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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-14428

RENAISSANCERE HOLDINGS LTD.

(Exact Name Of Registrant As Specified In Its Charter)


Bermuda			98-0141974
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

Renaissance House, 12 Crow Lane, Pembroke, Bermuda HM 19

(Address of Principal Executive Offices) (Zip Code)

(441) 295-4513

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common Shares, Par Value $1.00 per share	RNR	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share	RNR PRF	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share	RNR PRG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒, Accelerated filer ☐, Non-accelerated filer ☐, Smaller reporting company ☐, Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of Common Shares, par value U.S. $1.00 per share, outstanding at April 24, 2026 was 42,633,041.

RENAISSANCERE HOLDINGS LTD.

TABLE OF CONTENTS


		Page
	GLOSSARY OF DEFINED TERMS	3
	NOTE ON FORWARD-LOOKING STATEMENTS	5

PART I
ITEM 1.	FINANCIAL STATEMENTS	7






ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	52
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	84
ITEM 4.	CONTROLS AND PROCEDURES	84

PART II
ITEM 1.	LEGAL PROCEEDINGS	85
ITEM 1A.	RISK FACTORS	85
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	85
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	86
ITEM 4.	MINE SAFETY DISCLOSURES	86
ITEM 5.	OTHER INFORMATION	86
ITEM 6.	EXHIBITS	86

SIGNATURES		87

GLOSSARY OF DEFINED TERMS

In this Form 10-Q, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise.


“2025 Large Loss Events”			a series of wildfires that burned throughout southern California in January 2025 (the “California Wildfires”), and the Other 2025 Large Loss Events
“ASC”			Accounting Standards Codification
“AlphaCat Managers”			AlphaCat Managers Ltd.
“A.M. Best”			A.M. Best Company, Inc.
“CIT”			Corporate Income Tax Act 2023
“DaVinci”			DaVinciRe Holdings Ltd. and its subsidiary
“DaVinci Reinsurance”			DaVinci Reinsurance Ltd.
“ERM”			enterprise risk management
“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
“FCR”			financial condition report
“Fitch”			Fitch Ratings Ltd.
“Fontana”			Fontana Holdings L.P. and its subsidiaries
“Form 10-K”			Annual Report on Form 10-K
“Form 10-Q”			this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026
“Medici”			RenaissanceRe Medici Fund Ltd.
“Medici UCITS”			RenaissanceRe Medici UCITS Fund, a sub-fund of RenaissanceRe Medici ICAV
“Moody’s”			Moody’s Investors Service
“Other 2025 Large Loss Events”			the crash of American Airlines flight 5342 in January 2025, and certain refinery fires in the first quarter of 2025
“Renaissance Reinsurance”			Renaissance Reinsurance 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 Finance”			RenaissanceRe Finance Inc.
“RenaissanceRe Specialty U.S.”			RenaissanceRe Specialty U.S. Ltd.
“RREAG”			RenaissanceRe Europe AG
“S&P”			Standard and Poor’s Rating Services
“SEC”			U.S. Securities and Exchange Commission
“Securities Act”			Securities Act of 1933, as amended
“Stock Purchase Agreement”			Stock Purchase Agreement, dated May 22, 2023, among RenaissanceRe Holdings Ltd. and American International Group, Inc., as amended
“Syndicate 1458”			RenaissanceRe Syndicate 1458
“Top Layer”			Top Layer Reinsurance Ltd.


“Tower Hill Companies”			collectively, our investments in a group of Tower Hill affiliated companies including Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc.
“U.S.”			United States of America
“Upsilon”			collectively, Upsilon Fund and Upsilon RFO
“Upsilon Diversified”			RenaissanceRe Upsilon Diversified Fund
“Upsilon Fund”			RenaissanceRe Upsilon Fund Ltd.
“Upsilon RFO”			Upsilon RFO Re Ltd.
“Validus”			Validus Holdings, Ltd., Validus Specialty, LLC, and their respective subsidiaries that were acquired in the Validus Acquisition (including Validus Reinsurance, Ltd. 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
“Vermeer”			Vermeer Reinsurance Ltd.
“VIE”			variable interest entity

NOTE ON FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of RenaissanceRe Holdings Ltd. contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with regard to trends in results, operations, underwriting performance, our segments or business units, reserves, market or economic conditions, investment results, margins, fees, risk management, and the consequences of our strategic decisions. This Form 10-Q also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our 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 our industry, and government initiatives and regulatory matters affecting the (re)insurance industries.

The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:

•our exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in our financial results;

•the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;

•the effectiveness of our claims and claim expense reserving process;

•the effect of emerging claims and coverage issues;

•the performance of our investment portfolio and financial market volatility;

•the effects of inflation;

•our exposure to ceding companies and delegated authority counterparties and the risks they underwrite;

•our ability to maintain our financial strength ratings;

•our reliance on a small number of brokers;

•the highly competitive nature of our industry;

•the historically cyclical nature of the (re)insurance industries;

•collection on claimed retrocessional coverage, and new retrocessional reinsurance being available;

•our ability to attract and retain key executives and employees;

•our ability to successfully implement our business, strategies and initiatives;

•our exposure to credit loss from counterparties;

•our need to make many estimates and judgments in the preparation of our financial statements;

•our exposure to risks associated with our management of capital on behalf of investors;

•changes to the accounting rules and regulatory systems applicable to our business, including changes in Bermuda and U.S. laws or regulations;

•the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts globally;

•other political, regulatory or industry initiatives adversely impacting us;

•the impact of cybersecurity risks, including technology breaches or failure;

•our ability to comply with covenants in our 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 we operate;

•our ability to determine any impairments taken on our investments;

•our ability to raise capital on acceptable terms;

•our ability to comply with applicable sanctions and foreign corrupt practices laws; and

•our dependence on capital distributions from our operating subsidiaries.

As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, as well as those discussed in more detail in our filings with the SEC, including our Form 10-K for the year ended December 31, 2025, filed with the SEC on February 11, 2026, and Item 1A of this Form 10-Q, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


			Page
Consolidated Balance Sheets at March 31, 2026 (unaudited) and December 31, 2025			8
Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)			9
Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 (unaudited)			10
Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)			11
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)			12
Notes to the Consolidated Financial Statements			13
Note 1. Organization			13
Note 2. Significant Accounting Policies			13
Note 3. Investments			14
Note 4. Fair Value Measurements			18
Note 5. Reinsurance			26
Note 6. Reserve for Claims and Claim Expenses			28
Note 7. Debt and Credit Facilities			32
Note 8. Noncontrolling Interests			33
Note 9. Variable Interest Entities			37
Note 10. Shareholders’ Equity			41
Note 11. Earnings per Share			42
Note 12. Segment Reporting			42
Note 13. Derivative Instruments			44
Note 14. Commitments, Contingencies and Other Items			50

Note 15. Subsequent Events			51

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Balance Sheets

At March 31, 2026 and December 31, 2025

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


	March 31, 2026		December 31, 2025
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value - amortized cost $24,893,245 at March 31, 2026 (December 31, 2025 - $24,658,351) (Notes 3 and 4)	$	24,901,291	$	24,884,323
Short term investments, at fair value - amortized cost $3,887,637 at March 31, 2026 (December 31, 2025 - $4,760,027) (Notes 3 and 4)	3,883,610		4,759,811
Equity investments, at fair value (Notes 3 and 4)	1,594,284		1,732,990
Other investments, at fair value (Notes 3 and 4)	4,651,495		4,574,214
Investments in other ventures, under equity method	140,853		121,871
Total investments	35,171,533		36,073,209
Cash and cash equivalents	1,562,883		1,731,181
Premiums receivable (Note 5)	8,097,885		7,252,454
Prepaid reinsurance premiums	1,354,841		993,781
Reinsurance recoverable (Notes 5 and 6)	3,730,957		3,899,913
Accrued investment income	234,709		233,688
Deferred acquisition costs and value of business acquired	1,665,666		1,538,540
Deferred tax asset	705,661		701,927
Receivable for investments sold	182,534		414,523
Other assets	393,908		328,087
Goodwill and other intangible assets	617,772		633,087
Total assets	$	53,718,349	$	53,800,390
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses (Note 6)	$	22,291,058	$	22,302,345
Unearned premiums	6,885,462		6,028,174
Debt (Note 7)	2,330,051		2,329,201
Reinsurance balances payable	2,821,884		2,540,518
Payable for investments purchased	308,635		533,101
Other liabilities	523,894		856,302
Total liabilities	35,160,984		34,589,641
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests (Note 8)	7,043,124		7,602,092
Shareholders’ Equity
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at March 31, 2026 (December 31, 2025 - 30,000) (Note 10)	750,000		750,000
Common shares: $1.00 par value - 42,973,774 shares issued and outstanding at March 31, 2026 (December 31, 2025 - 43,961,539) (Note 10)	42,974		43,962
Additional paid-in capital (Note 10)	—		—
Accumulated other comprehensive income (loss)	(12,152)		(12,626)
Retained earnings (Note 10)	10,733,419		10,827,321
Total shareholders’ equity attributable to RenaissanceRe	11,514,241		11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity	$	53,718,349	$	53,800,390

