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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.
US Market News
4月前
RenaissanceRe Reports $2.6 Billion of Annual Net Income Available to Common Shareholders and $1.9 Billion of Operating Income Available to Common Shareholders in 2025.February 3, 2026 4:15 PM
Business Wire
RenaissanceRe Reports $751.6 Million of Quarterly Net Income Available to Common Shareholders and $601.1 million of Operating Income Available to Common Shareholders in Q4 2025.
Full Year 2025 Highlights
Return on average common equity of 25.9% and operating return on average common equity of 18.2%.
Repurchased approximately $1.6 billion of common shares; reduced share count by 12.8%.
Combined ratio of 87.2% and adjusted combined ratio of 85.4%, which included a 15.3 percentage point impact from the 2025 Large Loss Events.
Strong performance across the Three Drivers of Profit: underwriting income of $1.3 billion; net investment income of $1.7 billion, and fee income of $328.9 million.
Total investment result of $3.0 billion, up 77%, including mark-to-market gains of $1.2 billion.
26.2% growth in book value per common share and 30.8% growth in tangible book value per common share plus change in accumulated dividends.
Fourth Quarter 2025 Highlights
Annualized return on average common equity of 27.8% and annualized operating return on average common equity of 22.3%.
Combined ratio of 71.4% and adjusted combined ratio of 70.0%, which included a 4.0 percentage point impact from Hurricane Melissa.
Fee income of $101.6 million, up 31.8% from Q4 2024.
Total investment result of $654.0 million, including net investment income of $446.7 million and mark-to-market gains of $186.7 million.
Repurchased approximately $650.5 million of common shares in Q4 2025, reduced share count by 5.5%. Repurchased an additional $113.4 million from January 1, 2026, through January 30, 2026.
RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the fourth quarter and full year 2025.
Fourth Quarter 2025
Net Income Available to Common Shareholders per Diluted Common Share: $16.75
Operating Income Available to Common Shareholders per Diluted Common Share: $13.34
Underwriting Income
$668.8M
Fee Income
$101.6M
Net Investment Income
$446.7M
Change in Book Value per Common Share: 6.8%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 7.4%
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 are pleased to report that we grew book value per common share by 26.2% and tangible book value per common share plus change in accumulated dividends by 30.8% in 2025, and that each of these metrics has more than doubled over the last three years. We have accomplished this by consistently executing our strategy and maximizing the returns on each of our Three Drivers of Profit – underwriting, fee and net investment income – while optimizing our capital base through significant capital return to our investors.
At the January 1 renewal, we retained the lines that we targeted and built an underwriting portfolio designed to generate returns well in excess of the cost of capital. Looking forward to 2026, we expect the combination of our attractive underwriting portfolio, strong fee and investment income and robust capital management will continue to generate long-term value for our shareholders.”
Consolidated Financial Results - Fourth Quarter
Consolidated Highlights
Three months ended December 31,
(in thousands, except per share amounts and percentages)
2025
2024
Gross premiums written
$
1,838,111
$
1,916,751
Net premiums written
1,598,599
1,751,628
Net premiums earned
2,334,442
2,527,566
Underwriting income (loss)
668,763
208,550
Combined ratio
71.4
%
91.7
%
Adjusted combined ratio (1)
70.0
%
89.4
%
Net Income (Loss)
Available (attributable) to common shareholders
751,638
(198,503
)
Available (attributable) to common shareholders per diluted common share
$
16.75
$
(3.95
)
Return on average common equity - annualized
27.8
%
(7.8
)%
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
601,145
406,877
Available (attributable) to common shareholders per diluted common share (1)
$
13.34
$
8.06
Operating return on average common equity - annualized (1)
22.3
%
16.0
%
At December 31,
2025
2024
Book Value per Common Share
Book value per common share
$
247.00
$
195.77
Quarterly change in book value per common share (2)
6.8
%
(3.1
)%
Quarterly change in book value per common share plus change in accumulated dividends (2)
7.0
%
(2.9
)%
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$
230.10
$
177.18
Tangible book value per common share plus accumulated dividends (1)
$
259.78
$
205.26
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2)
7.4
%
(2.8
)%
(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 December 31, 2025, and December 31, 2024, respectively.
Three Drivers of Profit: Underwriting, Fee and Investment Income - Fourth Quarter
Underwriting Results - Property Segment: Strong combined ratio of 21.8%, including a 10.6 percentage point impact from Hurricane Melissa
Property Segment
Three months ended December 31,
Q/Q Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
346,099
$
390,043
(11.3
)%
Net premiums written
333,320
376,136
(11.4
)%
Net premiums earned
918,776
938,658
(2.1
)%
Underwriting income (loss)
718,857
266,891
Underwriting Ratios
Net claims and claim expense ratio - current accident year
21.3
%
78.0
%
(56.7) pts
Net claims and claim expense ratio - prior accident years
(27.4
)%
(37.1
)%
9.7 pts
Net claims and claim expense ratio - calendar year
(6.1
)%
40.9
%
(47.0) pts
Underwriting expense ratio
27.9
%
30.7
%
(2.8) pts
Combined ratio
21.8
%
71.6
%
(49.8) pts
Adjusted combined ratio (1)
20.4
%
69.2
%
(48.8) 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 $16.7 million, or 113.1%, without the impact of reinstatement premiums, while reinstatement premiums decreased by $63.4 million in Q4 2025.
Net claims and claim expense ratio - current accident year improved by 56.7 percentage points, due to:
a comparatively lower impact from large losses in the quarter, as Q4 2024 included 47.3 percentage points from large loss events, while Q4 2025 included 10.6 percentage points from Hurricane Melissa; offset by
favorable development on the California Wildfires of 13.6 percentage points, primarily within the catastrophe class.
