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What changed in RENAISSANCERE HOLDINGS LTD's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of RENAISSANCERE HOLDINGS LTD's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+586 added−640 removedSource: 10-K (2026-02-11) vs 10-K (2025-02-12)

Top changes in RENAISSANCERE HOLDINGS LTD's 2025 10-K

586 paragraphs added · 640 removed · 455 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

147 edited+28 added−21 removed206 unchanged
Biggest changePursuant to these regulations, RREAG, Australia Branch is subject to certain reporting and capital requirements in Australia. 25 GLOSSARY OF DEFINED TERMS “2020 Weather-Related Large Loss Events” Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts “2021 Weather-Related Large Losses” Winter Storm Uri, European Floods, Hurricane Ida, hail storm in Europe, wildfires in California, tornadoes in the Central and Midwest U.S., the Midwest Derecho, and losses associated with aggregate loss contracts “2022 Weather-Related Large Losses” Hurricanes Ian, Fiona and Nicole, floods in Eastern Australia, Storm Eunice, severe weather in France, typhoons in Asia, Winter Storm Elliott, and loss estimates associated with certain aggregate loss contracts “2023 Large Loss Events” earthquakes in Southern and Central Turkey, Cyclone Gabrielle, flooding in northern New Zealand, various wind and thunderstorm events in both the Southern and Midwest U.S, severe weather events in Texas and other Southern and Central U.S. states, wildfires in Hawaii, Hurricanes Idalia and Otis, Storm Ciaran, and certain aggregate loss contracts triggered during 2023 “2024 Large Loss Events” Hurricane Milton, Hurricane Helene and the Other 2024 Large Loss Events “ACR” additional case reserves “AIG” American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries) “AlphaCat Funds” collectively, certain third-party closed-end and open-end Bermuda mutual funds and one managed account that are managed by AlphaCat Managers.
Biggest changePursuant to these regulations, RREAG, Australia Branch is subject to certain reporting and capital requirements in Australia. 27 GLOSSARY OF DEFINED TERMS “2024 Large Loss Events” Hurricanes Milton and Helene, and the Other 2024 Large Loss Events “2025 Large Loss Events” a series of wildfires that burned throughout southern California in January 2025 (the “California Wildfires”), Hurricane Melissa and the Other 2025 Large Loss Events “ACR” additional case reserves “AIG” American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries) “AlphaCat Funds” collectively, certain third-party closed-end and open-end Bermuda mutual funds and one managed account that are managed by AlphaCat Managers.
We believe, and believe the consensus view of current scientific studies substantiates, that changes in climate conditions, primarily global temperatures and expected sea levels, have increased, and are likely to continue to increase, the severity and frequency of weather related natural disasters and catastrophes relative to the historical experience over the past 100 years.
We believe, and we believe the consensus view of current scientific studies substantiates, that changes in climate conditions, primarily global temperatures and expected sea levels, have increased, and are likely to continue to increase, the severity and frequency of weather-related natural disasters and catastrophes relative to the historical experience over the past 100 years.
The Lloyd’s Council has wide discretionary powers to regulate members’ underwriting at Lloyd’s, including, the power to withdraw a member’s permission to underwrite business or to underwrite a particular class of business and to change the basis on which syndicate expenses are allocated. • Assessments.
The Council of Lloyd’s has wide discretionary powers to regulate members’ underwriting at Lloyd’s, including, the power to withdraw a member’s permission to underwrite business or to underwrite a particular class of business and to change the basis on which syndicate expenses are allocated. • Assessments.
“ACRA” Accounting and Corporate Regulatory Authority “APRA” Australian Prudential Regulation Authority “ASC” Accounting Standards Codification “Baltimore Bridge Collapse” the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024 “BEPS” Base Erosion Profit Shifting “BMA” Bermuda Monetary Authority “Board” the Board of Directors of RenaissanceRe Holdings Ltd.
“ACRA” Accounting and Corporate Regulatory Authority “APRA” Australian Prudential Regulation Authority “ASC” Accounting Standards Codification “Baltimore Bridge Collapse” the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024 “BEPS” Base Erosion and Profit Shifting “BMA” Bermuda Monetary Authority “Board” the Board of Directors of RenaissanceRe Holdings Ltd.
The members of the Board have regular, direct access to the senior executives and other officers responsible for identifying and monitoring our risks and coordinating our ERM, including our Group Chief Risk Officer, Chief Portfolio Officer, Group Chief Underwriting Officer, Chief Financial Officer, and Group General Counsel, each of whom reports directly to our Chief Executive Officer, as well as other senior personnel such as our Chief Investment Officer, Chief Compliance Officer, Chief Accounting Officer, Global Corporate Controller and Head of Internal Audit.
The members of the Board have regular, direct access to the senior executives and other officers responsible for identifying and monitoring our risks 14 and coordinating our ERM, including our Group Chief Risk Officer, Chief Portfolio Officer, Group Chief Underwriting Officer, Chief Financial Officer, and Group General Counsel, each of whom reports directly to our Chief Executive Officer, as well as other senior personnel such as our Chief Investment Officer, Chief Compliance Officer, Chief Accounting Officer, Global Corporate Controller and Head of Internal Audit.
More generally, our team of scientists at RenaissanceRe Risk Sciences Inc. have been tracking the influence of climate change to better understand the impact of natural catastrophes on our business. Our underwriters use the combination of our risk assessment and underwriting process, REMS© and other tools in their pricing decisions, which we believe provides them with several competitive advantages.
More generally, our team of scientists at RenaissanceRe Risk Sciences Inc. have been tracking the influence of climate change to better understand the impact of natural catastrophes on our business. 13 Our underwriters use the combination of our risk assessment and underwriting process, REMS© and other tools in their pricing decisions, which we believe provides them with several competitive advantages.
We believe that this increase in severe weather, coupled with currently projected demographic trends in catastrophe-exposed regions, contributes to factors that will increase the average economic value of expected losses, increase the number of people exposed per year to natural disasters and in general exacerbate disaster risk, including risks to infrastructure, global supply chains and 15 agricultural production.
We believe that this increase in severe weather, coupled with currently projected demographic trends in catastrophe-exposed regions, contributes to factors that will increase the average economic value of expected losses, increase the number of people exposed per year to natural disasters and in general exacerbate disaster risk, including risks to infrastructure, global supply chains and agricultural production.
RREAG, US Branch does not pay ordinary dividends and would need approval from the NYDFS for any return of capital to RREAG. 22 Reinsurance Regulation The insurance laws of each U.S. state indirectly regulate the sale of reinsurance to licensed ceding insurers by non-admitted alien reinsurers acting from locations outside the state through the state’s credit for reinsurance laws.
RREAG, US Branch does not pay ordinary dividends and would need approval from the NYDFS for any return of capital to RREAG. Reinsurance Regulation The insurance laws of each U.S. state indirectly regulate the sale of reinsurance to licensed ceding insurers by non-admitted alien reinsurers acting from locations outside the state through the state’s credit for reinsurance laws.
The underlying risk models integrated into our underwriting and REMS© 12 framework are a combination of internally constructed and commercially available models. We use commercially available models to assist with validating and stress testing our base model and REMS© results. Before we bind a (re)insurance risk, exposure data, historical loss information and other risk data is gathered from customers.
The underlying risk models integrated into our underwriting and REMS© framework are a combination of internally constructed and commercially available models. We use commercially available models to assist with validating and stress testing our base model and REMS© results. Before we bind a (re)insurance risk, exposure data, historical loss information and other risk data is gathered from customers.
We produce probability distributions to represent our estimates of the related underlying risks which our products cover, which we believe helps us to make consistent underwriting decisions and to manage our total risk portfolio. 13 In addition, we also produce, utilize, and report on models which measure our utilization of capital in light of regulatory capital considerations and constraints.
We produce probability distributions to represent our estimates of the related underlying risks which our products cover, which we believe helps us to make consistent underwriting decisions and to manage our total risk portfolio. In addition, we also produce, utilize, and report on models which measure our utilization of capital in light of regulatory capital considerations and constraints.
We believe this capability helps us to manage 14 our aggregate exposures and to rigorously analyze and evaluate individual proposed transactions in the context of our in-force portfolio. This aggregation process captures line of business, segment and corporate risk profiles, calculates internal and external capital tests and explicitly models ceded reinsurance.
We believe this capability helps us to manage our aggregate exposures and to rigorously analyze and evaluate individual proposed transactions in the context of our in-force portfolio. This aggregation process captures line of business, segment and corporate risk profiles, calculates internal and external capital tests and explicitly models ceded reinsurance.
Top Layer is owned 50% by State Farm and 50% by Renaissance Reinsurance, although State Farm provides the majority of Top Layer’s underwriting capacity through a $3.9 billion stop-loss reinsurance agreement, and therefore, State Farm retains most of Top Layer’s underwriting results. Since we do not control Top Layer, we do not consolidate it in our financial results.
Top Layer is owned 50% by State Farm and 50% by Renaissance Reinsurance, although State Farm provides the majority of Top Layer’s underwriting capacity through a $3.9 billion stop-loss reinsurance agreement, and therefore, State Farm retains most of Top Layer’s underwriting results. Since 10 we do not control Top Layer, we do not consolidate it in our financial results.
Compared to underwriting income, we view fee income, especially management fee income, and investment income, as being relatively less volatile and as diversifying sources of income. We principally measure our financial success through long-term growth in tangible book value per common share plus the change in accumulated dividends.
Compared to underwriting income, we view fee income, especially management fee income, and investment income, as being relatively less volatile and as diversifying sources of income. 3 We principally measure our financial success through long-term growth in tangible book value per common share plus the change in accumulated dividends.
In addition, refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves” for more information on our actual results versus our initial estimates of our claims reserves, and sensitivity analysis for each of our Property and Casualty and Specialty segments.
In addition, refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial 17 Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves” for more information on our actual results versus our initial estimates of our claims reserves, and sensitivity analysis for each of our Property and Casualty and Specialty segments.
Managed Joint Ventures and Managed Funds We manage a number of joint ventures and managed funds which provide us with an additional presence in the market, enhance our client relationships and generate management fee income and performance fee income. Currently, our principal joint ventures and managed funds include DaVinci, Fontana, Medici, Vermeer, Top Layer and Upsilon.
Managed Joint Ventures and Managed Funds We manage a number of joint ventures and managed funds which provide us with an additional presence in the market, enhance our client relationships and generate management fee income and performance fee income. Currently, our principal joint ventures and managed funds include DaVinci, Fontana, Medici, Medici UCITS, Vermeer, Top Layer and Upsilon.
Unlike other (re)insurers, SPIs and collateralized insurers are fully funded to meet their (re)insurance obligations; therefore, the application and supervision processes are less burdensome than traditional registered general business insurers. However, these entities remain subject to annual financial statements and solvency reporting and disclosure requirements. • Insurance Manager Reporting Requirements .
Unlike other (re)insurers, SPIs and collateralized insurers are fully funded to meet their (re)insurance obligations; therefore, the application and supervision processes are less burdensome than traditional registered general business insurers. However, these entities remain subject to annual financial statements and solvency reporting and disclosure requirements.
Third-party investors own a majority of the economic interest in Fontana, which provides them with access to attractive casualty and specialty risk while generating a management fee and a performance fee stream of income for us. Fontana also allows us to increase casualty and specialty capacity for our customers.
Third-party investors own a majority of the economic interest in Fontana, which provides them with access to attractive casualty and specialty risk while generating management fee income and performance fee income for us. Fontana also allows us to increase casualty and specialty capacity for our customers.
Hedge funds, pension funds and endowments, investment banks, insurance exchanges and other capital market participants may also be active in the reinsurance market and the market for related risk, either through the formation of reinsurance companies or through the use of financial products, such as catastrophe bonds and other insurance-linked securities.
Hedge funds, pension funds and endowments, investment banks and other capital market participants may also be active in the reinsurance market and the market for related risk, either through the formation of reinsurance companies or through the use of financial products, such as catastrophe bonds and other insurance-linked securities.
We believe this metric is the most appropriate measure of 3 our financial performance, and in respect of which we believe we have delivered superior performance over time. CORPORATE STRATEGY Our mission is to match desirable risk with efficient capital, and our vision is to be the best underwriter.
We believe this metric is the most appropriate measure of our financial performance, and in respect of which we believe we have delivered superior performance over time. CORPORATE STRATEGY Our mission is to match desirable risk with efficient capital, and our vision is to be the best underwriter.
The Bermuda Investment Funds Act 2006 sets standards applicable to the establishment and operation of investment funds in Bermuda with a view to protecting investors. Each of our managed funds, including Medici and Upsilon Fund is registered or authorized under the Investment Funds Act and supervised funds regulated by the BMA.
The Bermuda Investment Funds Act 2006 sets standards applicable to the establishment and operation of investment funds in Bermuda with a view to protecting investors. Each of our managed funds, including Medici and Upsilon Fund is registered or authorized under the Investment Funds Act and are supervised funds regulated by the BMA.
Our reserving methodologies and sensitivities for each respective line of business described in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves.” • Business Environment Risk.
Our reserving methodologies and sensitivities for each respective line of business described in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves.” 15 • Business Environment Risk.
Bermuda registered insurers are required to comply with the BMA’s Insurance Code of Conduct, which establishes duties, requirements and standards regarding sound corporate governance, risk management and internal controls. • Special Purpose Insurer and Collateralized Insurer Reporting Requirements.
Bermuda registered insurers are required to comply with the BMA’s Insurance Code of Conduct, which establishes duties, requirements and standards regarding sound corporate governance, risk management and internal controls. 21 • Special Purpose Insurer and Collateralized Insurer Reporting Requirements.
Our capital management business is one of the oldest, largest and most respected in the industry and provides us with a larger capital base, through which we are able to write more business and reach a 8 broader customer base.
Our capital management business is one of the oldest, largest and most respected in the industry and provides us with a larger capital base, through which we are able to write more business and reach a broader customer base.
Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests and how this accounting treatment impacts our financial results. Other Transactions From time to time, we pursue other customized reinsurance and financing transactions.
Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests and how this accounting treatment impacts our financial results. 11 Other Transactions From time to time, we pursue other customized reinsurance and financing transactions.
ACR established by us represents our estimates for claims related to specific contracts which we believe 16 may not be adequately estimated by the client as of that date or is not within the IBNR.
ACR established by us represents our estimates for claims related to specific contracts which we believe may not be adequately estimated by the client as of that date or is not within the IBNR.
From time to time, we consider diversification into new ventures, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies.
From time to time, we consider diversification into new opportunities, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies.
As alien reinsurers, Renaissance Reinsurance, DaVinci Reinsurance, RREAG, RenaissanceRe Specialty U.S., and Vermeer have each been approved by one or more U.S. states as a “Certified Reinsurer” or “Reciprocal Jurisdiction Reinsurer,” which permits it to post reduced or zero security, respectively, while still allowing its cedants to take financial statement credit for the reinsurance.
As alien reinsurers, Renaissance Reinsurance, DaVinci Reinsurance, Fontana US, RREAG, RenaissanceRe Specialty U.S., and Vermeer have each been approved by one or more U.S. states as a “Certified Reinsurer” or “Reciprocal Jurisdiction Reinsurer,” which permits it to post reduced or zero security, respectively, while still allowing its cedants to take financial statement credit for the reinsurance.
Bermuda-registered insurance companies and insurance management companies are also regulated under the Insurance Act and related regulations, which impose various requirements depending on a company’s classification under the Insurance Act.
Bermuda-registered insurance companies and insurance management companies are also regulated under 19 the Insurance Act and related regulations, which impose various requirements depending on a company’s classification under the Insurance Act.
We address other areas of operational risk through our business continuity and incident response program, human resource practices such as motivating and retaining top talent, our strict tax protocols and our legal and regulatory policies and procedures. ENVIRONMENTAL AND CLIMATE CHANGE MATTERS Our principal economic exposures arise from our coverages for natural disasters and catastrophes.
We address other areas of operational risk through our business continuity and incident response program, human resource practices such as motivating and retaining top talent, our strict tax protocols and our legal and regulatory policies and procedures. ENVIRONMENTAL AND CLIMATE-RELATED RISK MATTERS Our principal economic exposures arise from our coverages for natural disasters and catastrophes.
Underwriting The insurer’s or reinsurer’s process of reviewing applications submitted for insurance coverage, deciding whether to accept all or part of the coverage requested and determining the applicable premiums. 33 Underwriting capacity The maximum amount that an insurance company can underwrite. The limit is generally determined by a company’s retained earnings and investment capital.
Underwriting The insurer’s or reinsurer’s process of reviewing applications submitted for insurance coverage, deciding whether to accept all or part of the coverage requested and determining the applicable premiums. 35 Underwriting capacity The maximum amount that an insurance company can underwrite. The limit is generally determined by a company’s retained earnings and investment capital.
Restrictions on Dividends, Distributions and Reductions of Capital Our Bermuda-registered insurers are generally prohibited from declaring or paying any dividends if in breach of the required minimum solvency margin or minimum liquidity ratio, if declaring or paying such dividend would cause them to fail to meet the required minimum solvency margin or minimum liquidity ratio, or if certain solvency requirements are not met.
Restrictions on Dividends, Distributions and Reductions of Capital Our Bermuda-registered insurers are generally prohibited from declaring or paying any dividends, if declaring or paying such dividend would cause them to fail to meet the required minimum solvency margin or minimum liquidity ratio, or if certain solvency requirements are not met.
Cede; cedant; ceding company When a party reinsures its liability with another, it “cedes” business and is referred to as the “cedant” or “ceding company.” 29 Claim Request by an insured or reinsured for indemnification by an insurance company or a reinsurance company for losses incurred from an insured peril or event.
Cede; cedant; ceding company When a party reinsures its liability with another, it “cedes” business and is referred to as the “cedant” or “ceding company.” 31 Claim Request by an insured or reinsured for indemnification by an insurance company or a reinsurance company for losses incurred from an insured peril or event.
Capital and Surplus Requirements Renaissance Reinsurance U.S. is required to meet certain minimum statutory capital and surplus requirements under Maryland law, including risk-based capital requirements, and to submit an annual report regarding its risk-based capital levels to the MIA. As of December 31, 2024, we believe Renaissance Reinsurance U.S. exceeded all applicable Maryland minimum capital and surplus requirements.
Capital and Surplus Requirements Renaissance Reinsurance U.S. is required to meet certain minimum statutory capital and surplus requirements under Maryland law, including risk-based capital requirements, and to submit an annual report regarding its risk-based capital levels to the MIA. As of December 31, 2025, we believe Renaissance Reinsurance U.S. exceeded all applicable Maryland minimum capital and surplus requirements.
The amount of the deposit is related to the member’s premium income limit and also the nature of the underwriting account. 30 Generally Accepted Accounting Principles in the United States Accounting principles as set forth in the statements of the Financial Accounting Standards Board and related guidance, which are applicable in the circumstances as of the date in question.
The amount of the deposit is related to the member’s premium income limit and also the nature of the underwriting account. 32 Generally Accepted Accounting Principles in the United States Accounting principles as set forth in the statements of the Financial Accounting Standards Board and related guidance, which are applicable in the circumstances as of the date in question.
In the casualty field, the term “hazard” is more frequently used. 31 Profit commission A provision found in some reinsurance agreements that provides for profit sharing. Parties agree to a formula for calculating profit, an allowance for the reinsurer’s expenses, and the cedant’s share of such profit after expenses.
In the casualty field, the term “hazard” is more frequently used. 33 Profit commission A provision found in some reinsurance agreements that provides for profit sharing. Parties agree to a formula for calculating profit, an allowance for the reinsurer’s expenses, and the cedant’s share of such profit after expenses.
RREAG, US Branch is subject to New York’s holding company laws as well as laws and regulations pertaining to solvency, capital and surplus, authorized investments, deposits of securities for the benefit of policyholders, cybersecurity, corporate governance and the financial risks related to climate change.
RREAG, US Branch is subject to New York’s holding company laws as well as laws and regulations pertaining to solvency, capital and surplus, authorized investments, deposits of securities for the benefit of policyholders, cybersecurity, corporate governance and the financial risks related to climate-related risk, such as climate change.
As of December 31, 2024, we believe RREAG, US Branch exceeded all applicable minimum capital and surplus requirements. The NYDFS may conduct periodic examinations of RREAG, US Branch and requires the filing of annual and other reports relating to RREAG, US Branch’s financial condition and risk-based capital levels.