See accompanying notes to the consolidated financial statements

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Operations

For the three months ended March 31, 2026 and 2025

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


	Three months ended
	March 31, 2026		March 31, 2025
Revenues
Gross premiums written (Note 5)	$	3,478,873	$	4,155,503
Net premiums written (Note 5)	$	2,678,296	$	3,443,529
Decrease (increase) in unearned premiums	(494,682)		(722,748)
Net premiums earned (Note 5)	2,183,614		2,720,781
Net investment income (Note 3)	420,502		405,353
Net foreign exchange gains (losses)	(9,019)		(7,328)
Equity in earnings (losses) of other ventures	20,485		17,828
Other income (loss)	1,247		914
Net realized and unrealized gains (losses) on investments (Note 3)	(421,913)		332,940
Total revenues	2,194,916		3,470,488
Expenses
Net claims and claim expenses incurred (Notes 5 and 6)	983,971		2,743,758
Acquisition expenses	521,850		647,435
Operational expenses	89,035		100,185
Corporate expenses	19,460		22,810
Interest expense (Note 7)	31,786		27,086
Total expenses	1,646,102		3,541,274
Income (loss) before taxes	548,814		(70,786)
Income tax benefit (expense)	(32,984)		45,525
Net income (loss)	515,830		(25,261)
Net (income) loss attributable to redeemable noncontrolling interests (Note 8)	(222,451)		195,252
Net income (loss) attributable to RenaissanceRe	293,379		169,991
Dividends on preference shares (Note 10)	(8,844)		(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	284,535	$	161,147
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (Note 11)	$	6.60	$	3.29
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (Note 11)	$	6.57	$	3.27

See accompanying notes to the consolidated financial statements

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

For the three months ended March 31, 2026 and 2025

(in thousands of United States Dollars) (Unaudited)


	Three months ended
	March 31, 2026		March 31, 2025
Comprehensive income (loss)
Net income (loss)	$	515,830	$	(25,261)
Change in net unrealized gains (losses) on investments, net of tax	(24)		(299)
Foreign currency translation adjustments, net of tax	498		211
Comprehensive income (loss)	516,304		(25,349)
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(222,451)		195,252
Comprehensive income (loss) attributable to RenaissanceRe	$	293,853	$	169,903

See accompanying notes to the consolidated financial statements

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

For the three months ended March 31, 2026 and 2025

(in thousands of United States Dollars) (Unaudited)


	Three months ended
	March 31, 2026		March 31, 2025
Preference shares
Beginning balance	$	750,000	$	750,000


Ending balance	750,000		750,000
Common shares
Beginning balance	43,962		50,181

Repurchase of shares (Note 10)	(1,218)		(1,492)
Issuance of performance share and restricted stock awards (Note 10)	230		239
Ending balance	42,974		48,928
Additional paid-in capital
Beginning balance	—		1,512,435

Repurchase of shares (Note 10)	—		(359,654)

Change in redeemable noncontrolling interests	—		60
Issuance of performance share and restricted stock awards (Note 10)	—		(6,188)
Ending balance	—		1,146,653
Accumulated other comprehensive income (loss)
Beginning balance	(12,626)		(14,756)
Change in net unrealized gains (loss) on investments, net of tax	(24)		(299)
Foreign currency translation adjustments, net of tax	498		211

Ending balance	(12,152)		(14,844)
Retained earnings
Beginning balance	10,827,321		8,276,152

Net income (loss)	515,830		(25,261)
Net (income) loss attributable to redeemable noncontrolling interests (Note 8)	(222,451)		195,252
Repurchase of shares (Note 10)	(351,318)		—
Change in redeemable noncontrolling interests	(414)		—
Issuance of performance share and restricted stock awards (Note 10)	(9,094)		—
Dividends on common shares (Note 10)	(17,611)		(19,533)
Dividends on preference shares (Note 10)	(8,844)		(8,844)
Ending balance	10,733,419		8,417,766

Total shareholders’ equity attributable to RenaissanceRe	$	11,514,241	$	10,348,503

See accompanying notes to the consolidated financial statements

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Cash Flows

For the three months ended March 31, 2026 and 2025

(in thousands of United States Dollars) (Unaudited)


	Three months ended
	March 31, 2026		March 31, 2025
Cash flows provided by (used in) operating activities
Net income (loss)	$	515,830	$	(25,261)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization, accretion and depreciation	(24,360)		3,735
Equity in undistributed (earnings) losses of other ventures	(1,930)		1,748
Net realized and unrealized (gains) losses on investments	421,913		(191,304)
Change in:
Premiums receivable	(845,431)		(1,147,673)
Prepaid reinsurance premiums	(361,060)		(325,535)
Reinsurance recoverable	168,956		(96,505)
Deferred acquisition costs and value of business acquired	(127,126)		(132,484)
Reserve for claims and claim expenses	(11,287)		1,553,640
Unearned premiums	857,288		1,048,704
Reinsurance balances payable	281,366		52,778
Other	(186,591)		(584,070)
Net cash provided by (used in) operating activities	687,568		157,773
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	3,665,264		4,269,486
Purchases of fixed maturity investments trading	(3,880,903)		(3,378,844)
Proceeds from sales of short term investments	12,825,506		9,117,831
Purchases of short term investments	(11,927,328)		(9,732,307)
Proceeds from sales of equity investments	472,551		175
Purchases of equity investments	(408,384)		(766,556)
Proceeds from sales of other investments	288,786		227,489
Purchases of other investments	(423,605)		(350,443)

Purchases of investments in other ventures	(17,818)		(281)
Return of investments in other ventures	571		97
Net settlements of derivatives	(123,523)		113,924

Net cash provided by (used in) investing activities	471,117		(499,429)
Cash flows provided by (used in) financing activities
Dividends paid – common shares	(17,611)		(19,533)
Dividends paid – preference shares	(8,844)		(8,844)

RenaissanceRe common share repurchases	(351,967)		(357,712)

Issuance of debt, net of expenses	—		791,281

Drawdown of Medici Revolving Credit Facility	—		75,000


Subscriptions of third-party redeemable noncontrolling interest shares	3,000		25,496
Redemptions of third-party redeemable noncontrolling interest shares	(915,788)		(193,901)
Taxes paid on withholding shares	(27,058)		(21,431)
Net cash provided by (used in) financing activities	(1,318,268)		290,356
Effect of exchange rate changes on foreign currency cash	(8,715)		7,495
Net increase (decrease) in cash and cash equivalents	(168,298)		(43,805)

Cash and cash equivalents, beginning of period	1,731,181		1,676,604
Cash and cash equivalents, end of period	$	1,562,883	$	1,632,799

See accompanying notes to the consolidated financial statements

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars,

except shares, per share amounts and percentages) (Unaudited)

NOTE 1. ORGANIZATION

This report on Form 10-Q should be read in conjunction with the RenaissanceRe Holdings Ltd. (“RenaissanceRe” or the “Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”). RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Through its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.

These consolidated financial statements include the results of the Company, its subsidiaries, and all variable interest entities in which the Company is considered to be the primary beneficiary.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2025, except as described below.

Basis of Presentation

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.

