’s authorized share repurchase program, bringing the total current authorization up to $750.0 million, which includes the remaining amounts under prior authorizations. The program will expire when the Company has repurchased the full value of the shares authorized, unless terminated earlier by the Board of Directors. Pursuant to the program, RenaissanceRe may repurchase shares through open market purchases and privately negotiated transactions, and the decision to repurchase common shares will depend on, among other things, the market price of the common shares and the Company’s capital requirements. Kevin J. O’Donnell, Chief Executive Officer, said, “I want to thank James for his exceptional leadership as Non-Executive Chair over the past decade. His guidance has been invaluable as we navigated a period of significant strategic growth and transformation. I look forward to the leadership that Henry will bring as Chair given his deep expertise in risk, compliance and corporate governance.” Mr. O’Donnell continued, “I also want to thank David for his 18 years of distinguished service across all three Board committees. His insight and judgment in finance, capital markets, risk management, operations, and investments have made a lasting impact on RenaissanceRe. At the same time, we are pleased to welcome Stephen to the Board and look forward to the perspective that he will bring from his leadership experience in technology and financial services.” 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, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region. Cautionary Statement Regarding Forward-Looking Statements Any forward-looking statements made in this Press Release, including any statements regarding any future results of operations and financial positions, business strategy, plan and any objectives for future operations, 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. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506037309/en/ Investor Contact:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
441-239-4830 Media Contacts:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Senior Vice President, Investor Relations & Communications
441-239-4946 Kekst CNC
Nicholas Capuano
917-842-7859 Original: RenaissanceRe Holdings Ltd. Announces Board of Directors Changes, Declares Quarterly Dividend and Approves Renewal of Share Repurchase Program

RenaissanceRe Reports $284.5 Million of Quarterly Net Income Available to Common Shareholders and $590.5 Million of Operating Income Available to Common Shareholders in Q1 2026.April 28, 2026 4:15 PM
Business Wire
Strong Performance Across All Three Drivers of Profit – Underwriting, Fee and Net Investment Income.



73.0% combined ratio.



Fee income of $94.1 million, with strong contributions from management and performance fees.



Net investment income of $420.5 million, up 3.7% from Q1 2025.



Repurchased $352.5 million of common shares in Q1 2026. Repurchased an additional $104.8 million from April 1, 2026, through April 24, 2026.



10.5% annualized return on average common equity, including mark-to-market losses of $421.9 million, primarily from increased treasury yields and equity losses.



21.8% annualized operating return on average common equity.



RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the first quarter of 2026.




Net Income Available to Common Shareholders per Diluted Common Share: $6.57




Operating Income Available to Common Shareholders per Diluted Common Share: $13.75








Underwriting Income




$588.8M






Fee Income




$94.1M






Net Investment Income




$420.5M








Change in Book Value per Common Share: 1.4%




Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 1.7%







 





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 started the year with a strong quarter, with significant contributions across each of our Three Drivers of Profit. We generated $284.5 million in net income available to common shareholders and $590.5 million in operating income available to common shareholders, and delivered an annualized return on average common equity of 10.5% and annualized operating return on average common equity of 21.8%. This strong performance was anchored by underwriting, where we delivered a low combined ratio of 73.0%, reflecting the strength of our underwriting decisions, deliberate portfolio construction and a disciplined reserving approach.







 



We continue to shape the underwriting portfolio to deliver superior returns for our shareholders. In a competitive, but still attractive environment, we successfully deployed additional limit into our highest margin business, property catastrophe.







 



Fee and investment income together contributed to a durable and diversified earnings base, with stable management fees, elevated performance fees, and investment income remaining near peak levels. During the quarter, we took advantage of investment market volatility to opportunistically reposition our investment portfolio, reducing our gold position, increasing allocations to investment-grade credit, and extending duration by half a year to further benefit from still attractive interest rate levels.







 



We also repurchased $352.5 million of shares during the quarter at an attractive premium to book value, reflecting our confidence in the intrinsic value of the franchise and our commitment to disciplined capital management. Taken together, these results reflect the strength and diversification of our platform and position us to continue compounding book value per common share over the long term.”









