
RenaissanceRe Holdings Ltd.
Contents


		Page

Basis of Presentation		i

Financial Highlights		1

Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	3
b.	Consolidated Balance Sheets	4

Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Consolidated and Segment Underwriting Results - Five Quarter Trend	7
c.	Property Segment - Catastrophe and Other Property Underwriting Results	10
d.	Gross Premiums Written	12
e.	Net Premiums Written	13
f.	Net Premiums Earned	14
g.	Reserves for Claims and Claim Expenses	15
h.	Paid to Incurred Analysis	16

Managed Joint Ventures and Fee Income
a.	Fee Income	17
b.	Fee income - Five Quarter Trend	18
c.	Noncontrolling Interests	19
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	21

Investments
a.	Total Investment Result	22
b.	Investments Composition	24
c.	Managed Investments - Credit Rating	25
d.	Retained Investments - Credit Rating	26



Other Items
a.	Earnings per Share	27


Comments on Non-GAAP Financial Measures		28


RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 38 for “Comments on Non-GAAP Financial Measures.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.


			i



Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry, industry capital, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and in the Middle East; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.


			ii


RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	826,507		$	495,046		$	987,654		$	859,844
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	594,583		$	650,846		$	524,829		$	1,287,225

Underwriting income
Gross premiums written	$	3,421,180		$	3,425,495		$	7,576,683		$	7,416,179
Net premiums written	2,770,270			2,838,511			6,213,799			6,038,084
Net premiums earned	2,412,154			2,541,315			5,132,935			4,985,225
Underwriting income (loss)	601,688			479,336			(168,909)			1,020,018

Net claims and claim expense ratio:
Current accident year	54.4		%	55.8		%	82.8		%	53.8		%
Prior accident years	(11.2)		%	(4.3)		%	(9.0)		%	(4.1)		%
Calendar year	43.2		%	51.5		%	73.8		%	49.7		%

Acquisition expense ratio	26.7		%	25.3		%	25.1		%	25.5		%
Operating expense ratio	5.2		%	4.3		%	4.4		%	4.3		%
Combined ratio	75.1		%	81.1		%	103.3		%	79.5		%
Adjusted combined ratio (1)	73.0		%	78.6		%	101.3		%	77.1		%

Fee income
Management fee income	$	56,407		$	55,327		$	102,468		$	111,380
Performance fee income	38,550			28,750			22,946			56,247
Total fee income	$	94,957		$	84,077		$	125,414		$	167,627

Investment results - managed
Net investment income	$	413,108		$	410,845		$	818,461		$	801,620
Net realized and unrealized gains (losses) on investments	349,720			(127,584)			682,660			(341,238)
Total investment result	$	762,828		$	283,261		$	1,501,121		$	460,382
Total investment return - annualized	9.4		%	4.1		%	9.2		%	3.2		%

Investment results - retained (1)
Net investment income	$	286,072		$	283,415		$	565,178		$	550,892
Net realized and unrealized gains (losses) on investments	343,022			(81,759)			671,334			(275,598)
Total investment result	$	629,094		$	201,656		$	1,236,512		$	275,294
Total investment return - annualized	10.6		%	3.6		%	10.5		%	2.6		%

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


			1


Financial Highlights - Per Share Data & ROE

	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	17.25		$	9.44		$	20.37		$	16.39
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	17.20		$	9.41		$	20.30		$	16.35
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	12.29		$	12.41		$	10.64		$	24.59

Average shares outstanding - basic	47,140			51,680			47,737			51,679
Average shares outstanding - diluted	47,286			51,814			47,900			51,821

Return on average common equity - annualized	33.7		%	21.4		%	20.1		%	19.0		%
Operating return on average common equity - annualized (1)	24.2		%	28.2		%	10.7		%	28.4		%

	June 30, 2025			December 31, 2024
Book value per common share	$	212.15		$	195.77
Tangible book value per common share (1)	$	194.86		$	177.18
Tangible book value per common share plus accumulated dividends (1)	$	223.74		$	205.26
Year to date change in book value per common share plus change in accumulated dividends	8.8		%	19.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	10.4		%	26.0		%

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


			2


Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended				Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Revenues
Gross premiums written	$	3,421,180	$	3,425,495	$	7,576,683	$	7,416,179
Net premiums written	$	2,770,270	$	2,838,511	$	6,213,799	$	6,038,084
Decrease (increase) in unearned premiums	(358,116)		(297,196)		(1,080,864)		(1,052,859)
Net premiums earned	2,412,154		2,541,315		5,132,935		4,985,225
Net investment income	413,108		410,845		818,461		801,620
Net foreign exchange gains (losses)	8,660		(8,815)		1,332		(44,498)
Equity in earnings (losses) of other ventures	20,333		12,590		38,161		26,717
Other income (loss)	2,624		169		3,538		119
Net realized and unrealized gains (losses) on investments	349,720		(127,584)		682,660		(341,238)
Total revenues	3,206,599		2,828,520		6,677,087		5,427,945
Expenses
Net claims and claim expenses incurred	1,042,123		1,309,502		3,785,881		2,475,625
Acquisition expenses	642,605		644,438		1,290,040		1,275,359
Operational expenses	125,738		108,039		225,923		214,223
Corporate expenses	23,781		35,159		46,591		74,411
Interest expense	31,793		23,609		58,879		46,713
Total expenses	1,866,040		2,120,747		5,407,314		4,086,331
Income (loss) before taxes	1,340,559		707,773		1,269,773		1,341,614
Income tax benefit (expense)	(176,869)		20,848		(131,344)		5,476
Net income (loss)	1,163,690		728,621		1,138,429		1,347,090
Net (income) loss attributable to redeemable noncontrolling interests	(328,339)		(224,731)		(133,087)		(469,558)
Net income (loss) attributable to RenaissanceRe	835,351		503,890		1,005,342		877,532
Dividends on preference shares	(8,844)		(8,844)		(17,688)		(17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	826,507	$	495,046	$	987,654	$	859,844