Use of Estimates in Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs, the value of business acquired (“VOBA”) and the fair value of other assets acquired and liabilities assumed in acquisitions; and the Company’s deferred tax valuation allowance.

NOTE 3. INVESTMENTS

Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:



	At March 31, 2026		At December 31, 2025
U.S. treasuries	$	10,253,936	$	10,641,503
Corporate	8,984,951		8,528,828
Residential mortgage-backed	2,514,249		2,606,882
Asset-backed	1,629,118		1,606,790
Non-U.S. government	697,691		691,912
Agencies	499,011		486,817
Commercial mortgage-backed	322,335		321,591
Total fixed maturity investments trading	$	24,901,291	$	24,884,323

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	At March 31, 2026				At December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	2,258,549	$	2,266,371	$	2,072,111	$	2,081,003
Due after one through five years	12,467,642		12,513,010		12,450,807		12,606,212
Due after five through ten years	5,132,520		5,125,372		5,039,803		5,109,842
Due after ten years	557,162		530,836		573,271		552,003
Mortgage-backed	2,847,513		2,836,584		2,920,644		2,928,473
Asset-backed	1,629,859		1,629,118		1,601,715		1,606,790
Total	$	24,893,245	$	24,901,291	$	24,658,351	$	24,884,323

Equity Investments

The following table summarizes the fair value of equity investments:



	At March 31, 2026		At December 31, 2025
Fixed income exchange traded funds	$	1,359,777	$	1,582,811
Equity exchange traded funds	106,569		—
Common stock
Financials	126,003		147,996





Other	1,935		2,183
Total common stock	127,938		150,179
Total equity investments	$	1,594,284	$	1,732,990

Pledged Investments

At March 31, 2026, $8.3 billion (December 31, 2025 - $8.6 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $2.3 billion (December 31, 2025 - $2.5 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.

Reverse Repurchase Agreements

At March 31, 2026, the Company held $58.1 million (December 31, 2025 - $59.2 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.

Other Investments

The table below shows the fair value of the Company’s portfolio of other investments:



	At March 31, 2026		At December 31, 2025
Fund investments
Private credit funds	$	1,465,531	$	1,445,158
Private equity funds	703,805		701,837


Multi-strategy funds (1)	543,612		473,990
Insurance-linked securities funds	158,982		154,514
Equity funds	45,907		—
Total fund investments	2,917,837		2,775,499
Catastrophe bonds	1,609,000		1,613,710
Direct private equity investments	124,658		185,005



Total other investments	$	4,651,495	$	4,574,214

(1)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”

Fund Investments

Fund investments are limited partnership or similar interests in private equity funds, private credit funds, multi-strategy funds and insurance-linked securities funds primarily managed by unrelated third parties.

Private Credit Funds

The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including U.S. direct lending funds, secondaries, mezzanine investments, distressed securities and senior secured bank loan funds. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Private Equity Funds

The Company’s investments in private equity funds include limited partnership or similar interests that invest in certain private equity asset classes, including U.S. and global leveraged buyouts. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Multi-Strategy Funds and Equity Funds

The Company’s investments in multi-strategy funds, which includes hedge funds, are primarily focused on diversified investment strategies across multiple asset classes. Equity funds are primarily focused on global public equities. These investments are generally redeemable at the option of the Company, at less than a month’s notice. Certain restrictions on redemptions, including initial lock-up periods or redemption gates, may also apply to the Company, as defined by each fund’s governing documents. Redemption gates allow the investment manager of a fund to defer part or all of a redemption request so as to not negatively impact the value of the redemption or the value of any interests that remain in the fund.

Insurance-Linked Securities Funds

The Company’s investments in insurance-linked securities funds primarily relate to the Company’s investment in RenaissanceRe Medici UCITS Fund (“Medici UCITS”), a sub-fund of RenaissanceRe Medici ICAV, whose primary investment objective is to invest substantially all of its assets in global insurance-linked securities, specifically catastrophe bonds. Medici UCITS was launched effective March 3, 2025, and is considered a related party. The Company has elected to account for its investment at fair value. The Company can redeem from Medici UCITS fortnightly with a minimum of four business days’ prior written notice, subject to certain redemption gates. The Company has no outstanding commitment to Medici UCITS with respect to its investment.

During the three months ended March 31, 2026, investors subscribed for $15.4 million of the participating shares of Medici UCITS. During the three months ended March 31, 2025, investors subscribed for $341.5 million, including $140.0 million from the Company, of which, $316.5 million represented a transfer in kind from existing investors in RenaissanceRe Medici Fund Ltd. (“Medici”), including the Company.

For the three months ended March 31, 2026, net income of $2.3 million from Medici UCITS was attributable to the Company (March 31, 2025 - $1.1 million). At March 31, 2026, the total net asset value of Medici UCITS was $468.5 million, of which $156.8 million was attributable to the Company (December 31, 2025 - $449.9 million and $154.5 million), and the Company’s ownership in Medici UCITS was 33.5% (December 31, 2025 - 34.3%).

Limited Partnerships Entities

The Company’s fund investments are primarily variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company has also invested into some of the same limited partnerships through debt investments included within fixed maturities investments trading. The Company determined that certain of these interests represent investments in variable interest entities (“VIEs”) and that it is not required to consolidate these investments because it is not the primary beneficiary of these VIEs. The Company’s maximum exposure to loss with respect to these VIEs is limited to the carrying amounts reported in the Company’s consolidated balance sheets and any unfunded commitment.

The following table summarizes the aggregate carrying amount of investments in unconsolidated VIEs on the Company’s consolidated balance sheets, as well as the Company’s maximum exposure to loss associated with these VIEs:



	Maximum Exposure to Loss
	Carrying Amount		Unfunded Commitments		Total
At March 31, 2026	$	2,795,709	$	3,091,500	$	5,887,209
At December 31, 2025	$	2,665,801	$	3,207,923	$	5,873,724

Catastrophe Bonds

Catastrophe bonds are non-investment grade bonds generally issued by unrelated third parties that generally mature within 1 to 5 years.

Direct Private Equity Investments

Direct private equity investments are the Company’s direct equity investments in companies that are not traded on any nationally recognized equity markets.

Net Investment Income

The components of net investment income are as follows:



	Three months ended
	March 31, 2026		March 31, 2025
Fixed maturity investments trading	$	294,494	$	284,723
Short term investments	34,306		41,029
Equity investments
Fixed income exchange traded funds	21,692		1,184

Common stock (1)	677		726
Other investments
Catastrophe bonds	39,932		54,754
Fund and direct private equity investments (2)	25,211		18,723
Cash and cash equivalents	11,163		11,110
	427,475		412,249
Investment expenses	(6,973)		(6,896)
Net investment income	$	420,502	$	405,353

(1)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock.”

(2)In the fourth quarter of 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”

Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:



	Three months ended
	March 31, 2026		March 31, 2025




Fixed maturity investments trading	$	(237,124)	$	236,275
Investment-related derivatives (1)	(45,858)		141,646


Equity investments	(67,082)		2,958
Other investments
Catastrophe bonds	(11,829)		(40,413)
Fund and direct private equity investments (2)	(60,020)		(7,526)
Net realized and unrealized gains (losses) on investments	$	(421,913)	$	332,940

(1)Included in investment-related derivatives for the three months ended March 31, 2026 are gains (losses) related to fixed maturity investment-related derivatives of $(30.8) million (March 31, 2025 - $76.6 million), equity investment-related derivatives of $(80.3) million (March 31, 2025 - $(52.5) million) and commodity-related derivatives of $65.3 million (March 31, 2025 - $117.6 million). Refer to “Note 13. Derivative Instruments” for additional information on investment-related derivatives.

(2)In the fourth quarter of 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”

Net realized and unrealized gains (losses) on fixed maturity investments trading and equity investments, is split between realized and unrealized gains (losses) as follows:



	Three months ended
	March 31, 2026		March 31, 2025
Fixed maturity investments trading


Net realized gains (losses)	$	(20,111)	$	10,035
Net unrealized gains (losses)	(217,013)		226,240
Net realized and unrealized gains (losses)	$	(237,124)	$	236,275

Equity investments
Net realized gains (losses)	$	8,203	$	8
Net unrealized gains (losses)	(75,285)		2,950
Net realized and unrealized gains (losses)	$	(67,082)	$	2,958

NOTE 4. FAIR VALUE MEASUREMENTS

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains or losses arising from changes in fair value in its consolidated statements of operations.