Net claims and claim expense ratio - prior accident years reflected net favorable development of 27.4%, driven by:
net favorable development of $177.7 million in the catastrophe class, primarily from the large loss events in 2024 and 2022; and
net favorable development of $74.2 million in the other property class, primarily due to reported losses coming in lower than expected from large loss events in 2024 and attritional loss experience.
Underwriting expense ratio decreased by 2.8 percentage points, primarily driven by:
a 2.0 percentage point decrease in the operating expense ratio, primarily due to the Bermuda tax credits which were enacted in Q4 2025.
Combined ratio and adjusted combined ratio each improved primarily due to the lower current accident year net losses, partially offset by lower prior accident years net favorable development.
Underwriting Results - Casualty and Specialty Segment: Combined ratio included a 4.4 percentage point impact from recent large loss events
Casualty and Specialty Segment
Three months ended December 31,
Q/Q Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
1,492,012
$
1,526,708
(2.3
)%
Net premiums written
1,265,279
1,375,492
(8.0
)%
Net premiums earned
1,415,666
1,588,908
(10.9
)%
Underwriting income (loss)
(50,094
)
(58,341
)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
70.7
%
69.5
%
1.2 pts
Net claims and claim expense ratio - prior accident years
0.4
%
(0.3
)%
0.7 pts
Net claims and claim expense ratio - calendar year
71.1
%
69.2
%
1.9 pts
Underwriting expense ratio
32.4
%
34.5
%
(2.1) pts
Combined ratio
103.5
%
103.7
%
(0.2) pts
Adjusted combined ratio (1)
102.3
%
101.3
%
1.0 pts
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Gross premiums written decreased by $34.7 million, or 2.3%, driven by decreases in the general casualty and specialty classes and partially offset by an increase in the credit class.
Net premiums written decreased by $110.2 million, or 8.0%, 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 increased by 1.2 percentage points as compared to Q4 2024, principally driven by the crash of UPS Airlines flight 2976 and the Grasberg mine landslide within the other specialty class, which collectively contributed 4.6 percentage points to the current accident year ratio.
Net claims and claim expense ratio - prior accident years of 0.4% included an adverse impact of 0.5 percentage points from purchase accounting adjustments.
Underwriting expense ratio decreased by 2.1 percentage points primarily due to the Bermuda tax credits which were enacted in Q4 2025, and a decrease in purchase accounting adjustments principally related to the Validus Acquisition.
Combined ratio was largely flat, and adjusted combined ratio increased due to the higher net claims and claim expense ratio.
Fee Income: $101.6 million of fee income, up 31.8% from Q4 2024
Fee Income
Three months ended December 31,
Q/Q Change
(in thousands)
2025
2024
Management fee income
$
52,002
$
53,536
$
(1,534
)
Performance fee income (loss) (1)
49,626
23,568
26,058
Total fee income
$
101,628
$
77,104
$
24,524
(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 in DaVinci and Upsilon, and higher prior accident years net favorable development, primarily in Upsilon.
Total fee income in Q4 2025 included $87.9 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: Total investment result of $654.0 million; including net investment income of $446.7 million and net realized and unrealized gains of $186.7 million
Investment Results
Three months ended December 31,
Q/Q Change
(in thousands, except percentages)
2025
2024
Net investment income
$
446,660
$
428,810
$
17,850
Equity in earnings (losses) of other ventures
20,620
14,652
5,968
Net realized and unrealized gains (losses) on investments
186,718
(630,347
)
817,065
Total investment result
$
653,998
$
(186,885
)
$
840,883
Net investment income return - annualized
5.1
%
5.3
%
(0.2) pts
Total investment return - annualized
7.5
%
(2.1
)%
9.6 pts
Net investment income remained consistently strong, increasing by $17.9 million, primarily due to higher average invested assets, partially offset by decreases in market yields.
Net realized and unrealized gains on investments in Q4 2025 were driven by $121.1 million of net realized and unrealized gains on commodity-related investments, principally gold futures, as well as $41.6 million from equity-related investments.
Total investments were $36.1 billion at December 31, 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 4.8% and 2.6 years, respectively (December 31, 2024 - 5.4% and 2.9 years, respectively).
Other Items of Note - Fourth Quarter
Net income attributable to redeemable noncontrolling interests of $387.1 million was primarily driven by:
strong underwriting income in DaVinci and Vermeer; and
$132.5 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
$87.9 million of management and performance fee income.
Income tax expense of $116.1 million in Q4 2025, driven by strong profitability across the Company’s operating jurisdictions, including Bermuda.
Net foreign exchange losses decreased to $15.7 million in Q4 2025 from $48.4 million in Q4 2024, primarily driven by:
the impact of certain foreign exchange exposures related to underwriting activities, which impacted both Q4 2025 and Q4 2024; and
a decrease in net foreign exchange losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest.
Operational and corporate expenses decreased in Q4 2025, driven by the Bermuda tax credits which were enacted in the quarter, and partially offset by an increase in compensation expenses.
Share repurchases of 2.5 million common shares at an aggregate cost of $650.5 million and an average price of $256.46 per common share.