			3


Summary Consolidated Financial Statements
Consolidated Balance Sheets

	June 30, 2025		December 31, 2024
Assets
Fixed maturity investments trading, at fair value – amortized cost $23,179,116 at June 30, 2025 (December 31, 2024 – $23,750,540)	$	23,332,063	$	23,562,514
Short term investments, at fair value – amortized cost $5,663,505 at June 30, 2025 (December 31, 2024 – $4,532,166)	5,663,239		4,531,655
Equity investments, at fair value	912,445		117,756
Other investments, at fair value	4,476,056		4,324,761
Investments in other ventures, under equity method	112,580		102,770
Total investments	34,496,383		32,639,456
Cash and cash equivalents	1,428,681		1,676,604
Premiums receivable	9,105,612		7,290,228
Prepaid reinsurance premiums	1,415,647		888,332
Reinsurance recoverable	4,300,973		4,481,390
Accrued investment income	228,826		238,290
Deferred acquisition costs and value of business acquired	1,732,278		1,552,359
Deferred tax asset	699,675		701,053
Receivable for investments sold	281,115		91,669
Other assets	369,582		444,037
Goodwill and other intangibles	668,751		704,132
Total assets	$	54,727,523	$	50,707,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	22,913,763	$	21,303,491
Unearned premiums	7,561,155		5,950,415
Debt	2,263,379		1,886,689
Reinsurance balances payable	3,047,964		2,804,344
Payable for investments purchased	492,063		150,721
Other liabilities	606,398		1,060,129
Total liabilities	36,884,722		33,155,789
Redeemable noncontrolling interests	7,043,107		6,977,749
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at June 30, 2025 (December 31, 2024 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 47,369,822 shares issued and outstanding at June 30, 2025 (December 31, 2024 – 50,180,987)	47,370		50,181
Additional paid-in capital	791,004		1,512,435
Accumulated other comprehensive loss	(13,766)		(14,756)
Retained earnings	9,225,086		8,276,152
Total shareholders’ equity attributable to RenaissanceRe	10,799,694		10,574,012
Total liabilities, noncontrolling interests and shareholders’ equity	$	54,727,523	$	50,707,550

Book value per common share	$	212.15	$	195.77


			4


Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended June 30, 2025									Three months ended June 30, 2024
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	1,731,935		$	1,689,245		$	3,421,180		$	1,753,098		$	1,672,397		$	3,425,495
Net premiums written	$	1,325,557		$	1,444,713		$	2,770,270		$	1,358,660		$	1,479,851		$	2,838,511
Net premiums earned	$	868,010		$	1,544,144		$	2,412,154		$	980,834		$	1,560,481		$	2,541,315
Net claims and claim expenses incurred	(7,930)			1,050,053			1,042,123			273,354			1,036,148			1,309,502
Acquisition expenses	174,200			468,405			642,605			188,345			456,093			644,438
Operational expenses	71,569			54,169			125,738			67,425			40,614			108,039
Underwriting income (loss)	$	630,171		$	(28,483)		$	601,688		$	451,710		$	27,626		$	479,336

Net claims and claim expenses incurred:
Current accident year	$	258,646		$	1,053,187		$	1,311,833		$	357,745		$	1,060,028		$	1,417,773
Prior accident years	(266,576)			(3,134)			(269,710)			(84,391)			(23,880)			(108,271)
Total	$	(7,930)		$	1,050,053		$	1,042,123		$	273,354		$	1,036,148		$	1,309,502

Net claims and claim expense ratio:
Current accident year	29.8		%	68.2		%	54.4		%	36.5		%	67.9		%	55.8		%
Prior accident years	(30.7)		%	(0.2)		%	(11.2)		%	(8.6)		%	(1.5)		%	(4.3)		%
Calendar year	(0.9)		%	68.0		%	43.2		%	27.9		%	66.4		%	51.5		%
Acquisition expense ratio	20.1		%	30.3		%	26.7		%	19.1		%	29.2		%	25.3		%
Operating expense ratio	8.2		%	3.5		%	5.2		%	6.9		%	2.6		%	4.3		%
Combined ratio	27.4		%	101.8		%	75.1		%	53.9		%	98.2		%	81.1		%
Adjusted combined ratio (1)	25.8		%	99.5		%	73.0		%	51.7		%	95.6		%	78.6		%

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


			5



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Six months ended June 30, 2025						Six months ended June 30, 2024
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	3,862,768		$	3,713,915		$	7,576,683		$	3,642,979		$	3,773,200		$	7,416,179
Net premiums written	$	3,016,551		$	3,197,248		$	6,213,799		$	2,756,278		$	3,281,806		$	6,038,084
Net premiums earned	$	2,115,960		$	3,016,975		$	5,132,935		$	1,916,917		$	3,068,308		$	4,985,225
Net claims and claim expenses incurred	1,615,327			2,170,554			3,785,881			427,603			2,048,022			2,475,625
Acquisition expenses	341,845			948,195			1,290,040			374,127			901,232			1,275,359
Operational expenses	135,835			90,088			225,923			129,049			85,174			214,223
Underwriting income (loss)	$	22,953		$	(191,862)		$	(168,909)		$	986,138		$	33,880		$	1,020,018