FASB ASC Topic 820, Fair Value Measurement prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:

•Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

•Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

•Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity.

There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:



At March 31, 2026	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	10,253,936	$	10,253,936	$	—	$	—
Corporate	8,984,951		—		8,840,255		144,696
Residential mortgage-backed	2,514,249		—		2,514,249		—
Asset-backed	1,629,118		—		1,545,466		83,652
Non-U.S. government	697,691		—		697,691		—
Agencies	499,011		—		499,011		—
Commercial mortgage-backed	322,335		—		322,335		—
Total fixed maturity investments trading	24,901,291		10,253,936		14,419,007		228,348
Short term investments	3,883,610		12,702		3,870,908		—
Equity investments
Fixed income exchange traded funds	1,359,777		1,359,777		—		—
Equity exchange traded funds	106,569		106,569		—		—
Common stock	127,938		127,938		—		—
Total equity investments	1,594,284		1,594,284		—		—
Other investments
Catastrophe bonds	1,609,000		—		1,609,000		—
Direct private equity investments	124,658		—		100,362		24,296

	1,733,658		—		1,709,362		24,296
Fund investments (1)	2,917,837		—		—		—
Total other investments	4,651,495		—		1,709,362		24,296
Other assets and (liabilities)

Derivative assets (2)	70,017		57,185		12,832		—
Derivative liabilities (2)	(16,839)		(2,708)		(14,131)		—
Total other assets and (liabilities)	53,178		54,477		(1,299)		—
	$	35,083,858	$	11,915,399	$	19,997,978	$	252,644

(1)Fund investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.



At December 31, 2025	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	10,641,503	$	10,641,503	$	—	$	—
Corporate	8,528,828		—		8,414,572		114,256
Residential mortgage-backed	2,606,882		—		2,606,882		—
Asset-backed	1,606,790		—		1,566,931		39,859
Non-U.S. government	691,912		—		691,912		—
Agencies	486,817		—		486,817		—
Commercial mortgage-backed	321,591		—		321,591		—
Total fixed maturity investments trading	24,884,323		10,641,503		14,088,705		154,115
Short term investments	4,759,811		959		4,758,852		—
Equity investments
Fixed income exchange traded funds	1,582,811		1,582,811		—		—

Common stock	150,179		150,179		—		—
Total equity investments	1,732,990		1,732,990		—		—
Other investments
Catastrophe bonds	1,613,710		—		1,613,710		—

Direct private equity investments	185,005		—		157,010		27,995
	1,798,715		—		1,770,720		27,995
Fund investments (1)	2,775,499		—		—		—


Total other investments	4,574,214		—		1,770,720		27,995
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(34)		—		—		(34)
Derivative assets (2)	18,347		7,400		10,947		—
Derivative liabilities (2)	(41,200)		(30,477)		(10,723)		—
Total other assets and (liabilities)	(22,887)		(23,077)		224		(34)
	$	35,928,451	$	12,352,375	$	20,618,501	$	182,076

(2)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value

Fixed Maturity Investments

Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, corporate, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed.

The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such

as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third-party data. Securities which are priced by an index provider are generally included in the index.

In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding; however, they are based on observable inputs and by observing secondary trading of similar securities obtained from active and non-distressed markets.

The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class.

U.S. Treasuries

Level 1 - The Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services. When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Corporate

Level 2 - The Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and non-U.S. government-backed corporations.

The Company’s corporate fixed maturity investments, other than non-U.S. government-backed corporations, are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information, including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate.

Non-U.S. government-backed corporate fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high-quality credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Agencies

Level 2 - The Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information, including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

Non-U.S. Government

Level 2 - The Company’s non-U.S. government fixed maturity investments consisted of securities issued by non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for

each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Residential Mortgage-backed

Level 2 - The Company’s residential mortgage-backed fixed maturity investments include both agency and non-agency mortgage-backed securities. The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to-be-announced market, which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with active market quotes.

Non-agency mortgage-based securities are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable.

Commercial Mortgage-backed

Level 2 - The Company’s commercial mortgage-backed fixed maturity investments are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.

Asset-backed

Level 2 - The Company’s asset-backed fixed maturity investments primarily consists of collateralized loan obligations, along with asset-backed finance and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector.

Short Term Investments

Level 1 - The Company’s short term investments in U.S. treasuries were primarily priced by pricing services which utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Level 2 - Amortized cost approximates fair value for the majority of the remainder of the Company’s short term investments portfolio and, in certain cases, fair value is determined in a manner similar to the Company’s fixed maturity investments noted above.

Equity Investments

Level 1 - The fair value of the Company’s portfolio of equity investments are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.

Other Investments

Catastrophe Bonds

Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.

Direct Private Equity Investments

Level 2 - The Company’s other investments included direct private equity investments which are recorded at fair value based on quoted prices for similar assets.

Other Assets and Liabilities

Derivatives

Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures and options contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk-free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.

Level 3 Assets and Liabilities Measured at Fair Value

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At March 31, 2026

Fair Value
(Level 3)

Valuation Technique

Unobservable Inputs

Minimum

Maximum

Weighted Average or Actual

Fixed maturity investments trading

Corporate

144,696

Discounted cash flow

Discount rate

6.0%

12.0%

7.0%

Asset-backed

67,550

Discounted cash flow

Discount rate

5.0%

12.0%

9.2%

Asset-backed

16,102

Recent transaction price

N/A

Total fixed maturity investments trading

228,348

Other investments

Direct private equity investments

24,296

Internal valuation model

Discount rate

N/A

14.0%

Liquidity discount

N/A

10.0%

Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs

252,644

At December 31, 2025

Fair Value
(Level 3)

Valuation Technique

Unobservable Inputs

Minimum

Maximum

Weighted Average or Actual

Fixed maturity investments trading

Corporate

114,256

Recent transaction price

N/A

Asset-backed

39,859

Discounted cash flow

Discount rate

N/A

11.3%

Total fixed maturity investments trading

154,115

Other investments

Direct private equity investments

27,995

Internal valuation model

Discount rate

N/A

13.0%

Liquidity discount

N/A

10.0%

Other assets and (liabilities)

Assumed and ceded (re)insurance contracts

(34)

Internal valuation model

Net undiscounted cash flows

N/A

$12,836

Expected loss ratio

N/A

—%

Discount rate

N/A

3.7%

Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs

182,076

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.



	Fixed Maturity Investments Trading				Other Investments
	Corporate		Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2026	$	114,256	$	39,859	$	27,995	$	(34)	$	182,076
Net investment income	—		1,152		81		—		1,233
Net realized and unrealized gains (losses) on investments	—		74		(3,771)		—		(3,697)
Other income (loss)	—		—		—		17		17
Net foreign exchange gains (losses)	—		—		(9)		—		(9)
Purchases	30,440		42,643		—		—		73,083

Settlements	—		(76)		—		17		(59)



Balance - March 31, 2026	$	144,696	$	83,652	$	24,296	$	—	$	252,644



	Other Investments
	Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	43,777	$	(405)	$	43,372
Net investment income	69		—		69
Net realized and unrealized gains (losses) on investments	(4,873)		—		(4,873)
Other income (loss)	—		367		367
Net foreign exchange gains (losses)	14		—		14


Settlements	—		(196)		(196)



Balance - March 31, 2025	$	38,987	$	(234)	$	38,753

Fixed Maturity Investments

Corporate

Level 3 - At March 31, 2026, the Company’s corporate fixed maturity investments included $144.7 million (December 31, 2025 - $114.3 million) of investments with the fair value obtained through the use of discounted cash flow models (December 31, 2025 - recent transaction price), due to lack of observable pricing inputs. These securities are generally rated as investment grade by various rating agencies.