As of December 31, 2025, we believe RREAG, US Branch exceeded all applicable minimum capital and surplus requirements. The NYDFS may conduct periodic examinations of RREAG, US Branch and requires the filing of annual and other reports relating to RREAG, US Branch’s financial condition and risk-based capital levels.
We are currently completing our 2024 group BSCR, and at this time, we believe we will exceed the target capital, and that each entity that is required to file will exceed the minimum amount of regulatory capital required to be maintained under Bermuda law.
We are currently completing our 2025 group BSCR, and at this time, we believe we will exceed the target capital, and that each entity that is required to file will exceed the minimum amount of regulatory capital required to be maintained under Bermuda law.
Financial Conduct Authority “FCR” financial condition report “FINMA” Swiss Financial Market Supervisory Authority “Fitch” Fitch Ratings Ltd. 26 “Fontana” Fontana Holdings L.P. and its subsidiaries “Fontana Re” Fontana Reinsurance Ltd. “Fontana US” Fontana Reinsurance U.S. Ltd. “Form 10-K” this Annual Report on Form 10-K for the year ended December 31, 2024 “GAAP” generally accepted accounting principles in the U.S.
Financial Conduct Authority “FCR” financial condition report “FINMA” Swiss Financial Market Supervisory Authority “Fitch” Fitch Ratings Ltd. “Fontana” Fontana Holdings L.P. and its subsidiaries “Fontana Re” Fontana Reinsurance Ltd. “Fontana US” Fontana Reinsurance U.S. Ltd. “Form 10-K” this Annual Report on Form 10-K for the year ended December 31, 2025 “GAAP” generally accepted accounting principles in the U.S.
As our business and the (re)insurance industry continue to evolve, we expect our competitors to evolve as well, and we may face competition from other non-traditional participants, such as technology or Insurtech companies, among others. We believe that our principal competitors are traditional insurance and reinsurance companies, but also include third-party capital managers.
As our business and the (re)insurance industry continue to evolve, we expect our competitors to evolve as well, and we may face competition from other non-traditional participants, such as technology companies, among others. 12 We believe that our principal competitors are traditional insurance and reinsurance companies, but also include third-party capital managers.
In addition, general business insurers are generally required to file an annual capital and solvency return, or BSCR, with the BMA. The BSCR is a risk-based capital model designed to give the BMA robust methods for determining an insurer’s capital adequacy. Our 2023 group BSCR exceeded the target capital level.
In addition, general business insurers are generally required to file an annual capital and solvency return, or BSCR, with the BMA. The BSCR is a risk-based capital model designed to give the BMA robust methods for determining an insurer’s capital 20 adequacy. Our 2024 group BSCR exceeded the target capital level.
Retrocedant A reinsurer who cedes all or a portion of its assumed insurance to another reinsurer. 32 Retrocessional reinsurance; Retrocessionaire A transaction whereby a reinsurer cedes to another reinsurer, the retrocessionaire, all or part of the reinsurance that the first reinsurer has assumed.
Retrocedant A reinsurer who cedes all or a portion of its assumed insurance to another reinsurer. 34 Retrocessional reinsurance; Retrocessionaire A transaction whereby a reinsurer cedes to another reinsurer, the retrocessionaire, all or part of the reinsurance that the first reinsurer has assumed.
We do not regard the effect of these regulations to be material to us at this time. • Singapore : Branches of Renaissance Reinsurance and DaVinci Reinsurance based in the Republic of Singapore have each received a license to carry on insurance business as a general reinsurer and are regulated by ACRA as a foreign company pursuant to Singapore’s Companies Act.
We do not regard the effect of these regulations to be material to us at this time. • Singapore : Branches of Renaissance Reinsurance and DaVinci Reinsurance based in the Republic of Singapore have each received a license to carry on insurance business as a general reinsurer and are regulated by ACRA as a foreign company pursuant to Singapore’s Companies Act. 26 Renaissance Services of Asia Pte.
Change of Control Prior approval from the PRA, the FCA, and Lloyd’s is required before any person or entity, together with its associates, acquires “control” of a regulated insurer, reinsurer, Lloyd’s managing agent, or corporate member.
Change of Control Prior approval from the PRA (with consent from the FCA) and Lloyd’s is required before any person or entity, together with its associates, acquires “control” of a regulated insurer, reinsurer, or Lloyd’s managing agent and prior approval is required from Lloyd’s in respect of a corporate member.
Our third-party capital partners benefit from our ability to access the best risk and construct high-quality portfolios in tailored geographies to suit their investment needs. At the same time, this business benefits our customers, as it allows us to write more risk in various forms across balance sheets with diversified counterparties.
Our third-party capital partners benefit from our ability to access the best risk and construct high-quality portfolios in tailored geographies. At the same time, this business benefits our customers, as it allows us to write more risk in various forms across balance sheets with diversified counterparties.
Statutory accounting principles Recording transactions and preparing financial statements in accordance with the rules and procedures prescribed or permitted by Bermuda, U.S. state insurance regulatory authorities including the NAIC and/or in accordance with Lloyd’s specific principles, all of which generally reflect a liquidating, rather than going concern, concept of accounting.
Statutory accounting principles Recording transactions and preparing financial statements in accordance with the rules and procedures prescribed or permitted by Bermuda, U.S. state insurance regulatory authorities including the National Association of Insurance Commissioners and/or in accordance with Lloyd’s specific principles, all of which generally reflect a liquidating, rather than going concern, concept of accounting.
RREAG has to submit an annual report (including audited financial statements and a management report), FCR, an annual supervisory report, and a forward-looking self-assessment of its risk situation and capital requirements, or ORSA, to FINMA each year.
RREAG is required to submit an annual report (including audited financial statements and a management report), FCR, an annual supervisory report, and a forward-looking self-assessment of its risk situation and capital requirements, or ORSA, to FINMA each year.
At the entity level, our Bermuda registered insurers are required to submit to the BMA both general and statutory audited annual financial statements, which are available free of charge on the BMA’s website. Certain insurers and 19 insurance groups are also required to prepare and publish a Financial Condition Report, or FCR.
At the entity level, our Bermuda registered insurers are required to submit to the BMA both general and statutory audited annual financial statements, which are available on the BMA’s website. Certain insurers and insurance groups are also required to prepare and publish a Financial Condition Report, or FCR.
“RREAG” RenaissanceRe Europe AG “RREAG, Australia Branch” RenaissanceRe Europe AG, Australia Branch 27 “RREAG, Bermuda Branch” RenaissanceRe Europe AG, Bermuda Branch, an overseas company that has been granted a permit from the Minister of Finance to engage in or carry on any trade or business pursuant to the Companies Act and which is also registered to carry on insurance business as a Class 4 insurer pursuant to the Insurance Act in Bermuda “RREAG, UK Branch” RenaissanceRe Europe AG, UK Branch “RREAG, US Branch” RenaissanceRe Europe AG, US Branch “RREAG” RenaissanceRe Europe AG “RSML” RenaissanceRe Syndicate Management Ltd.
“RREAG” RenaissanceRe Europe AG “RREAG, Australia Branch” RenaissanceRe Europe AG, Australia Branch “RREAG, Bermuda Branch” RenaissanceRe Europe AG, Bermuda Branch, an overseas company that has been granted a permit from the Minister of Finance to engage in or carry on any trade or business pursuant to the Companies Act and which is also registered to carry on insurance business as a Class 4 insurer pursuant to the Insurance Act in Bermuda “RREAG, UK Branch” RenaissanceRe Europe AG, UK Branch “RREAG, US Branch” RenaissanceRe Europe AG, US Branch “RSML” RenaissanceRe Syndicate Management Ltd. 29 “RUM” Renaissance Underwriting Managers, Ltd.
We expect our profits generated on or after January 1, 2025 in Bermuda, except for profits earned by our joint ventures and managed funds, will be subject to the 15% corporate income tax. 20 Additional Rules and Regulations Certain of our Bermuda-registered entities are subject to additional regulatory requirements, including the following: • Insurance Code of Conduct.
Our profits generated on or after January 1, 2025 in Bermuda, except for profits earned by our joint ventures and managed funds, are subject to the 15% corporate income tax. Additional Rules and Regulations Certain of our Bermuda-registered entities are subject to additional regulatory requirements, including the following: • Insurance Code of Conduct.
“DEI” Diversity, Equity and Inclusion “ECR” Enhanced Capital Requirement “ERM” enterprise risk management “EU” European Union “Exchange Act” the Securities Exchange Act of 1934, as amended “FAL” a deposit that must be submitted to support the underwriting capacity of a member of Lloyd’s “FASB” Financial Accounting Standards Board “FCA” U.K.
“ECR” Enhanced Capital Requirement “ERM” enterprise risk management “EU” European Union “Exchange Act” the Securities Exchange Act of 1934, as amended “FAL” a deposit that must be submitted to support the underwriting capacity of a member of Lloyd’s “FASB” Financial Accounting Standards Board “FCA” U.K.
Compensation Practices We design our compensation programs to incorporate a range of components that we believe help to attract and retain talented individuals and mitigate potential risks, while rewarding employees for pursuing our strategic and financial objectives through appropriate risk taking, risk management and prudent tactical and strategic decision making.
Compensation and Benefit Practices We design our compensation and benefit programs to incorporate a range of components intended to attract and retain talented individuals and mitigate potential risks, while rewarding employees for pursuing our strategic and financial objectives through appropriate risk-taking, risk management and prudent tactical and strategic decision making.
Capital and Surplus Requirements Following “Brexit,” with effect from December 31, 2024, the capital adequacy of insurers and reinsurers in the U.K., including Syndicates at Lloyd’s is determined under the PRA’s prudential regime for insurers known as “Solvency UK.” Solvency UK has replaced the PRA’s previous prudential regulation framework, Solvency II, which was established by EU law and transposed into U.K. law.
Capital and Surplus Requirements Following “Brexit,” with effect from December 31, 2024, the capital adequacy of insurers and reinsurers in the U.K., including Syndicates at Lloyd’s is determined under the PRA’s prudential regime for insurers commonly referred to as “Solvency UK.” Solvency UK reforms the PRA’s previous prudential regulation framework, Solvency II, which was established by EU law and transposed into U.K. law.
We must also file with the BMA any changes to an “officer” or “controller” (as such are defined by applicable regulations) of our insurance managers. All registered insurers are required to give notice to the BMA of their intention to effect a material change within the meaning of the Insurance Act.
We must also file with the BMA any changes to an “officer” or “controller” (as such are defined by applicable regulations) of our insurance managers. All registered insurers, and in certain limited cases insurance groups, are required to give notice to the BMA of their intention to effect a material change within the meaning of the Insurance Act.
“Validus” Validus Holdings, Validus Specialty, and their respective subsidiaries that were acquired in the Validus Acquisition (including Validus Re and Validus Holdings (UK) Ltd), collectively “Validus Acquisition” The acquisitions under the Stock Purchase Agreement, together with the other transactions contemplated in the Stock Purchase Agreement. “Validus Holdings” Validus Holdings, Ltd. “Validus Re” Validus Reinsurance, Ltd.
“Validus” Validus Holdings, Validus Specialty, and their respective subsidiaries that were acquired in the Validus Acquisition (including Validus Re and Validus Holdings (UK) Ltd), collectively “Validus Acquisition” The acquisitions under the Stock Purchase Agreement, together with the other transactions contemplated in the Stock Purchase Agreement. “Validus Re” Validus Reinsurance, Ltd. “Validus Switzerland” Validus Reinsurance (Switzerland) Ltd “Vermeer” Vermeer Reinsurance Ltd.
Our distribution is reliant on a small number of broker relationships, which has continued to decrease in recent years as a result of consolidation in the broker sector. We expect this concentration to continue. In 2024, three brokerage firms accounted for 82.1% of our gross premiums written.
Our distribution is reliant on a small number of broker relationships, which has continued to decrease in recent years as a result of consolidation in the broker sector. We expect this concentration to continue. In 2025, three brokerage firms accounted for 81.3% of our gross premiums written.
Any company or individual that, together with its or his associates, acquires or controls 10% or more of the voting power in a regulated entity or its parent company, would be considered to have acquired control for these purposes, as would a person who had significant influence over the management of such entity or its parent company by virtue of their shareholding or voting power in either.
Any company or individual that, together with its or his associates, acquires or controls 10% or more of the shares or voting power in a regulated insurer, reinsurer, Lloyd’s managing agent, or corporate member or its parent company, would be considered to have acquired control for these purposes, as would a person who had significant influence over the management of such entity or its parent company by virtue of their shareholding or voting power in either.
Our underwriting results reflect the full value of the business written on behalf of our consolidated operating subsidiaries, joint ventures and managed funds, before we reflect the interests of third-party investors in our consolidated joint ventures and managed funds that are not retained by us. 4 The following table shows gross premiums written allocated to each of our segments.
Our underwriting results reflect the full value of the 4 business written on behalf of our consolidated operating subsidiaries, joint ventures and managed funds, before we reflect the interests of third-party investors in these entities that are not retained by us. The following table shows gross premiums written by segment.
We maintain a significant investment in Upsilon RFO. 10 AlphaCat In connection with the Validus Acquisition, we acquired AlphaCat Managers, which manages third-party capital in various forms, including through closed-end and open-end Bermuda mutual funds and one managed account, collectively, the “AlphaCat Funds,” which currently generate fee income.
AlphaCat In connection with the Validus Acquisition, we acquired AlphaCat Managers, which manages third-party capital in various forms, including through closed-end and open-end Bermuda mutual funds and one managed account, collectively, the “AlphaCat Funds,” which currently generate fee income.
Securities and Exchange Commission “Securities Act” Securities Act of 1933, as amended “SPI” special purpose insurer “SST” Swiss Solvency Test “State Farm” State Farm Mutual Automobile Insurance Company “Stock Purchase Agreement” Stock Purchase Agreement, dated May 22, 2023, among RenaissanceRe Holdings Ltd. and AIG, as amended “Syndicate 1458” RenaissanceRe Syndicate 1458 “Talbot” Talbot Underwriting Ltd., an affiliate of AIG “TMR” collectively, Tokio Millennium Re AG and certain associated entities and subsidiaries “Top Layer” Top Layer Reinsurance Ltd.
Securities and Exchange Commission “Securities Act” Securities Act of 1933, as amended “SPI” special purpose insurer “SST” Swiss Solvency Test “State Farm” State Farm Mutual Automobile Insurance Company “Stock Purchase Agreement” Stock Purchase Agreement, dated May 22, 2023, among RenaissanceRe Holdings Ltd. and AIG, as amended “Stratos” Stratos, a segregated account of Upsilon Fund “Syndicate 1458” RenaissanceRe Syndicate 1458 “TMR” collectively, Tokio Millennium Re AG and certain associated entities and subsidiaries “Top Layer” Top Layer Reinsurance Ltd.
As a result, certain Bermuda businesses which are part of large multinational groups will be subject to a 15% corporate income tax in Bermuda for fiscal years beginning on or after January 1, 2025, regardless of any assurance given pursuant to the Exempted Undertakings Tax Protection Act 1966.
However, on December 27, 2023, the Corporate Income Tax Act 2023 was enacted. As a result, certain Bermuda businesses which are part of large multinational groups became subject to a 15% corporate income tax in Bermuda for fiscal years beginning on or after January 1, 2025, regardless of any assurance given pursuant to the Exempted Undertakings Tax Protection Act 1966.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Year ended December 31, 2024 2023 2022 (in thousands, except percentages) Gross Premiums Written Percentage of Gross Premiums Written Gross Premiums Written Percentage of Gross Premiums Written Gross Premiums Written Percentage of Gross Premiums Written Property $ 4,823,731 41.1 % $ 3,562,414 40.2 % $ 3,734,241 40.5 % Casualty and Specialty 6,909,335 58.9 % 5,299,952 59.8 % 5,479,299 59.5 % Total gross premiums written $ 11,733,066 100.0 % $ 8,862,366 100.0 % $ 9,213,540 100.0 % Across our segments, we write proportional business, excess of loss business, and business through delegated authority arrangements.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Year ended December 31, 2025 2024 2023 (in thousands, except percentages) Gross Premiums Written Percentage of Gross Premiums Written Gross Premiums Written Percentage of Gross Premiums Written Gross Premiums Written Percentage of Gross Premiums Written Property $ 4,942,141 42.1 % $ 4,823,731 41.1 % $ 3,562,414 40.2 % Casualty and Specialty 6,796,279 57.9 % 6,909,335 58.9 % 5,299,952 59.8 % Total gross premiums written $ 11,738,420 100.0 % $ 11,733,066 100.0 % $ 8,862,366 100.0 % Across our segments, we write proportional business, excess of loss business, and business through delegated authority arrangements.
“GloBE Rules” global anti-base erosion model rules, approved by the OECD/G20 Inclusive Framework on BEPS “IAIG” Internationally Active Insurance Groups “IAIS” International Association of Insurance Supervisors “IBNR” incurred but not reported “Insurance Act” Bermuda Insurance Act 1978 “IRA” Inflation Reduction Act “IRS” United States Internal Revenue Service “MIA” Maryland Insurance Administration “Medici” RenaissanceRe Medici Fund Ltd.
“GloBE Rules” global anti-base erosion model rules, approved by the OECD/G20 Inclusive Framework on BEPS “IAIG” Internationally Active Insurance Groups “IAIS” International Association of Insurance Supervisors 28 “IBNR” incurred but not reported “Insurance Act” Bermuda Insurance Act 1978 “MIA” Maryland Insurance Administration “Medici” RenaissanceRe Medici Fund Ltd.
Accordingly, we expect an increase in both the frequency and magnitude of claims, especially from properties located in coastal areas. The consideration of the impacts of climate change is integral to our ERM process.
Accordingly, we expect an increase in both the frequency and magnitude of claims, especially from properties located in coastal areas. The consideration of the impacts of climate-related risk, including climate change is integrated into our ERM process.
We have been progressively integrating the consideration of the financial risk of climate change into our governance frameworks, risk management processes, and business strategies over the past several years, and many of our regulators are increasingly focused on these and other climate change disclosures.
We have been progressively integrating the consideration of the financial risk of climate change into our governance frameworks, risk management processes, and business strategies over the past several years. We monitor emerging regulatory expectations, as many of our regulators are increasingly focused on climate-related risk oversight and disclosures.
Third-party investors own a majority of the participating, non-voting common shares of Medici, pursuant to which they own a majority of Medici’s economic benefits, which provides them with access to attractive catastrophe bond risks while generating a management fee stream of income for us.
Third-party investors own a majority of the participating, non-voting common shares of Medici, pursuant to which they own a majority of Medici’s economic benefits, which provides them with access to attractive catastrophe bond risks while generating management fee income for us. Medici allows us to increase our participation in our customers’ catastrophe bond offerings and broaden our relationships with them.
Our Other category primarily includes the results of: (1) our investment unit which manages and invests the funds generated by our consolidated operations; (2) our share of strategic investments in certain markets we believe offer attractive risk-adjusted returns or where we believe our investment adds value, and where, rather than assuming exclusive management responsibilities ourselves, we partner with other market participants; and (3) corporate expenses, certain expenses related to acquisitions and dispositions, capital servicing costs and noncontrolling interests.
Our Other category primarily includes the results of: (1) our investment unit which manages and invests the funds generated by our consolidated operations; (2) our share of strategic investments in certain markets we believe offer attractive risk-adjusted returns or where we believe our investment adds value, and where, rather than assuming exclusive management responsibilities ourselves, we partner with other market participants; and (3) corporate expenses, certain expenses related to acquisitions and dispositions, capital servicing costs, income tax benefit (expense) and noncontrolling interests. 7 Geographic Breakdown Our exposures are generally diversified across geographic zones, but are also a function of market conditions and opportunities.
“RenaissanceRe” RenaissanceRe Holdings Ltd. “RenaissanceRe CCL” RenaissanceRe Corporate Capital (UK) Limited “RenaissanceRe Finance” RenaissanceRe Finance Inc. “RenaissanceRe Group” RenaissanceRe group of companies “RenaissanceRe Specialty U.S.” RenaissanceRe Specialty U.S. Ltd. “RFM” RenaissanceRe Fund Management Ltd.