Net claims and claim expenses incurred:
Current accident year	$	2,068,961		$	2,182,504		$	4,251,465		$	606,661		$	2,074,316		$	2,680,977
Prior accident years	(453,634)			(11,950)			(465,584)			(179,058)			(26,294)			(205,352)
Total	$	1,615,327		$	2,170,554		$	3,785,881		$	427,603		$	2,048,022		$	2,475,625

Net claims and claim expense ratio:
Current accident year	97.8		%	72.3		%	82.8		%	31.6		%	67.6		%	53.8		%
Prior accident years	(21.5)		%	(0.4)		%	(9.0)		%	(9.3)		%	(0.9)		%	(4.1)		%
Calendar year	76.3		%	71.9		%	73.8		%	22.3		%	66.7		%	49.7		%
Acquisition expense ratio	16.2		%	31.4		%	25.1		%	19.6		%	29.4		%	25.5		%
Operating expense ratio	6.4		%	3.1		%	4.4		%	6.7		%	2.8		%	4.3		%
Combined ratio	98.9		%	106.4		%	103.3		%	48.6		%	98.9		%	79.5		%
Adjusted combined ratio (1)	97.3		%	104.0		%	101.3		%	46.2		%	96.3		%	77.1		%

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


			6


Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend

	Total
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Gross premiums written	$	3,421,180		$	4,155,503		$	1,916,751		$	2,400,136		$	3,425,495
Net premiums written	$	2,770,270		$	3,443,529		$	1,751,628		$	2,162,504		$	2,838,511
Net premiums earned	$	2,412,154		$	2,720,781		$	2,527,566		$	2,582,969		$	2,541,315
Net claims and claim expenses incurred	1,042,123			2,743,758			1,483,742			1,373,614			1,309,502
Acquisition expenses	642,605			647,435			678,170			690,338			644,438
Operational expenses	125,738			100,185			157,104			125,261			108,039
Underwriting income (loss)	$	601,688		$	(770,597)		$	208,550		$	393,756		$	479,336

Net claims and claim expenses incurred:
Current accident year	$	1,311,833		$	2,939,632		$	1,837,218		$	1,666,120		$	1,417,773
Prior accident years	(269,710)			(195,874)			(353,476)			(292,506)			(108,271)
Total	$	1,042,123		$	2,743,758		$	1,483,742		$	1,373,614		$	1,309,502

Net claims and claim expense ratio:
Current accident year	54.4		%	108.0		%	72.7		%	64.5		%	55.8		%
Prior accident years	(11.2)		%	(7.2)		%	(14.0)		%	(11.3)		%	(4.3)		%
Calendar year	43.2		%	100.8		%	58.7		%	53.2		%	51.5		%
Acquisition expense ratio	26.7		%	23.8		%	26.8		%	26.8		%	25.3		%
Operating expense ratio	5.2		%	3.7		%	6.2		%	4.8		%	4.3		%
Combined ratio	75.1		%	128.3		%	91.7		%	84.8		%	81.1		%
Adjusted combined ratio (1)	73.0		%	126.4		%	89.4		%	82.4		%	78.6		%

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


			7


Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend

	Property
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Gross premiums written	$	1,731,935		$	2,130,833		$	390,043		$	790,709		$	1,753,098
Net premiums written	$	1,325,557		$	1,690,994		$	376,136		$	701,222		$	1,358,660
Net premiums earned	$	868,010		$	1,247,950		$	938,658		$	994,777		$	980,834
Net claims and claim expenses incurred	(7,930)			1,623,257			384,156			329,967			273,354
Acquisition expenses	174,200			167,645			191,988			192,439			188,345
Operational expenses	71,569			64,266			95,623			77,688			67,425
Underwriting income (loss)	$	630,171		$	(607,218)		$	266,891		$	394,683		$	451,710

Net claims and claim expenses incurred:
Current accident year	$	258,646		$	1,810,315		$	732,207		$	621,710		$	357,745
Prior accident years	(266,576)			(187,058)			(348,051)			(291,743)			(84,391)
Total	$	(7,930)		$	1,623,257		$	384,156		$	329,967		$	273,354

Net claims and claim expense ratio:
Current accident year	29.8		%	145.1		%	78.0		%	62.5		%	36.5		%
Prior accident years	(30.7)		%	(15.0)		%	(37.1)		%	(29.3)		%	(8.6)		%
Calendar year	(0.9)		%	130.1		%	40.9		%	33.2		%	27.9		%
Acquisition expense ratio	20.1		%	13.5		%	20.5		%	19.3		%	19.1		%
Operating expense ratio	8.2		%	5.1		%	10.2		%	7.8		%	6.9		%
Combined ratio	27.4		%	148.7		%	71.6		%	60.3		%	53.9		%
Adjusted combined ratio (1)	25.8		%	147.1		%	69.2		%	58.1		%	51.7		%

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


			8


Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend

	Casualty and Specialty
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Gross premiums written	$	1,689,245		$	2,024,670		$	1,526,708		$	1,609,427		$	1,672,397
Net premiums written	$	1,444,713		$	1,752,535		$	1,375,492		$	1,461,282		$	1,479,851
Net premiums earned	$	1,544,144		$	1,472,831		$	1,588,908		$	1,588,192		$	1,560,481
Net claims and claim expenses incurred	1,050,053			1,120,501			1,099,586			1,043,647			1,036,148
Acquisition expenses	468,405			479,790			486,182			497,899			456,093
Operational expenses	54,169			35,919			61,481			47,573			40,614
Underwriting income (loss)	$	(28,483)		$	(163,379)		$	(58,341)		$	(927)		$	27,626

Net claims and claim expenses incurred:


Current accident year	$	1,053,187		$	1,129,317		$	1,105,011		$	1,044,410		$	1,060,028
Prior accident years	(3,134)			(8,816)			(5,425)			(763)			(23,880)
Total	$	1,050,053		$	1,120,501		$	1,099,586		$	1,043,647		$	1,036,148