Asset-backed

Level 3 - At March 31, 2026, the Company’s asset-backed fixed maturity investments included $83.7 million (December 31, 2025 - $39.9 million) of investments with the fair value obtained through the use of discounted cash flow models and through use of recent transaction price, due to a lack of observable pricing inputs. These securities are generally rated as investment grade by various rating agencies.

Other Investments

Direct Private Equity Investments

Level 3 - At March 31, 2026, the Company’s other investments included $24.3 million (December 31, 2025 - $28.0 million) of direct private equity investments which are recorded at fair value, with the fair value obtained through the use of internal valuation models. The Company measured the fair value of these investments using multiples of net tangible book value, excluding mark-to-market impacts on invested assets, of the underlying entities. The significant unobservable inputs used in the fair value measurement of these investments are liquidity discount rates applied to each of the book value multiples used in the internal valuation models, and discount rates applied to the expected cash flows of the underlying entities in various scenarios. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Generally, an increase in the liquidity discount rate or discount rates would result in a decrease in the fair value of these private equity investments.

Other Assets and Liabilities

Assumed and Ceded (Re)insurance Contracts

Level 3 - During the three months ended March 31, 2026, the Company’s assumed and ceded (re)insurance contracts accounted for at fair value expired, and future cash flows are expected to be immaterial. At December 31, 2025, the related net liability was not material. The fair value of these contracts had been determined through the use of an internal valuation model. The most significant unobservable inputs included the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to calculate the present value of the net cash flows.

The Fair Value Option for Financial Assets and Financial Liabilities

The Company has elected to account for other investments and certain assumed and ceded (re)insurance contracts at fair value using the guidance under FASB ASC Topic 825, Financial Instruments, as the Company believes it represents the most meaningful measurement basis for these assets and liabilities.

The change in fair value of other investments resulted in net unrealized losses on investments for the three months ended March 31, 2026 of $82.1 million (March 31, 2025 - losses of $49.0 million).

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:



	At March 31, 2026				At December 31, 2025
	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private credit funds	$	1,465,531	$	1,559,569	$	1,445,158	$	1,605,126
Private equity funds	703,805		622,693		701,837		661,159


Multi-strategy funds (1)	543,612		—		473,990		—
Insurance-linked securities funds	158,982		—		154,514		—
Equity funds	45,907		—		—		—
Total other investments measured using net asset valuations	$	2,917,837	$	2,182,262	$	2,775,499	$	2,266,285

(1)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”

Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company uses various financial instruments in the normal course of its business. The Company’s (re)insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values.

Debt

Included in the Company’s consolidated balance sheet at March 31, 2026 were debt obligations with a carrying value of $2.3 billion (December 31, 2025 - $2.3 billion), consisting of $2.2 billion classified as Level 2 and $99.2 million classified as Level 3 (December 31, 2025 - $2.2 billion and $99.2 million). At March 31, 2026, the fair value of the Level 2 and Level 3 debt obligations were $2.3 billion and $99.3 million, respectively (December 31, 2025 - $2.3 billion and $100.2 million).

The fair value of the Company’s Level 2 debt obligations is determined using indicative pricing obtained from independent third‑party pricing service providers. The fair value of the Company’s Level 3 debt obligations is obtained through the use of a discounted cash flow model. The significant unobservable inputs used in the discounted cash flow model were the cash flow projection of the associated debt obligations and the discount rate, adjusted for credit risk. There were no changes in the Company’s valuation techniques used to determine the fair value of the Company’s debt obligations during the period.

Refer to “Note 7. Debt and Credit Facilities” for additional information related to the Company’s debt obligations.

NOTE 5. REINSURANCE

The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurer fails to meet its obligations.

The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on claims and claim expenses incurred:



	Three months ended
	March 31, 2026		March 31, 2025
Premiums Written
Direct	$	204,411	$	243,656
Assumed	3,274,462		3,911,847
Ceded	(800,577)		(711,974)
Net premiums written	$	2,678,296	$	3,443,529

Premiums Earned
Direct	$	212,556	$	251,894
Assumed	2,410,574		2,855,327
Ceded	(439,516)		(386,440)
Net premiums earned	$	2,183,614	$	2,720,781

Claims and Claim Expenses
Gross claims and claim expenses incurred	$	1,033,030	$	3,104,842
Claims and claim expenses recovered	(49,059)		(361,084)
Net claims and claim expenses incurred	$	983,971	$	2,743,758

In assessing an allowance for reinsurance assets, which includes premiums receivable and reinsurance recoverable, the Company considers historical information, financial strength of reinsurers, collateralization amounts, and counterparty credit ratings to determine the appropriateness of the allowance. In assessing future default for reinsurance assets, the Company evaluates the provision for current expected credit losses under the probability of default and loss given default method. The Company utilizes its internal capital and risk models, which use counterparty ratings from major rating agencies, and assesses the current market conditions for the likelihood of default. The Company updates its internal capital and risk models for counterparty credit ratings and current market conditions on a periodic basis. Historically, the Company has not experienced material credit losses from reinsurance assets.

Premiums Receivable

Premiums receivable reflects premiums written based on contract and policy terms and include estimates based on information received from both insureds and ceding companies, supplemented by the Company’s estimates of premiums that are written but not reported. Due to the nature of reinsurance, ceding companies routinely report and remit premiums subsequent to the contract coverage period, although the time lag involved in the process of reporting and collecting premiums is typically shorter than the lag in reporting losses.

At March 31, 2026, the Company’s premiums receivable balance was $8.1 billion (December 31, 2025 - $7.3 billion). Of the Company’s premiums receivable balance as of March 31, 2026, the majority are receivable from highly rated counterparties. The provision for current expected credit losses on the Company’s premiums receivable was $2.6 million at March 31, 2026 (December 31, 2025 - $3.2 million).

The following table provides a roll forward of the provision for current expected credit losses of the Company’s premiums receivable:



	Three months ended
	March 31, 2026		March 31, 2025
Beginning balance	$	3,181	$	4,631
Provision for (release of) allowance	(569)		(676)



Ending balance	$	2,612	$	3,955

Reinsurance Recoverable

Reinsurance recoverable reflects amounts due from reinsurers based on the claim liabilities associated with the reinsurance policy. The Company accrues amounts that are due from reinsurers based on estimated ultimate losses applicable to the contracts.

At March 31, 2026, the Company’s reinsurance recoverable balance was $3.7 billion (December 31, 2025 - $3.9 billion). Of the Company’s reinsurance recoverable balance at March 31, 2026, 44.4% is fully collateralized by the Company’s reinsurers, 53.9% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.7% is recoverable from reinsurers rated lower than A- by major rating agencies (December 31, 2025 - 46.9%, 51.5% and 1.6%, respectively). The reinsurers with the three largest balances accounted for 13.2%, 10.5% and 6.5%, respectively, of the Company’s reinsurance recoverable balance at March 31, 2026 (December 31, 2025 - 12.6%, 10.1% and 7.0%, respectively).

The provision for current expected credit losses was $12.6 million at March 31, 2026 (December 31, 2025 - $13.2 million). The three largest company-specific components of the provision for current expected credit losses represented 20.0%, 15.9% and 7.1%, respectively, of the Company’s total provision for current expected credit losses at March 31, 2026 (December 31, 2025 - 20.4%, 17.2% and 4.8%, respectively).

The following table provides a roll forward of the provision for current expected credit losses of the Company’s reinsurance recoverable:



	Three months ended
	March 31, 2026		March 31, 2025
Beginning balance	$	13,205	$	11,730
Provision for (release of) allowance	(654)		(907)



Ending balance	$	12,551	$	10,823

NOTE 6. RESERVE FOR CLAIMS AND CLAIM EXPENSES

The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. 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 the Company sells. The Company’s reserve for claims and claim expenses are a combination of case reserves, additional case reserves (“ACR”) and incurred but not reported losses and incurred but not enough reported losses (collectively referred to as “IBNR”). Case reserves are losses reported to the Company by insureds and ceding companies, but which have not yet been paid. If deemed necessary and in certain situations, either the Company establishes, or the Company’s clients report, ACR. Client reported ACR represents the client’s estimate of additional contract specific claims in excess of the case reserves they have reported to the Company. ACR established by the Company represents the Company’s estimates for claims related to specific contracts which the Company believes may not be adequately estimated by the client as of that date or is not within the IBNR. The Company establishes IBNR using actuarial techniques and expert judgment to represent the anticipated cost of claims which have not been reported to the Company yet, or where the Company anticipates increased reporting. The Company’s reserving committee, which includes

members of the Company’s senior management, reviews, discusses, and assesses the reasonableness and adequacy of the reserving estimates included in the unaudited consolidated financial statements.