Consolidated Financial Results









 






Consolidated Highlights






 






 






 








 






 






Three months ended March 31,








 






(in thousands, except per share amounts and percentages)






 






2026






 






 






 






2025






 








 






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






)








 






Combined ratio






 






73.0






%






 






 






128.3






%








 






Adjusted combined ratio (1)






 






72.0






%






 






 






126.4






%








 






 






 






 






 








 






Net Income (Loss)






 






 






 








 






Available (attributable) to common shareholders






 






284,535






 






 






 






161,147






 








 






Available (attributable) to common shareholders per diluted common share






$






6.57






 






 






$






3.27






 








 






Return on average common equity - annualized






 






10.5






%






 






 






6.6






%








 






 






 






 






 








 






Operating Income (Loss) (1)






 






 






 








 






Available (attributable) to common shareholders (1)






 






590,537






 






 






 






(69,754






)








 






Available (attributable) to common shareholders per diluted common share (1)






$






13.75






 






 






$






(1.49






)








 






Operating return on average common equity - annualized (1)






 






21.8






%






 






 






(2.9






)%








 






 






 






 






 








 






 






March 31,

2026






 






March 31,

2025








 






Book Value per Common Share






 






 






 








 






Book value per common share






$






250.48






 






 






$






196.18






 








 






Quarterly change in book value per common share (2)






 






1.4






%






 






 






0.2






%








 






Quarterly change in book value per common share plus change in accumulated dividends (2)






 






1.6






%






 






 






0.4






%








 






 






 






 






 








 






Tangible Book Value per Common Share (1)






 






 






 








 






Tangible book value per common share (1)






$






233.49






 






 






$






178.31






 








 






Tangible book value per common share plus accumulated dividends (1)






$






263.58






 






 






$






206.79






 








 






Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)






 






1.7






%






 






 






0.9






%








(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 March 31, 2026, and March 31, 2025, respectively.









Three Drivers of Profit: Underwriting, Fee and Investment Income







Underwriting Results - Property Segment: Strong combined ratio of 34.1%, with lower catastrophe losses




 






Property Segment






 






 






 






 






 








 






 






Three months ended March 31,






 






Q/Q Change








 






(in thousands, except percentages)






 






2026






 






 






 






2025






 






 








 






Gross premiums written






$






1,707,420






 






 






$






2,130,833






 






 






(19.9






)%








 






Net premiums written






 






1,255,193






 






 






 






1,690,994






 






 






(25.8






)%








 






Net premiums earned






 






900,738






 






 






 






1,247,950






 






 






(27.8






)%








 






Underwriting income (loss)






 






593,863






 






 






 






(607,218






)






 






 








 






 






 






 






 






 






 








 






Underwriting Ratios






 






 






 






 






 








 






Net claims and claim expense ratio - current accident year






 






27.2






%






 






 






145.1






%






 






(117.9) pts








 






Net claims and claim expense ratio - prior accident years






 






(17.9






)%






 






 






(15.0






)%






 






(2.9) pts








 






Net claims and claim expense ratio - calendar year






 






9.3






%






 






 






130.1






%






 






(120.8) pts








 






Underwriting expense ratio






 






24.8






%






 






 






18.6






%






 






6.2 pts








 






Combined ratio






 






34.1






%






 






 






148.7






%






 






(114.6) pts








 






Adjusted combined ratio (1)






 






33.0






%






 






 






147.1






%






 






(114.1) pts









(1)







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








Gross premiums written decreased by $423.4 million, or 19.9%, driven by:


a decrease of $387.0 million, or 23.2%, in the catastrophe class, as:


Q1 2025 included $338.4 million of reinstatement premiums, primarily related to the California wildfires; otherwise, not including reinstatement premiums, gross premiums written in the catastrophe class decreased by $42.8 million, or 3.2%, with rate reductions largely offset by other opportunities for growth.






a decrease of $36.4 million in the other property class, primarily due to rate decreases in catastrophe-exposed business.






Net claims and claim expense ratio - current accident year improved by 117.9 percentage points, due to:


a comparatively lower impact from large losses in the quarter, as Q1 2025 included 117.2 percentage points from the California wildfires.






Net claims and claim expense ratio - prior accident years reflected net favorable development of 17.9%, driven by:


net favorable development of $62.6 million in the catastrophe class, primarily from the large loss events in 2021, 2022 and 2023; and



net favorable development of $98.1 million in the other property class, primarily due to favorable attritional loss experience and net favorable development on the large loss events in 2024.