Net claims and claim expense ratio:


Current accident year	68.2		%	76.7		%	69.5		%	65.8		%	67.9		%
Prior accident years	(0.2)		%	(0.6)		%	(0.3)		%	(0.1)		%	(1.5)		%
Calendar year	68.0		%	76.1		%	69.2		%	65.7		%	66.4		%
Acquisition expense ratio	30.3		%	32.5		%	30.6		%	31.4		%	29.2		%
Operating expense ratio	3.5		%	2.5		%	3.9		%	3.0		%	2.6		%
Combined ratio	101.8		%	111.1		%	103.7		%	100.1		%	98.2		%
Adjusted combined ratio (1)	99.5		%	108.8		%	101.3		%	97.7		%	95.6		%

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


			9



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results

	Three months ended June 30, 2025									Three months ended June 30, 2024
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,362,681		$	369,254		$	1,731,935		$	1,264,589		$	488,509		$	1,753,098
Net premiums written	$	980,478		$	345,079		$	1,325,557		$	898,148		$	460,512		$	1,358,660
Net premiums earned	$	554,275		$	313,735		$	868,010		$	578,788		$	402,046		$	980,834
Net claims and claim expenses incurred	(40,642)			32,712			(7,930)			27,149			246,205			273,354
Acquisition expenses	82,232			91,968			174,200			80,189			108,156			188,345
Operational expenses	59,176			12,393			71,569			55,194			12,231			67,425
Underwriting income (loss)	$	453,509		$	176,662		$	630,171		$	416,256		$	35,454		$	451,710

Net claims and claim expenses incurred:


Current accident year	$	90,827		$	167,819		$	258,646		$	107,120		$	250,625		$	357,745
Prior accident years	(131,469)			(135,107)			(266,576)			(79,971)			(4,420)			(84,391)
Total	$	(40,642)		$	32,712		$	(7,930)		$	27,149		$	246,205		$	273,354

Net claims and claim expense ratio:


Current accident year	16.4		%	53.5		%	29.8		%	18.5		%	62.3		%	36.5		%
Prior accident years	(23.7)		%	(43.1)		%	(30.7)		%	(13.8)		%	(1.1)		%	(8.6)		%
Calendar year	(7.3)		%	10.4		%	(0.9)		%	4.7		%	61.2		%	27.9		%
Acquisition expense ratio	14.8		%	29.3		%	20.1		%	13.9		%	27.0		%	19.1		%
Operating expense ratio	10.7		%	4.0		%	8.2		%	9.5		%	3.0		%	6.9		%

Combined ratio	18.2		%	43.7		%	27.4		%	28.1		%	91.2		%	53.9		%
Adjusted combined ratio (1)	16.4		%	42.5		%	25.8		%	24.9		%	90.3		%	51.7		%

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


			10



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results





















	Six months ended June 30, 2025									Six months ended June 30, 2024
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	3,029,322		$	833,446		$	3,862,768		$	2,605,726		$	1,037,253		$	3,642,979
Net premiums written	$	2,391,528		$	625,023		$	3,016,551		$	1,961,871		$	794,407		$	2,756,278
Net premiums earned	$	1,437,094		$	678,866		$	2,115,960		$	1,124,983		$	791,934		$	1,916,917
Net claims and claim expenses incurred	1,390,752			224,575			1,615,327			2,320			425,283			427,603
Acquisition expenses	148,813			193,032			341,845			162,979			211,148			374,127
Operational expenses	111,013			24,822			135,835			105,334			23,715			129,049
Underwriting income (loss)	$	(213,484)		$	236,437		$	22,953		$	854,350		$	131,788		$	986,138

Net claims and claim expenses incurred:


Current accident year	$	1,589,600		$	479,361		$	2,068,961		$	134,802		$	471,859		$	606,661
Prior accident years	(198,848)			(254,786)			(453,634)			(132,482)			(46,576)			(179,058)
Total	$	1,390,752		$	224,575		$	1,615,327		$	2,320		$	425,283		$	427,603

Net claims and claim expense ratio:


Current accident year	110.6		%	70.6		%	97.8		%	12.0		%	59.6		%	31.6		%
Prior accident years	(13.8)		%	(37.5)		%	(21.5)		%	(11.8)		%	(5.9)		%	(9.3)		%
Calendar year	96.8		%	33.1		%	76.3		%	0.2		%	53.7		%	22.3		%
Acquisition expense ratio	10.4		%	28.4		%	16.2		%	14.5		%	26.7		%	19.6		%
Operating expense ratio	7.7		%	3.7		%	6.4		%	9.4		%	3.0		%	6.7		%

Combined ratio	114.9		%	65.2		%	98.9		%	24.1		%	83.4		%	48.6		%
Adjusted combined ratio (1)	113.2		%	63.8		%	97.3		%	20.7		%	82.5		%	46.2		%

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


			11



Underwriting and Reserves
Gross Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Six months ended				Y/Y $ Change		Y/Y % Change
	June 30, 2025		June 30, 2024						June 30, 2025		June 30, 2024
Property Segment
Catastrophe	$	1,352,658	$	1,247,888	$	104,770	8.4	%	$	2,680,919	$	2,612,561	$	68,358	2.6	%
Catastrophe - gross reinstatement premiums	10,023		16,701		(6,678)		(40.0)	%	348,403		(6,835)		355,238		5197.3	%
Total catastrophe gross premiums written	1,362,681		1,264,589		98,092		7.8	%	3,029,322		2,605,726		423,596		16.3	%
Other property	367,195		481,994		(114,799)		(23.8)	%	829,912		1,024,145		(194,233)		(19.0)	%
Other property - gross reinstatement premiums	2,059		6,515		(4,456)		(68.4)	%	3,534		13,108		(9,574)		(73.0)	%
Total other property gross premiums written	369,254		488,509		(119,255)		(24.4)	%	833,446		1,037,253		(203,807)		(19.6)	%
Property segment gross premiums written	$	1,731,935	$	1,753,098	$	(21,163)	(1.2)	%	$	3,862,768	$	3,642,979	$	219,789	6.0	%