The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, ACR and IBNR:



At March 31, 2026	Case Reserves		ACR		IBNR		Total
Property	$	1,749,063	$	1,562,377	$	2,039,860	$	5,351,300
Casualty and Specialty	3,645,622		334,902		12,959,234		16,939,758
Total	$	5,394,685	$	1,897,279	$	14,999,094	$	22,291,058

At December 31, 2025
Property	$	1,797,427	$	1,679,848	$	2,208,709	$	5,685,984
Casualty and Specialty	3,393,451		327,941		12,894,969		16,616,361
Total	$	5,190,878	$	2,007,789	$	15,103,678	$	22,302,345

Activity in the reserve for claims and claim expenses is summarized as follows:



Three months ended March 31,	2026		2025
Reserve for claims and claim expenses, net of reinsurance recoverable, beginning of period	$	18,402,432	$	16,822,101
Net incurred related to:
Current year	1,145,986		2,939,632
Prior years	(162,015)		(195,874)
Total net incurred	983,971		2,743,758
Net paid related to:
Current year	42,582		492,114
Prior years	776,001		888,032
Total net paid	818,583		1,380,146
Foreign exchange and other (1)	(7,719)		93,523
Reserve for claims and claim expenses, net of reinsurance recoverable, end of period	18,560,101		18,279,236
Reinsurance recoverable, end of period	3,730,957		4,577,895
Reserve for claims and claim expenses, end of period	$	22,291,058	$	22,857,131

(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.

Prior Year Development of the Reserve for Net Claims and Claim Expenses

The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an insurer’s estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable development is generally reduced by offsetting changes in its reinsurance recoverable, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest, all of which generally move in the opposite direction to changes in the Company’s ultimate claims and claim expenses.

The following table details the Company’s net (favorable) adverse development of prior accident years net claims and claim expenses by segment:



Three months ended March 31,	2026		2025
Property	$	(160,741)	$	(187,058)
Casualty and Specialty	(1,274)		(8,816)
Total net (favorable) adverse development of prior accident years net claims and claim expenses (1)	$	(162,015)	$	(195,874)

(1)In the three months ended March 31, 2026, the total net (favorable) adverse development of prior accident years net claims and claim expenses included amortization of fair value adjustments of $7.4 million, principally related to the Validus Acquisition (March 31, 2025 - $10.3 million)

Changes to prior year estimated net claims and claim expenses increased net income by $162.0 million during the three months ended March 31, 2026 (March 31, 2025 - $195.9 million), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interests - DaVinci, Fontana and Vermeer and income tax.

Property Segment

The following tables detail the net (favorable) adverse development of prior accident years net claims and claim expenses of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large catastrophe events and small catastrophe events and attritional loss movements:



Three months ended March 31,	2026		2025
Catastrophe net claims and claim expenses
Large catastrophe events
2025 Large Loss Events (1)	$	(834)	$	—
2024 Large Loss Events (2)	(17,582)		460
2023 Large Loss Events (3)	(19,214)		(10,936)
2022 Weather-Related Large Losses (4)	(18,892)		(25,570)
2021 Weather-Related Large Losses (5)	(10,560)		(18,143)
2020 Weather-Related Large Loss Events (6)	2,954		(1,536)
2019 Large Loss Events (7)	(602)		613
2018 Large Loss Events (8)	431		(5,388)
2017 Large Loss Events (9)	(1,763)		(9,164)

Total large catastrophe events	(66,062)		(69,664)
Total small catastrophe events and attritional loss movements (10)	(94,679)		(117,394)
Total catastrophe and attritional net claims and claim expenses	(160,741)		(187,058)
Actuarial assumption changes	—		—
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(160,741)	$	(187,058)

(1)“2025 Large Loss Events” includes the California Wildfires, Hurricane Melissa, 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.

(2)“2024 Large Loss Events” includes Hurricanes Milton, Helene, Debby and Beryl, 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, and certain aggregate loss contracts triggered during 2024.

(3)“2023 Large Loss Events” includes 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.

(4)“2022 Weather-Related Large Losses” includes 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.

(5)“2021 Weather-Related Large Losses” includes 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.

(6)“2020 Weather-Related Large Loss Events” includes 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.

(7)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(8)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricanes Florence and Michael, wildfires in California, and certain losses associated with aggregate loss contracts.

(9)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, wildfires in California, and certain losses associated with aggregate loss contracts.

(10)In the three months ended March 31, 2026, total small catastrophe events and attritional loss movements included amortization of fair value adjustments of $1.8 million, principally related to the Validus Acquisition (March 31, 2025 - $2.6 million).

2026

The net favorable development of prior accident years net claims and claim expenses on the large catastrophe events was primarily driven by better than expected loss emergence across the 2021 to 2024 accident years.

The net favorable development on small catastrophe events and attritional loss movements was primarily related to the other property class where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

2025

The net favorable development of prior accident years net claims and claim expenses was primarily driven by better than expected loss emergence across the 2017 to 2023 accident years.

The net favorable development on small catastrophe events and attritional loss movements was primarily related to the other property class of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Casualty and Specialty Segment

The following table details the net (favorable) adverse development of prior accident years net claims and claim expenses of the Company’s liability for net unpaid claims and claim expenses for its Casualty and Specialty segment:



Three months ended March 31,	2026		2025
Actuarial methods - actual reported claims less than expected claims (1)	$	(1,274)	$	(8,816)
Actuarial assumption changes	—		—
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(1,274)	$	(8,816)

(1)In the three months ended March 31, 2026, actuarial methods included amortization of fair value adjustments of $5.5 million, principally related to the Validus Acquisition (March 31, 2025 - $7.7 million).

The Company principally estimates net claims and claim expenses for the Casualty and Specialty segment using traditional actuarial methods.

The net favorable development of prior accident years net claims and claim expenses during the three months ended March 31, 2026, was due to reported losses generally coming in lower than expected on attritional net claims and claim expenses and was driven by favorable experience within the Company’s other specialty and credit classes of business, partially offset by adverse experience in the casualty classes of business.

The net favorable development of prior accident years net claims and claim expenses during the three months ended March 31, 2025 was primarily due to reported losses generally coming in lower than expected on attritional net claims and claim expenses and was driven by favorable experience within the Company’s other specialty and credit classes of business, partially offset by adverse experience in the general liability line of business.

NOTE 7. DEBT AND CREDIT FACILITIES

At March 31, 2026, there were no material changes to the Company’s debt obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2025, except as described below or otherwise disclosed.

The agreements governing the Company’s debt obligations and credit facilities contain certain customary representations, warranties and covenants. At March 31, 2026, the Company believes that it was in compliance with its debt covenants.

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:



	At March 31, 2026				At December 31, 2025
	Fair Value		Carrying Value		Fair Value		Carrying Value
7.003% Senior Notes due 2035 (Fontana) (1)	$	99,310	$	99,244	$	100,165	$	99,224
5.950% Senior Notes due 2035 (DaVinci) (2)	296,700		297,052		310,182		296,972
5.800% Senior Notes due 2035	508,835		493,937		523,945		493,770
5.750% Senior Notes due 2033	768,795		743,242		786,518		743,009
3.600% Senior Notes due 2029	388,264		397,194		391,708		396,966
3.450% Senior Notes due 2027	296,655		299,382		297,474		299,260


Total senior notes	2,358,559		2,330,051		2,409,992		2,329,201

Total debt	$	2,358,559	$	2,330,051	$	2,409,992	$	2,329,201

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture Fontana. Because RenaissanceRe controls a majority of Fontana’s issued voting shares, the consolidated financial statements of Fontana are included in the consolidated financial statements of RenaissanceRe. RenaissanceRe has not provided any financial or other support to Fontana that it was not contractually required to provide. RenaissanceRe’s financial exposure to Fontana is limited to its investment in Fontana’s shares and counterparty credit risk arising from reinsurance transactions.