Underwriting expense ratio increased by 6.2 percentage points, primarily driven by:


the impact during Q1 2025 of net reinstatement premiums of $335.3 million, primarily from the California wildfires, which benefited the underwriting expense ratio by 6.8 percentage points in Q1 2025.






Combined ratio and adjusted combined ratio each improved primarily due to the lower current accident year net losses.



Underwriting Results - Casualty and Specialty Segment: Combined ratio of 100.4% and adjusted combined ratio of 99.4%, with lower impact from large losses compared to Q1 2025




 






Casualty and Specialty Segment






 






 






 






 






 








 






 






Three months ended March 31,






 






Q/Q Change








 






(in thousands, except percentages)






 






2026






 






 






 






2025






 






 








 






Gross premiums written






$






1,771,453






 






 






$






2,024,670






 






 






(12.5






)%








 






Net premiums written






 






1,423,103






 






 






 






1,752,535






 






 






(18.8






)%








 






Net premiums earned






 






1,282,876






 






 






 






1,472,831






 






 






(12.9






)%








 






Underwriting income (loss)






 






(5,105






)






 






 






(163,379






)






 






 








 






 






 






 






 






 






 








 






Underwriting Ratios






 






 






 






 






 








 






Net claims and claim expense ratio - current accident year






 






70.2






%






 






 






76.7






%






 






(6.5) pts








 






Net claims and claim expense ratio - prior accident years






 






(0.1






)%






 






 






(0.6






)%






 






0.5 pts








 






Net claims and claim expense ratio - calendar year






 






70.1






%






 






 






76.1






%






 






(6.0) pts








 






Underwriting expense ratio






 






30.3






%






 






 






35.0






%






 






(4.7) pts








 






Combined ratio






 






100.4






%






 






 






111.1






%






 






(10.7) pts








 






Adjusted combined ratio (1)






 






99.4






%






 






 






108.8






%






 






(9.4) pts









(1)







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








Gross premiums written decreased by $253.2 million, or 12.5%, primarily driven by decreases in the general casualty and other specialty classes.



Net premiums written decreased by $329.4 million, or 18.8%, consistent with the drivers for gross premiums written discussed above, in addition to an increase in the Company’s retrocessional purchases.



Net claims and claim expense ratio - current accident year improved by 6.5 percentage points compared to Q1 2025, principally driven by the lower impact of large loss events within the other specialty class.



Net claims and claim expense ratio - prior accident years reflected net favorable development of 0.1%, and included an adverse impact of 0.4 percentage points from purchase accounting adjustments.



Underwriting expense ratio improved by 4.7 percentage points, primarily driven by:


a 4.0 percentage point decrease in the acquisition expense ratio, due to changes in variable commissions and a decrease in purchase accounting adjustments related to the Validus Acquisition.






Combined ratio and adjusted combined ratio each improved due to the lower impact of large loss events reflected in the net claims and claim expense ratio - current accident year and the lower underwriting expense ratio.



Fee Income: $94.1 million of fee income, with strong contributions from management and performance fees




 






Fee Income






 






 






 






 






 








 






 






Three months ended March 31,






 






Q/Q Change








 






(in thousands)






2026






 






 






2025






 






 








 






Management fee income






$






47,927






 






$






46,061






 






 






$






1,866








 






Performance fee income (loss) (1)






 






46,199






 






 






(15,604






)






 






 






61,803








 






Total fee income






$






94,126






 






$






30,457






 






 






$






63,669









(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 strong current year underwriting results, the recognition of deferred performance fees related to a return of capital in DaVinci, and higher prior accident years net favorable development within DaVinci.



Total fee income in Q1 2026 included $72.2 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).