“Renaissance Reinsurance of Europe DAC” Renaissance Reinsurance of Europe Designated Activity Company “Renaissance Reinsurance U.S.” Renaissance Reinsurance U.S. Inc. “RenaissanceRe” RenaissanceRe Holdings Ltd. “RenaissanceRe CCL” RenaissanceRe Corporate Capital (UK) Limited “RenaissanceRe Finance” RenaissanceRe Finance Inc. “RenaissanceRe Group” RenaissanceRe group of companies “RenaissanceRe Specialty U.S.” RenaissanceRe Specialty U.S. Ltd. “RFM” RenaissanceRe Fund Management Ltd.
Insurance managers are required to report to the BMA information regarding their management and operations, as well as certain events, for example, a failure to comply with a condition imposed upon it by the BMA. • Economic Substance Act.
Collateralized insurers are also subject to minimum solvency and enhanced capital requirements. • Insurance Manager Reporting Requirements . Insurance managers are required to report to the BMA information regarding their management and operations, as well as certain events, for example, a failure to comply with a condition imposed upon it by the BMA. • Economic Substance Act.
“BSCR” Bermuda solvency and capital requirement “CIT” Corporate Income Tax Act 2023 “Code of Ethics” RenaissanceRe’s Code of Ethics and Conduct “DaVinci” DaVinciRe Holdings Ltd. and its subsidiaries “DaVinci Reinsurance” DaVinci Reinsurance Ltd.
“BSCR” Bermuda solvency and capital requirement “CIT” Corporate Income Tax Act 2023 “Code of Ethics” RenaissanceRe’s Code of Ethics and Conduct “ComFrame” Common Framework for the Supervision of Internationally Active Insurance Groups “DaVinci” DaVinciRe Holdings Ltd. and its subsidiaries “DaVinci Reinsurance” DaVinci Reinsurance Ltd.
Although reinsurance contract terms and rates are generally not subject to regulation by state insurance authorities, a U.S. insurance company ordinarily will enter into a reinsurance agreement only if it can obtain credit on its statutory financial statements for the reinsurance ceded.
With some exceptions, the sale of insurance within a jurisdiction where the insurer is not admitted to do business is prohibited. 23 Although reinsurance contract terms and rates are generally not subject to regulation by state insurance authorities, a U.S. insurance company ordinarily will enter into a reinsurance agreement only if it can obtain credit on its statutory financial statements for the reinsurance ceded.
Upsilon Fund is also a segregated accounts company, and each account acts as either a pool of assets from multiple investors, such as Upsilon Diversified, or as a separately-managed account for an individual institutional investor, such as NOC1. Upsilon Fund’s segregated accounts invest in either Upsilon RFO, or in other reinsurance risks that are managed by us.
Upsilon Fund is also a segregated accounts company, and each account acts as either a pool of assets from multiple investors, such as Upsilon Diversified, or as a separately-managed account for an individual institutional investor, such as NOC1 and Stratos Fund.
However, we intend to continue to conduct our operations so as to minimize the likelihood that our Bermuda subsidiaries will become subject to direct U.S. regulation. Bermuda Regulation Overview Generally, Bermuda companies must comply with the provisions of the Bermuda Companies Act 1981.
Expansion into additional (re)insurance markets could expose us or our subsidiaries to increasing regulatory oversight. However, we intend to continue to conduct our operations so as to minimize the likelihood that our Bermuda subsidiaries will become subject to direct U.S. regulation. Bermuda Regulation Overview Generally, Bermuda companies must comply with the provisions of the Bermuda Companies Act 1981.
“ORSA” Own Risk and Solvency Assessment “Other 2024 Large Loss Events” the Baltimore Bridge Collapse, a series of severe convective storms impacting the Southern and Midwest United States, the Hualien earthquake which impacted Taiwan in April 2024, a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, Hurricane Beryl, and certain aggregate loss contracts triggered during 2024 “PFIC” passive foreign investment company “PGGM” PGGM Vermogensbeheer B.V.
Treasury’s Office of Foreign Assets Control “ORSA” Own Risk and Solvency Assessment “Other 2024 Large Loss Events” the Baltimore Bridge Collapse, a series of severe convective storms impacting the Southern and Midwest United States, the Hualien earthquake which impacted Taiwan in April 2024, a severe hailstorm which impacted Calgary in August 2024, Hurricanes Debby and Beryl, and certain aggregate loss contracts triggered during 2024 “Other 2025 Large Loss Events” 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 “PFIC” passive foreign investment company “PGGM” PGGM Vermogensbeheer B.V.
At December 31, 2024, we believe RREAG exceeded the minimum solvency and capital requirements required to be maintained under Swiss law. These and other regulations limit the amount of capital that RREAG may distribute to its holding company parent. Additional Regulatory Requirements RREAG is subject to additional regulatory requirements under Swiss law, including the following: • Reporting and Disclosure Requirements.
These and other regulations limit the amount of capital that RREAG may distribute to its holding company parent. Additional Regulatory Requirements RREAG is subject to additional regulatory requirements under Swiss law, including the following: • Reporting and Disclosure Requirements.
Casualty and Specialty Segment We write casualty and specialty reinsurance and insurance across a broad range of classes of business, including general casualty, professional liability, credit and other specialty lines. This business is predominantly reinsurance, although we also write insurance business, primarily through delegated authority arrangements.
Casualty and Specialty Segment We write casualty and specialty reinsurance and insurance across a broad range of classes of business, including general casualty, professional liability, credit and other specialty lines.
The designated insurer is required to ensure that the RenaissanceRe Group complies with the provisions of the Insurance Act pertaining to groups and all related group solvency and group supervision rules.
Group Supervision The BMA is the group supervisor of the RenaissanceRe Group and it has designated Renaissance Reinsurance to be the “designated insurer” in respect of the RenaissanceRe Group. The designated insurer is required to ensure that the RenaissanceRe Group complies with the provisions of the Insurance Act pertaining to groups and all related group solvency and group supervision rules.
We believe in fostering an open and collaborative culture that encourages employees to take ownership of their performance and development. Our executive management team is committed to creating an environment where every person on our team can succeed.
We believe in fostering an open and collaborative culture that encourages employees to take ownership of their performance and development. Our executive management team oversees initiatives to create an environment in which employees can develop and succeed.
The following table shows gross premiums written by type of risk in each of our segments: Year ended December 31, 2024 Property Casualty and Specialty Total (in thousands) Excess of loss $ 3,364,490 $ 1,134,177 $ 4,498,667 Proportional 821,955 5,308,224 6,130,179 Delegated authority 637,286 466,934 1,104,220 Total gross premiums written $ 4,823,731 $ 6,909,335 $ 11,733,066 Year ended December 31, 2023 (in thousands) Excess of loss $ 2,468,566 $ 857,957 $ 3,326,523 Proportional 667,074 4,102,088 4,769,162 Delegated authority 426,774 339,907 766,681 Total gross premiums written $ 3,562,414 $ 5,299,952 $ 8,862,366 Year ended December 31, 2022 (in thousands) Excess of loss $ 2,354,919 $ 914,607 $ 3,269,526 Proportional 785,394 4,092,210 4,877,604 Delegated authority 593,928 472,482 1,066,410 Total gross premiums written $ 3,734,241 $ 5,479,299 $ 9,213,540 Property Segment Our Property segment includes our catastrophe class of business, principally comprised of excess of loss reinsurance and excess of loss retrocessional reinsurance, which insures insurance and reinsurance companies against natural and man-made catastrophes.
The following table shows gross premiums written by type of risk in each of our segments: Year ended December 31, 2025 Property Casualty and Specialty Total (in thousands) Excess of loss $ 3,616,178 $ 1,129,139 $ 4,745,317 Proportional 828,570 5,303,495 6,132,065 Delegated authority 497,393 363,645 861,038 Total gross premiums written $ 4,942,141 $ 6,796,279 $ 11,738,420 Year ended December 31, 2024 (in thousands) Excess of loss $ 3,364,490 $ 1,134,177 $ 4,498,667 Proportional 821,955 5,308,224 6,130,179 Delegated authority 637,286 466,934 1,104,220 Total gross premiums written $ 4,823,731 $ 6,909,335 $ 11,733,066 Year ended December 31, 2023 (in thousands) Excess of loss $ 2,468,566 $ 857,957 $ 3,326,523 Proportional 667,074 4,102,088 4,769,162 Delegated authority 426,774 339,907 766,681 Total gross premiums written $ 3,562,414 $ 5,299,952 $ 8,862,366 5 Property Segment Our Property segment includes our catastrophe class of business, principally comprised of excess of loss reinsurance and excess of loss retrocessional reinsurance, which insures insurance and reinsurance companies against natural and man-made catastrophes.
The underwriting capacity of a member of Lloyd’s must be supported by providing a deposit, referred to as “Funds at Lloyd’s” or “FAL,” in an amount determined on the basis of such entity’s solvency and capital requirements. The amount of such deposit is calculated 23 for each member through the completion of an annual capital adequacy exercise.
The obligations of RenaissanceRe’s corporate members of Lloyd’s include the following: • Capital Requirements. The underwriting capacity of a member of Lloyd’s must be supported by providing a deposit, referred to as “Funds at Lloyd’s” or “FAL,” in an amount determined on the basis of such entity’s solvency and capital requirements.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeFor example, large catastrophe events have limited, and may in the future limit or prevent, us from obtaining desired amounts of new or replacement coverage on favorable terms or from entities with satisfactory creditworthiness. This could limit the amount of business we are willing to write or decrease the protection available to us following large loss events.
Biggest changeEven when reinsurance market conditions in general are strong, retrocessional market conditions may limit or prevent us from obtaining desired amounts of retrocessional reinsurance. For example, large catastrophe events have limited, and may in the future limit us from obtaining desired amounts of coverage on favorable terms.
The preparation of our consolidated financial statements requires us to make many estimates and judgments. The preparation of consolidated financial statements requires us to make many estimates and judgments that affect the reported amounts of assets, liabilities (including claims and claim expense reserves), shareholders’ equity, revenues and expenses, and related disclosures.
The preparation of our consolidated financial statements requires us to make many estimates and judgments. The preparation of our consolidated financial statements requires us to make many estimates and judgments that affect the reported amounts of assets, liabilities (including claims and claim expense reserves), shareholders’ equity, revenues and expenses, and related disclosures.
We could also be adversely affected by proposals or enacted legislation that provide for reinsurance capacity in markets and to consumers that we target, expand the scope of coverage under existing policies for perils such as hurricanes or earthquakes or for a pandemic disease outbreak, mandate the terms of insurance and reinsurance policies, expand the scope of the Federal Insurance Office or establish a new federal insurance regulator or otherwise revise laws, regulations, or contracts under which we operate, which may disproportionately benefit the companies of one country over those of another.
We could also be adversely affected by proposals or enacted legislation that provide for reinsurance capacity in markets and to consumers that we target, expand the scope of coverage under existing policies for perils such as hurricanes or earthquakes or for a pandemic disease outbreak, mandate the terms of insurance and reinsurance policies, or establish a new federal insurance regulator or otherwise revise laws, regulations, or contracts under which we operate, which may disproportionately benefit the companies of one country over those of another.
Furthermore, we expect that our exposure to this uncertainty is more pronounced in our casualty business, because in these “long-tail” lines claims can typically be made for many years, making them more 35 susceptible to these trends than our property and specialty businesses, which are generally more “short-tail.” We depend on a few insurance and reinsurance brokers for a preponderance of our business, and any loss of business provided by them could adversely affect us.
Furthermore, we expect that our exposure to this uncertainty is more pronounced in our casualty business, because in these “long-tail” lines claims can typically be made for many years, making them more susceptible to these trends than our property and specialty businesses, which are generally more “short-tail.” We depend on a few insurance and reinsurance brokers for a preponderance of our business, and any loss of business provided by them could adversely affect us.
Although we generally seek to hedge significant non-U.S. dollar positions, we have experienced, and may in the future experience, losses resulting from fluctuations in the values of these foreign currencies, which could cause our consolidated earnings to decrease. In addition, failure to manage our foreign currency exposures could 41 cause our results of operations to be more volatile.
Although we generally seek to hedge significant non-U.S. dollar positions, we have experienced, and may in the future experience, losses resulting from fluctuations in the values of these foreign currencies, which could cause our consolidated earnings to decrease. In addition, failure to manage our foreign currency exposures could cause our results of operations to be more volatile.
If competitive pressures decrease the prices for our products, we would generally expect to reduce our future underwriting activities, resulting in lower premium volume and profitability. Any of the foregoing could adversely affect our business or results of operations. Large non-recurring contracts and reinstatement premiums may increase the volatility of our financial results.
If competitive pressures decrease the prices for our products, we would generally expect to reduce our future underwriting activities, resulting in lower premium volume and profitability. Any of the foregoing could adversely affect our business or results of operations. 39 Large non-recurring contracts and reinstatement premiums may increase the volatility of our financial results.
For example, it is possible that substantial losses ceded to the alternative capital sector over a period of years, and restraints on capital return and maintenance of collateral for prior loss periods by a number of market participants, may contribute to a reduction in investor appetite to this product class in the near term.
For example, it is possible that substantial losses ceded to the alternative capital sector over a period of years, and restraints on capital return and maintenance of collateral for prior loss periods by a 40 number of market participants, may contribute to a reduction in investor appetite to this product class in the near term.
Any such events could increase our probability of losses, which may be exacerbated by our exposure to certain lines of business that we write. These events could also reduce the demand for insurance and reinsurance, which would reduce our premium volume and could have a material adverse effect on our business and results of operations.
Any such events could increase our probability of losses, which may be exacerbated by our exposure to certain lines of business that we write. These 43 events could also reduce the demand for insurance and reinsurance, which would reduce our premium volume and could have a material adverse effect on our business and results of operations.
Increased capital from competitors in the market has, and may in the future, cause reductions in prices of our products or the duration or amplitude of attractive portions of the historical market cycles. Competitors may attempt to replicate all or part of our business model and provide further competition in the markets in which we participate.
Increased capital from competitors in the market has caused, and may in the future cause reductions in prices of our products or the duration or amplitude of attractive portions of the historical market cycles. Competitors may attempt to replicate all or part of our business model and provide further competition in the markets in which we participate.
Certain of our subsidiaries owe legal duties and obligations (including reporting, governance and allocation obligations) to third-party investors in our joint ventures and managed funds. In addition, certain of our operating subsidiaries are registered or authorized investments funds or licensed investment managers subject to laws and regulations relating to the management of third-party capital.
Certain of our subsidiaries owe legal duties and obligations (including reporting, governance and allocation obligations) to third-party investors in our joint ventures and managed funds. In addition, certain of our operating subsidiaries are registered or authorized investment funds or licensed investment managers subject to laws and regulations relating to the management of third-party capital.
It is possible that these investment managers managing these investments will leave, the investment strategies will become ineffective or that the managers will fail to follow our investment guidelines. Our investment portfolio may become concentrated in a limited number of issuers or have significant exposure to certain geographic areas or economic sectors.
It is possible that these investment managers managing these investments will leave, the investment strategies will become ineffective or that the managers will fail to follow our investment guidelines. Our investment portfolio may become concentrated in a limited number of issuers or have significant exposure to certain geographic areas, economic sectors or economic scenarios.
Risks associated with implementing or changing our business strategies and initiatives, including risks related to developing or enhancing our operations, controls and other infrastructure, may not have an impact on our publicly reported results until many years after implementation.
Risks associated with implementing or changing our business strategies and initiatives, including risks related to developing or enhancing our operations, controls and other infrastructure, may not have an impact on our publicly reported results until many years 41 after implementation.
Furthermore, our interests in some of the investment classes described above are subject to restrictions on redemptions and sales that limit our ability to liquidate these investments in the short term. The performance of these classes of investments is also dependent on individual investment managers and investment strategies.
Furthermore, our interests in some of the investment classes described above are subject to restrictions on redemptions and sales that limit our ability to liquidate these investments in the short term. The performance of these classes of 42 investments is also dependent on individual investment managers and investment strategies.
The sanctions laws and regulations of non-U.S. jurisdictions in which we operate may differ from those of the U.S. and these differences may also expose us to sanctions violations. 43 In addition, we are subject to the Foreign Corrupt Practices Act and other anti-bribery laws that generally prohibit corrupt payments or improper gifts to non-U.S. governments or officials.
The sanctions laws and regulations of non-U.S. jurisdictions in which we operate may differ from those of the U.S. and these differences may also expose us to sanctions violations. 45 In addition, we are subject to the Foreign Corrupt Practices Act and other anti-bribery laws that generally prohibit corrupt payments or improper gifts to non-U.S. governments or officials.
However, the application of these provisions is complex, subject to legal uncertainties and dependent on facts that may change from time to time and of which we may have 44 limited knowledge. Accordingly, we can provide no assurances that any of these provisions will not apply for any taxable year.
However, the application of these provisions is complex, subject to legal uncertainties and dependent on facts that may change from time to time and of which we may have 46 limited knowledge. Accordingly, we can provide no assurances that any of these provisions will not apply for any taxable year.
Therefore, changes in Bermuda law and regulation may have an adverse impact on our operations, such as increased regulatory supervision or the imposition of corporate income tax. The recently enacted Corporate Income Tax Act 2023, discussed below, is an example of a material change in Bermuda law.
Therefore, changes in Bermuda law and regulation may have an adverse impact on our operations, such as increased regulatory supervision or the imposition of corporate income tax. The Corporate Income Tax Act 2023, discussed below, is an example of a material change in Bermuda law.
RenaissanceRe may be, and certain of our non-U.S. subsidiaries are, controlled foreign corporations for these purposes.
RenaissanceRe and certain of our non-U.S. subsidiaries may be controlled foreign corporations for these purposes.
We believe that our property results have been adversely impacted over recent periods by increasing fraud and abuses at the primary claims level, as well as other forms of social inflation, and that these trends may continue. These legal and social changes and their impact may not become apparent until some time after their occurrence.
We believe that our underwriting results have been adversely impacted over recent periods by increasing fraud and abuses at the primary claims level, as well as other forms of social inflation, and that these trends may continue. 37 These legal and social changes and their impact may not become apparent until some time after their occurrence.
Higher inflation may lead to currency fluctuation, and we have in the past, and may in the future, experience increased volatility on foreign exchange gains and losses in our consolidated financial statements as a result.
Higher inflation may lead to currency fluctuations, and we have in the past, and may in the future, experience increased volatility on foreign exchange gains and losses in our consolidated financial statements as a result.
Effective January 1, 2025, the CIT generally will impose a 15% income tax on our profits generated in Bermuda (except for profits earned by our joint ventures and managed funds), notwithstanding any assurances that may have been provided pursuant to the Exempted Undertakings Tax Protection Act 1966.
Effective January 1, 2025, the CIT generally imposes a 15% income tax on our profits generated in Bermuda (except for profits earned by our joint ventures and managed funds), notwithstanding any assurances that may have been provided pursuant to the Exempted Undertakings Tax Protection Act 1966.
We frequently monitor and analyze opportunities to acquire or make strategic investments in new or other businesses. The negotiation of potential acquisitions or strategic investments as well as the integration of an acquired business, such as the Validus Acquisition, could be unsuccessful, result in a substantial diversion of management resources, or lead to other unanticipated risks or challenges.
We frequently monitor and analyze opportunities to acquire or make strategic investments in new or other businesses. The negotiation of potential acquisitions or strategic investments as well as the integration of an acquired business could be unsuccessful, result in a substantial diversion of management resources, or lead to other unanticipated risks or challenges.
We could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins. Government sponsored (re)insurance funds or other initiatives may also adversely affect demand for insurance and reinsurance. Along with increased competition, there has also been significant consolidation in the (re)insurance industry over the last several years, including among our competitors, customers and brokers.
We could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins. Government sponsored (re)insurance funds or other initiatives may also adversely affect demand for insurance and reinsurance. Along with increased competition, there has also been significant consolidation in the (re)insurance industry, including among our competitors, customers and brokers.
A portion of our investment portfolio is allocated to other classes of investments including equity securities, catastrophe bonds, commodity securities, term loans and interests in alternative investment vehicles such as private equity investments, private credit investments and hedge funds.
A portion of our investment portfolio is allocated to other classes of investments including equity securities, catastrophe bonds, commodity derivatives, and interests in alternative investment vehicles such as private equity investments, private credit investments and hedge funds.
Unanticipated factors could lead to additional insured losses that exceed our current estimates, resulting in disruptions to or adverse impacts on our business, the market, or our clients. Further, some of our investments, such as catastrophe-linked securities and property catastrophe joint ventures or managed funds, could also be adversely impacted by climate change.