(2)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinci. Because RenaissanceRe controls a majority of DaVinci’s issued voting shares, the consolidated financial statements of DaVinci are included in the consolidated financial statements of RenaissanceRe. 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.

Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities are set forth below:



At March 31, 2026	Issued or Drawn
Revolving Credit Facility (1)	$	—

Bilateral Letter of Credit Facilities
Secured	189,286
Unsecured	297,849



	$	487,135

(1)At March 31, 2026, no amounts were issued or drawn under this facility.

NOTE 8. NONCONTROLLING INTERESTS

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



	At March 31, 2026		At December 31, 2025
Redeemable noncontrolling interest - DaVinci	$	3,291,360	$	3,701,637
Redeemable noncontrolling interest - Medici	1,433,068		1,398,166
Redeemable noncontrolling interest - Vermeer	1,824,130		1,922,431
Redeemable noncontrolling interest - Fontana	494,566		579,858
Redeemable noncontrolling interests	$	7,043,124	$	7,602,092

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



	Three months ended
	March 31, 2026		March 31, 2025
Redeemable noncontrolling interest - DaVinci	$	156,900	$	(112,441)
Redeemable noncontrolling interest - Medici	19,807		15,163
Redeemable noncontrolling interest - Vermeer	51,699		(107,080)
Redeemable noncontrolling interest - Fontana	(5,955)		9,106
Net income (loss) attributable to redeemable noncontrolling interests (1)	$	222,451	$	(195,252)

Redeemable Noncontrolling Interest – DaVinci

DaVinciRe Holdings Ltd. (“DaVinci”) is a managed joint venture formed by RenaissanceRe principally to write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis through its wholly-owned subsidiary, DaVinci Reinsurance Ltd. (“DaVinci Reinsurance”). DaVinci is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of DaVinci, as it has the power to direct the activities of DaVinci that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to DaVinci. Accordingly, the Company consolidates DaVinci and all significant intercompany transactions have been eliminated. The portion of DaVinci’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests.

DaVinci shareholders are party to a shareholders’ agreement which provides DaVinci shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinci of such shareholder’s desire for DaVinci to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinci’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinci’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinci before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of December 31 of that year. The repurchase price can be subject to a holdback and true-up for potential development on loss reserves. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value and can be subject to a true-up for potential development on loss reserves. The Company has not provided any financial or other support to DaVinci that it was not contractually required to provide.

2026

During the three months ended March 31, 2026, DaVinci repurchased $750.0 million of its shares, including $182.5 million from the Company. In addition, RenaissanceRe purchased an aggregate of $81.3 million of shares from other third-party investors.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the three months ended March 31, 2026, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $637.1 million as a result of distributions to and redemptions of shares from third-party investors.

At March 31, 2026, DaVinci’s standalone consolidated balance sheet included total assets and total liabilities of $7.0 billion and $2.7 billion, respectively (December 31, 2025 - $7.2 billion and $2.3 billion, respectively). The total assets included $5.7 billion of investments and $1.3 billion of all other aggregated assets (December 31, 2025 - $6.2 billion and $978.5 million, respectively). The total liabilities included $1.4 billion of reserve for claims and claim expenses, $297.1 million of debt and $981.0 million of all other aggregated liabilities (December 31, 2025 - $1.5 billion, $297.0 million and $554.8 million, respectively). The Company’s noncontrolling economic ownership in DaVinci was 26.3% at March 31, 2026 (December 31, 2025 - 24.3%).

2025

During the three months ended March 31, 2025, RenaissanceRe sold an aggregate of $69.7 million of its shares in DaVinci to third-party investors and purchased an aggregate of $26.9 million of shares from other third-party investors.

During the three months ended March 31, 2025, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $26.9 million as a result of redemptions of shares from third-party investors.

The Company expects its noncontrolling economic ownership in DaVinci to fluctuate over time.

The activity in redeemable noncontrolling interest – DaVinci is detailed in the table below:



	Three months ended
	March 31, 2026		March 31, 2025
Beginning balance	$	3,701,637	$	3,061,708
Redemption of shares from redeemable noncontrolling interests	(649,164)		(26,929)
Sale of shares to redeemable noncontrolling interests, net of adjustments	—		70,000
Net income (loss) attributable to redeemable noncontrolling interest, net of consolidation adjustments	238,887		(112,441)

Ending balance	$	3,291,360	$	2,992,338

Redeemable Noncontrolling Interest - Medici

Medici is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk. Medici is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Medici, as it has the power to direct the activities of Medici that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Medici. Accordingly, the Company consolidates Medici and all significant intercompany transactions have been eliminated. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. RenaissanceRe, Medici and RenaissanceRe Fund Management Ltd. (“RFM”) are parties to a revolving credit facility pursuant to which RenaissanceRe provides for a revolving commitment to Medici of up to

$75.0 million. The Company has not provided any other financial or other support to Medici that it was not contractually required to provide.

2026

During the three months ended March 31, 2026, investors subscribed for $46.0 million of the participating, non-voting common shares of Medici. In addition, investors redeemed $30.9 million of the participating, non-voting common shares of Medici.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the three months ended March 31, 2026, RenaissanceRe received cash inflows of $3.0 million from subscriptions of shares in Medici by third-party investors and paid $57.3 million as a result of redemptions of shares from third-party investors.

At March 31, 2026, Medici’s standalone balance sheet included total assets and total liabilities of $1.6 billion and $7.6 million, respectively (December 31, 2025 - $1.7 billion and $133.2 million, respectively). The total assets included $1.6 billion of investments and $22.8 million of all other aggregated assets (December 31, 2025 - $1.7 billion and $23.3 million, respectively). The total liabilities included $7.6 million of all other aggregated liabilities (December 31, 2025 - $133.2 million). The Company’s noncontrolling economic ownership in Medici was 11.2% at March 31, 2026 (December 31, 2025 - 11.3%).

2025

During the three months ended March 31, 2025, investors subscribed for $111.6 million of the participating, non-voting common shares of Medici, including $50.1 million from the Company. In addition, investors redeemed $378.8 million of the participating, non-voting common shares of Medici, including $140.0 million from the Company. Of the total redemption of $378.8 million, $316.5 million was immediately reinvested in Medici UCITS, including $140.0 million from the Company. Third party investors also received $15.3 million in dividends.

During the three months ended March 31, 2025, RenaissanceRe received cash inflows of $25.5 million from subscriptions of shares in Medici by third-party investors, and paid $264.1 million as a result of redemptions of shares from and dividends to third-party investors.

The Company expects its noncontrolling economic ownership in Medici to fluctuate over time.

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:



	Three months ended
	March 31, 2026		March 31, 2025
Beginning balance	$	1,398,166	$	1,646,745
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(30,905)		(238,795)
Sale of shares to redeemable noncontrolling interests	46,000		61,603
Net income (loss) attributable to redeemable noncontrolling interest	19,807		15,163
Dividends on common shares	—		(15,314)

Ending balance	$	1,433,068	$	1,469,402

Redeemable Noncontrolling Interest – Vermeer

Vermeer Reinsurance Ltd. (“Vermeer”) is a managed joint venture formed by RenaissanceRe to provide capacity focused on risk remote layers in the U.S. property catastrophe market. RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, owns 100% of the non-voting participating shares of Vermeer. Vermeer is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Vermeer, as it has power to direct the activities of Vermeer that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to

Vermeer. Accordingly, the Company consolidates Vermeer and all significant intercompany transactions have been eliminated. As PFZW owns all of the participating shares of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.

2026

During the three months ended March 31, 2026, there were no subscriptions for participating, non-voting common shares of Vermeer. In addition, there were $150.0 million dividends declared and paid to PFZW.

At March 31, 2026, Vermeer’s standalone balance sheet included total assets and total liabilities of $2.0 billion and $162.6 million, respectively (December 31, 2025 - $2.3 billion and $411.4 million, respectively). The total assets included $1.9 billion of investments and $84.6 million of all other aggregated assets (December 31, 2025 - $2.0 billion and $332.7 million, respectively). The total liabilities included $94.1 million of reserve for claims and claim expenses and $68.5 million of all other aggregated liabilities (December 31, 2025 - $91.2 million and $320.2 million, respectively).