Consolidated Financial Results - Full Year
Consolidated Highlights
Year ended December 31,
(in thousands, except per share amounts and percentages)
2025
2024
Gross premiums written
$
11,738,420
$
11,733,066
Net premiums written
9,870,200
9,952,216
Net premiums earned
9,901,182
10,095,760
Underwriting income (loss)
1,270,043
1,622,324
Combined ratio
87.2
%
83.9
%
Adjusted combined ratio (1)
85.4
%
81.5
%
Net Income (Loss)
Available (attributable) to common shareholders
$
2,646,959
$
1,834,985
Available (attributable) to common shareholders per diluted common share
$
56.03
$
35.21
Return on average common equity - annualized
25.9
%
19.3
%
Operating Income (Loss) (1)
Available (attributable) to common shareholders (1)
$
1,859,691
$
2,234,426
Available (attributable) to common shareholders per diluted common share (1)
$
39.10
$
42.99
Operating return on average common equity (1)
18.2
%
23.5
%
At December 31,
2025
2024
Book Value per Common Share
Book value per common share
$
247.00
$
195.77
Year to date change in book value per common share (2)
26.2
%
18.5
%
Year to date change in book value per common share plus change in accumulated dividends (2)
27.0
%
19.4
%
Tangible Book Value per Common Share (1)
Tangible book value per common share (1)
$
230.10
$
177.18
Tangible book value per common share plus accumulated dividends (1)
$
259.78
$
205.26
Year to date change in tangible book value per common share plus change in accumulated dividends (1) (2)
30.8
%
26.0
%
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
(2)
Represents the percentage change during the year ended December 31, 2025, and December 31, 2024, respectively.
Three Drivers of Profit: Underwriting, Fee and Investment Income - Full Year
Underwriting Results - Property Segment: Combined ratio of 61.4%; including 35.7 percentage points from the 2025 Large Loss Events
Property Segment
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
4,942,141
$
4,823,731
2.5
%
Net premiums written
4,043,996
3,833,636
5.5
%
Net premiums earned
3,971,669
3,850,352
3.2
%
Underwriting income (loss)
1,533,321
1,647,712
Underwriting Ratios
Net claims and claim expense ratio - current accident year
63.3
%
50.9
%
12.4 pts
Net claims and claim expense ratio - prior accident years
(27.4
)%
(21.2
)%
(6.2) pts
Net claims and claim expense ratio - calendar year
35.9
%
29.7
%
6.2 pts
Underwriting expense ratio
25.5
%
27.5
%
(2.0) pts
Combined ratio
61.4
%
57.2
%
4.2 pts
Adjusted combined ratio (1)
59.9
%
54.9
%
5.0 pts
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Gross premiums written increased $118.4 million, or 2.5%, driven by:
an increase in the catastrophe class of $321.3 million, or 10.7%, and included:
an increase of $145.8 million, or 5.0%, without the impact of reinstatement premiums, driven by strong mid-year renewals with growth on existing clients as well as new underwriting opportunities; and
an increase in reinstatement premiums of $175.5 million, due to the increased impact of the large losses in 2025 as compared to 2024; partially offset by
a reduction in the other property class of $202.9 million, or 11.1%, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business.
Net premiums written increased $210.4 million, or 5.5%, consistent with the changes in gross premiums written, in addition to a decrease in ceded premiums written as part of the Company’s gross-to-net strategy.
Net claims and claim expense ratio - current accident year increased by 12.4 percentage points, primarily as a result of:
a higher impact from the 2025 Large Loss Events, which contributed 36.1 percentage points in 2025, compared to the large loss events in 2024, which contributed 23.0 percentage points in 2024.
the 2025 Large Loss Events contributed 53.2 percentage points in the catastrophe class and 9.6 percentage points in the other property class.
Net claims and claim expense ratio - prior accident years reflected net favorable development in 2025 of 27.4%, primarily driven by:
net favorable development of $581.0 million from the large loss events across the 2017 to 2024 accident years, including $389.9 million from 2022 and 2024, driven by better than expected loss emergence; and
net favorable development on small catastrophe events and attritional losses, primarily within the other property class.
Underwriting expense ratio improved by 2.0 percentage points, primarily due to improvements in both the acquisition and operating expense ratios, reflecting an increase in net reinstatement premiums, an increase in profit commissions from Upsilon and the Bermuda tax credits, partially offset by an increase in operational expenses.
Combined Ratio and adjusted combined ratio increased by 4.2 percentage points and 5.0 percentage points, respectively, driven by higher current accident year losses and partially offset by higher prior year favorable development.
Underwriting Results - Casualty and Specialty Segment: Combined ratio included a 3.8 percentage point impact from the 2025 Large Loss Events
Casualty and Specialty Segment
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Gross premiums written
$
6,796,279
$
6,909,335
(1.6
)%
Net premiums written
5,826,204
6,118,580
(4.8
)%
Net premiums earned
5,929,513
6,245,408
(5.1
)%
Underwriting income (loss)
(263,278
)
(25,388
)
Underwriting Ratios
Net claims and claim expense ratio - current accident year
70.7
%
67.6
%
3.1 pts
Net claims and claim expense ratio - prior accident years
—
%
(0.5
)%
0.5 pts
Net claims and claim expense ratio - calendar year
70.7
%
67.1
%
3.6 pts
Underwriting expense ratio
33.7
%
33.3
%
0.4 pts
Combined ratio
104.4
%
100.4
%
4.0 pts
Adjusted combined ratio (1)
102.4
%
98.0
%
4.4 pts
(1)
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.
Gross premiums written decreased by $113.1 million, or 1.6%, driven by:
decreases within the casualty and other specialty classes, partially offset by
an increase in the credit class, principally due to growth on the Company’s existing mortgage book of business.
Net premiums written decreased by $292.4 million, or 4.8%, consistent with the drivers discussed for gross premiums written above, in addition to an overall increase in the Company’s retrocessional purchases.
Net claims and claim expense ratio - current accident year increased by 3.1 percentage points, principally driven by the impact of the 2025 Large Loss Events, which contributed 4.1 percentage points to the current accident year ratio.
Net claims and claim expense ratio - prior accident years included an adverse impact of 0.5 percentage points from purchase accounting adjustments.
Underwriting expense ratio increased by 0.4 percentage points, principally driven by changes in the mix of business from increased mortgage premium, partially offset by the Bermuda tax credits.