Unanticipated factors could lead to additional insured losses that exceed our current estimates, resulting in disruptions to or adverse impacts on our business, the market, or our clients. Further, some of our investments, such as catastrophe-linked securities and property catastrophe joint ventures or managed funds, could also be adversely affected by climate-related developments.
In addition, many jurisdictions in which our insurance and reinsurance subsidiaries operate have laws and regulations that require regulatory approval of a change in control of an insurer or an insurer’s holding company.
Some jurisdictions in which our insurance and reinsurance subsidiaries operate have laws and regulations that require regulatory approval of a change in control of an insurer or an insurer’s holding company.
We face competition from a number of different sources, including insurers and reinsurers, nontraditional competitors such as Insurtech companies and other entities funding reinsurance companies or using other financial products intended to compete with traditional reinsurance. Competition for customers has also increased and become more intense. We expect competition to continue to increase over time.
We face competition from a number of different sources, including insurers and reinsurers, nontraditional competitors and other entities funding reinsurance companies or using other financial products intended to compete with traditional reinsurance. Competition for customers and access to risk has also increased and become more intense. We expect competition to continue to increase over time.
In addition, we are exposed to the risk that we may be unable to raise new capital for our joint ventures, managed funds and other private alternative investment vehicles, which would reduce our future fee income and market capacity, and thus negatively affect our results of operations and financial condition.
In addition, we are exposed to the risk that we may be unable to maintain, attract, or raise new capital for our joint ventures, managed funds and other private alternative investment vehicles, which could reduce our future fee income and market capacity, and thus negatively affect our results of operations and financial condition.
We market our insurance and reinsurance products worldwide through a limited number of insurance and reinsurance brokers, with three brokerage firms (Aon plc, Marsh & McLennan Companies, Inc. and Arthur J. Gallagher) accounting for 82.1% of our gross premiums written.
We market our insurance and reinsurance products worldwide through a limited number of insurance and reinsurance brokers, with three brokerage firms (Aon plc, Marsh & McLennan Companies, Inc. and Arthur J. Gallagher) accounting for 81.3% of our gross premiums written.
We generally expect that the profits generated in Bermuda on or after January 1, 2025 by our joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment or expected enactment of provisions similar to the GloBE Rules by many of the jurisdictions in which we operate.
We generally expect that the profits generated in Bermuda on or after January 1, 2025 by our consolidated joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment or expected enactment of the Pillar II Rules by many of the jurisdictions in which we operate.
For certain investments, the valuation on our consolidated balance sheets may differ significantly from the values that would be used if ready markets existed for the securities representing interests in the relevant investment vehicles.
For certain investments, under stressed financial conditions, the valuation on our consolidated balance sheets may differ significantly from the values that would be used if ready markets existed for the securities representing interests in the relevant investment vehicles.
Our current or future business strategy could cause one or more of our currently unregulated subsidiaries to become subject to some form of regulation in the future.
Our current or future business strategy could cause one or more of our subsidiaries to become subject to some form of more onerous regulation in the future.
To the extent that our existing capital is insufficient to support our future operating requirements, we may need to raise additional funds through financings or limit our growth. Any further equity, debt or hybrid financings, or capacity needed for letters of credit, if available at all, may be on terms that are unfavorable to us.
To the extent that our existing capital is insufficient to support our future operating requirements, we may need to raise additional funds through financings or limit our growth. Any further equity, debt or hybrid financings if available at all, may be on terms that are unfavorable to us.
This guidance, if incorporated into the laws of the jurisdictions in which we operate, could cause additional top-up taxes pursuant to the GloBE Rules to the extent the net deferred tax asset we established upon enactment of the CIT in 2023 pursuant to the economic transition adjustment (approximately $670 million as of December 31, 2024) reverses after 2026.
This guidance, if incorporated into the laws of the jurisdictions in which we operate, could cause additional top-up taxes pursuant to the Pillar II Rules to the extent the net deferred tax asset we established upon enactment of the CIT in 2023 pursuant to the economic transition adjustment (approximately $640 million as of December 31, 2025) reverses after 2026.
We could also be required to allocate considerable time and resources to comply with any new or additional regulatory requirements in any of the jurisdictions in which we operate, and any such requirements could impact the operations of our insurance and/or non-insurance subsidiaries, result in increased costs for us and impact our financial condition. 42 The International Association of Insurance Supervisors has adopted a Common Framework for the supervision of Internationally Active Insurance Groups, which is focused on the group-wide supervision of IAIGs.
We could also be required to allocate considerable time and resources to comply with any new or additional regulatory requirements in any of the jurisdictions in which we operate, and any such requirements could impact the operations of our insurance and/or non-insurance subsidiaries, result in increased costs for us and impact our financial condition. 44 The International Association of Insurance Supervisors has adopted a Common Framework for the Supervision of Internationally Active Insurance Groups, which is focused on both quantitative and qualitative measures that are expected to enhance the group-wide supervision of IAIGs.
Further, in response to the GloBE Rules, Bermuda adopted the Corporate Income Tax Act 2023, the “CIT” on December 27, 2023.
Further, in response to the Pillar II Rules, Bermuda adopted the Corporate Income Tax Act 2023, the “CIT” on December 27, 2023.
Certain jurisdictions where we operate have brought into effect laws implementing the GloBE Rules or other changes in response to the GloBE Rules, or are in the process of doing so, and other jurisdictions may do so in the future.
Certain jurisdictions where we operate have brought into effect laws implementing all or a portion of the Pillar II Rules or other changes in response to the Pillar II Rules, or are in the process of doing so, and other jurisdictions may do so in the future.
On January 15, 2025, the OECD issued administrative guidance on Article 9.1 of the GloBE Rules.
On January 15, 2025, the OECD issued administrative guidance on Article 9.1 of the Pillar II Rules.
Additionally, demand for insurance coverage could be negatively impacted to the extent that carbon-intensive businesses are impacted by this transition, and claims and losses related to those industries could increase, either of which could have a material negative effect on our business and results of operations.
Additionally, demand for insurance coverage could be negatively impacted to the extent that carbon-intensive businesses are impacted by this transition, and claims and losses related to those industries could increase, either of which could have a material negative effect on our business and results of operations. Climate-related concerns have led, and may continue to lead, to new regulatory responses.
All or a substantial portion of our assets and the assets of these officers and directors may be located outside the U.S.
In addition, many of our officers and directors reside in countries outside the U.S. All or a substantial portion of our assets and the assets of these officers and directors may be located 48 outside the U.S.
In addition, we believe that certain factors may continue to increase the number and severity of claims from catastrophic events in the future, including increases in the value and geographic concentration of insured property, increasing risks associated with extreme weather events because of changes in climate conditions and sea-level rise, and the effects of higher-than-expected inflation. 34 The trend towards increasingly frequent and severe climate events could exacerbate our potential exposure to losses from natural perils.
In addition, we believe that certain factors may continue to increase the number and severity of claims from catastrophic events in the future, including increases in the value and geographic concentration of insured property, 36 increasing risks associated with extreme weather events because of changes in climate conditions and sea-level rise, and the effects of higher-than-expected inflation.
In addition, after a large catastrophic event or circumstance, we may record significant amounts of reinstatement premium, which can cause quarterly, non-recurring fluctuations in both our written and earned premiums in our Property segment .
In addition, after a large catastrophic event or circumstance, we may record significant amounts of reinstatement premium, which can cause quarterly, non-recurring fluctuations in both our written and earned premiums in our Property segment . These and other factors have in the past, and may in the future, increase the volatility of our financial results.
For example, the ongoing conflicts between Russia and Ukraine, and in the Middle East, may expand, which could increase our potential exposures or have far-reaching impacts on the global economy.
For example, ongoing conflicts globally may expand, which could increase our potential exposures or have far-reaching impacts on the global economy.
The loss, or alteration in a negative manner, of any of this capital support could cause us to forego fee income and other income-generating opportunities.
The loss, or alteration in a negative manner, of any of this capital support could cause us to forego fee income and other income-generating opportunities. Any of the foregoing could adversely affect our reputation, business or financial condition and results of operations.
In addition, a large portion of our reinsurance protection is concentrated with a relatively small number of reinsurers, which could increase credit risk and may make it difficult to negotiate favorable terms and conditions. The risk of such concentration of retrocessional coverage may be increased by recent and future consolidation within the industry.
In addition, a large portion of our reinsurance protection is concentrated with a relatively small number of reinsurers, which could increase credit risk and may make it difficult to negotiate favorable terms and conditions.
We may be affected by adverse economic factors outside of our control, including recession or the belief that a recession may occur, and international socio-political and geopolitical events. An economic recession or slowdown in economic activity may result from international events involving war or civil, political, or social unrest, or from other factors outside of our control.
We may be affected by adverse economic factors outside of our control, including a weaker macroeconomic environment, and international socio-political and geopolitical events. A slowdown in economic activity may result from macroeconomic volatility, central bank policies, and international events involving war or civil, political, or social unrest, or energy prices or from other factors outside of our control.
The principal markets in which we operate are susceptible to monetary inflation, which could cause loss costs to increase, impact the performance of our investment portfolio, and borrowing costs to increase.
The principal markets in which we operate are susceptible to monetary inflation, which could cause loss costs to increase, impact the performance of our investment portfolio, and borrowing costs to increase. We believe the risks of inflation across our key markets are broadly balanced following a reduction in inflation in the United States and elsewhere.
The (re)insurance business is historically cyclical and the pricing and terms for our products may decline, which would affect our profitability and ability to maintain or grow premiums. The (re)insurance industry has historically been cyclical by product and market.
The (re)insurance industry is historically cyclical and the pricing and terms for our products may decline, which would affect our profitability and ability to maintain or grow premiums. The (re)insurance industry has historically been cyclical by product and market. We are at a relatively attractive point in the cycle, characterized by price adequacy and stable terms and conditions.
To the extent the jurisdictions in which we operate incorporate this guidance into their own laws, our overall cash tax savings from the reversal of the deferred tax asset could be limited to the lesser of 20% of the gross deferred tax asset or the portion of the deferred tax asset that reverses in 2025 and 2026. 45 We expect to incur increased tax liabilities and reporting obligations as a result of the implementation of the CIT in Bermuda and the GloBE Rules in other jurisdictions where we operate.
To the extent the jurisdictions in which we operate incorporate this guidance into their own laws, our future cash tax savings from the reversal of the deferred tax asset could be limited to the portion of the deferred tax asset that is expected to reverse in 2026. 47 Our tax liabilities and reporting obligations have increased and may continue to increase as a result of the implementation of the CIT in Bermuda and the Pillar II Rules in other jurisdictions where we operate.
These laws and regulations include specific disclosure requirements or obligations, that may result in additional investments and implementation of new practices and reporting processes, all entailing additional compliance costs and risk.
New laws and regulations relating to sustainability and climate-related matters have been adopted and continue to be considered in various jurisdictions. These laws and regulations include specific disclosure requirements or obligations, that may result in additional investments and implementation of new practices and reporting processes, all entailing additional compliance costs and risk.
The insurance and reinsurance regulatory framework is subject to heavy scrutiny by the U.S. and individual state governments, as well as a number of international authorities, and we believe it is likely there will be increased regulatory intervention in our industry in the future, including potential additional group-wide supervision.
The insurance and reinsurance regulatory framework is subject to heavy scrutiny by the U.S. and individual state governments, as well as a number of international authorities, and we believe it is likely this will continue into the foreseeable future.
Under these laws, control is typically presumed when a person acquires, directly or indirectly, 10% or more of the voting power of the insurance company or its parent, although this presumption is rebuttable.
Under these laws, control is typically presumed when a person acquires, directly or indirectly, 10% or more of the voting power of the insurance company or its parent, although this presumption is rebuttable. Investors may have difficulty in serving process or enforcing judgments against us in the U.S. We are a Bermuda company.
Any of the foregoing could adversely affect our reputation, business or financial condition and results of operations. We are subject to cybersecurity risks, which may harm our business or reputation, and which could have an adverse effect on our business strategy, results of operations, or financial condition.
We are subject to cybersecurity risks, which may harm our business or reputation, and which could have an adverse effect on our business strategy, results of operations, or financial condition. Cybersecurity threats and incidents have increased in recent years, and we continue to be subject to heightened cyber-related risks.
We believe the hard/soft market cycle dynamic is likely to persist, and that we may return to soft market conditions in the future. Additionally, it is possible that increased access to capital, new technologies, including artificial intelligence, and other factors may reduce the duration or eliminate or significantly lessen the impact of any current or future hard reinsurance underwriting market.
Additionally, it is possible that increased access to capital, new technologies, including artificial intelligence, and other factors may reduce the duration or eliminate or significantly lessen the impact of any current or future hard reinsurance underwriting market. The cumulative impact of these risks could negatively impact our profitability and ability to maintain or grow premiums.
These bye-law provisions make it more difficult to acquire control of us by means of a tender offer, open market purchase, proxy contest or otherwise and could discourage a prospective acquirer from making a tender offer or otherwise attempting to obtain control of us. In addition, these bye-law provisions could prevent the removal of our current Board and management.
These provisions may make it more difficult to acquire control of us by means of a tender offer, open market purchase, proxy contest or otherwise and could discourage a prospective acquirer from making a tender offer or otherwise attempting to obtain control of us, even if our shareholders might deem such transactions to be in their best interests.
We are also required to effect electronic transmissions with third parties including brokers, clients, vendors and others with whom we do business, as well as with our Board.
Our business depends on the proper functioning and availability of our information technology platforms, including communications and data processing systems and our proprietary systems. We are also required to effect electronic transmissions with third parties including brokers, clients, vendors and others with whom we do business, as well as with our Board.
These and other factors have in the past, and may in the future, increase the volatility of our financial results. 37 Risks Related to our Strategy and Operations The loss of key senior members of management and the inability to attract and retain qualified personnel could adversely affect us.
Risks Related to our Strategy and Operations The loss of key senior members of management and the inability to attract and retain qualified personnel could adversely affect us. Our success depends upon our ability to attract and retain our senior members of management and to attract and retain additional qualified personnel in the future.
To the extent these provisions discourage takeover attempts, they could deprive shareholders of opportunities to realize takeover premiums for their shares or could depress the market price of the shares.
As a result, these provisions could limit the ability of shareholders to realize takeover premiums for their shares or depress the market price of the shares.
In addition to the impacts that environmental incidents have on our business, there are also risks to our business arising from the transition to a lower carbon economy, including from proliferation of governmental and regulatory scrutiny related to climate change and greenhouse gases.
Our business may be affected by governmental and societal responses to climate-related matters. In addition to the potential impacts that environmental events may have on our business, there are also risks to our business related to a transition to a lower carbon economy, including increased governmental and regulatory scrutiny related to climate-related risk and greenhouse gas emissions.
When we purchase reinsurance or retrocessional reinsurance for our own account, complex coverage issues or coverage disputes may impede our ability to collect amounts we believe we are owed.
This could limit the amount of business we are willing to write or decrease the protection available to us following large loss events. When we purchase reinsurance or retrocessional reinsurance for our own account, complex coverage issues or coverage disputes may impede our ability to collect amounts we believe we are owed.
The Federal Reserve increased its benchmark interest rate to the highest level in 20 years in 2023. While the Federal Reserve reduced the federal funds target rate in 2024, it still remains at a relatively high level. Further increases in interest rates could cause the market value of our investment portfolio to decrease, which could reduce our capital resources.
While the Federal Reserve reduced the federal funds target rate in 2025, further increases in interest rates could cause the market value of our investment portfolio to decrease, which could reduce our capital resources over the near-to medium-term.
Changes to our issuer credit ratings, or the capital models and rating methodologies used by ratings agencies, may also impact our ability to access capital.
We are also exposed to the risk that the contingent capital facilities we have in place may not be available as expected. Changes to our credit ratings, or the capital models and rating methodologies used by ratings agencies, may also impact our ability to access capital.
Our investment assets could be affected by a market shift away from carbon-intensive industries or businesses, increased costs or fees associated with the production of greenhouse gases, and decreased profitability in sectors that produce or use carbon-based fuels.
Our investment assets may be affected by market shifts away from carbon-intensive sectors, increased costs of greenhouse gases, and reduced profitability in sectors that produce or rely on carbon-based fuels, or by societal or market shifts related to these trends.
Accordingly, we are heavily dependent on the original underwriting decisions made by our ceding companies and delegated authority counterparties, who may not have 36 adequately evaluated the risks to be reinsured. As a result, the premiums they cede to us may not properly compensate us for the risks we assume, which could materially adversely affect our financial condition.
As a result, the premiums they cede to us may not properly compensate us for the risks we assume, which could materially adversely affect our financial condition.
We are exposed to the procedures and expertise of ceding companies and delegated authority counterparties, who may fail to accurately assess the risks they underwrite, which exposes us to operational and financial risks. We do not separately underwrite each primary risk assumed under our reinsurance contracts or pursuant to our delegated authority business.
The risk of such concentration of retrocessional coverage may be increased by recent and future consolidation within the industry. 38 We are exposed to the procedures and expertise of ceding companies and delegated authority counterparties, who may fail to accurately assess the risks they underwrite, which exposes us to operational and financial risks.
We 40 believe the risks of inflation across our key markets have increased following significant increases in inflation in the United States and elsewhere in recent years as compared to the last decade. In particular, widespread economic factors such as government deficit spending, wage increases and supply chain disruptions have contributed to, and may continue to contribute to, significant inflation.
In particular, widespread economic factors such as government deficit spending, wage increases and supply chain disruptions have contributed to, and may continue to contribute to, significant inflationary pressures.
The cumulative impact of these risks could negatively impact our profitability and ability to maintain or grow premiums. Retrocessional reinsurance may not be available to us on acceptable terms or provide the coverage we intended to obtain, or we may not be able to collect on claimed retrocessional coverage.
Retrocessional reinsurance may not be available to us on acceptable terms or provide the coverage we intended to obtain, or we may not be able to collect on claimed retrocessional coverage. The retrocessional reinsurance that we purchase for our own account is generally subject to annual renewal.
If demand for our products falls or the supply of competing capacity continues to rise, our prospects for potential growth may be adversely affected. In particular, we might lose existing customers or suffer a decline in business during shifting market cycles, which we might not regain when industry conditions improve.
In particular, we might lose existing customers or suffer a decline in business during shifting market cycles, which we might not regain when industry conditions improve. We believe the reinsurance industry will remain cyclical, and that we may return to soft market conditions in the future.
Our largest estimated economic exposures arise from natural disasters and other catastrophes. We believe the trend towards increased severity and frequency of weather-related natural disasters and catastrophes arises in part from climate change.
We believe the consensus view of current scientific studies substantiates that the trend towards increased severity and frequency of weather-related natural disasters and catastrophes arises in part from climate change. In addition, we believe that climate-related change and shifting economic and demographic trends in catastrophe exposed regions may contribute to increases in the average economic value of expected losses.
For example, the EU adopted the CSRD that will impose disclosure of the risks and opportunities arising from social and environmental issues, and on the impact of companies’ activities on people and the environment. This directive, along with other current or proposed regulations, could significantly increase compliance burdens and associated regulatory costs and complexity.
For example, various jurisdictions are in the process of implementing the International Sustainability Standards Board requirements which requires enhanced disclosure of climate and sustainability-related risks, opportunities and impacts. This directive, along with other current or proposed regulations, could significantly increase compliance burdens and associated regulatory costs and complexity.
In addition, we believe that climate change and shifting economic and demographic trends in catastrophe exposed regions each contributes to increases in the average economic value of expected losses. Further, we believe that the recent increase in catastrophic events is indicative of both permanent climate change impacts and transient climate variability .
Further, we believe that the recent increase in catastrophic events is indicative of both permanent climate change impacts and transient climate variability . A substantial portion of our property coverages may be adversely impacted by climate-related developments.
The BMA has issued a consultation paper about proposed enhancements to its insurance group supervision framework. The development and adoption of these capital standards could increase our prescribed capital requirement, the level at which regulatory scrutiny intensifies, limit intercompany capital transactions, suspend debt repayments, and significantly increase our cost of regulatory compliance.
As part of ComFrame, the IAIS developed global risk-based insurance capital standards that, if applied to us, could increase our prescribed capital requirement, the level of regulatory scrutiny on the level of capital we maintain, limit intercompany capital transactions, suspend debt repayments, and significantly increase our cost of regulatory compliance.
