SEGMENT REPORTING

9 Months Ended

Sep. 30, 2025

Segment Reporting, Measurement Disclosures [Abstract]

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds. In addition to its reportable segments, the Company has an Other category, which primarily includes its investments unit, strategic investments, corporate expenses, capital servicing costs, noncontrolling interests and certain expenses related to acquisitions and dispositions.

The Company’s reportable segments each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to the Company’s chief operating decision maker (“CODM”), the Chief Executive Officer of RenaissanceRe, who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. The Company reports the results of its operations consistent with the manner in which the CODM reviews the business.

The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:



Three months ended September 30, 2025	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	733,274		$	1,590,352		$	—	$	2,323,626
Net premiums written	$	694,125		$	1,363,677		$	—	$	2,057,802
Net premiums earned	$	936,933		$	1,496,872		$	—	$	2,433,805
Net claims and claim expenses incurred	(133,504)			1,012,324			—		878,820
Acquisition expenses	192,347			467,376			—		659,723
Operational expenses	86,579			38,494			—		125,073
Underwriting income (loss)	$	791,511		$	(21,322)		$	—	770,189
Net investment income							438,354		438,354
Net foreign exchange gains (losses)							877		877
Equity in earnings (losses) of other ventures							12,551		12,551
Other income (loss)							705		705
Net realized and unrealized gains (losses) on investments							311,890		311,890

Corporate expenses							(23,414)		(23,414)
Interest expense							(30,582)		(30,582)
Income (loss) before taxes									1,480,570
Income tax benefit (expense)							(148,860)		(148,860)

Net (income) loss attributable to redeemable noncontrolling interests							(415,200)		(415,200)
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	907,667

Net claims and claim expenses incurred – current accident year	$	250,169		$	1,008,702		$	—	$	1,258,871
Net claims and claim expenses incurred – prior accident years	(383,673)			3,622			—		(380,051)
Net claims and claim expenses incurred – total	$	(133,504)		$	1,012,324		$	—	$	878,820

Net claims and claim expense ratio – current accident year	26.7		%	67.4		%			51.7		%
Net claims and claim expense ratio – prior accident years	(40.9)		%	0.2		%			(15.6)		%
Net claims and claim expense ratio – calendar year	(14.2)		%	67.6		%			36.1		%
Underwriting expense ratio	29.7		%	33.8		%			32.3		%
Combined ratio	15.5		%	101.4		%			68.4		%




Nine months ended September 30, 2025	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	4,596,042		$	5,304,267		$	—	$	9,900,309
Net premiums written	$	3,710,676		$	4,560,925		$	—	$	8,271,601
Net premiums earned	$	3,052,893		$	4,513,847		$	—	$	7,566,740
Net claims and claim expenses incurred	1,481,823			3,182,878			—		4,664,701
Acquisition expenses	534,192			1,415,571			—		1,949,763
Operational expenses	222,414			128,582			—		350,996
Underwriting income (loss)	$	814,464		$	(213,184)		$	—	601,280
Net investment income							1,256,815		1,256,815
Net foreign exchange gains (losses)							2,209		2,209
Equity in earnings of other ventures							50,712		50,712
Other income (loss)							4,243		4,243
Net realized and unrealized gains (losses) on investments							994,550		994,550

Corporate expenses							(70,005)		(70,005)
Interest expense							(89,461)		(89,461)
Income (loss) before taxes and redeemable noncontrolling interests									2,750,343
Income tax benefit (expense)							(280,204)		(280,204)

Net (income) loss attributable to redeemable noncontrolling interests							(548,287)		(548,287)
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	1,895,321

Net claims and claim expenses incurred – current accident year	$	2,319,130		$	3,191,206		$	—	$	5,510,336
Net claims and claim expenses incurred – prior accident years	(837,307)			(8,328)			—		(845,635)
Net claims and claim expenses incurred – total	$	1,481,823		$	3,182,878		$	—	$	4,664,701