Investment Results: Net investment income of $420.5 million, up 3.7% from Q1 2025; net realized and unrealized losses of $421.9 million, primarily from increased treasury yields and equity losses




 






Investment Results






 






 






 






 






 








 






 






Three months ended March 31,






 






Q/Q Change








 






(in thousands, except percentages)






 






2026






 






 






 






2025






 






 








 






Net investment income






$






420,502






 






 






$






405,353






 






 






$






15,149






 








 






Equity in earnings (losses) of other ventures






 






20,485






 






 






 






17,828






 






 






 






2,657






 








 






Net realized and unrealized gains (losses) on investments






 






(421,913






)






 






 






332,940






 






 






 






(754,853






)








 






Total investment result






$






19,074






 






 






$






756,121






 






 






$






(737,047






)








 






Net investment income return - annualized






 






4.9






%






 






 






5.1






%






 






(0.2) pts








 






Total investment return - annualized






 






0.3






%






 






 






9.6






%






 






(9.3) pts








Net investment income increased by $15.1 million, primarily due to higher average invested assets and portfolio reallocation, resulting in increased income from fixed maturity investments trading and fixed income exchange traded funds.



Net realized and unrealized losses on investments in Q1 2026 were driven by:


$267.9 million of net losses on fixed maturity-related investments, primarily due to increases in market yields in the quarter;



$147.4 million of net losses on equity-related investments, primarily due to broader equity market declines;



$60.4 million of net unrealized losses on direct private equity investments, driven by a decrease in the value of certain of the investments in the Company’s strategic investments portfolio; offset by



$65.3 million of net gains on commodity-related investments, principally due to realized gains on the sale of a portion of the Company’s gold futures.






Total investments were $35.2 billion at March 31, 2026 (December 31, 2025 - $36.1 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.1% and 2.9 years, respectively (December 31, 2025 - 4.8% and 2.6 years, respectively).





Other Items of Note








Net income attributable to redeemable noncontrolling interests of $222.5 million was primarily driven by:


strong underwriting income in DaVinci and Vermeer; and



$116.4 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by



$65.2 million of net realized and unrealized losses in the investment portfolios of the Company’s joint ventures and managed funds; and



$72.2 million of management and performance fee income.






Raised third party capital of $61.4 million, including $46.0 million in Medici and $15.4 million in Medici UCITS.



Returned third party capital of $930.3 million, including:


$729.5 million to investors in DaVinci, Vermeer and Top Layer through share repurchases and dividends following strong earnings across these vehicles in 2025; and



redemptions from certain third-party investors rebalancing their portfolios, primarily because of the strong results noted above.






Income tax expense of $33.0 million in Q1 2026, compared to a benefit of $45.5 million in Q1 2025. The income tax expense was primarily driven by strong operating profits, partially offset by mark-to-market losses.



Operational and corporate expenses decreased in Q1 2026, primarily driven by Bermuda tax credits and partially offset by an increase in compensation expenses.



Share repurchases of 1.2 million common shares at an aggregate cost of $352.5 million and an average price of $289.36 per common share. Repurchased an additional $104.8 million from April 1, 2026, through April 24, 2026.





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 April 29, 2026, at 11:00 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, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.


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 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.




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 ended








 






March 31,

2026






 






March 31,

2025








Revenues






 






 






 








Gross premiums written






$






3,478,873






 






 






$






4,155,503






 








Net premiums written






$






2,678,296






 






 






$






3,443,529






 








Decrease (increase) in unearned premiums






 






(494,682






)






 






 






(722,748






)








Net premiums 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






)






 






 






(8,844






)








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






$






284,535






 






 






$






161,147






 








 






 






 






 








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






 








 






 






 






 








Net claims and claim expense ratio






 






45.1






%






 






 






100.8






%








Underwriting expense ratio






 






27.9






%






 






 






27.5






%








Combined ratio






 






73.0






%






 






 






128.3






%








 






 






 






 








Return on average common equity - annualized






 






10.5






%






 






 






6.6






%








Operating return on average common equity - annualized (1)






 






21.8






%






 






 






(2.9






)%









(1)







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









RenaissanceRe Holdings Ltd.








Summary Consolidated Balance Sheets








(in thousands of United States Dollars, except per share amounts)








 






 






 






 








 






March 31,

2026






 






December 31,

2025








Assets






 






 






 








Fixed maturity investments trading, at fair value






$






24,901,291






 






 






$






24,884,323






 








Short-term investments, at fair value






 






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 intangible assets






 






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






 






750,000






 






 






 






750,000






 








Common shares






 






42,974






 






 






 






43,962






 








Additional paid-in capital






 






—






 






 






 






—






 








Accumulated other comprehensive income (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






 









RenaissanceRe Holdings Ltd.