It is uncertain whether the jurisdictions in which we operate will incorporate this guidance. Further, the amount of such deferred tax asset that reverses in any given year, if any, is uncertain.
It is uncertain whether Bermuda or the other jurisdictions in which we operate will amend their laws as a result of this guidance.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources—Capital Resources.” The agreements governing our indebtedness contain covenants that limit our ability and the ability of some of our subsidiaries to make particular types of investments or other restricted payments, sell or place a lien on our or their respective assets, merge or consolidate.
For more details, see “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources—Capital Resources.” The agreements governing our indebtedness require us and/or certain subsidiaries to comply with covenants that impose financial or operational restrictions, including requirements to maintain specific financial ratios or contain cross-default provisions to our other indebtedness.
Removed
A substantial portion of our property coverages may be adversely impacted by climate change.
Added
The trend towards increasingly frequent and severe climate events could exacerbate our potential exposure to losses from natural perils. Our largest estimated economic exposures arise from natural disasters and other catastrophes.
Removed
After experiencing a prolonged soft market cycle years ago, we believe that the (re)insurance underwriting market has been in a hard market phase for many lines of business for the past several years, characterized by increased prices and improved terms and conditions.
Added
However, rates recently have, and may in the future, decrease in certain lines of business. If demand for our products falls or the supply of competing capacity continues to rise, our prospects for potential growth may be adversely affected.
Removed
While we are at a relatively attractive point in the cycle, rates recently have, and may in the future, decrease in certain lines of business, and we cannot assure you that the higher premium rates will continue.
Added
We do not separately underwrite each primary risk assumed under our reinsurance contracts or pursuant to our delegated authority business. Accordingly, we are heavily dependent on the original underwriting decisions made by our ceding companies and delegated authority counterparties, who may not have adequately evaluated the risks to be reinsured.
Removed
The retrocessional reinsurance that we purchase for our own account is generally subject to annual renewal. Even when reinsurance market conditions in general are strong, retrocessional market conditions may limit or prevent us from obtaining desired amounts of retrocessional reinsurance.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeRisk Factors” for additional information on information technology and cybersecurity related risks that may impact us and our financial results. Our Board is responsible for overseeing enterprise-wide risk management and is actively involved in the monitoring of risks that could affect us, including cybersecurity risks.
Biggest changeOur Board is responsible for overseeing enterprise-wide risk management and is actively involved in the monitoring of risks that could affect us, including cybersecurity risks.
Pursuant to applicable regulations, we have established and maintain a cybersecurity program designed to protect our information technology systems and customer data. Our program is designed to comply with all applicable cybersecurity regulatory requirements, including disclosure requirements, and we continue to evaluate and assess our compliance in the changing regulatory environment.
Pursuant to applicable regulations, we have established and maintain a cybersecurity program designed to protect our information technology systems and data. Our program is designed to comply with all applicable cybersecurity regulatory requirements, including disclosure requirements, and we continue to evaluate and assess our compliance in the changing regulatory environment.
Our Chief Technology Officer and Chief Information Security Officer have each served in various roles in information technology and/or information security for many years, and have extensive information technology and cybersecurity experience. The Chief Technology Officer, and Chief Information Security Officer, alongside other multidisciplinary teams across the Company, work to monitor the prevention, detection, mitigation and remediation of cybersecurity incidents.
Our Chief Technology Officer and Chief Information Security Officer have each served in various roles in information technology and/or information security for many years, and have extensive information technology and cybersecurity experience. The Chief Technology Officer, and Chief Information Security Officer, alongside other multidisciplinary teams across the Company, work to implement the prevention, detection, mitigation and remediation of cybersecurity incidents.
We cannot predict what, if any, regulatory actions may be taken with regard to “big data” or emerging technologies, such as artificial intelligence, but any actions could have a material impact on our business, business processes, financial condition, and results of operations.
We cannot predict what, if any, regulatory actions may be taken with regard to “big data” or emerging technologies, such as artificial intelligence, but any actions could have a material impact on our business, business processes, financial condition, and results of operations. In addition, we have at times obtained certain cybersecurity certifications, supported by independent third-party assessments.
We maintain an ongoing internal third-party cybersecurity risk assessment program to identify potential cybersecurity threats associated with our use of third-party service providers, and consider these assessments when selecting and engaging service providers with periodic re-evaluations. See “Part I, Item 1A.
We maintain an ongoing internal third-party cybersecurity risk assessment program to identify potential cybersecurity threats associated with our use of third-party service providers, and consider these assessments when selecting and engaging service providers with periodic re-evaluations. See “Part I, Item 1A. Risk Factors” for additional information on information technology and cybersecurity-related risks that may impact us and our financial results.
The ISSC is responsible for providing management oversight for our cybersecurity risk 47 management program, and its membership includes our Chief Technology Officer and Chief Information Security Officer, among other members of senior management.
Our management team typically reports to the Board on cybersecurity matters on a quarterly basis. The ISSC is responsible for providing management oversight for our cybersecurity risk management program, and its membership includes our Chief Technology Officer and Chief Information 49 Security Officer, among other members of senior management.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeITEM 3. LEGAL PROCEEDINGS The information required by this Item relating to legal proceedings is incorporated herein by reference to information included in “Note 20. Commitments, Contingencies and Other Items” in our “Notes to the Consolidated Financial Statements.” ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 48 PART II
Biggest changeITEM 3. LEGAL PROCEEDINGS The information required by this Item relating to legal proceedings is incorporated herein by reference to information included in “Note 20. Commitments, Contingencies and Other Items” in our “Notes to the Consolidated Financial Statements.” ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 50 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeTotal Shares Purchased Other Shares Purchased Shares Purchased Under Repurchase Program Dollar Amount Still Available Under Repurchase Program Shares Purchased Average Price per Share Shares Purchased Average Price per Share Shares Purchased Average Price per Share (in thousands) Beginning dollar amount available to be repurchased $ 476,532 October 1 - 31, 2024 — $ — — $ — — $ — $ 476,532 November 1 - 30, 2024 (1) 580,804 $ 266.86 7,806 $ 264.07 572,998 $ 266.90 $ 597,067 December 1 - 31, 2024 1,175,396 $ 263.23 12 $ 286.15 1,175,384 $ 263.23 $ 287,671 Total 1,756,200 $ 264.43 7,818 $ 264.10 1,748,382 $ 264.43 $ 287,671 (1) On November 6, 2024, our Board approved a renewal of our authorized share repurchase program to an aggregate amount of up to $750.0 million.
Biggest changeTotal Shares Purchased Other Shares Purchased Shares Purchased Under Repurchase Program Dollar Amount Still Available Under Repurchase Program Shares Purchased Average Price per Share Shares Purchased Average Price per Share Shares Purchased Average Price per Share (in thousands) Beginning dollar amount available to be repurchased $ 615,002 October 1 - 31, 2025 1,627,646 $ 250.16 — $ — 1,627,646 $ 250.16 $ 207,832 November 1 - 30, 2025 (1) 519,595 $ 263.34 7,568 $ 254.09 512,027 $ 263.48 $ 648,093 December 1 - 31, 2025 396,672 $ 273.28 12 $ 263.96 396,660 $ 273.28 $ 539,694 Total 2,543,913 $ 256.46 7,580 $ 254.11 2,536,333 $ 256.46 $ 539,694 (1) On November 5, 2025, our Board approved a renewal of our authorized share repurchase program to an aggregate amount of up to $750.0 million.
In the future, we may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans. Our decision to repurchase common shares will depend on, among other matters, the market price of the common shares and our capital requirements. ITEM 6. [Reserved] 50
In the future, we may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans. Our decision to repurchase common shares will depend on, among other matters, the market price of the common shares and our capital requirements. ITEM 6. [RESERVED] 52
The table below details the repurchases that were made under the program during the fourth quarter of 2024, and also includes other shares purchased, which represents common shares surrendered by employees in respect of withholding tax obligations on the vesting of restricted stock.
The table below details the repurchases that were made under the program during the fourth quarter of 2025, and also includes other shares purchased, which represents common shares surrendered by employees in respect of withholding tax obligations on the vesting of restricted stock.
COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN 49 ISSUER REPURCHASES OF EQUITY SECURITIES Our share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions.
COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN 51 ISSUER REPURCHASES OF EQUITY SECURITIES Our share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions.
PERFORMANCE GRAPH The following graph compares the cumulative return on our common shares, including reinvestment of our dividends on our common shares, to such return for the S&P 500 Index and the S&P Composite 1500 Property & Casualty Insurance Index for the five-year period commencing December 31, 2019 and ending December 31, 2024, assuming $100 was invested on December 31, 2019.
PERFORMANCE GRAPH The following graph compares the cumulative return on our common shares, including reinvestment of our dividends on our common shares, to such return for the S&P 500 Index and the S&P Composite 1500 Property & Casualty Insurance Index for the five-year period commencing December 31, 2020 and ending December 31, 2025, assuming $100 was invested on December 31, 2020.
Each measurement point on the graph below represents the cumulative shareholder return as measured by the last sale price at the end of each calendar year during the period from January 1, 2020 through December 31, 2024.
Each measurement point on the graph below represents the cumulative shareholder return as measured by the last sale price at the end of each calendar year during the period from January 1, 2021 through December 31, 2025.
Our Board has authorized a share repurchase program, which was increased to an aggregate amount of up to $750.0 million on November 6, 2024 and renewed in an aggregate amount of up to $750.0 million on February 5, 2025. Unless terminated earlier by our Board, the program will expire when we have repurchased the full value of the shares authorized.
Our Board has authorized a share repurchase program, which was renewed in an aggregate amount of up to $750.0 million on November 5, 2025 and again on February 11, 2026. Unless terminated earlier by our Board, the program will expire when we have repurchased the full value of the shares authorized.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER REPURCHASES OF EQUITY SECURITIES MARKET INFORMATION AND NUMBER OF HOLDERS Our common shares are listed on the NYSE under the symbol “RNR.” On February 7, 2025, there were 101 holders of record of our common shares.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER REPURCHASES OF EQUITY SECURITIES MARKET INFORMATION AND NUMBER OF HOLDERS Our common shares are listed on the NYSE under the symbol “RNR.” On February 6, 2026, there were 97 holders of record of our common shares.
As depicted in the graph below, during this period, the cumulative return was (1) 32.3% on our common shares; (2) 97.0% for the S&P 500 Index; and (3) 114.4% for the S&P Composite 1500 Property & Casualty Insurance Industry Index.
As depicted in the graph below, during this period, the cumulative return was (1) 76.4% on our common shares; (2) 96.2% for the S&P 500 Index; and (3) 121.7% for the S&P Composite 1500 Property & Casualty Insurance Industry Index.
DIVIDENDS On February 5, 2025, RenaissanceRe’s Board approved a quarterly dividend of $0.40 per common share on its common shares. The dividend is payable on March 31, 2025, to shareholders of record on March 14, 2025.
DIVIDENDS On February 11, 2026, RenaissanceRe’s Board approved a quarterly dividend of $0.41 per common share on its common shares. The dividend is payable on March 31, 2026, to shareholders of record on March 13, 2026.
During 2024, we repurchased 2,711,234 common shares at an aggregate cost of $677.6 million and an average price of $249.93 per common share. At December 31, 2024, $287.7 million remained available for repurchase under the share repurchase program.
During 2025, we repurchased 6,434,503 common shares at an aggregate cost of $1.6 billion and an average price of $247.62 per common share. At December 31, 2025, $539.7 million remained available for repurchase under the share repurchase program.
Subsequent to December 31, 2024 and through the period ended February 7, 2025, we repurchased 928,880 common shares at an aggregate cost of $227.7 million and an average price of $245.10 per common share.
Subsequent to December 31, 2025 and through the period ended February 6, 2026, we repurchased 470,930 common shares at an aggregate cost of $130.0 million and an average price of $276.04 per common share.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

189 edited+88 added−145 removed146 unchanged
Biggest changeYear ended December 31, 2023 2023 Large Loss Events (1) (in thousands) Net claims and claim expenses incurred $ (354,228) Assumed reinstatement premiums earned 46,534 Ceded reinstatement premiums earned (62) Earned (lost) profit commissions 9,130 Net negative impact on underwriting result (298,626) Redeemable noncontrolling interest 85,276 Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders $ (213,350) (1) “2023 Large Loss Events” includes: Hurricane Otis and Storm Ciaran in October and November 2023, the wildfires in Hawaii in August 2023 and Hurricane Idalia, a series of large, severe weather events in Texas and other southern and central U.S. states in June 2023, the earthquakes in southern and central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023, and certain aggregate loss contracts triggered during 2023. 72 Underwriting Results by Segment Property Segment Below is a summary of the underwriting results and ratios for our Property segment: Year ended December 31, 2024 2023 Change (in thousands, except percentages) Gross premiums written $ 4,823,731 $ 3,562,414 $ 1,261,317 Net premiums written $ 3,833,636 $ 2,967,309 $ 866,327 Net premiums earned $ 3,850,352 $ 3,090,792 $ 759,560 Net claims and claim expenses incurred 1,141,726 799,905 341,821 Acquisition expenses 758,554 600,127 158,427 Operational expenses 302,360 251,433 50,927 Underwriting income (loss) $ 1,647,712 $ 1,439,327 $ 208,385 Net claims and claim expenses incurred – current accident year $ 1,960,578 $ 1,208,810 $ 751,768 Net claims and claim expenses incurred – prior accident years (818,852) (408,905) (409,947) Net claims and claim expenses incurred – total $ 1,141,726 $ 799,905 $ 341,821 Net claims and claim expense ratio – current accident year 50.9 % 39.1 % 11.8 pts Net claims and claim expense ratio – prior accident years (21.2) % (13.2) % (8.0) pts Net claims and claim expense ratio – calendar year 29.7 % 25.9 % 3.8 pts Underwriting expense ratio 27.5 % 27.5 % — pts Combined ratio 57.2 % 53.4 % 3.8 pts Property Gross Premiums Written In 2024, our Property segment gross premiums written increased by $1.3 billion, or 35.4%, to $4.8 billion, compared to $3.6 billion in 2023.
Biggest change(2) “2024 Large Loss Events” includes: Hurricanes Milton and Helene, and the “Other 2024 Large Loss Events.” 74 Underwriting Results by Segment Property Segment Below is a summary of the underwriting results and ratios for our Property segment: Year ended December 31, 2025 2024 Change (in thousands, except percentages) Gross premiums written $ 4,942,141 $ 4,823,731 $ 118,410 Net premiums written $ 4,043,996 $ 3,833,636 $ 210,360 Net premiums earned $ 3,971,669 $ 3,850,352 $ 121,317 Net claims and claim expenses incurred 1,426,015 1,141,726 284,289 Acquisition expenses 714,852 758,554 (43,702) Operational expenses 297,481 302,360 (4,879) Underwriting income (loss) $ 1,533,321 $ 1,647,712 $ (114,391) Net claims and claim expenses incurred – current accident year $ 2,515,211 $ 1,960,578 $ 554,633 Net claims and claim expenses incurred – prior accident years (1,089,196) (818,852) (270,344) Net claims and claim expenses incurred – total $ 1,426,015 $ 1,141,726 $ 284,289 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 Property Gross Premiums Written • Gross premiums written increased by $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, including U.S. catastrophe exposed business; 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 decrease of $202.9 million, or 11.1%, in the other property class, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business.
The re-estimated incurred claims and claim expenses as of December 31 of subsequent years, represent our revised estimates as reported as of those dates.
The re-estimated incurred claims and claim expenses as of December 31 of subsequent years, represent our revised estimates as reported as of those dates.
Fair Value Measurements and Impairments Fair Value The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within our consolidated financial statements.
Fair Value Measurements and Impairments Fair Value Measurements The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within our consolidated financial statements.
Year ended December 31, 2024 Hurricane Milton Hurricane Helene Other 2024 Large Loss Events (1) 2024 Large Loss Events (2) (in thousands, except percentages) Net negative impact on Property segment underwriting result $ (332,710) $ (179,618) $ (267,513) $ (779,841) Net negative impact on Casualty and Specialty segment underwriting result — (605) (66,907) (67,512) Net negative impact on underwriting result $ (332,710) $ (180,223) $ (334,420) $ (847,353) Percentage point impact on consolidated combined ratio 3.4 1.8 3.6 8.8 The financial data below provides additional information detailing the net negative impact of the 2024 Large Loss Events on our consolidated financial statements for the year ended December 31, 2024.
Year ended December 31, 2024 Hurricane Milton Hurricane Helene Other 2024 Large Loss Events (1) 2024 Large Loss Events (2) (in thousands, except percentages) Net negative impact on Property segment underwriting result $ (332,710) $ (179,618) $ (267,513) $ (779,841) Net negative impact on Casualty and Specialty segment underwriting result — (605) (66,907) (67,512) Net negative impact on underwriting result $ (332,710) $ (180,223) $ (334,420) $ (847,353) Percentage point impact on consolidated combined ratio 3.4 1.8 3.6 8.8 The financial data below provides additional information detailing the net negative impact of the 2024 Large Loss Events on our consolidated financial statements for 2024.
Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts we sell.
Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts we sell.
Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for more information on the risks we insure and reinsure, the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, prior year development of the reserve for claims and claim expenses, analysis of our incurred and paid claims development and claims duration information for each of our Property and Casualty and Specialty segments.
Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for more information on the risks we insure and reinsure, the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, prior year development of the reserve for claims and claim expenses, analysis of our incurred and paid claims development and claims duration information for each of our Property and Casualty and Specialty segments.
RenaissanceRe has been assigned a “Very Strong” ERM score by A.M. Best. (2) The S&P ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. RenaissanceRe has been assigned a “Very Strong” ERM score by S&P.
The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. RenaissanceRe has been assigned a “Very Strong” ERM score by A.M. Best. (2) The S&P ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating.
Year ended December 31, 2024 Hurricane Milton Hurricane Helene Other 2024 Large Loss Events (1) 2024 Large Loss Events (2) (in thousands) Net claims and claim expenses incurred $ (406,878) $ (217,767) $ (381,330) $ (1,005,975) Assumed reinstatement premiums earned 86,128 40,655 53,159 179,942 Ceded reinstatement premiums earned (2,158) (931) (9,971) (13,060) Earned (lost) profit commissions (9,802) (2,180) 3,722 (8,260) Net negative impact on underwriting result (332,710) (180,223) (334,420) (847,353) Redeemable noncontrolling interest 62,229 36,969 87,625 186,823 Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders $ (270,481) $ (143,254) $ (246,795) $ (660,530) (1) “Other 2024 Large Loss Events” includes: the Baltimore Bridge Collapse; a series of severe convective storms that impacted the Southern and Midwest United States; the Hualien earthquake which impacted Taiwan in April 2024; a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, Hurricane Beryl, and certain aggregate loss contracts triggered during 2024.
Year ended December 31, 2024 Hurricane Milton Hurricane Helene Other 2024 Large Loss Events (1) 2024 Large Loss Events (2) (in thousands) Net claims and claim expenses incurred $ (406,878) $ (217,767) $ (381,330) $ (1,005,975) Assumed reinstatement premiums earned 86,128 40,655 53,159 179,942 Ceded reinstatement premiums earned (2,158) (931) (9,971) (13,060) Earned (lost) profit commissions (9,802) (2,180) 3,722 (8,260) Net negative impact on underwriting result (332,710) (180,223) (334,420) (847,353) Redeemable noncontrolling interest 62,229 36,969 87,625 186,823 Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders $ (270,481) $ (143,254) $ (246,795) $ (660,530) (1) “Other 2024 Large Loss Events” includes: the Baltimore Bridge Collapse; a series of severe convective storms that impacted the Southern and Midwest United States; the Hualien earthquake which impacted Taiwan in April 2024; a severe hailstorm which impacted Calgary in August 2024, Hurricanes Debby and Beryl, and certain aggregate loss contracts triggered during 2024.
These ratings represent independent opinions of an insurer’s financial strength, operating performance and ability to meet policyholder obligations, and are not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold any of our securities. Certain of our entities and the senior notes and preference shares issued by them also have issuer credit ratings.
These ratings represent independent opinions of an insurer’s financial strength, operating performance and ability to meet policyholder obligations, and are not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold any of our securities. Certain of our entities and the senior notes and preference shares issued by them also have credit ratings.
We believe that the increase in severe weather, coupled with currently projected demographic trends in catastrophe-exposed regions, contributes to factors that will increase the average economic value of expected losses, increase the number of people exposed per year to natural disasters and, in general, exacerbate disaster risk. The impact from these factors was apparent in the recent California wildfires.