Net claims and claim expense ratio – current accident year	76.0		%	70.7		%			72.8		%
Net claims and claim expense ratio – prior accident years	(27.5)		%	(0.2)		%			(11.2)		%
Net claims and claim expense ratio – calendar year	48.5		%	70.5		%			61.6		%
Underwriting expense ratio	24.8		%	34.2		%			30.5		%
Combined ratio	73.3		%	104.7		%			92.1		%



Three months ended September 30, 2024	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	790,709		$	1,609,427		$	—	$	2,400,136
Net premiums written	$	701,222		$	1,461,282		$	—	$	2,162,504
Net premiums earned	$	994,777		$	1,588,192		$	—	$	2,582,969
Net claims and claim expenses incurred	329,967			1,043,647			—		1,373,614
Acquisition expenses	192,439			497,899			—		690,338
Operational expenses	77,688			47,573			—		125,261
Underwriting income (loss)	$	394,683		$	(927)		$	—	393,756
Net investment income							423,859		423,859
Net foreign exchange gains (losses)							16,804		16,804
Equity in earnings (losses) of other ventures							5,718		5,718
Other income (loss)							680		680
Net realized and unrealized gains (losses) on investments							943,745		943,745

Corporate expenses							(26,078)		(26,078)
Interest expense							(23,809)		(23,809)
Income (loss) before taxes									1,734,675
Income tax benefit (expense)							(102,012)		(102,012)

Net (income) loss attributable to redeemable noncontrolling interests							(450,176)		(450,176)
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	1,173,644

Net claims and claim expenses incurred – current accident year	$	621,710		$	1,044,410		$	—	$	1,666,120
Net claims and claim expenses incurred – prior accident years	(291,743)			(763)			—		(292,506)
Net claims and claim expenses incurred – total	$	329,967		$	1,043,647		$	—	$	1,373,614

Net claims and claim expense ratio – current accident year	62.5		%	65.8		%			64.5		%
Net claims and claim expense ratio – prior accident years	(29.3)		%	(0.1)		%			(11.3)		%
Net claims and claim expense ratio – calendar year	33.2		%	65.7		%			53.2		%
Underwriting expense ratio	27.1		%	34.4		%			31.6		%
Combined ratio	60.3		%	100.1		%			84.8		%




Nine months ended September 30, 2024	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	4,433,688		$	5,382,627		$	—	$	9,816,315
Net premiums written	$	3,457,500		$	4,743,088		$	—	$	8,200,588
Net premiums earned	$	2,911,694		$	4,656,500		$	—	$	7,568,194
Net claims and claim expenses incurred	757,570			3,091,669			—		3,849,239
Acquisition expenses	566,566			1,399,131			—		1,965,697
Operational expenses	206,737			132,747			—		339,484
Underwriting income (loss)	$	1,380,821		$	32,953		$	—	1,413,774
Net investment income							1,225,479		1,225,479
Net foreign exchange gains (losses)							(27,694)		(27,694)
Equity in earnings of other ventures							32,435		32,435
Other income (loss)							799		799
Net realized and unrealized gains (losses) on investments							602,507		602,507

Corporate expenses							(100,489)		(100,489)
Interest expense							(70,522)		(70,522)
Income (loss) before taxes and redeemable noncontrolling interests									3,076,289
Income tax benefit (expense)							(96,536)		(96,536)
Net (income) loss attributable to redeemable noncontrolling interests							(919,734)		(919,734)
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	2,033,488

Net claims and claim expenses incurred – current accident year	$	1,228,371		$	3,118,726		$	—	$	4,347,097
Net claims and claim expenses incurred – prior accident years	(470,801)			(27,057)			—		(497,858)
Net claims and claim expenses incurred – total	$	757,570		$	3,091,669		$	—	$	3,849,239

Net claims and claim expense ratio – current accident year	42.2		%	67.0		%			57.4		%
Net claims and claim expense ratio – prior accident years	(16.2)		%	(0.6)		%			(6.5)		%
Net claims and claim expense ratio – calendar year	26.0		%	66.4		%			50.9		%
Underwriting expense ratio	26.6		%	32.9		%			30.4		%
Combined ratio	52.6		%	99.3		%			81.3		%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

RENAISSANCERE HOLDINGS LTD 10-Q