Casualty and Specialty Segment
General casualty (1)	$	513,078	$	631,343	$	(118,265)	(18.7)	%	$	1,193,527	$	1,219,909	$	(26,382)	(2.2)	%
Professional liability (2)	266,380		214,105		52,275		24.4	%	503,341		584,586		(81,245)		(13.9)	%
Credit (3)	267,540		206,346		61,194		29.7	%	668,293		551,478		116,815		21.2	%
Other specialty (4)	642,247		620,603		21,644		3.5	%	1,348,754		1,417,227		(68,473)		(4.8)	%
Casualty and Specialty segment gross premiums written	$	1,689,245	$	1,672,397	$	16,848	1.0	%	$	3,713,915	$	3,773,200	$	(59,285)	(1.6)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

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

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

(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.


			12


Underwriting and Reserves
Net Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Six months ended				Y/Y $ Change		Y/Y % Change
	June 30, 2025		June 30, 2024						June 30, 2025		June 30, 2024
Property Segment
Catastrophe	$	966,645	$	889,237	$	77,408	8.7	%	$	2,043,980	$	1,973,418	$	70,562	3.6	%
Catastrophe - net reinstatement premiums	13,833		8,911		4,922		55.2	%	347,548		(11,547)		359,095		3109.9	%
Total catastrophe net premiums written	980,478		898,148		82,330		9.2	%	2,391,528		1,961,871		429,657		21.9	%
Other property	341,955		456,747		(114,792)		(25.1)	%	620,350		785,561		(165,211)		(21.0)	%
Other property - net reinstatement premiums	3,124		3,765		(641)		(17.0)	%	4,673		8,846		(4,173)		(47.2)	%
Total other property net premiums written	345,079		460,512		(115,433)		(25.1)	%	625,023		794,407		(169,384)		(21.3)	%
Property segment net premiums written	$	1,325,557	$	1,358,660	$	(33,103)	(2.4)	%	$	3,016,551	$	2,756,278	$	260,273	9.4	%

Casualty and Specialty Segment
General casualty (1)	$	487,630	$	603,960	$	(116,330)	(19.3)	%	$	1,120,797	$	1,168,386	$	(47,589)	(4.1)	%
Professional liability (2)	245,979		212,742		33,237		15.6	%	467,700		555,810		(88,110)		(15.9)	%
Credit (3)	204,354		116,721		87,633		75.1	%	550,175		392,071		158,104		40.3	%
Other specialty (4)	506,750		546,428		(39,678)		(7.3)	%	1,058,576		1,165,539		(106,963)		(9.2)	%
Casualty and Specialty segment net premiums written	$	1,444,713	$	1,479,851	$	(35,138)	(2.4)	%	$	3,197,248	3,281,806		$	(84,558)	(2.6)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

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

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


			13


Underwriting and Reserves
Net Premiums Earned

	Three months ended				Q/Q $ Change		Q/Q % Change		Six months ended				Y/Y $ Change		Y/Y % Change
	June 30, 2025		June 30, 2024						June 30, 2025		June 30, 2024
Property Segment
Catastrophe	$	540,442	$	569,877	$	(29,435)	(5.2)	%	$	1,089,546	$	1,136,530	$	(46,984)	(4.1)	%
Catastrophe - net reinstatement premiums	13,833		8,911		4,922		55.2	%	347,548		(11,547)		359,095		3109.9	%
Total catastrophe net premiums earned	554,275		578,788		(24,513)		(4.2)	%	1,437,094		1,124,983		312,111		27.7	%
Other property	310,611		398,281		(87,670)		(22.0)	%	674,193		783,088		(108,895)		(13.9)	%
Other property - net reinstatement premiums	3,124		3,765		(641)		(17.0)	%	4,673		8,846		(4,173)		(47.2)	%
Total other property net premiums earned	313,735		402,046		(88,311)		(22.0)	%	678,866		791,934		(113,068)		(14.3)	%
Property segment net premiums earned	$	868,010	$	980,834	$	(112,824)	(11.5)	%	$	2,115,960	$	1,916,917	$	199,043	10.4	%

Casualty and Specialty Segment
General casualty (1)	$	550,882	$	611,619	$	(60,737)	(9.9)	%	$	1,159,479	$	1,124,161	$	35,318	3.1	%
Professional liability (2)	274,807		237,953		36,854		15.5	%	477,536		547,063		(69,527)		(12.7)	%
Credit (3)	228,484		183,930		44,554		24.2	%	440,098		386,010		54,088		14.0	%
Other specialty (4)	489,971		526,979		(37,008)		(7.0)	%	939,862		1,011,074		(71,212)		(7.0)	%
Casualty and Specialty segment net premiums earned	$	1,544,144	$	1,560,481	$	(16,337)	(1.0)	%	$	3,016,975	$	3,068,308	$	(51,333)	(1.7)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

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

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


			14



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2025
Property	$	2,067,007	$	2,099,468	$	2,813,905	$	6,980,380
Casualty and Specialty	3,303,372		226,786		12,403,225		15,933,383
Total	$	5,370,379	$	2,326,254	$	15,217,130	$	22,913,763