Combined ratio and adjusted combined ratio increased by 4.0 percentage points, and 4.4 percentage points, respectively, each primarily due to the increase in net claims and claim expense ratio.
Fee Income: Consistently strong fee income of $328.9 million
Fee Income
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Total management fee income
$
207,484
$
219,860
$
(12,376
)
Total performance fee income (loss) (1)
121,368
106,936
14,432
Total fee income
$
328,852
$
326,796
$
2,056
(1)
Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
Management fee income decreased by $12.4 million, driven by:
a reduction in management fees from DaVinci as a result of the recapture of previously deferred management fees during 2024, compared to no recapture in 2025; and
a decrease in management fees from AlphaCat Managers due to the continued release of trapped collateral to investors.
Performance fee income increased by $14.4 million, driven by strong current year underwriting results in DaVinci and Upsilon, and higher prior accident years net favorable development, primarily in Upsilon.
Total fee income in 2025 included $250.1 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: Total investment result of $3.0 billion, driven by net investment income of $1.7 billion and net realized and unrealized gains on investments of $1.2 billion
Investment Results
Year ended December 31,
Y/Y Change
(in thousands, except percentages)
2025
2024
Net investment income
$
1,703,475
$
1,654,289
$
49,186
Equity in earnings (losses) of other ventures
71,332
47,087
24,245
Net realized and unrealized gains (losses) on investments
1,181,268
(27,840
)
1,209,108
Total investment result
$
2,956,075
$
1,673,536
$
1,282,539
Net investment income return
5.0
%
5.5
%
(0.5) pts
Total investment return
8.6
%
5.6
%
3.0 pts
Net investment income increased $49.2 million, primarily due to higher average invested assets, partially offset by decreases in market yields.
Net realized and unrealized gains on investments in 2025 were primarily driven by:
net realized and unrealized gains of $504.0 million on fixed maturity-related investments driven by market yields decreasing during 2025, net gains of $415.5 million on commodity-related investments, principally gold futures, as well as $188.3 million from equity-related investments, including equity futures.
Other Items of Note - Full Year and Subsequent Events
Net income attributable to redeemable noncontrolling interests of $935.4 million was primarily driven by:
strong underwriting results in DaVinci and Vermeer, despite the impact of the 2025 Large Loss Events; and
$519.5 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
$250.1 million of management and performance fee income.
Income tax expense of $396.3 million driven by strong profitability across the Company’s operating jurisdictions, including Bermuda.
Net foreign exchange losses of $13.5 million in 2025 compared to $76.1 million in 2024 were primarily driven by:
the impact of certain foreign exchange exposures related to underwriting activities, which affected both 2025 and 2024; and
in 2024, net foreign exchange losses were also driven by losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest.
Raised third party capital in 2025 of $943.9 million, primarily through Stratos ($260.4 million), Medici UCITS ($259.0 million), Medici ($208.2 million), Fontana ($129.2 million) and DaVinci ($69.7 million). Stratos is a separately managed account of Upsilon focused on investing in catastrophe bonds. The subscriptions in Stratos and Medici UCITS included $260.4 million and $176.5 million transferred in kind from Medici, respectively, as noted below.
Return of third-party capital in 2025 of $1.0 billion, including:
$29.3 million of dividends from Medici and Top Layer, following strong earnings;
$604.4 million in Medici, which included $436.9 million that was transferred in kind to Medici UCITS and Stratos;
$255.1 million from Upsilon Diversified as a result of the release of collateral associated with prior years’ contracts; and
the remainder from redemptions from third-party investors rebalancing their portfolios, primarily because of the strong results noted above.
Effective in January 2026, raised third party capital of $43.0 million in Medici and returned third party capital of $905.4 million, which was driven by $744.8 million of distributions in DaVinci and Vermeer, with the remainder from redemptions from third-party investors rebalancing their portfolios in DaVinci, Fontana and Medici. Following these transactions, the Company’s economic ownership in Medici, DaVinci and Fontana was 11.5%, 26.3% and 38.4%, respectively.
Operational and corporate expenses decreased in 2025, driven by the Bermuda tax credits which were enacted in 2025 and lower expenses associated with the Validus Acquisition, partially offset by an increase in compensation expenses.
Share repurchases of 6.4 million common shares at an aggregate cost of $1.6 billion and an average price of $247.62 per common share in 2025. Repurchased an additional 413.9 thousand common shares at an aggregate cost of $113.4 million from January 1, 2026 through January 30, 2026.
Net Negative Impact
Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result, (2) redeemable noncontrolling interest and (3) income tax benefit (expense) beginning in the first quarter of 2025. Prior to January 1, 2025, net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders did not include any related income tax benefit (expense) as it was not meaningful prior to the implementation of the corporate income tax in Bermuda effective January 1, 2025.
The Company’s estimates of net negative impact are based on a review of the Company’s potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.
Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of the events, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.
Net negative impact on the segment underwriting results and consolidated combined ratio
Year ended December 31, 2025
California Wildfires (1)
Hurricane Melissa
Other 2025 Large Loss Events (2)
2025 Large Loss Events (3)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result
$
(1,094,657
)
$
(86,558
)
$
(2,060
)
$
(1,183,275
)
Net negative impact on Casualty and Specialty segment underwriting result
(40,442
)
(2,006
)
(188,139
)
(230,587
)
Net negative impact on underwriting result
$
(1,135,099
)
$
(88,564
)
$
(190,199
)
$
(1,413,862
)
Percentage point impact on consolidated combined ratio
12.3
0.9
2.1
15.3
Net negative impact on the consolidated financial statements
Year ended December 31, 2025
California Wildfires (1)
Hurricane Melissa
Other 2025 Large Loss Events (2)
2025 Large Loss Events (3)
(in thousands)
Net claims and claim expenses incurred
$
(1,470,746
)
$
(100,426
)
$
(204,823
)
$
(1,775,995
)
Assumed reinstatement premiums earned
332,733
12,215
28,307
373,255
Ceded reinstatement premiums earned
(20,983
)
(133
)
(13,683
)
(34,799
)
Earned (lost) profit commissions
23,897
(220
)
—
23,677
Net negative impact on underwriting result
(1,135,099
)
(88,564
)
(190,199
)
(1,413,862
)
Redeemable noncontrolling interest
432,891
20,373
35,973
489,237
Income tax benefit (expense)
107,776
9,071
22,050
138,897
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders
$
(594,432
)
$
(59,120
)
$
(132,176
)
$
(785,728
)
(1)
The “California Wildfires” were a series of wildfires that burned throughout southern California in January 2025.