Supplemental Financial Data - Segment Information








(in thousands of United States Dollars, except percentages)








(Unaudited)








 






Three months ended March 31, 2026








 






Property






 






Casualty and Specialty






 






Other






 






Total








Gross premiums written






$






1,707,420






 






 






$






1,771,453






 






 






$






—






 






 






$






3,478,873






 








Net premiums written






$






1,255,193






 






 






$






1,423,103






 






 






$






—






 






 






$






2,678,296






 








Net premiums earned






$






900,738






 






 






$






1,282,876






 






 






$






—






 






 






$






2,183,614






 








Net claims and claim expenses incurred






 






84,108






 






 






 






899,863






 






 






 






—






 






 






 






983,971






 








Acquisition expenses






 






157,031






 






 






 






364,819






 






 






 






—






 






 






 






521,850






 








Operational expenses






 






65,736






 






 






 






23,299






 






 






 






—






 






 






 






89,035






 








Underwriting income (loss)






$






593,863






 






 






$






(5,105






)






 






$






—






 






 






 






588,758






 








Net investment income






 






 






 






 






 






420,502






 






 






 






420,502






 








Net foreign exchange gains (losses)






 






 






 






 






 






(9,019






)






 






 






(9,019






)








Equity in earnings (losses) of other ventures






 






 






 






 






 






20,485






 






 






 






20,485






 








Other income (loss)






 






 






 






 






 






1,247






 






 






 






1,247






 








Net realized and unrealized gains (losses) on investments






 






 






 






 






 






(421,913






)






 






 






(421,913






)








Corporate expenses






 






 






 






 






 






(19,460






)






 






 






(19,460






)








Interest expense






 






 






 






 






 






(31,786






)






 






 






(31,786






)








Income (loss) before taxes






 






 






 






 






 






 






 






548,814






 








Income tax benefit (expense)






 






 






 






 






 






(32,984






)






 






 






(32,984






)








Net (income) loss attributable to redeemable noncontrolling interests






 






 






 






 






 






(222,451






)






 






 






(222,451






)








Dividends on preference shares






 






 






 






 






 






(8,844






)






 






 






(8,844






)








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






 






 






 






 






 






 






$






284,535






 








 






 






 






 






 






 






 






 








Net claims and claim expenses incurred – current accident year






$






244,849






 






 






$






901,137






 






 






$






—






 






 






$






1,145,986






 








Net claims and claim expenses incurred – prior accident years






 






(160,741






)






 






 






(1,274






)






 






 






—






 






 






 






(162,015






)








Net claims and claim expenses incurred – total






$






84,108






 






 






$






899,863






 






 






$






—






 






 






$






983,971






 








 






 






 






 






 






 






 






 








Net claims and claim expense ratio – current accident year






 






27.2






%






 






 






70.2






%






 






 






 






 






52.5






%








Net claims and claim expense ratio – prior accident years






 






(17.9






)%






 






 






(0.1






)%






 






 






 






 






(7.4






)%








Net claims and claim expense ratio – calendar year






 






9.3






%






 






 






70.1






%






 






 






 






 






45.1






%








Underwriting expense ratio






 






24.8






%






 






 






30.3






%






 






 






 






 






27.9






%








Combined ratio






 






34.1






%






 






 






100.4






%






 






 






 






 






73.0






%








 






 






 






 






 






 






 






 








 






Three months ended March 31, 2025








 






Property






 






Casualty and Specialty






 






Other






 






Total








Gross premiums written






$






2,130,833






 






 






$






2,024,670






 






 






$






—






 






 






$






4,155,503






 








Net premiums written






$






1,690,994






 






 






$






1,752,535






 






 






$






—






 






 






$






3,443,529






 








Net premiums earned






$






1,247,950






 






 






$






1,472,831






 






 






$






—






 






 






$






2,720,781






 








Net claims and claim expenses incurred






 






1,623,257






 






 






 






1,120,501






 






 






 






—






 






 






 






2,743,758






 








Acquisition expenses






 






167,645






 






 






 






479,790






 






 






 






—






 






 






 






647,435






 








Operational expenses






 






64,266






 






 






 






35,919






 






 






 






—






 






 






 






100,185






 








Underwriting income (loss)






$






(607,218






)






 






$






(163,379






)






 






$






—






 






 