December 31, 2024
Property	$	1,845,228	$	1,905,553	$	2,821,958	$	6,572,739
Casualty and Specialty	3,081,081		295,074		11,354,597		14,730,752
Total	$	4,926,309	$	2,200,627	$	14,176,555	$	21,303,491


			15


RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended June 30, 2025						Three months ended June 30, 2024
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	22,857,131	$	4,577,895	$	18,279,236	$	20,369,610	$	4,993,680	$	15,375,930
Incurred claims and claim expenses
Current year	1,454,999		143,166		1,311,833		1,584,616		166,843		1,417,773
Prior years	(387,891)		(118,181)		(269,710)		(125,105)		(16,834)		(108,271)
Total incurred claims and claim expenses	1,067,108		24,985		1,042,123		1,459,511		150,009		1,309,502
Paid claims and claim expenses
Current year	214,570		28,327		186,243		64,780		5,415		59,365
Prior years	1,017,230		306,558		710,672		1,016,929		274,563		742,366
Total paid claims and claim expenses	1,231,800		334,885		896,915		1,081,709		279,978		801,731
Foreign exchange and other (1)	221,324		32,978		188,346		(6,484)		(8,976)		2,492
Reserve for claims and claim expenses, end of period	$	22,913,763	$	4,300,973	$	18,612,790	$	20,740,928	$	4,854,735	$	15,886,193

	Six months ended June 30, 2025						Six months ended June 30, 2024
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	21,303,491	$	4,481,390	$	16,822,101	$	20,486,869	$	5,344,286	$	15,142,583
Incurred claims and claim expenses
Current year	4,910,424		658,959		4,251,465		3,021,305		340,328		2,680,977
Prior years	(738,474)		(272,890)		(465,584)		(402,171)		(196,819)		(205,352)
Total incurred claims and claim expenses	4,171,950		386,069		3,785,881		2,619,134		143,509		2,475,625
Paid claims and claim expenses
Current year	751,322		72,965		678,357		109,792		9,770		100,022
Prior years	2,101,319		502,615		1,598,704		2,211,581		597,010		1,614,571
Total paid claims and claim expenses	2,852,641		575,580		2,277,061		2,321,373		606,780		1,714,593
Foreign exchange and other (1)	290,963		9,094		281,869		(43,702)		(26,280)		(17,422)
Reserve for claims and claim expenses, end of period	$	22,913,763	$	4,300,973	$	18,612,790	$	20,740,928	$	4,854,735	$	15,886,193

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.


			16

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.


	Three months ended		Six months ended
	June 30, 2025			June 30, 2024		June 30, 2025		June 30, 2024
Management fee income	$	56,407		$	55,327	$	102,468	$	111,380
Performance fee income (loss) (1)	38,550			28,750		22,946		56,247
Total fee income	$	94,957		$	84,077	$	125,414	$	167,627

(1)Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.


	Three months ended		Six months ended
	June 30, 2025			June 30, 2024		June 30, 2025		June 30, 2024
Fee income contributing to:
Underwriting income (loss) (1)	$	12,492		$	12,992	$	51,891	$	27,686
Equity in earnings (losses) of other ventures	—			(343)		—		(698)
Net income (loss) attributable to redeemable noncontrolling interests	82,465			71,428		73,523		140,639
Total fee income	$	94,957		$	84,077	$	125,414	$	167,627

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.


			17

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend


	Three months ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Management fee income	$	56,407	$	46,061	$	53,536	$	54,945	$	55,327
Performance fee income (loss) (1)	38,550		(15,604)		23,568		27,120		28,750
Total fee income	$	94,957	$	30,457	$	77,104	$	82,065	$	84,077

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.


	Three months ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Fee income contributing to:
Underwriting income (loss) (1)	$	12,492	$	39,399	$	2,893	$	12,345	$	12,992
Equity in earnings (losses) of other ventures	—		—		697		—		(343)
Net income (loss) attributable to redeemable noncontrolling interests	82,465		(8,942)		73,514		69,720		71,428
Total fee income	$	94,957	$	30,457	$	77,104	$	82,065	$	84,077


			18

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana Holdings L.P. and its subsidiaries (“Fontana”) (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:


	Three months ended		Six months ended
	June 30, 2025			June 30, 2024		June 30, 2025		June 30, 2024
Redeemable noncontrolling interests - DaVinci	$	(218,453)		$	(152,511)	$	(106,012)	$	(300,524)
Redeemable noncontrolling interests - Medici	(38,993)			(13,249)		(54,156)		(59,518)
Redeemable noncontrolling interests - Vermeer	(57,425)			(56,624)		49,655		(109,595)
Redeemable noncontrolling interests - Fontana	(13,468)			(2,347)		(22,574)		79
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(328,339)		$	(224,731)	$	(133,087)	$	(469,558)


	Three months ended				Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	(297,139)	$	(245,138)	$	(61,162)	$	(546,792)
Non-operating (income) loss attributable to redeemable noncontrolling interests	(31,200)		20,407		(71,925)		77,234
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(328,339)	$	(224,731)	$	(133,087)	$	(469,558)

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

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


			19

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:


	June 30, 2025		December 31, 2024
Redeemable noncontrolling interests - DaVinci	$	3,210,791	$	3,061,708
Redeemable noncontrolling interests - Medici	1,532,990		1,646,745
Redeemable noncontrolling interests - Vermeer	1,750,202		1,799,857
Redeemable noncontrolling interests - Fontana	549,124		469,439
Redeemable noncontrolling interests	$	7,043,107	$	6,977,749

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:


	June 30, 2025		December 31, 2024
DaVinci	75.7	%	74.6	%
Medici	90.3	%	84.2	%
Vermeer	100.0	%	100.0	%
Fontana	71.3	%	73.5	%


			20


Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Revenues
Gross premiums written	$	606,642		$	502,194		$	1,461,507		$	1,192,429
Net premiums written	$	527,741		$	438,501		$	1,329,979		$	1,089,073
Decrease (increase) in unearned premiums	(219,320)			(141,293)			(561,782)			(503,039)
Net premiums earned	308,421			297,208			768,197			586,034
Net investment income	68,155			60,431			131,567			118,007
Net foreign exchange gains (losses)	(547)			668			(2,931)			(1,299)
Net realized and unrealized gains (losses) on investments	13,723			(17,254)			50,211			(55,974)
Total revenues	389,752			341,053			947,044			646,768
Expenses
Net claims and claim expenses incurred	(28,991)			28,302			668,280			34,699
Acquisition expenses	88,194			71,278			69,802			138,363
Operational expenses	35,758			36,877			58,251			71,888
Corporate expenses	205			186			243			275
Interest expense	5,185			1,859			8,383			3,717
Total expenses	100,351			138,502			804,959			248,942
Income (loss) before taxes	289,401			202,551			142,085			397,826
Income tax benefit (expense)	(902)			(155)			(2,080)			(953)
Net income (loss) available (attributable) to DaVinci common shareholders	$	288,499		$	202,396		$	140,005		$	396,873

Net claims and claim expenses incurred - current accident year	$	58,120		$	63,608		$	787,859		$	121,521
Net claims and claim expenses incurred - prior accident years	(87,111)			(35,306)			(119,579)			(86,822)
Net claims and claim expenses incurred - total	$	(28,991)		$	28,302		$	668,280		$	34,699

Net claims and claim expense ratio - current accident year	18.8		%	21.4		%	102.6		%	20.7		%
Net claims and claim expense ratio - prior accident years	(28.2)		%	(11.9)		%	(15.6)		%	(14.8)		%
Net claims and claim expense ratio - calendar year	(9.4)		%	9.5		%	87.0		%	5.9		%
Underwriting expense ratio	40.2		%	36.5		%	16.7		%	35.9		%
Combined ratio	30.8		%	46.0		%	103.7		%	41.8		%


			21


Investments
Total Investment Result
	Managed (1)						Retained (2)
	Three months ended						Three months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Fixed maturity investments trading	$	282,173		$	273,900		$	219,737		$	221,949
Short term investments	48,415			48,386			24,672			22,931
Equity investments
Fixed income exchange traded funds	6,528			—			6,528			—
Other equity investments	615			589			615			589
Other investments
Catastrophe bonds	47,948			58,436			6,988			7,382
Other	21,692			20,663			21,692			20,663
Cash and cash equivalents	12,333			15,399			11,045			15,017
	419,704			417,373			291,277			288,531
Investment expenses	(6,596)			(6,528)			(5,205)			(5,116)
Net investment income	$	413,108		$	410,845		$	286,072		$	283,415

Net investment income return - annualized	5.0		%	5.7		%	4.7		%	5.3		%



Net realized gains (losses) on fixed maturity investments trading	(1,767)			(65,813)			(1,863)			(50,574)
Net unrealized gains (losses) on fixed maturity investments trading	96,346			(24,848)			79,617			(23,179)

Net realized and unrealized gains (losses) on investment-related derivatives	175,431			10,374			173,244			9,090
Net realized gains (losses) on equity investments	64			15			64			15
Net unrealized gains (losses) on equity investments	23,807			(5,507)			23,835			(5,525)

Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(14,016)			(34,107)			(1,730)			(3,888)
Net realized and unrealized gains (losses) on other investments - other	69,855			(7,698)			69,855			(7,698)
Net realized and unrealized gains (losses) on investments	349,720			(127,584)			343,022			(81,759)
Total investment result	$	762,828		$	283,261		$	629,094		$	201,656

Average invested assets	$	34,044,766		$	30,082,570		$	24,554,890		$	21,503,853

Total investment return - annualized	9.4		%	4.1		%	10.6		%	3.6		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			22


Investments
Total Investment Result
	Managed (1)						Retained (2)
	Six months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Fixed maturity investments trading	$	566,896		$	531,189		$	446,565		$	430,173
Short term investments	89,444			95,177			42,585			45,799
Equity investments
Fixed income exchange traded funds	7,712			—			7,712			—
Other equity investments	1,341			1,149			1,337			1,149
Other investments
Catastrophe bonds	102,702			116,685			15,885			14,812
Other	40,415			38,588			40,415			38,588
Cash and cash equivalents	23,443			30,121			21,315			28,893
	831,953			812,909			575,814			559,414
Investment expenses	(13,492)			(11,289)			(10,636)			(8,522)
Net investment income	$	818,461		$	801,620		$	565,178		$	550,892

Net investment income return - annualized	5.0		%	5.7		%	4.7		%	5.3		%



Net realized gains (losses) on fixed maturity investments trading	8,268			(56,017)			7,570			(38,057)
Net unrealized gains (losses) on fixed maturity investments trading	322,586			(236,844)			269,992			(199,731)

Net realized and unrealized gains (losses) on investment-related derivatives	317,077			(47,432)			313,234			(50,105)
Net realized gains (losses) on equity investments	72			15			72			15
Net unrealized gains (losses) on equity investments	26,757			7,590			26,658			7,565

Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(54,429)			(15,200)			(8,521)			(1,935)
Net realized and unrealized gains (losses) on other investments - other	62,329			6,650			62,329			6,650
Net realized and unrealized gains (losses) on investments	682,660			(341,238)			671,334			(275,598)
Total investment result	$	1,501,121		$	460,382		$	1,236,512		$	275,294