(2)
“Other 2025 Large Loss Events” represents: the crash of American Airlines flight 5342, certain refinery fires in the first quarter of 2025, the crash of UPS Airlines flight 2976, and the Grasberg mine landslide.
(3)
“2025 Large Loss Events” includes the California Wildfires, Hurricane Melissa and the Other 2025 Large Loss Events.
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, February 4, 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, 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 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
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenues
Gross premiums written
$
1,838,111
$
1,916,751
$
11,738,420
$
11,733,066
Net premiums written
$
1,598,599
$
1,751,628
$
9,870,200
$
9,952,216
Decrease (increase) in unearned premiums
735,843
775,938
30,982
143,544
Net premiums earned
2,334,442
2,527,566
9,901,182
10,095,760
Net investment income
446,660
428,810
1,703,475
1,654,289
Net foreign exchange gains (losses)
(15,713
)
(48,382
)
(13,504
)
(76,076
)
Equity in earnings (losses) of other ventures
20,620
14,652
71,332
47,087
Other income (loss)
78
1,129
4,321
1,928
Net realized and unrealized gains (losses) on investments
186,718
(630,347
)
1,181,268
(27,840
)
Total revenues
2,972,805
2,293,428
12,848,074
11,695,148
Expenses
Net claims and claim expenses incurred
951,138
1,483,742
5,615,839
5,332,981
Acquisition expenses
601,060
678,170
2,550,823
2,643,867
Operational expenses
113,481
157,104
464,477
496,588
Corporate expenses
12,003
34,295
82,008
134,784
Interest expense
31,391
23,246
120,852
93,768
Total expenses
1,709,073
2,376,557
8,833,999
8,701,988
Income (loss) before taxes
1,263,732
(83,129
)
4,014,075
2,993,160
Income tax benefit (expense)
(116,128
)
63,908
(396,332
)
(32,628
)
Net income (loss)
1,147,604
(19,221
)
3,617,743
2,960,532
Net (income) loss attributable to redeemable noncontrolling interests
(387,122
)
(170,438
)
(935,409
)
(1,090,172
)
Net income (loss) attributable to RenaissanceRe
760,482
(189,659
)
2,682,334
1,870,360
Dividends on preference shares
(8,844
)
(8,844
)
(35,375
)
(35,375
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
751,638
$
(198,503
)
$
2,646,959
$
1,834,985
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic
$
16.82
$
(3.95
)
$
56.23
$
35.31
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted
$
16.75
$
(3.95
)
$
56.03
$
35.21
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$
13.34
$
8.06
$
39.10
$
42.99
Average shares outstanding - basic
43,943
50,429
46,316
51,186
Average shares outstanding - diluted
44,126
50,429
46,483
51,339
Net claims and claim expense ratio
40.7
%
58.7
%
56.7
%
52.8
%
Underwriting expense ratio
30.7
%
33.0
%
30.5
%
31.1
%
Combined ratio
71.4
%
91.7
%
87.2
%
83.9
%
Return on average common equity - annualized
27.8
%
(7.8
)%
25.9
%
19.3
%
Operating return on average common equity - annualized (1)
22.3
%
16.0
%
18.2
%
23.5
%
(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)
December 31,
2025
December 31,
2024
Assets
Fixed maturity investments trading, at fair value
$
24,884,323
$
23,562,514
Short-term investments, at fair value
4,759,811
4,531,655
Equity investments, at fair value
1,732,990
117,756
Other investments, at fair value
4,574,214
4,324,761
Investments in other ventures, under equity method
121,871
102,770
Total investments
36,073,209
32,639,456
Cash and cash equivalents
1,731,181
1,676,604
Premiums receivable
7,252,454
7,290,228
Prepaid reinsurance premiums
993,781
888,332
Reinsurance recoverable
3,899,913
4,481,390
Accrued investment income
233,688
238,290
Deferred acquisition costs and value of business acquired
1,538,540
1,552,359
Deferred tax asset
701,927
701,053
Receivable for investments sold
414,523
91,669
Other assets
328,087
444,037
Goodwill and other intangible assets
633,087
704,132
Total assets
$
53,800,390
$
50,707,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses
$
22,302,345
$
21,303,491
Unearned premiums
6,028,174
5,950,415
Debt
2,329,201
1,886,689
Reinsurance balances payable
2,540,518
2,804,344
Payable for investments purchased
533,101
150,721
Other liabilities
856,302
1,060,129
Total liabilities
34,589,641
33,155,789
Redeemable noncontrolling interests
7,602,092
6,977,749
Shareholders’ Equity
Preference shares
750,000
750,000
Common shares
43,962
50,181
Additional paid-in capital
—
1,512,435
Accumulated other comprehensive income (loss)
(12,626
)
(14,756
)
Retained earnings
10,827,321
8,276,152
Total shareholders’ equity attributable to RenaissanceRe
11,608,657
10,574,012
Total liabilities, noncontrolling interests and shareholders’ equity
$
53,800,390
$
50,707,550
Book value per common share
$
247.00
$
195.77
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended December 31, 2025
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
346,099
$
1,492,012
$
—
$
1,838,111
Net premiums written
$
333,320
$
1,265,279
$
—
$
1,598,599
Net premiums earned
$
918,776
$
1,415,666
$
—
$
2,334,442
Net claims and claim expenses incurred
(55,808
)
1,006,946
—
951,138