We believe that the increase in severe weather, coupled with currently projected demographic trends in catastrophe-exposed regions, contributes to factors that will increase the average economic value of expected losses, increase the number of people exposed per year to natural disasters and, in general, exacerbate disaster risk. The impact from these factors was apparent in the California Wildfires.
Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large majority of our investments are highly rated fixed income securities, including U.S. treasuries, agencies, highly rated sovereign and supranational securities, high-grade corporate securities and mortgage-backed and asset-backed securities.
Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large majority of our investments are highly rated fixed income securities, including U.S. treasuries, agencies, highly rated sovereign and supranational securities, high-grade corporate securities 92 and mortgage-backed and asset-backed securities.
Each line of business in the Casualty and Specialty segment is at a different point in the cycle and we continually manage our participation to achieve the best portfolio mix and balance of risk and 98 reward. Our prior work building strong relationships with key customers has allowed us to gain superior access to desirable business.
Each line of business in the Casualty and Specialty segment is at a different point in the cycle and we continually manage our participation to achieve the best portfolio mix and balance of risk and reward. Our prior work building strong relationships with key customers has allowed us to gain superior access to desirable business.
The actual effects of the current and potential future increase in inflation on our results cannot be accurately known until, among other items, claims are ultimately settled. The duration and severity of an inflationary period cannot be estimated with precision. We consider the anticipated effects of inflation on us in our catastrophe loss models and on our investment portfolio.
The actual effects of the current and potential future increase in inflation on our results cannot be accurately known until, among other items, claims are ultimately settled. The duration and severity of an inflationary period cannot be estimated with precision. We consider the 56 anticipated effects of inflation on us in our catastrophe loss models and on our investment portfolio.
In addition, because the majority of the balances recoverable will not be collected for some time, economic conditions, as well as the financial and operational performance of a particular reinsurer may change, and these changes may affect the reinsurer’s willingness and ability to meet their contractual obligations to us on uncollateralized recoverable balances.
In addition, because the majority of the balances recoverable will not be collected for some time, economic conditions, as well as the financial and operational performance of a particular reinsurer may change, and these changes may affect the reinsurer’s willingness and ability to meet their contractual obligations to us on uncollateralized 66 recoverable balances.
In addition, the level of our ACR and IBNR reserves has a significant impact on reinsurance recoverable. These factors can impact the amount and timing of the reinsurance recoverable to be recorded. 64 The majority of the balance we have accrued as recoverable will not be due for collection until some point in the future.
In addition, the level of our ACR and IBNR reserves has a significant impact on reinsurance recoverable. These factors can impact the amount and timing of the reinsurance recoverable to be recorded. The majority of the balance we have accrued as recoverable will not be due for collection until some point in the future.
Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding 63 companies. Subsequent revisions to premium estimates are recorded in the period in which they are determined. Unearned premiums represents the portion of premiums written that relate to the unexpired terms of contracts and policies in force.
Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent revisions to premium estimates are recorded in the period in which they are determined. Unearned premiums represents the portion of premiums written that relate to the unexpired terms of contracts and policies in force.
Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements.” The following tables present supplemental summarized financial information for RenaissanceRe and RenaissanceRe Finance, collectively the “Obligor Group.” Intercompany transactions among the members of the Obligor Group have been eliminated. The financial information of non-obligor subsidiaries has been excluded from the summarized financial information.
Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements.” 97 The following tables present supplemental summarized financial information for RenaissanceRe and RenaissanceRe Finance, collectively the “Obligor Group.” Intercompany transactions among the members of the Obligor Group have been eliminated. The financial information of non-obligor subsidiaries has been excluded from the summarized financial information.
In particular, we have invested heavily to understand the influence of climate change on the weather and its impact on the risks that we take. We believe that our RenaissanceRe Risk Sciences team gives us an advantage in properly reflecting the evolving phenomenon of climate change in our models as compared to commercially available models.
In particular, we have invested heavily to understand the influence of climate change on the weather and its impact on the risks that we take. We believe that our RenaissanceRe Risk Sciences team gives us an advantage in properly reflecting the evolving phenomenon of climate change in our models compared to commercially available models.
Insurers rated “AA-” by Fitch are believed to have a very low expectation of ceased or interrupted payments and very strong capital to meet policyholder obligations. 94 Lloyd’s Overall Market Rating A.M. Best, S&P and Fitch have each assigned a financial strength rating to the Lloyd’s overall market.
Insurers rated “AA-” by Fitch are believed to have a very low expectation of ceased or interrupted payments and very strong capital to meet policyholder obligations. Lloyd’s Overall Market Rating A.M. Best, S&P and Fitch have each assigned a financial strength rating to the Lloyd’s overall market.
Fitch The outlook for all of our Fitch ratings is stable. Fitch believes that insurance companies rated “A+” have “Strong” capacity to meet policyholders and contract obligations on a timely basis with a low expectation of ceased or interrupted payments.
Fitch The outlook for all of our Fitch ratings is stable. Fitch believes that insurance companies rated “A+” have “Strong” capacity to meet policyholders and contract obligations on a timely basis with a low expectation of 96 ceased or interrupted payments.
Level 3 fair value measurements are based on valuation techniques that use at least one significant input that is unobservable. These measurements are made under circumstances in which there 65 is little, if any, market activity for the asset or liability.
Level 3 fair value measurements are based on valuation techniques that use at least one significant input that is unobservable. These measurements are made under circumstances in which there is little, if any, market activity for the asset or liability.
However, in some circumstances, RenaissanceRe may determine it is necessary or advisable to contribute capital to our subsidiaries, or may be contractually required to contribute capital to our subsidiaries, joint ventures or managed funds. For example, in 2024, RenaissanceRe contributed capital to RenaissanceRe Specialty U.S. to support growth in premiums.
However, in some circumstances, RenaissanceRe may determine it is necessary or advisable to contribute capital to our subsidiaries, or may be contractually required to contribute capital to our subsidiaries, joint ventures or managed funds. For example, in 2024, RenaissanceRe contributed capital to RenaissanceRe 85 Specialty U.S. to support growth in premiums.
We structure our investment portfolio to emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time.
Investment Income We structure our investment portfolio to emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time.
From time to time, we may reevaluate the duration of our portfolio in light of the duration of our liabilities and market conditions. 91 The value of our fixed maturity investments will fluctuate with changes in the interest rate environment and when changes occur in economic conditions or the investment markets.
From time to time, we may reevaluate the duration of our portfolio in light of the duration of our liabilities and market conditions. The value of our fixed maturity investments will fluctuate with changes in the interest rate environment and when changes occur in economic conditions or the investment markets.
Due to the nature of reinsurance, ceding companies routinely report and remit premiums to us subsequent to the contract coverage period. Consequently, premiums written and receivable include amounts reported by the ceding companies, supplemented by our estimates of premiums that are written but not reported.
Due to the nature of reinsurance, ceding companies routinely report and remit premiums to us subsequent to the contract coverage period. Consequently, premiums written and receivable include amounts reported 65 by the ceding companies, supplemented by our estimates of premiums that are written but not reported.
We therefore rely on dividends and distributions (and other statutorily permissible payments) from our subsidiaries, investment income and fee income to meet our liquidity requirements, which primarily include 82 making principal and interest payments on our debt and dividend payments to our preference and common shareholders.
We therefore rely on dividends and distributions (and other statutorily permissible payments) from our subsidiaries, investment income and fee income to meet our liquidity requirements, which primarily include making principal and interest payments on our debt and dividend payments to our preference and common shareholders.
Our actual net claims and claim expenses paid will differ, perhaps materially, from the estimates reflected in our financial statements, which may adversely impact our financial condition, liquidity and capital resources. Refer to “Note 8.
Our actual net 91 claims and claim expenses paid will differ, perhaps materially, from the estimates reflected in our financial statements, which may adversely impact our financial condition, liquidity and capital resources. Refer to “Note 8.
In the future, it is possible we will hold more goodwill and intangible assets, which would increase the degree of judgment and uncertainty embedded in our financial statements, and potentially increase the volatility of our reported results.
In the future, it is possible we will hold more goodwill and intangible assets, which would increase the degree of judgment and 68 uncertainty embedded in our financial statements, and potentially increase the volatility of our reported results.
From time to time, we consider diversification into new ventures, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies.
From time to time, we consider diversification into new opportunities, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies.
The impact on net income (loss) and shareholders’ equity assumes no increase or decrease in reinsurance recoveries, loss related premium or profit commission, income tax benefit (expense), or redeemable noncontrolling interest.
The impact on net income (loss) and shareholders’ equity assumes no increase 62 or decrease in reinsurance recoveries, loss related premium or profit commission, income tax benefit (expense), or redeemable noncontrolling interest.
We believe that each of our insurance subsidiaries and branches exceeded the minimum solvency, capital and surplus requirements in their applicable jurisdictions at December 31, 2024. Certain of our subsidiaries and branches are required to file FCRs with their regulators, which provide details on solvency and financial performance. Where required, these FCRs will be posted on our website.
We believe that each of our insurance subsidiaries and branches exceeded the minimum solvency, capital and surplus requirements in their applicable jurisdictions at December 31, 2025. Certain of our subsidiaries and branches are required to file FCRs with their regulators, which provide details on solvency and financial performance. Where required, these FCRs will be posted on our website.
In addition, we have included historical incurred claims and claim expenses development information related to Platinum, TMR and Validus in the 61 table below.
In addition, we have included historical incurred claims and claim expenses development information related to Platinum, TMR and Validus in the table below.
Rating organizations continually review the financial positions of our principal operating subsidiaries and joint ventures and ratings may be revised or revoked by the agencies which issue them. Additionally, rating organizations may change their capital models and rating methodologies, which could have a material impact on our ratings and business. In addition, S&P and A.M.
Rating organizations continually review the financial positions of our principal operating subsidiaries and joint ventures and ratings may be revised or revoked by the agencies which issue them. Additionally, rating organizations may change their capital models and rating methodologies, which could have a material impact on our ratings and business. In addition, A.M.
Our most recent estimates as reported at December 31, 2024 differ from our initial accident year estimates and demonstrate that our most recent estimate of incurred claims and claim expenses are reasonably likely to vary from our initial estimate, perhaps significantly. Changes in this estimate will be recorded in the period in which they occur.
Our most recent estimates as reported at December 31, 2025 differ from our initial accident year estimates and demonstrate that our most recent estimate of incurred claims and claim expenses are reasonably likely to vary from our initial estimate, perhaps significantly. Changes in this estimate will be recorded in the period in which they occur.
Sensitivity Analysis The table below shows the impact on our reserve for claims and claim expenses, net income (loss) and shareholders’ equity as of and for the year ended December 31, 2024 of a reasonable range of possible outcomes associated with our estimates of gross ultimate losses for claims and claim expenses incurred within our Property segment.
Sensitivity Analysis The table below shows the impact on our reserve for claims and claim expenses, net income (loss) and shareholders’ equity as of and for the year ended December 31, 2025 of a reasonable range of possible outcomes associated with our estimates of gross ultimate losses for claims and claim expenses incurred within our Property segment.
Our most recent estimates as reported at December 31, 2024 differ from our initial accident year estimates and demonstrates that our initial estimate of incurred claims and claim expenses are reasonably likely to vary from our most recent estimate, perhaps significantly. Changes in this estimate will be recorded in the period in which they occur.
Our most recent estimates as reported at December 31, 2025 differ from our initial accident year estimates and demonstrates that our initial estimate of incurred claims and claim expenses are reasonably likely to vary from our most recent estimate, perhaps significantly. Changes in this estimate will be recorded in the period in which they occur.
We then evaluate the overall adequacy of the provision for current expected credit losses based on other qualitative and judgmental factors. At December 31, 2024, our premiums receivable balance was $7.3 billion (2023 - $7.3 billion). Of this amount, the majority are receivables from highly rated counterparties.
We then evaluate the overall adequacy of the provision for current expected credit losses based on other qualitative and judgmental factors. At December 31, 2025, our premiums receivable balance was $7.3 billion (2024 - $7.3 billion). Of this amount, the majority are receivables from highly rated counterparties.
In addition, if we were to fail to comply with certain covenants in our debt agreements, we may have to pledge additional collateral. 84 Letter of Credit and Revolving Credit Facilities We and certain of our subsidiaries, joint ventures, and managed funds maintain secured and unsecured revolving credit facilities and letter of credit facilities that provide liquidity and allow us to satisfy certain collateral requirements.
In addition, if we were to fail to comply with certain covenants in our debt agreements, we may have to pledge additional collateral. 86 Letter of Credit and Revolving Credit Facilities We and certain of our subsidiaries, joint ventures, and managed funds maintain secured and unsecured revolving credit facilities and letter of credit facilities that provide liquidity and allow us to satisfy certain collateral requirements.
Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operational expenses, which primarily consist of personnel expenses, rent and other expenses; (4) corporate expenses, which include certain executive, legal and consulting expenses, costs for research and development, transaction and integration-related expenses, and other miscellaneous costs, including those associated with operating as a publicly traded company; and (5) interest and dividends related to our debt, preference shares and common shares.
Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operational expenses, which primarily consist of personnel expenses, rent and other expenses; (4) corporate expenses, which include certain executive, legal and consulting expenses, costs for research and 55 development, transaction and integration-related expenses, and other miscellaneous costs, including those associated with operating as a publicly traded company; (5) interest and dividends related to our debt, preference shares and common shares; and (6) income taxes.
Multi-Beneficiary Reinsurance Trusts, Multi-Beneficiary Reduced Collateral Reinsurance Trusts Renaissance Reinsurance, DaVinci Reinsurance, and RREAG use multi-beneficiary reinsurance trusts and/or multi-beneficiary reduced collateral reinsurance trusts to collateralize reinsurance liabilities. As of December 31, 2024, all of these trusts were funded in accordance with the relevant regulatory thresholds.
Multi-Beneficiary Reinsurance Trusts, Multi-Beneficiary Reduced Collateral Reinsurance Trusts Renaissance Reinsurance, DaVinci Reinsurance and RREAG use multi-beneficiary reinsurance trusts and/or multi-beneficiary reduced collateral reinsurance trusts to collateralize reinsurance liabilities. As of December 31, 2025, all of these trusts were funded in accordance with the relevant regulatory thresholds.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our results of operations for 2024 compared to 2023, as well as our liquidity and capital resources at December 31, 2024.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our results of operations for 2025 compared to 2024, as well as our liquidity and capital resources at December 31, 2025.
For incurred accident year claims and claim expenses denominated in currencies other than USD, we have used the current year-end balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred accident year claims development information included in the table below. 59 The following table details our Property segment incurred claims and claim expenses, net of reinsurance, as of December 31, 2024.
For incurred accident year claims and claim expenses denominated in currencies other than USD, we have used the current year-end balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred accident year claims development information included in the table below. 61 The following table details our Property segment incurred claims and claim expenses, net of reinsurance, as of December 31, 2025.
Proportional business, which represents the majority of our Casualty and Specialty segment business, typically has a higher expense ratio and tends to be exposed to more attritional and frequent losses, while being subject to less expected severity as compared to traditional excess of loss business.
Proportional business, which represents the majority of our Casualty and Specialty segment business, typically has a higher expense ratio and tends to be exposed to more attritional and frequent losses, while being subject to lower expected severity compared to traditional excess of loss business.
General Economic Conditions We think that the stresses in the global economy will continue and that this may result in increased market volatility. Global events and geopolitical instability have contributed to widespread economic inflation over the past few years compared to recent historical norms.
General Economic Conditions We think that the stresses in the global economy will continue, and could grow, and that this may result in increased market volatility. Global events and geopolitical instability have contributed to increased economic inflation over the past few years compared to recent historical norms.
We use valuation models or other pricing techniques that require a variety of inputs including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility including credit spreads and projected cash flows, prepayment rates and correlations of such inputs, some of which may be unobservable, to value these Level 3 assets and liabilities. Refer to “Note 6.
We use valuation models or other pricing techniques that require a variety of inputs including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility including credit spreads and projected cash flows, prepayment rates 67 and correlations of such inputs, some of which may be unobservable, to value these Level 3 assets and liabilities.
Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information about fair value measurements. Impairments The amount and timing of asset impairment is subject to significant estimation techniques and is a critical accounting estimate for us.
Refer to “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information about fair value measurements. Impairments The amount and timing of asset impairment is subject to significant estimation techniques and is a critical accounting estimate for us.
Property With the global impact of climate change, we expect the frequency and severity of perils such as drought, flood, rain, hail and wildfire to continue at the elevated levels we have seen in recent years.
Property With the global impact of climate-related risks, including climate change, we expect the frequency and severity of perils such as drought, flood, rain, hail and wildfire to continue at the elevated levels we have seen in recent years.
The current accident year net claims and claim expense ratio is calculated by taking current accident year net claims and claim expenses incurred, divided by net premiums earned.
The current accident year net claims and claim expense ratio is calculated by taking current accident year net claims and claim expenses incurred, divided by net premiums earned. The prior accident years net claims and claim expense ratio is calculated by taking prior accident years net claims and claim expenses incurred, divided by net premiums earned.
Short term investments are managed as part of our investment portfolio and have a maturity of one year or less when purchased. Short term investments are carried at fair value. The duration of our fixed maturity investments and short term investments at December 31, 2024 was 3.1 years (2023 - 2.9 years).
Short term investments are managed as part of our investment portfolio and have a maturity of one year or less when purchased. Short term investments are carried at fair value. The duration of our fixed maturity investments and short term investments at December 31, 2025 was 2.8 years (2024 - 3.1 years).
The valuation allowance assessment is performed separately in each taxable jurisdiction based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction. 67 We have unrecognized tax benefits of $Nil as of December 31, 2024 (2023 - $Nil).
The valuation allowance assessment is performed separately in each taxable jurisdiction based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction. 69 Unrecognized Tax Benefits We have unrecognized tax benefits of $Nil as of December 31, 2025 (2024 - $Nil).
See “Note on Forward-Looking Statements.” For a discussion and analysis of our results of operations for 2023 compared to 2022, please refer to the disclosures set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 51-102 of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024.
See “Note on Forward-Looking Statements.” For a discussion and analysis of our results of operations for 2024 compared to 2023, please refer to the disclosures set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 51-99 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 12, 2025.
Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written.
Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms. Reinstatement premiums are earned when written.
At December 31, 2024, our non-investment grade and not-rated fixed maturity investments totaled $1.5 billion or 6.4% of our fixed maturity investments (2023 - $1.3 billion or 6.1%, respectively). In addition, within our other investments category we have funds that invest in non-investment grade and not-rated fixed income securities and non-investment grade cat-linked securities.
At December 31, 2025, our non-investment grade and not-rated fixed maturity investments totaled $1.2 billion or 5.0% of our fixed maturity investments (2024 - $1.5 billion or 6.4%, respectively). In addition, within our other investments category we have funds that invest in non-investment grade and not-rated fixed income securities and non-investment grade cat-linked securities.
The net purchases of fixed maturity investments trading and other investments was primarily funded by cash flows provided by operating activities, as described above. Cash flows used in financing activities.
The net purchases of fixed maturity investments trading and other investments was primarily funded by cash flows provided by operating activities, as described above.
We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments and an allocation to other investments (including catastrophe bonds, fund investments, term loans and direct private equity investments). 90 Weighted Average Effective Yield and Credit Rating The following table summarizes the composition of our investment portfolio, including the amortized cost, fair value, credit ratings and effective yields.
We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments and an allocation to other investments (including catastrophe bonds, fund investments and direct private equity investments). Weighted Average Effective Yield and Credit Rating The following table summarizes the composition of our investment portfolio, including the fair value and credit ratings.
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. 2024 Net Negative Impact The financial data below provides additional information detailing the net negative impact of the 2024 Large Loss Events on our segment underwriting results and consolidated financial statements for the year ended December 31, 2024.
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. 2025 Net Negative Impact The financial data below provides additional information detailing the net negative impact of the 2025 Large Loss Events on our segment underwriting results and consolidated combined ratio for 2025.
At December 31, 2024, our reinsurance recoverable balance was $4.5 billion (2023 - $5.3 billion). Of this amount, 55.7% is fully collateralized by our reinsurers, 43.2% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.0% is recoverable from reinsurers rated lower than A- by major rating agencies (2023 - 60.6%, 38.5% and 0.9%, respectively).