Average invested assets	$	33,576,329		$	29,793,761		$	24,166,665		$	21,255,863

Total investment return - annualized	9.2		%	3.2		%	10.5		%	2.6		%


			23



Investments
Investments Composition


	June 30, 2025								December 31, 2024
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
Type of Investment	Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	10,823,622	$	123,469	$	7,912,615	$	94,217	$	11,001,893	$	(60,748)	$	8,434,097	$	(65,990)
Corporate (3)	8,101,393		57,519		6,430,799		35,879		7,862,423		(57,047)		6,474,619		(57,112)
Other (4)	4,407,048		(28,041)		3,698,507		(20,011)		4,698,198		(70,231)		4,063,827		(55,176)
Total fixed maturity investments trading, at fair value	23,332,063		152,947		18,041,921		110,085		23,562,514		(188,026)		18,972,543		(178,278)
Short term investments, at fair value	5,663,239		(266)		2,883,132		16		4,531,655		(511)		1,527,469		(97)
Equity investments, at fair value
Fixed income exchange traded funds	776,295		10,104		776,295		10,104		—		—		—		—
Other equity investments	136,150		89,945		135,783		89,878		117,756		73,270		117,596		73,311
Total equity investments, at fair value	912,445		100,049		912,078		99,982		117,756		73,270		117,596		73,311
Other investments, at fair value
Catastrophe bonds	1,686,786		(15,433)		168,664		(3,004)		1,984,396		(16,861)		329,472		(28,524)
Fund investments	2,562,953		302,699		2,562,953		302,699		2,128,499		256,379		2,128,499		256,379
Direct private equity investments	226,317		113,783		226,317		113,783		211,866		99,473		211,866		99,473
Total other investments, at fair value	4,476,056		401,049		2,957,934		413,478		4,324,761		338,991		2,669,837		327,328
Investments in other ventures, under equity method	112,580		—		112,580		—		102,770		—		102,770		—
Total investments	$	34,496,383	$	653,779	$	24,907,645	$	623,561	$	32,639,456	$	223,724	$	23,390,215	$	222,264


	June 30, 2025					December 31, 2024
	Managed (1)		Retained (2)			Managed (1)		Retained (2)
Weighted average yield to maturity of investments (5)	5.1	%	5.0		%	5.4	%	5.3		%
Average duration of investments, in years (5)	2.6		3.0			2.9		3.4
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)			$	2.32				$	(3.55)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(5)Excludes other equity investments, direct private equity investments, private equity funds, hedge funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.


			24


Investments
Managed Investments - Credit Rating (1)

				Credit Rating (2)																		Investments Not Subject to Credit Ratings
June 30, 2025	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	10,823,622		$	—		$	10,823,622		$	—		$	—		$	—		$	—		$	—
Corporate (3)	8,101,393			188,525			418,044			3,174,813			3,373,736			931,109			15,166			—
Asset-backed	1,454,458			1,148,033			185,225			50,591			59,423			—			11,186			—
Residential mortgage-backed	1,378,022			140,037			1,104,019			249			5,418			66,567			61,732			—
Agencies	581,653			—			581,537			—			—			116			—			—
Non-U.S. government	698,646			462,793			178,686			54,540			2,627			—			—			—
Commercial mortgage-backed	294,269			232,483			60,420			1,291			—			75			—			—
Total fixed maturity investments trading, at fair value	23,332,063			2,171,871			13,351,553			3,281,484			3,441,204			997,867			88,084			—

Short term investments, at fair value	5,663,239			3,889,271			1,730,564			22,883			19,194			229			1,098			—

Equity investments, at fair value
Fixed income exchange traded funds (4)	776,295			—			268,096			—			—			508,199			—			—
Other equity investments	136,150			—			—			—			—			—			—			136,150
Total equity investments, at fair value	912,445			—			268,096			—			—			508,199			—			136,150

Other investments, at fair value
Catastrophe bonds	1,686,786			—			—			—			—			1,686,786			—			—
Fund investments:
Private credit funds	1,337,818			—			—			—			—			—			—			1,337,818
Private equity funds	702,066			—			—			—			—			—			—			702,066
Hedge funds	379,615			—			—			—			—			—			—			379,615
Insurance-linked securities funds	143,454			—			—			—			—			—			—			143,454
Direct private equity investments	226,317			—			—			—			—			—			—			226,317
Total other investments, at fair value	4,476,056			—			—			—			—			1,686,786			—			2,789,270

Investments in other ventures, under equity method	112,580			—			—			—			—			—			—			112,580

Total investments	$	34,496,383		$	6,061,142		$	15,350,213		$	3,304,367		$	3,460,398		$	3,193,081		$	89,182		$	3,038,000
	100.0		%	17.5		%	44.5		%	9.6		%	10.0		%	9.3		%	0.3		%	8.8		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.


			25


Investments
Retained Investments - Credit Rating (1)

			Credit Rating (2)												Investments Not Subject to Credit Ratings
June 30, 2025	Fair Value		AAA		AA		A		BBB		Non- Investment Grade		Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	7,912,615	$	—	$	7,912,615	$	—	$	—	$	—	$	—	$	—
Corporate (3)	6,430,799		149,058		315,396		2,621,369		2,645,056		687,408		12,512		—
Asset-backed	1,365,754		1,060,389		185,225		50,591		59,423		—		10,126		—
Residential mortgage-backed	1,124,430		116,579		873,885		249		5,418		66,567		61,732		—
Non-U.S. government	540,819		358,318		135,435		44,439		2,627		—		—		—
Agencies	431,755

RENAISSANCERE HOLDINGS LTD 8-K