Acquisition expenses
180,660
420,400
—
601,060
Operational expenses
75,067
38,414
—
113,481
Underwriting income (loss)
$
718,857
$
(50,094
)
$
—
668,763
Net investment income
446,660
446,660
Net foreign exchange gains (losses)
(15,713
)
(15,713
)
Equity in earnings (losses) of other ventures
20,620
20,620
Other income (loss)
78
78
Net realized and unrealized gains (losses) on investments
186,718
186,718
Corporate expenses
(12,003
)
(12,003
)
Interest expense
(31,391
)
(31,391
)
Income (loss) before taxes
1,263,732
Income tax benefit (expense)
(116,128
)
(116,128
)
Net (income) loss attributable to redeemable noncontrolling interests
(387,122
)
(387,122
)
Dividends on preference shares
(8,844
)
(8,844
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
751,638
Net claims and claim expenses incurred – current accident year
$
196,081
$
1,000,355
$
—
$
1,196,436
Net claims and claim expenses incurred – prior accident years
(251,889
)
6,591
—
(245,298
)
Net claims and claim expenses incurred – total
$
(55,808
)
$
1,006,946
$
—
$
951,138
Net claims and claim expense ratio – current accident year
21.3
%
70.7
%
51.3
%
Net claims and claim expense ratio – prior accident years
(27.4
)%
0.4
%
(10.6
)%
Net claims and claim expense ratio – calendar year
(6.1
)%
71.1
%
40.7
%
Underwriting expense ratio
27.9
%
32.4
%
30.7
%
Combined ratio
21.8
%
103.5
%
71.4
%
Three months ended December 31, 2024
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
390,043
$
1,526,708
$
—
$
1,916,751
Net premiums written
$
376,136
$
1,375,492
$
—
$
1,751,628
Net premiums earned
$
938,658
$
1,588,908
$
—
$
2,527,566
Net claims and claim expenses incurred
384,156
1,099,586
—
1,483,742
Acquisition expenses
191,988
486,182
—
678,170
Operational expenses
95,623
61,481
—
157,104
Underwriting income (loss)
$
266,891
$
(58,341
)
$
—
208,550
Net investment income
428,810
428,810
Net foreign exchange gains (losses)
(48,382
)
(48,382
)
Equity in earnings (losses) of other ventures
14,652
14,652
Other income (loss)
1,129
1,129
Net realized and unrealized gains (losses) on investments
(630,347
)
(630,347
)
Corporate expenses
(34,295
)
(34,295
)
Interest expense
(23,246
)
(23,246
)
Income (loss) before taxes
(83,129
)
Income tax benefit (expense)
63,908
63,908
Net (income) loss attributable to redeemable noncontrolling interests
(170,438
)
(170,438
)
Dividends on preference shares
(8,844
)
(8,844
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
(198,503
)
Net claims and claim expenses incurred – current accident year
$
732,207
$
1,105,011
$
—
$
1,837,218
Net claims and claim expenses incurred – prior accident years
(348,051
)
(5,425
)
—
(353,476
)
Net claims and claim expenses incurred – total
$
384,156
$
1,099,586
$
—
$
1,483,742
Net claims and claim expense ratio – current accident year
78.0
%
69.5
%
72.7
%
Net claims and claim expense ratio – prior accident years
(37.1
)%
(0.3
)%
(14.0
)%
Net claims and claim expense ratio – calendar year
40.9
%
69.2
%
58.7
%
Underwriting expense ratio
30.7
%
34.5
%
33.0
%
Combined ratio
71.6
%
103.7
%
91.7
%
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Year ended December 31, 2025
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
4,942,141
$
6,796,279
$
—
$
11,738,420
Net premiums written
$
4,043,996
$
5,826,204
$
—
$
9,870,200
Net premiums earned
$
3,971,669
$
5,929,513
$
—
$
9,901,182
Net claims and claim expenses incurred
1,426,015
4,189,824
—
5,615,839
Acquisition expenses
714,852
1,835,971
—
2,550,823
Operational expenses
297,481
166,996
—
464,477
Underwriting income (loss)
$
1,533,321
$
(263,278
)
$
—
1,270,043
Net investment income
1,703,475
1,703,475
Net foreign exchange gains (losses)
(13,504
)
(13,504
)
Equity in earnings (losses) of other ventures
71,332
71,332
Other income (loss)
4,321
4,321
Net realized and unrealized gains (losses) on investments
1,181,268
1,181,268
Corporate expenses
(82,008
)
(82,008
)
Interest expense
(120,852
)
(120,852
)
Income (loss) before taxes
4,014,075
Income tax benefit (expense)
(396,332
)
(396,332
)
Net (income) loss attributable to redeemable noncontrolling interests
(935,409
)
(935,409
)
Dividends on preference shares
(35,375
)
(35,375
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
2,646,959
Net claims and claim expenses incurred – current accident year
$
2,515,211
$
4,191,561
$
—
$
6,706,772
Net claims and claim expenses incurred – prior accident years
(1,089,196
)
(1,737
)
—
(1,090,933
)
Net claims and claim expenses incurred – total
$
1,426,015
$
4,189,824
$
—
$
5,615,839
Net claims and claim expense ratio – current accident year
63.3
%
70.7
%
67.7
%
Net claims and claim expense ratio – prior accident years
(27.4
)%
—
%
(11.0
)%
Net claims and claim expense ratio – calendar year
35.9
%
70.7
%
56.7
%
Underwriting expense ratio
25.5
%
33.7
%
30.5
%
Combined ratio
61.4
%
104.4
%
87.2
%
Year ended December 31, 2024
Property
Casualty and Specialty
Other
Total
Gross premiums written
$
4,823,731
$
6,909,335
$
—
$
11,733,066
Net premiums written
$
3,833,636
$
6,118,580
$
—
$
9,952,216
Net premiums earned
$