At December 31, 2025, our reinsurance recoverable balance was $3.9 billion (2024 - $4.5 billion). Of this amount, 46.9% is fully collateralized by our reinsurers, 51.5% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.6% is recoverable from reinsurers rated lower than A- by major rating agencies (2024 - 55.7%, 43.2% and 1.0%, respectively).
However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions.
However, RenaissanceRe does not guarantee or provide credit support for DaVinci and RenaissanceRe’s financial exposure to DaVinci is limited to its investment in DaVinci’s shares and counterparty credit risk arising from reinsurance transactions.
Each series of notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. For additional information related to the terms of our outstanding debt securities, see “Note 9.
Each series of notes has or had various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. For additional information related to the terms of our debt securities, see “Note 9.
At December 31, 2024, we classified $45.8 million and $2.4 million of our assets and liabilities, respectively, at fair value on a recurring basis using Level 3 inputs (2023 - $159.8 million and $2.7 million, respectively). This represented 0.1% and 0.0% of our total assets and liabilities, respectively (2023 - 0.3% and 0.0%, respectively).
At December 31, 2025, we classified $182.1 million and $0.1 million of our assets and liabilities, respectively, at fair value on a recurring basis using Level 3 inputs (2024 - $45.8 million and $2.4 million, respectively). This represented 0.3% and 0.0% of our total assets and liabilities, respectively (2024 - 0.1% and 0.0%, respectively).
A — — — RenaissanceRe Syndicate 1458 — — — — Lloyd’s Overall Market Rating A+ AA- — AA- RenaissanceRe ERM Score Very Strong Very Strong — — (1) The A.M. Best ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating.
A+ AA — — Vermeer Reinsurance Ltd. A — — — RenaissanceRe Syndicate 1458 — — — — Lloyd’s Overall Market Rating A+ AA- — AA- RenaissanceRe ERM Score Very Strong — — — (1) The A.M. Best ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating.
Furthermore, we generally expect that the profits generated in Bermuda on or after January 1, 2025 by our joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment or expected enactment of provisions similar to the GloBE Rules by many of the jurisdictions in which we operate.
We generally expect that the profits generated in Bermuda on or after January 1, 2025 by our consolidated joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment Pillar II Rules by many of the jurisdictions in which we operate.
Cash flows provided by operating activities during 2024 were primarily the result of certain adjustments to reconcile our net income of $3.0 billion to net cash provided by operating activities, including: • a decrease in reinsurance recoverable of $862.9 million due to prior year favorable development across the 2017 through 2022 accident years, in addition to paid recoveries; • an increase in reserve for claims and claim expenses of $816.6 million, primarily resulting from an increase in reserves in our Casualty and Specialty segment, largely driven by an increase in earned 86 premiums due to the renewal of business acquired in the Validus Acquisition and organic growth, resulting in additional attritional reserves, partially offset by a decrease in reserves in our Property segment primarily due to paid losses and prior year favorable development; partially offset by • a decrease in reinsurance balances payable of $381.8 million, principally driven by the redemption of capital from Upsilon RFO and the timing of payments related to underwriting activity Cash flows used in investing activities.
Cash flows provided by operating activities during 2024 were primarily the result of certain adjustments to reconcile our net income of $3.0 billion to net cash provided by operating activities, including: • a decrease in reinsurance recoverable of $862.9 million due to prior year favorable development across the 2017 through 2022 accident years, in addition to paid recoveries; • an increase in reserve for claims and claim expenses of $816.6 million, primarily resulting from an increase in reserves in our Casualty and Specialty segment, largely driven by an increase in earned 89 premiums due to the renewal of business acquired in the Validus Acquisition and organic growth, resulting in additional attritional reserves, partially offset by a decrease in reserves in our Property segment primarily due to paid losses and prior year favorable development; partially offset by • a decrease in reinsurance balances payable of $381.8 million, principally driven by the redemption of capital from Upsilon RFO and the timing of payments related to underwriting activity Cash flows used in investing activities During 2024, our cash flows used in investing activities were $3.1 billion, principally reflecting net purchases of fixed maturity investments trading of $2.8 billion and other investments of $358.2 million, partially offset by cash flows from net sales of short term investments of $174.5 million.
Goodwill and Other Intangible Assets” in our “Notes to the Consolidated Financial Statements” for additional information with respect to the impairment.
Goodwill and Other Intangible Assets” in our “Notes to the Consolidated Financial Statements” for additional information.
At December 31, 2024, the funds that invest in non-investment grade and not-rated fixed income securities and non-investment grade cat-linked securities totaled $3.2 billion (2023 – $2.9 billion). At December 31, 2024, we had $4.5 billion of short term investments (2023 – $4.6 billion).
At December 31, 2025, the funds 93 that invest in non-investment grade and not-rated fixed income securities and non-investment grade cat-linked securities totaled $3.2 billion (2024 - $3.2 billion). At December 31, 2025, we had $4.8 billion of short term investments (2024 - $4.5 billion).
The reinsurers with the three largest balances accounted for 12.6%, 11.0% and 8.3%, respectively, of our reinsurance recoverable balance at December 31, 2024 (2023 - 17.6%, 14.3% and 8.7%, respectively). The provision for current expected credit losses recorded against reinsurance recoverable was $11.7 million at December 31, 2024 (2023 - $13.3 million).
The reinsurers with the three largest balances accounted for 12.6%, 10.1% and 7.0%, respectively, of our reinsurance recoverable balance at December 31, 2025 (2024 - 12.6%, 11.0% and 8.3%, respectively). The provision for current expected credit losses recorded against reinsurance recoverable was $13.2 million at December 31, 2025 (2024 - $11.7 million).
Best assess and score companies’ ERM practices, which is an opinion on the many critical dimensions of risk that determine overall creditworthiness.
Best assesses and scores companies’ ERM practices, which is an opinion on the many critical dimensions of risk that determine overall creditworthiness.
S&P The outlook for all of our S&P ratings is stable.
S&P The outlook for all of our S&P ratings is positive.
Notwithstanding the foregoing, our investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities. For additional information regarding our investments and the fair value measurement of our investments refer to “Note 5. Investments” and “Note 6.
Notwithstanding the foregoing, our investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities. Refer to “Note 5. Investments” and “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information regarding our investments and the related fair value measurement.
Corporate Expenses Year ended December 31, 2024 2023 Change (in thousands) Corporate expenses $ 134,784 $ 127,642 $ 7,142 Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, and other miscellaneous costs, including those associated with operating as a publicly traded company, as well as costs incurred in connection with the acquisition of Validus.
Corporate Expenses Year ended December 31, 2025 2024 Change (in thousands) Corporate expenses $ 82,008 $ 134,784 $ (52,776) Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, and other miscellaneous costs, including those associated with operating as a publicly traded company, as well as costs incurred in connection with the acquisition of Validus.
Investments in Other Ventures, under Equity Method The table below shows our investments in other ventures, under equity method: At December 31, 2024 2023 (in thousands, except percentages) Capital Invested Ownership % Carrying Value Capital Invested Ownership % Carrying Value Investments in other ventures, under equity method $ 205,373 0.1% - 50.0% $ 102,770 $ 214,484 0.1% - 50.0% $ 112,624 The realized value we ultimately attain for our investments in other ventures, under equity method will likely differ from the carrying value, perhaps materially.
Investments in Other Ventures, under Equity Method The table below shows our investments in other ventures, under equity method: At December 31, 2025 2024 (in thousands, except percentages) Capital Invested Ownership % Carrying Value Capital Invested Ownership % Carrying Value Investments in other ventures, under equity method $ 206,142 0.1% - 50.0% $ 121,871 $ 205,373 0.1% - 50.0% $ 102,770 The realized value we ultimately attain for our investments in other ventures, under equity method will likely differ from the carrying value, perhaps materially.
We continue to maintain a relatively conservative position for our investment portfolio. See the “Risk Factors” section in our Form 10-K for additional information on factors that could cause our actual results to differ materially from those in the forward-looking statements contained in this Form 10-K and other documents we file with the SEC.
See the “Risk Factors” section in our Form 10-K for additional information on factors that could cause our actual results to differ materially from those in the forward-looking statements contained in this Form 10-K and other documents we file with the SEC. 102
We expect that these developments will increase our income taxes in the future. We believe that the flexible global operating model that we have utilized will continue to prove resilient. The underwriting results of an insurance or reinsurance company are discussed frequently by reference to its net claims and claim expense ratio, underwriting expense ratio, and combined ratio.
We believe that the flexible global operating model that we have utilized will continue to prove resilient. The underwriting results of an insurance or reinsurance company are discussed frequently by reference to its net claims and claim expense ratio, underwriting expense ratio, and combined ratio.
Property Ceded Premiums Written Year ended December 31, 2024 2023 Change (in thousands) Ceded premiums written $ 990,095 $ 595,105 $ 394,990 Due to the potential volatility of the reinsurance contracts which we sell, we purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio.
Property Ceded Premiums Written Year ended December 31, 2025 2024 Change (in thousands) Ceded premiums written $ 898,145 $ 990,095 $ (91,950) Due to the potential volatility of the reinsurance contracts which we sell, we purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio.
Furthermore, we generally expect that the profits generated in Bermuda on or after January 1, 2025 by our joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment or expected enactment of provisions similar to the GloBE Rules by many of the jurisdictions in which we operate.
Furthermore, the profits generated in Bermuda on or after January 1, 2025 by our consolidated joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, are also generally taxed at 15% as a result of the enactment of Pillar II Rules by many of the jurisdictions in which we operate.
Our cash flows used in financing activities in 2024 were $1.3 billion, and were principally the result of: • net outflows of $405.8 million, primarily related to net third-party redeemable noncontrolling interest share transactions in DaVinci, Medici and Vermeer; • common share repurchases of $666.9 million; and • repayment of debt of $150.0 million related to the Medici Revolving Credit Facility. 2023 During 2023, our cash and cash equivalents increased by $683.2 million, to $1.9 billion at December 31, 2023, compared to $1.2 billion at December 31, 2022.
Cash flows used in financing activities Our cash flows used in financing activities in 2024 were $1.3 billion, and were principally the result of: • net outflows of $405.8 million, primarily related to net third-party redeemable noncontrolling interest share transactions in DaVinci, Medici and Vermeer; • common share repurchases of $666.9 million; and • repayment of debt of $150.0 million related to the Medici Revolving Credit Facility.
Year ended December 31, 2024 2023 2022 2021 2020 (in thousands, except share and per share data and percentages) Statements of Operations Data: Gross premiums written $ 11,733,066 $ 8,862,366 $ 9,213,540 $ 7,833,798 $ 5,806,165 Net premiums written 9,952,216 7,467,813 7,196,160 5,939,375 4,096,333 Net premiums earned 10,095,760 7,471,133 6,333,989 5,194,181 3,952,462 Net investment income 1,654,289 1,253,110 559,932 319,479 354,038 Net realized and unrealized gains (losses) on investments (27,840) 414,522 (1,800,485) (218,134) 820,636 Net claims and claim expenses incurred 5,332,981 3,573,509 4,338,840 3,876,087 2,924,609 Acquisition expenses 2,643,867 1,875,034 1,568,606 1,214,858 897,677 Operational expenses 496,588 375,182 276,691 212,184 206,687 Underwriting income (loss) 1,622,324 1,647,408 149,852 (108,948) (76,511) Net income (loss) 2,960,532 3,620,127 (1,159,816) (103,440) 993,058 Net income (loss) available (attributable) to RenaissanceRe common shareholders 1,834,985 2,525,757 (1,096,578) (73,421) 731,482 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted 35.21 52.27 (25.50) (1.57) 15.31 Dividends per common share 1.56 1.52 1.48 1.44 1.40 Weighted average common shares outstanding – diluted 51,339 47,607 43,040 47,171 47,178 Return on average common equity 19.3 % 40.5 % (22.0) % (1.1) % 11.7 % Combined ratio 83.9 % 77.9 % 97.7 % 102.1 % 101.9 % At December 31, 2024 2023 2022 2021 2020 Balance Sheet Data: Total investments $ 32,639,456 $ 29,216,143 $ 22,220,436 $ 21,442,659 $ 20,558,176 Total assets 50,707,550 49,007,105 36,552,878 33,959,502 30,820,580 Reserve for claims and claim expenses 21,303,491 20,486,869 15,892,573 13,294,630 10,381,138 Unearned premiums 5,950,415 6,136,135 4,559,107 3,531,213 2,763,599 Debt 1,886,689 1,958,655 1,170,442 1,168,353 1,136,265 Capital leases 21,010 21,540 22,020 22,459 22,853 Preference shares 750,000 750,000 750,000 750,000 525,000 Total shareholders’ equity attributable to RenaissanceRe 10,574,012 9,454,958 5,325,274 6,624,281 7,560,248 Common shares outstanding 50,181 52,694 43,718 44,445 50,811 Book value per common share $ 195.77 $ 165.20 $ 104.65 $ 132.17 $ 138.46 Accumulated dividends 28.08 26.52 25.00 23.52 22.08 Book value per common share plus accumulated dividends $ 223.85 $ 191.72 $ 129.65 $ 155.69 $ 160.54 Change in book value per common share plus change in accumulated dividends 19.4 % 59.3 % (19.7) % (3.5) % 16.0 % 56 SUMMARY OF CRITICAL ACCOUNTING ESTIMATES Claims and Claim Expense Reserves We believe the most significant accounting judgment made by management is our estimate of claims and claim expense reserves.
Year ended December 31, 2025 2024 2023 2022 2021 (in thousands, except share and per share data and percentages) Statements of Operations Data: Gross premiums written $ 11,738,420 $ 11,733,066 $ 8,862,366 $ 9,213,540 $ 7,833,798 Net premiums written 9,870,200 9,952,216 7,467,813 7,196,160 5,939,375 Net premiums earned 9,901,182 10,095,760 7,471,133 6,333,989 5,194,181 Net investment income 1,703,475 1,654,289 1,253,110 559,932 319,479 Net realized and unrealized gains (losses) on investments 1,181,268 (27,840) 414,522 (1,800,485) (218,134) Net claims and claim expenses incurred 5,615,839 5,332,981 3,573,509 4,338,840 3,876,087 Acquisition expenses 2,550,823 2,643,867 1,875,034 1,568,606 1,214,858 Operational expenses 464,477 496,588 375,182 276,691 212,184 Underwriting income (loss) 1,270,043 1,622,324 1,647,408 149,852 (108,948) Net income (loss) 3,617,743 2,960,532 3,620,127 (1,159,816) (103,440) Net income (loss) available (attributable) to RenaissanceRe common shareholders 2,646,959 1,834,985 2,525,757 (1,096,578) (73,421) Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted 56.03 35.21 52.27 (25.50) (1.57) Dividends per common share 1.60 1.56 1.52 1.48 1.44 Weighted average common shares outstanding – diluted 46,483 51,339 47,607 43,040 47,171 Return on average common equity 25.9 % 19.3 % 40.5 % (22.0) % (1.1) % Combined ratio 87.2 % 83.9 % 77.9 % 97.7 % 102.1 % At December 31, 2025 2024 2023 2022 2021 Balance Sheet Data: Total investments $ 36,073,209 $ 32,639,456 $ 29,216,143 $ 22,220,436 $ 21,442,659 Total assets 53,800,390 50,707,550 49,007,105 36,552,878 33,959,502 Reserve for claims and claim expenses 22,302,345 21,303,491 20,486,869 15,892,573 13,294,630 Unearned premiums 6,028,174 5,950,415 6,136,135 4,559,107 3,531,213 Debt 2,329,201 1,886,689 1,958,655 1,170,442 1,168,353 Capital leases 20,426 21,010 21,540 22,020 22,459 Preference shares 750,000 750,000 750,000 750,000 750,000 Total shareholders’ equity attributable to RenaissanceRe 11,608,657 10,574,012 9,454,958 5,325,274 6,624,281 Common shares outstanding 43,962 50,181 52,694 43,718 44,445 Book value per common share $ 247.00 $ 195.77 $ 165.20 $ 104.65 $ 132.17 Accumulated dividends 29.68 28.08 26.52 25.00 23.52 Book value per common share plus accumulated dividends $ 276.68 $ 223.85 $ 191.72 $ 129.65 $ 155.69 Change in book value per common share plus change in accumulated dividends 27.0 % 19.4 % 59.3 % (19.7) % (3.5) % 58 SUMMARY OF CRITICAL ACCOUNTING ESTIMATES Claims and Claim Expense Reserves We believe the most significant accounting judgment made by management is our estimate of claims and claim expense reserves.
Equity in Earnings (Losses) of Other Ventures Year ended December 31, 2024 2023 Change (in thousands) Equity in earnings (losses) of other ventures $ 47,087 $ 43,474 $ 3,613 Equity in earnings (losses) of other ventures represents our pro-rata share of the net income from our investments in a select group of insurance and insurance-related companies, including the Tower Hill Companies and Top Layer.
Equity in Earnings (Losses) of Other Ventures Year ended December 31, 2025 2024 Change (in thousands) Equity in earnings (losses) of other ventures $ 71,332 $ 47,087 $ 24,245 Equity in earnings (losses) of other ventures represents our pro-rata share of the net income from our investments in a select group of insurance and insurance-related companies, including the Tower Hill Companies and Top Layer.
As of December 31, 2024, we had $102.8 million (2023 - $112.6 million) in investments in other ventures, under equity method on our consolidated balance sheets, including $8.7 million of goodwill and $0.2 million of other intangible assets (2023 - $10.8 million and $7.3 million).
As of December 31, 2025, we had $121.9 million (2024 - $102.8 million) in investments in other ventures, under equity method on our consolidated balance sheets, including $8.7 million of goodwill and $0.2 million of other intangible assets (2024 - $8.7 million and $0.2 million).
Sources of Liquidity Historically, cash receipts from operations, consisting primarily of premiums, investment income and fee income, have provided sufficient funds to pay the losses and operational expenses incurred by our subsidiaries and to fund dividends and distributions to RenaissanceRe.
Sources of Liquidity Historically, cash receipts from operations, consisting primarily of premiums, investment income and fee income, have provided sufficient funds to pay the losses and operational expenses incurred by our subsidiaries and to fund dividends and distributions to RenaissanceRe. Other potential sources of liquidity include borrowings under our credit facilities and issuances of securities.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeAssuming credit spreads remain constant and an immediate time horizon, this presents the worst-case scenario: Interest Rate Shift in Basis Points At December 31, 2024 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of fixed maturity and short term investments, private credit funds and term loans $ 30,049,296 $ 29,662,274 $ 29,275,315 $ 28,888,629 $ 28,502,051 Net increase (decrease) in fair value $ 773,981 $ 386,960 $ — $ (386,686) $ (773,264) Percentage change in fair value 2.6 % 1.3 % — % (1.3) % (2.6) % Interest Rate Shift in Basis Points At December 31, 2023 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of fixed maturity and short term investments, private credit funds and term loans $ 27,259,888 $ 26,865,707 $ 26,560,861 $ 26,246,627 $ 25,904,022 Net increase (decrease) in fair value $ 699,027 $ 304,845 $ — $ (314,235) $ (656,839) Percentage change in fair value 2.6 % 1.1 % — % (1.2) % (2.5) % As noted above, we use derivative instruments, primarily interest rate futures, within our portfolio of fixed maturity investments to manage our exposure to interest rate risk, which can include increasing or decreasing our exposure to this risk.
Biggest changeInterest Rate Shift in Basis Points At December 31, 2024 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of investments (1) $ 30,049,296 $ 29,662,274 $ 29,275,315 $ 28,888,629 $ 28,502,051 Net increase (decrease) in fair value $ 773,981 $ 386,960 $ — $ (386,686) $ (773,264) Percentage change in fair value 2.6 % 1.3 % — % (1.3) % (2.6) % (1) Includes fixed maturity investments, short term investments and private credit funds.
In the investment portfolio, we review on a regular basis our asset concentration, credit quality and adherence to credit limit guidelines. In addition, we limit the amount of credit exposure to any one financial institution and, except for the securities of the U.S. Government and U.S.
In the investment portfolio, we review on a regular basis our asset concentration, credit quality and adherence to credit limit guidelines. In addition, we limit the amount of credit exposure to any one financial institution and, except for the securities of the U.S. Government, U.S.