 






(770,597






)








Net investment income






 






 






 






 






 






405,353






 






 






 






405,353






 








Net foreign exchange gains (losses)






 






 






 






 






 






(7,328






)






 






 






(7,328






)








Equity in earnings (losses) of other ventures






 






 






 






 






 






17,828






 






 






 






17,828






 








Other income (loss)






 






 






 






 






 






914






 






 






 






914






 








Net realized and unrealized gains (losses) on investments






 






 






 






 






 






332,940






 






 






 






332,940






 








Corporate expenses






 






 






 






 






 






(22,810






)






 






 






(22,810






)








Interest expense






 






 






 






 






 






(27,086






)






 






 






(27,086






)








Income (loss) before taxes






 






 






 






 






 






 






 






(70,786






)








Income tax benefit (expense)






 






 






 






 






 






45,525






 






 






 






45,525






 








Net (income) loss attributable to redeemable noncontrolling interests






 






 






 






 






 






195,252






 






 






 






195,252






 








Dividends on preference shares






 






 






 






 






 






(8,844






)






 






 






(8,844






)








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






 






 






 






 






 






 






$






161,147






 








 






 






 






 






 






 






 






 








Net claims and claim expenses incurred – current accident year






$






1,810,315






 






 






$






1,129,317






 






 






$






—






 






 






$






2,939,632






 








Net claims and claim expenses incurred – prior accident years






 






(187,058






)






 






 






(8,816






)






 






 






—






 






 






 






(195,874






)








Net claims and claim expenses incurred – total






$






1,623,257






 






 






$






1,120,501






 






 






$






—






 






 






$






2,743,758






 








 






 






 






 






 






 






 






 








Net claims and claim expense ratio – current accident year






 






145.1






%






 






 






76.7






%






 






 






 






 






108.0






%








Net claims and claim expense ratio – prior accident years






 






(15.0






)%






 






 






(0.6






)%






 






 






 






 






(7.2






)%








Net claims and claim expense ratio – calendar year






 






130.1






%






 






 






76.1






%






 






 






 






 






100.8






%








Underwriting expense ratio






 






18.6






%






 






 






35.0






%






 






 






 






 






27.5






%








Combined ratio






 






148.7






%






 






 






111.1






%






 






 






 






 






128.3






%









RenaissanceRe Holdings Ltd.








Supplemental Financial Data - Gross Premiums Written








(in thousands of United States Dollars)








(Unaudited)








 






 








 






Three months ended








 






March 31,

2026






 






March 31,

2025








Property Segment






 






 






 








Catastrophe






$






1,279,607






 






$






1,666,641








Other property






 






427,813






 






 






464,192








Property segment gross premiums written






$






1,707,420






 






$






2,130,833








 






 






 






 








Casualty and Specialty Segment






 






 






 








General casualty (1)






$






500,958






 






$






680,449








Professional liability (2)






 






299,696






 






 






236,961








Credit (3)






 






359,304






 






 






400,753








Other specialty (4)






 






611,495






 






 






706,507








Casualty and Specialty segment gross premiums written






$






1,771,453






 






$






2,024,670








(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.









RenaissanceRe Holdings Ltd.








Supplemental Financial Data - Total Investment Result








(in thousands of United States Dollars, except percentages)








(Unaudited)








 






 






 






 








 






Three months ended








 






March 31,

2026






 






March 31,

2025








Net investment income






 






 






 








Fixed maturity investments trading






$






294,494






 






 






$






284,723






 








Short-term investments






 






34,306






 






 






 






41,029






 








Equity investments






 






 






 








Fixed income exchange traded funds






 






21,692






 






 






 






1,184






 








Common stock (1)






 






677






 






 






 






726






 








Other investments






 






 






 








Catastrophe bonds






 






39,932






 






 






 






54,754






 








Fund and direct private equity investments (1)






 






25,211






 






 






 






18,723






 








Cash and cash equivalents






 






11,163






 






 






 






11,110






 








 






 






427,475






 






 






 






412,249






 








Investment expenses






 






(6,973






)






 






 






(6,896






)








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 (3)






 






 






 








Fixed maturity-related investments (4)






$






(267,948






)






 






$






312,877






 








Equity-related investments (5)






 






(147,426






)






 






 






(49,589






)