3,850,352
$
6,245,408
$
—
$
10,095,760
Net claims and claim expenses incurred
1,141,726
4,191,255
—
5,332,981
Acquisition expenses
758,554
1,885,313
—
2,643,867
Operational expenses
302,360
194,228
—
496,588
Underwriting income (loss)
$
1,647,712
$
(25,388
)
$
—
1,622,324
Net investment income
1,654,289
1,654,289
Net foreign exchange gains (losses)
(76,076
)
(76,076
)
Equity in earnings (losses) of other ventures
47,087
47,087
Other income (loss)
1,928
1,928
Net realized and unrealized gains (losses) on investments
(27,840
)
(27,840
)
Corporate expenses
(134,784
)
(134,784
)
Interest expense
(93,768
)
(93,768
)
Income (loss) before taxes
2,993,160
Income tax benefit (expense)
(32,628
)
(32,628
)
Net (income) loss attributable to redeemable noncontrolling interests
(1,090,172
)
(1,090,172
)
Dividends on preference shares
(35,375
)
(35,375
)
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
1,834,985
Net claims and claim expenses incurred – current accident year
$
1,960,578
$
4,223,737
$
—
$
6,184,315
Net claims and claim expenses incurred – prior accident years
(818,852
)
(32,482
)
—
(851,334
)
Net claims and claim expenses incurred – total
$
1,141,726
$
4,191,255
$
—
$
5,332,981
Net claims and claim expense ratio – current accident year
50.9
%
67.6
%
61.3
%
Net claims and claim expense ratio – prior accident years
(21.2
)%
(0.5
)%
(8.5
)%
Net claims and claim expense ratio – calendar year
29.7
%
67.1
%
52.8
%
Underwriting expense ratio
27.5
%
33.3
%
31.1
%
Combined ratio
57.2
%
100.4
%
83.9
%
RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months ended
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Property Segment
Catastrophe
$
458
$
47,159
$
3,318,186
$
2,996,890
Other property
345,641
342,884
1,623,955
1,826,841
Property segment gross premiums written
$
346,099
$
390,043
$
4,942,141
$
4,823,731
Casualty and Specialty Segment
General casualty (1)
$
468,080
$
541,354
$
2,145,495
$
2,280,818
Professional liability (2)
278,638
295,938
1,076,897
1,212,134
Credit (3)
302,710
136,412
1,224,716
901,716
Other specialty (4)
442,584
553,004
2,349,171
2,514,667
Casualty and Specialty segment gross premiums written
$
1,492,012
$
1,526,708
$
6,796,279
$
6,909,335
(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
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net investment income
Fixed maturity investments trading
$
290,236
$
295,773
$
1,144,271
$
1,116,649
Short-term investments
49,250
41,230
190,549
183,153
Equity investments
Fixed income exchange traded funds
25,309
—
48,897
—
Common stock (1)
720
641
2,671
2,460
Other investments
Catastrophe bonds
47,260
60,984
200,465
238,844
Fund and direct private equity investments (1)
29,178
22,932
96,629
82,457
Cash and cash equivalents
11,891
13,894
47,379
54,241
453,844
435,454
1,730,861
1,677,804
Investment expenses
(7,184
)
(6,644
)
(27,386
)
(23,515
)
Net investment income
$
446,660
$
428,810
$
1,703,475
$
1,654,289
Equity in earnings (losses) of other ventures (2)
$
20,620
$
14,652
$
71,332
$
47,087
Net realized and unrealized gains (losses) on investments (3)
Fixed maturity-related investments (4)
$
(3,966
)
$
(656,656
)
$
504,000
$
(382,580
)
Equity-related investments (5)
41,637
(22,787
)
188,270
13,309
Commodity-related investments (6)
121,083
(9,608
)
415,495
76,545
Other investments
Catastrophe bonds
(1,141
)
11,262
(10,978
)
62,353
Fund and direct private equity investments (1)
29,105
47,442
84,481
202,533
Net realized and unrealized gains (losses) on investments
$
186,718
$
(630,347
)
$
1,181,268
$
(27,840
)
Total investment result (2)
$
653,998
$
(186,885
)
$
2,956,075
$
1,673,536
Average invested assets
$
35,938,698
$
32,836,567
$
34,521,277
$
31,010,883
Net investment income return - annualized
5.1
%
5.3
%
5.0
%
5.5
%
Total investment return - annualized (2)
7.5
%
(2.1
)%
8.6
%
5.6
%
(1)
In 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 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 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)
Represents 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
Year ended
(in thousands of United States Dollars, except per share amounts and percentages)
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
751,638
$
(198,503
)
$
2,646,959
$
1,834,985
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
(187,859
)
641,609
(1,192,246
)
90,193
Net foreign exchange losses (gains)
15,713
48,382
13,504
76,076
Expenses (revenues) associated with acquisitions, dispositions and impairments
34
15,975
5,418
70,943
Acquisition related purchase accounting adjustments (1)
30,440
59,763
177,406
242,938
Bermuda net deferred tax asset (2)
(41,841
)
(449
)
(41,841
)
(8,339
)
Income tax expense (benefit) (3)
41,983
(33,035
)
177,594
13,290
Net income (loss) attributable to redeemable noncontrolling interests (4)
(8,963
)
(126,865
)
72,897
(85,660
)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders
$
601,145
$
406,877
$
1,859,691
$
2,234,426
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted
$
16.75
$
(3.95
)
$
56.03
$
35.21