As detailed in the table below, we are directly exposed to this risk through our investment in equity investments, including certain positions in our strategic investment portfolio, which are traded on nationally recognized stock exchanges; and indirectly exposed to this risk through other investments such as our direct private equity investments, private equity funds and hedge funds, whose exit strategies and market values often depend on the wider equity markets.
As detailed in the table below, we are directly exposed to this risk through our investments in common stock equity investments, including certain positions in our strategic investment portfolio, which are traded on nationally recognized stock exchanges; and indirectly exposed to this risk through other investments such as our direct private equity investments, private equity funds and hedge funds, whose exit strategies and market values often depend on the wider equity markets.
The management of credit risk in the investment portfolio is integrated in our credit risk governance framework 102 and the management of credit exposures and concentrations within the investment portfolio are carried out in accordance with our risk policies, limits and risk concentrations as overseen by the Investment and Risk Management Committee of our Board.
The management of credit risk in the investment portfolio is integrated in our credit risk governance framework and the management of credit exposures and concentrations within the investment portfolio are carried out in accordance with our risk policies, limits and risk concentrations as overseen by the Investment and Risk Management Committee of our Board.
Refer to “Note On Forward-Looking Statements” for additional discussion regarding forward-looking statements included herein. 99 We are principally exposed to five types of market risk: interest rate risk; foreign currency risk; credit risk; equity price risk and commodity price risk. Our policies to address these risks in 2024 were not materially different than those used in 2023.
Refer to “Note On Forward-Looking Statements” for additional discussion regarding forward-looking statements included herein. We are principally exposed to five types of market risk: interest rate risk; foreign currency risk; credit risk; equity price risk and commodity price risk. Our policies to address these risks in 2025 were not materially different than those used in 2024.
Interest Rate Risk Interest rate risk is the price sensitivity of a security to changes in interest rates. Our investment portfolio includes fixed maturity investments and short term investments, as well as private credit funds and term loans which primarily invest in debt instruments. The fair values of these investments will fluctuate with changes in interest rates.
Interest Rate Risk Interest rate risk is the price sensitivity of a security to changes in interest rates. Our investment portfolio includes fixed maturity investments, short term investments and fixed income exchange traded funds, as well as private credit funds which primarily invest in debt instruments. The fair values of these investments will fluctuate with changes in interest rates.
The aggregate hypothetical market value impact from an immediate tightening in credit spreads of 100 basis points would cause a decrease in the market value of our net position in these derivatives of approximately $34.0 million at December 31, 2024 (2023 - $46.7 million).
The aggregate hypothetical market value impact from an immediate tightening in credit spreads of 100 basis points would cause a decrease in the market value of our net position in these derivatives of approximately $19.4 million at December 31, 2025 (2024 - $34.0 million).
Conversely, the aggregate hypothetical market value impact from an immediate widening in credit spreads of 100 basis points would cause an increase in the market value of our net position in these derivatives of approximately $42.3 million at December 31, 2024 (2023 - $46.7 million).
Conversely, the aggregate hypothetical market value impact from an immediate widening in credit spreads of 100 basis points would cause an increase in the market value of our net position in these derivatives of approximately $18.5 million at December 31, 2025 (2024 - $42.3 million).
The following table summarizes the ratings of our fixed maturity investments and short term investments and term loans (using ratings assigned by S&P and/or other rating agencies when S&P ratings were not available) as a percentage of the total of those investments as of the dates indicated: At December 31, 2024 2023 AAA 17.7 % 25.2 % AA 56.0 % 49.3 % A 10.6 % 10.4 % BBB 10.4 % 10.2 % Non-investment grade 5.1 % 4.6 % Not rated 0.2 % 0.3 % Total 100.0 % 100.0 % Private credit funds are not included in the table above.
The following table summarizes the ratings of our fixed maturity investments and short term investments (using ratings assigned by S&P and/or other rating agencies when S&P ratings were not available) as a percentage of the total of those investments as of the dates indicated: At December 31, 2025 2024 AAA 19.1 % 17.7 % AA 52.1 % 56.0 % A 12.1 % 10.6 % BBB 12.4 % 10.4 % Non-investment grade 3.9 % 5.1 % Not rated 0.4 % 0.2 % Total 100.0 % 100.0 % Fixed income exchange traded funds and private credit funds are not included in the table above.
We consider the impact of credit spread movements on the fair value of our fixed maturity and short term investments portfolio, private credit funds and term loans. As credit spreads widen, the fair value of our fixed maturity, short term investments, private credit funds and term loans decreases, and vice versa.
We consider the impact of credit spread movements on the fair value of our fixed maturity investments, short term investments, fixed income exchange traded funds and private credit funds. As credit spreads widen, the fair value of our fixed maturity investments, short term investments, fixed income exchange traded funds and private credit funds decreases, and vice versa.
If the underlying exposure of each commodity derivative held at December 31, 2024 depreciated by 10%, it would have resulted in a reduction in net income of approximately $68.7 million. If the underlying exposure of each commodity derivative held at December 31, 2024 appreciated by 10%, it would have resulted in an increase in net income of approximately $68.9 million.
If the underlying exposure of each commodity derivative held at December 31, 2025 depreciated by 10%, it would have resulted in a reduction in net income of $118.9 million (2024 - $68.7 million).
Government related entities, and money market securities, none of our fixed maturity and short term investments exceeded 10% of shareholders’ equity at December 31, 2024 and 2023. At December 31, 2024, our fixed maturity investments and short term investment portfolio had a dollar-weighted average credit quality rating of AA (2023 - AA).
Government related entities, the Federal National 105 Mortgage Association, and money market securities, none of our fixed maturity and short term investments exceeded 10% of shareholders’ equity at December 31, 2025 and 2024. At December 31, 2025, our fixed maturity investments and short term investment portfolio had a dollar-weighted average credit quality rating of AA (2024 - AA).
At December 31, 2024, the aggregate hypothetical impact of an immediate upward parallel shift in the treasury yield curve of 100 basis points would be a decrease in the market value of our net position in interest rate futures of approximately $105.0 million (2023 - $38.1 million).
At December 31, 2025, the aggregate hypothetical impact of an immediate upward parallel shift in the treasury yield curve of 100 basis points would be an increase in the market value of our net position in interest rate futures and swaps of approximately $2.4 million (2024 - a decrease of $105.0 million).
Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to foreign currency forward and option contracts we have entered into.
Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to the foreign currency derivatives we have entered into.
Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to credit derivatives entered into by us.
Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to our credit derivatives.
At December 31, 2024 the total notional amount of commodity contracts was $684.8 million (2023 - $255.7 million), and the aggregate fair value of these contracts was a net asset position of $6.4 million (2023 - net liability position of $1.1 million).
At December 31, 2025 the total notional amount of commodity contracts was $1.2 billion (2024 - $684.8 million), and the aggregate fair value of these contracts was a net liability position of $12.4 million (2024 - net asset position of $6.4 million).
Conversely, at December 31, 2024, the aggregate hypothetical impact of an immediate downward parallel shift in the treasury yield curve of 100 basis points would be an increase in the market value of our net position in interest rate futures of approximately $105.0 million (2023 - $37.9 million).
Conversely, at December 31, 2025, the aggregate hypothetical impact of an immediate downward parallel shift in the treasury yield curve of 100 basis points would be a decrease in the market value of our net position in interest rate futures and swaps of approximately $8.5 million (2024 - an increase of $105.0 million).
Fixed Maturity Investments, Short Term Investments, Private Credit Funds and Term Loans Credit risk related to our fixed maturity investments and short term investments, as well as our private credit funds and term loans which primarily invest in debt instruments, is the exposure to adverse changes in the creditworthiness of individual investment holdings, issuers, groups of issuers, industries and countries.
Investment Portfolio Credit risk, which we are exposed to through our fixed maturity investments, short term investments, fixed income exchange traded funds, as well as our private credit funds which primarily invest in debt instruments, is the exposure to adverse changes in the creditworthiness of individual investment holdings, issuers, groups of issuers, industries and countries.
We are primarily exposed to direct credit risk within our portfolios of fixed maturity and short term investments, and through customers and reinsurers in the form of premiums receivable and reinsurance recoverable, respectively, as discussed below.
We are primarily exposed to direct credit risk within our investment portfolio, and through customers and reinsurers in the form of premiums receivable and reinsurance recoverable, respectively, as discussed below.
At December 31, 2024, we had $7.1 billion of notional long positions and $3.1 billion of notional short positions of primarily U.S. treasury and non-US government bond futures contracts (2023 - $5.9 billion and $2.7 billion, respectively). Refer to “Note 19.
At December 31, 2025, we had $7.6 billion of notional long positions and $4.2 billion of notional short positions of primarily U.S. treasury and non-US government bond futures contracts (2024 - $7.1 billion and $3.1 billion, respectively).
The following table summarizes a hypothetical 10% increase or decline in the market value of our private equity funds, hedge 104 funds, direct private equity investments, and equity investments, holding all other factors constant, at the dates indicated: At December 31, 2024 2023 (in thousands, except for percentages) Private equity funds $ 609,105 $ 433,788 Hedge funds 338,248 — Direct private equity investments 211,866 59,905 Equity investments 117,756 106,766 Total carrying value of investments exposed to equity price risk $ 1,276,975 $ 600,459 Impact of a hypothetical 10% increase in the carrying value of investments exposed to equity price risk $ 127,698 $ 60,046 Impact of a hypothetical 10% decrease in the carrying value of investments exposed to equity price risk $ (127,698) $ (60,046) Commodity Price Risk Commodity price risk is the potential loss arising from changes in the market value of commodities.
The following table summarizes a hypothetical 10% increase or decline in the market value of our private equity funds, hedge funds, direct private equity investments, and common stock, holding all other factors constant, at the dates indicated: At December 31, 2025 2024 (in thousands, except for percentages) Private equity funds $ 701,837 $ 609,105 Hedge funds 473,990 338,248 Direct private equity investments 185,005 211,866 Common stock 150,179 117,756 Total carrying value of investments exposed to equity price risk $ 1,511,011 $ 1,276,975 Impact of a hypothetical 10% increase in the carrying value of investments exposed to equity price risk $ 151,101 $ 127,698 Impact of a hypothetical 10% decrease in the carrying value of investments exposed to equity price risk $ (151,101) $ (127,698) 107 Commodity Price Risk Commodity price risk is the potential loss arising from changes in the market value of commodities.
The following tables summarize the aggregate hypothetical increase (decrease) in fair value in our fixed maturity investments and short term investments, private credit funds and term loans, from an immediate parallel shift in credit spreads.
The following tables summarize the aggregate hypothetical increase (decrease) in fair value of our investments from an immediate parallel shift in credit spreads.
At December 31, 2024, we had outstanding credit derivatives of $1.0 billion in notional positions to hedge credit risk and $Nil in notional positions to assume credit risk, denominated in U.S. dollars (2023 - $1.1 billion and $22.1 million, respectively). Refer to “Note 19.
At December 31, 2025, we had outstanding credit derivatives of $500.9 million in notional positions to protect the investment portfolio against increasing credit risk and $39.5 million in notional 106 positions to assume credit risk, denominated in U.S. dollars (2024 - $1.0 billion and $Nil, respectively). Refer to “Note 19.
Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Summary of Critical Accounting Estimates, Reinsurance Recoverable” for additional information with respect to reinsurance recoverable. Equity Price Risk Equity price risk is the potential loss arising from changes in the market value of equity investments.
Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Reinsurance Recoverable” for additional information with respect to reinsurance recoverable.
In the future, we may choose to increase our exposure to non-U.S. dollar investments. 101 The following tables summarize the principal currencies creating foreign exchange risk for us and our net foreign currency exposures and the impact of a hypothetical 10% change in our net foreign currency exposure, keeping all other variables constant, as of the dates indicated: At December 31, 2024 AUD CAD EUR GBP JPY NZD Other Total (in thousands, except for percentages) Net assets (liabilities) denominated in foreign currencies $ 71,053 $ 126,520 $ (541,557) $ (233,774) $ (63,163) $ 9,210 $ (129,188) $ (760,899) Net foreign currency derivatives notional amounts (26,097) (76,318) 506,972 266,215 25,834 596 64,714 761,916 Total net foreign currency exposure $ 44,956 $ 50,202 $ (34,585) $ 32,441 $ (37,329) $ 9,806 $ (64,474) $ 1,017 Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe 0.4 % 0.5 % (0.3) % 0.3 % (0.4) % 0.1 % (0.6) % — % Impact of a hypothetical 10% change in total net foreign currency exposure $ (4,496) $ (5,020) $ 3,459 $ (3,244) $ 3,733 $ (981) $ 6,447 $ (102) At December 31, 2023 AUD CAD EUR GBP JPY NZD Other Total (in thousands, except for percentages) Net (liabilities) assets denominated in foreign currencies $ 83,427 $ 133,228 $ (146,480) $ (161,522) $ 37,381 $ (50,771) $ (68,593) $ (173,330) Net foreign currency derivatives notional amounts (46,640) (95,820) 214,172 74,226 14,617 6,648 20,027 187,230 Total net foreign currency exposure $ 36,787 $ 37,408 $ 67,692 $ (87,296) $ 51,998 $ (44,123) $ (48,566) $ 13,900 Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe 0.4 % 0.4 % 0.7 % (0.9) % 0.5 % (0.5) % (0.5) % 0.1 % Impact of a hypothetical 10% change in total net foreign currency exposure $ (3,679) $ (3,741) $ (6,769) $ 8,730 $ (5,200) $ 4,412 $ 4,857 $ (1,390) Credit Risk Credit risk relates to the uncertainty of a counterparty’s ability to make timely payments in accordance with contractual terms of the instrument or contract and market risk associated with changes in credit spreads.
In the future, we may choose to increase our exposure to non-U.S. dollar investments. 104 The following tables summarize the principal currencies creating foreign exchange risk for us and our net foreign currency exposures and the impact of a hypothetical 10% change in our net foreign currency exposure, keeping all other variables constant, as of the dates indicated: At December 31, 2025 AUD CAD EUR GBP JPY NZD Other Total (in thousands, except for percentages) Net assets (liabilities) denominated in foreign currencies $ 36,465 $ 45,816 $ (559,123) $ (107,873) $ (35,400) $ (5,668) $ (86,974) $ (712,757) Net foreign currency derivatives notional amounts (23,134) (84,207) 626,446 110,338 24,860 (575) 82,203 735,931 Total net foreign currency exposure $ 13,331 $ (38,391) $ 67,323 $ 2,465 $ (10,540) $ (6,243) $ (4,771) $ 23,174 Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe 0.1 % (0.3) % 0.6 % — % (0.1) % (0.1) % — % 0.2 % Impact of a hypothetical 10% change in total net foreign currency exposure $ (1,333) $ 3,839 $ (6,732) $ (247) $ 1,054 $ 624 $ 477 $ (2,317) At December 31, 2024 AUD CAD EUR GBP JPY NZD Other Total (in thousands, except for percentages) Net (liabilities) assets denominated in foreign currencies $ 71,053 $ 126,520 $ (541,557) $ (233,774) $ (63,163) $ 9,210 $ (129,188) $ (760,899) Net foreign currency derivatives notional amounts (26,097) (76,318) 506,972 266,215 25,834 596 64,714 761,916 Total net foreign currency exposure $ 44,956 $ 50,202 $ (34,585) $ 32,441 $ (37,329) $ 9,806 $ (64,474) $ 1,017 Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe 0.4 % 0.5 % (0.3) % 0.3 % (0.4) % 0.1 % (0.6) % — % Impact of a hypothetical 10% change in total net foreign currency exposure $ (4,496) $ (5,020) $ 3,459 $ (3,244) $ 3,733 $ (981) $ 6,447 $ (102) Credit Risk Credit risk relates to the uncertainty of a counterparty’s ability to make timely payments in accordance with contractual terms of the instrument or contract and market risk associated with changes in credit spreads.
In addition, we attempt to maintain adequate liquidity in our fixed maturity investments portfolio to fund operations, pay reinsurance and insurance liabilities and claims and provide funding for unexpected events.
In addition, we attempt to maintain adequate liquidity in our fixed maturity investments portfolio to fund operations, pay reinsurance and insurance liabilities and claims and provide funding for unexpected events. The following tables summarize the aggregate hypothetical increase (decrease) in fair value of our investments from an immediate parallel shift in the treasury yield curve.
Assuming treasury yields remain constant, credit spreads cannot be negative and an immediate time horizon, this presents the worst-case scenario: Credit Spread Shift in Basis Points At December 31, 2024 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of fixed maturity and short term investments, private credit funds and term loans $ 29,567,525 $ 29,469,996 $ 29,275,315 $ 29,049,045 $ 28,822,654 Net increase (decrease) in fair value $ 292,210 $ 194,681 $ — $ (226,270) $ (452,661) Percentage change in fair value 1.0 % 0.7 % — % (0.8) % (1.5) % 103 Credit Spread Shift in Basis Points At December 31, 2023 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of fixed maturity and short term investments, private credit funds and term loans $ 26,854,484 $ 26,716,705 $ 26,560,861 $ 26,345,584 $ 26,130,307 Net increase (decrease) in fair value $ 293,623 $ 155,843 $ — $ (215,277) $ (430,554) Percentage change in fair value 1.1 % 0.6 % — % (0.8) % (1.6) % We also employ credit derivatives in our investment portfolio to either assume credit risk or hedge our credit exposure.
Credit Spread Shift in Basis Points At December 31, 2024 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of investments (1) $ 29,567,525 $ 29,469,996 $ 29,275,315 $ 29,049,045 $ 28,822,654 Net increase (decrease) in fair value $ 292,210 $ 194,681 $ — $ (226,270) $ (452,661) Percentage change in fair value 1.0 % 0.7 % — % (0.8) % (1.5) % (1) Includes fixed maturity investments, short term investments and private credit funds.
Removed
The following tables summarize the aggregate hypothetical increase (decrease) in fair value of our fixed maturity investment and short term investments, private credit funds and term loans from an immediate parallel shift in the treasury yield curve.
Added
Assuming credit spreads remain constant and an immediate time horizon, this presents the worst-case scenario: Interest Rate Shift in Basis Points At December 31, 2025 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of investments (1) $ 33,548,597 $ 33,110,778 $ 32,672,103 $ 32,232,625 $ 31,793,051 Net increase (decrease) in fair value $ 876,493 $ 438,674 $ — $ (439,479) $ (879,053) Percentage change in fair value 2.7 % 1.3 % — % (1.3) % (2.7) % (1) Includes fixed maturity investments, short term investments, fixed income exchange traded funds and private credit funds.
Removed
Derivative Instruments” in our 100 “Notes to the Consolidated Financial Statements” for additional information related to interest rate futures entered into by us.
Added
As noted above, we use derivative instruments, primarily interest rate futures and interest rate swaps, within our portfolio of fixed maturity investments to manage our exposure to interest rate risk, which can include increasing or decreasing our exposure to this risk.
Added
In addition, at December 31, 2025, 103 we had $29.6 million of notional positions paying a fixed rate denominated in U.S. dollar swap contracts (2024 - $Nil). Refer to “Note 19. Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to the interest rate derivatives we have entered into.
Added
Our investments in fixed income exchange traded funds each invest into a combination of treasuries, corporate bonds or asset-backed and mortgage-backed fixed maturity investments. The weighted average credit rating of the underlying investments held by the exchange traded funds is BBB.
Added
Assuming treasury yields remain constant, credit spreads cannot be negative and an immediate time horizon, this presents the worst-case scenario: Credit Spread Shift in Basis Points At December 31, 2025 -100 -50 Base 50 100 (in thousands, except percentages) Fair value of investments (1) $ 33,055,085 $ 32,901,981 $ 32,672,103 $ 32,393,033 $ 32,112,208 Net increase (decrease) in fair value $ 382,981 $ 229,877 $ — $ (279,071) $ (559,896) Percentage change in fair value 1.2 % 0.7 % — % (0.9) % (1.7) % (1) Includes fixed maturity investments, short term investments, fixed income exchange traded funds and private credit funds.
Added
We also employ credit derivatives in our investment portfolio to either assume credit risk or hedge our credit exposure.
Added
Equity Price Risk Equity price risk is the potential loss arising from changes in the market value of equity investments, excluding fixed income exchange traded funds, which are subject to interest rate and credit risk above.
Added
If the underlying exposure of each commodity derivative held at December 31, 2025 appreciated by 10%, it would have resulted in an increase in net income of $118.9 million (2024 - $68.9 million).

Other RNR 10-K year-over-year comparisons