Commodity-related investments (6)






 






65,310






 






 






 






117,591






 








Other investments






 






 






 








Catastrophe bonds






 






(11,829






)






 






 






(40,413






)








Fund and direct private equity investments (1)






 






(60,020






)






 






 






(7,526






)








Net realized and unrealized gains (losses) on investments






$






(421,913






)






 






$






332,940






 








Total investment result (2)






$






19,074






 






 






$






756,121






 








 






 






 






 








Average invested assets






$






35,622,372






 






 






$






33,116,302






 








 






 






 






 








Net investment income return - annualized






 






4.9






%






 






 






5.1






%








Total investment return - annualized (2)






 






0.3






%






 






 






9.6






%








(1)


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.”







(2)


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.







(3)


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.







(4)


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







(5)


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







(6)


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









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 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








(in thousands of United States Dollars, except per share amounts and percentages)






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






 






3






 






 






 






1,436






 








Acquisition related purchase accounting adjustments (1)






 






22,706






 






 






 






53,571






 








Bermuda net deferred tax asset (2)






 






—






 






 






 






—






 








Income tax expense (benefit) (3)






 






(79,743






)






 






 






39,392






 








Net income (loss) attributable to redeemable noncontrolling interests (4)






 






(56,067






)






 






 






40,725






 








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






$






590,537






 






 






$






(69,754






)








 






 






 






 








Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted






$






6.57






 






 






$






3.27






 








Adjustment for:






 






 






 








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






%






 






 






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






)%








(1)


Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2026 for the acquisitions of Validus of $21.0 million (2025 - $50.7 million); and TMR and Platinum of $1.8 million (2025 - $2.9 million).







(2)


Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date and the deferred tax benefit related to Bermuda law changes enacted in 2025.







(3)


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







(4)


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







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 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






 






March 31,

2025








Book value per common share






$






250.48






 






 






$






196.18






 








Adjustment for:






 






 






 








Acquisition related goodwill and other intangible assets (1)






 






(14.38






)






 






 






(14.02






)








Other goodwill and intangible assets (2)






 






(0.20






)






 






 






(0.19






)








Acquisition related purchase accounting adjustments (3)






 






(2.41






)






 






 






(3.66






)








Tangible book value per common share






 






233.49






 






 






 






178.31






 








Adjustment for accumulated dividends






 






30.09






 






 






 






28.48






 








Tangible book value per common share plus accumulated dividends






$






263.58






 






 






$






206.79






 








 






 






 






 








Quarterly change in book value per common share (4)






 






1.4






%






 






 






0.2






%








Quarterly change in book value per common share plus change in accumulated dividends (4)






 






1.6






%






 






 






0.4






%








Quarterly change in tangible book value per common share plus change in accumulated dividends (4)






 






1.7






%






 






 






0.9






%








(1)


Represents the acquired goodwill and other intangible assets at March 31, 2026, of $617.8 million (2025 - $686.1 million) for the acquisitions of Validus of $392.9 million (2025 - $459.2 million), TMR of $24.7 million (2025 - $25.8 million) and Platinum of $200.1 million (2025 - $201.2 million).







(2)


At March 31, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.







(3)


Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at March 31, 2026 for the acquisitions of Validus of $61.9 million (2025 - $130.2 million), TMR of $42.2 million (2025 - $49.6 million) and Platinum of $(0.5) million (2025 - $(0.6) million). As of December 31, 2025, the purchase accounting adjustments related to the VOBA were fully amortized.







(4)


Represents the percentage change during the three months ended March 31, 2026, and March 31, 2025, respectively.







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 March 31, 2026








 






Catastrophe






 






Other

Property






 






Property






 






Casualty and 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






)%






 






(1.0






)%








Adjusted combined ratio






19.2






%






 






56.1






%






 






33.0






%






 






99.4






%






 






72.0






%








 






 






 






 






 






 






 






 






 






 








 






Three months ended March 31, 2025








 






Catastrophe






 






Other

Property






 






Property






 






Casualty and 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






%








 






 






 






 






 






 






 






 






 






 









(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.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428919141/en/
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


Original: RenaissanceRe Reports $284.5 Million of Quarterly Net Income Available to Common Shareholders and $590.5 Million of Operating Income Available to Common Shareholders in Q1 2026.