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
(4.26
)
12.72
(25.65
)
1.76
Net foreign exchange losses (gains)
0.36
0.96
0.29
1.48
Expenses (revenues) associated with acquisitions, dispositions and impairments
—
0.33
0.12
1.38
Acquisition related purchase accounting adjustments (1)
0.69
1.19
3.82
4.73
Bermuda net deferred tax asset (2)
(0.95
)
(0.01
)
(0.90
)
(0.16
)
Income tax expense (benefit) (3)
0.95
(0.66
)
3.82
0.26
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.20
)
(2.52
)
1.57
(1.67
)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted
$
13.34
$
8.06
$
39.10
$
42.99
Return on average common equity - annualized
27.8
%
(7.8
)%
25.9
%
19.3
%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
(7.0
)%
25.3
%
(11.7
)%
0.9
%
Net foreign exchange losses (gains)
0.6
%
1.9
%
0.1
%
0.8
%
Expenses (revenues) associated with acquisitions, dispositions and impairments
—
%
0.5
%
0.2
%
0.8
%
Acquisition related purchase accounting adjustments (1)
1.1
%
2.4
%
1.7
%
2.6
%
Bermuda net deferred tax asset (2)
(1.5
)%
—
%
(0.4
)%
(0.1
)%
Income tax expense (benefit) (3)
1.6
%
(1.3
)%
1.7
%
0.1
%
Net income (loss) attributable to redeemable noncontrolling interests (4)
(0.3
)%
(5.0
)%
0.7
%
(0.9
)%
Operating return on average common equity - annualized
22.3
%
16.0
%
18.2
%
23.5
%
(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 and year ended December 31, 2025 for the acquisitions of Validus $27.3 million and $166.6 million, respectively (2024 - $56.0 million and $227.9 million, respectively); and TMR and Platinum $3.2 million and $10.8 million, respectively (2024 - $3.8 million and $15.0 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 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.”
December 31,
2025
December 31,
2024
Book value per common share
$
247.00
$
195.77
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(14.40
)
(14.03
)
Other goodwill and intangible assets (2)
(0.21
)
(0.18
)
Acquisition related purchase accounting adjustments (3)
(2.29
)
(4.38
)
Tangible book value per common share
230.10
177.18
Adjustment for accumulated dividends
29.68
28.08
Tangible book value per common share plus accumulated dividends
$
259.78
$
205.26
Quarterly change in book value per common share (4)
6.8
%
(3.1
)%
Quarterly change in book value per common share plus change in accumulated dividends (4)
7.0
%
(2.9
)%
Quarterly change in tangible book value per common share plus change in accumulated dividends (4)
7.4
%
(2.8
)%
Year to date change in book value per common share
26.2
%
18.5
%
Year to date change in book value per common share plus change in accumulated dividends
27.0
%
19.4
%
Year to date change in tangible book value per common share plus change in accumulated dividends
30.8
%
26.0
%
(1)
Represents the acquired goodwill and other intangible assets at December 31, 2025, of $633.1 million (2024 - $704.1 million) for the acquisitions of Validus $408.0 million (2024 - $476.3 million), TMR $25.0 million (2024 - $26.0 million) and Platinum $200.1 million (2024 - $201.8 million).
(2)
At December 31, 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 December 31, 2025 for the acquisitions of Validus $57.7 million (2024 - $168.6 million), TMR $43.6 million (2024 - $51.6 million) and Platinum $(0.5) million (2024 - $(0.6) million).
(4)
Represents the percentage change during the three months ended December 31, 2025, and December 31, 2024, 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 December 31, 2025
Catastrophe
Other
Property
Property
Casualty and Specialty
Total
Combined ratio
(9.3
)%
70.6
%
21.8
%
103.5
%
71.4
%
Adjustment for acquisition related purchase accounting adjustments (1)
(1.7
)%
(0.9
)%
(1.4
)%
(1.2
)%
(1.4
)%
Adjusted combined ratio
(11.0
)%
69.7
%
20.4
%
102.3
%
70.0
%
Three months ended December 31, 2024
Catastrophe
Other
Property
Property
Casualty and Specialty
Total
Combined ratio
50.2
%
106.3
%
71.6
%
103.7
%
91.7
%
Adjustment for acquisition related purchase accounting adjustments (1)
(2.8
)%
(1.8
)%
(2.4
)%
(2.4
)%
(2.3
)%
Adjusted combined ratio
47.4
%
104.5
%
69.2
%
101.3
%
89.4
%
Year ended December 31, 2025
Catastrophe
Other
Property
Property
Casualty and Specialty
Total
Combined ratio
61.6
%
60.9
%
61.4
%
104.4
%
87.2
%
Adjustment for acquisition related purchase accounting adjustments (1)
(1.6
)%
(1.1
)%
(1.5
)%
(2.0
)%
(1.8
)%
Adjusted combined ratio
60.0
%
59.8
%
59.9
%
102.4
%
85.4
%
Year ended December 31, 2024
Catastrophe
Other
Property
Property
Casualty and Specialty
Total
Combined ratio
35.6
%
89.2
%
57.2
%
100.4
%
83.9
%
Adjustment for acquisition related purchase accounting adjustments (1)
(3.1
)%
(1.1
)%
(2.3
)%
(2.4
)%
(2.4
)%
Adjusted combined ratio
32.5
%
88.1
%
54.9
%
98.0
%
81.5
%
(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/20260202621931/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 $2.6 Billion of Annual Net Income Available to Common Shareholders and $1.9 Billion of Operating Income Available to Common Shareholders in 2025.
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