2025

During the three months ended March 31, 2025, there were no subscriptions for participating, non-voting common shares of Vermeer. In addition, there were no dividends declared or paid to PFZW.

The Company does not expect its noncontrolling economic ownership in Vermeer to fluctuate over time.

The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below:



	Three months ended
	March 31, 2026		March 31, 2025
Beginning balance	$	1,922,431	$	1,799,857
Dividends on common shares	(150,000)		—
Sale of shares to redeemable noncontrolling interest	—		—
Net income (loss) attributable to redeemable noncontrolling interest	51,699		(107,080)

Ending balance	$	1,824,130	$	1,692,777

Redeemable Noncontrolling Interest – Fontana

Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to assume casualty and specialty risks in line with the Company’s book of business. Fontana is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Fontana, as it has power to direct the activities of Fontana that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Fontana. Accordingly, the Company consolidates Fontana and all significant intercompany transactions have been eliminated. The portion of Fontana’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company may be obligated to repurchase all or a portion of the limited partner interest held by limited partners of Fontana upon request, subject to certain restrictions. The Company has not provided any financial or other support to Fontana that it was not contractually required to provide.

2026

During the three months ended March 31, 2026, RenaissanceRe purchased an aggregate of $79.3 million of its limited partner interest in Fontana from other third-party investors.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the three months ended March 31, 2026, RenaissanceRe received no cash inflows from subscriptions for the limited partner interest of Fontana by third-party investors, and paid $71.4 million as a result of redemptions of the limited partner interest from third-party investors.

At March 31, 2026, Fontana’s standalone consolidated balance sheet included total assets and total liabilities of $3.0 billion and $2.2 billion, respectively (December 31, 2025 - $2.9 billion and $2.1 billion, respectively). The total assets included $2.1 billion of investments and $891.3 million of all other aggregated assets (December 31, 2025 - $2.0 billion and $889.0 million, respectively). The total liabilities included $1.5 billion of reserve for claims and claim expenses, $99.2 million of debt and $653.9 million of all other aggregated liabilities (December 31, 2025 - $1.4 billion, $99.2 million and $620.6 million, respectively). As a result of these transactions, the Company’s noncontrolling economic ownership in Fontana was 38.4% at March 31, 2026 (December 31, 2025 - 28.7%).

2025

During the three months ended March 31, 2025, investors subscribed for $100.0 million of the limited partner interest of Fontana, including $70.8 million from the Company. In addition, RenaissanceRe sold an aggregate of $100.0 million of its limited partner interest in Fontana to third-party investors and purchased an aggregate of $72.0 million of its limited partner interest in Fontana from other third-party investors.

During the three months ended March 31, 2025, RenaissanceRe received no subscriptions for the limited partner interest of Fontana by third-party investors, and paid $64.8 million as a result of redemptions of the limited partner interest from third-party investors.

The Company’s investment in Fontana may fluctuate, perhaps materially, in future quarters.

The activity in redeemable noncontrolling interest – Fontana is detailed in the table below:



	Three months ended
	March 31, 2026		March 31, 2025
Beginning balance	$	579,858	$	469,439
Redemption of limited partner interest from redeemable noncontrolling interest	(79,337)		(72,044)
Sale of limited partner interest to redeemable noncontrolling interest	—		129,155
Net income (loss) attributable to redeemable noncontrolling interest	(5,955)		9,106

Ending balance	$	494,566	$	535,656

NOTE 9. VARIABLE INTEREST ENTITIES

Managed Joint Ventures and Managed Funds

The Company has interests in various managed joint ventures and managed funds that are considered VIEs. The Company consolidates the results of DaVinci, Medici, Vermeer and Fontana, as the Company is deemed to be the primary beneficiary of each of those entities. Refer to “Note 8. Noncontrolling Interests” for additional information on those entities. The Company also consolidates Upsilon RFO Diversified I, II and III, which are segregated accounts of Upsilon RFO Re Ltd. (“Upsilon RFO”), as the Company is deemed to be the primary beneficiary, as detailed below. The assets of DaVinci, Medici, Vermeer, Fontana and Upsilon RFO Diversified I, II and III can only be used to settle their respective obligations. The liabilities of each of those entities are non‑recourse to the Company, and creditors do not have recourse to the general credit of the Company.

The Company’s consolidated VIEs affect its cash flows primarily through underwriting results, investment-related activities, fee income and capital transactions relating to its redeemable noncontrolling interests. The assets, liabilities, revenues, and expenses of these VIEs are included in the Company’s consolidated financial statements, however, a significant portion of the cash flows generated by the VIEs are attributable to third‑party investors and recorded as redeemable noncontrolling interests. As a result, the Company’s consolidated cash flows reflect the gross cash flows of the VIEs rather than the net cash flows economically retained by the Company.

Upsilon RFO

Upsilon RFO is an exempted company incorporated in Bermuda. It is registered as a segregated accounts company and as a collateralized insurer, Upsilon RFO currently has four segregated accounts (Upsilon RFO Diversified I, II, III and IV). RenaissanceRe indirectly owns a portion of the participating non-voting preference shares of three of the existing segregated accounts of Upsilon RFO (Upsilon RFO Diversified I, II and III) and all of Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholders) participate in all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting Class A shareholders) indemnify Upsilon RFO against losses relating to insurance risk, and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance.

Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO Diversified I, II and III as it has the power to direct the activities of those segregated accounts that most significantly impact their economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to those segregated accounts. Accordingly, the Company consolidates Upsilon RFO Diversified I, II and III and all significant intercompany transactions have been eliminated.

The Company is not the primary beneficiary of Upsilon RFO Diversified IV, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to that segregated account. Accordingly, the Company does not consolidate the financial position or results of operations of Upsilon RFO Diversified IV. The Company does not have, and does not expect to have, a material investment in Upsilon RFO Diversified IV. In addition, the Company expects its absolute and relative ownership in Upsilon RFO Diversified IV to remain minimal.

Other than its equity investments in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide.

2026

During the three months ended March 31, 2026, and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $3.0 million of capital to investors of Upsilon RFO Diversified I, II and III, including $0.3 million to the Company and returned $6.9 million to investors of Upsilon RFO Diversified IV.

At March 31, 2026, Upsilon RFO’s balance sheet included total assets and total liabilities of Diversified I, II and III of $602.5 million and $601.6 million, respectively (December 31, 2025 - $653.0 million and $652.1 million, respectively). The total assets included $517.6 million of investments and $84.9 million of all other aggregated assets (December 31, 2025 - $526.8 million and $126.2 million, respectively). The total liabilities included $273.5 million of reserve for claims and claim expenses and $328.1 million of all other aggregated liabilities (December 31, 2025 - $305.8 million and $346.3 million, respectively). Of the total assets and liabilities of Upsilon RFO Diversified I, II and III, a net amount of $34.1 million (December 31, 2025 - $32.7 million) is attributable to the Company, and $282.2 million (December 31, 2025 - $264.8 million) is attributable to third-party investors. Of the total assets and liabilities of Upsilon RFO Diversified IV, a net amount of $99.1 million (December 31, 2025 - $101.8 million) is attributable to third-party investors. At March 31, 2026, the Company’s participation in the risks assumed by Upsilon RFO Diversified I, II and III was 12.9% (December 31, 2025 - 12.7%).

2025

During the three months ended March 31, 2025, and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $25.3 million of capital to investors of Upsilon RFO Diversified I, II and III, and returned $15.1 million of capital to investors of Upsilon RFO Diversified IV.

Upsilon Diversified

RenaissanceRe Upsilon Diversified Fund (“Upsilon Diversified”) is a segregated account of RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted company incorporated in Bermuda which is registered as a segregated accounts company and a Class A Professional Fund. Upsilon Diversified provides a fund

structure through which investors can invest in reinsurance risk managed by the Company, which includes investments in Upsilon RFO and Medici. Upsilon Diversified is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of Upsilon Diversified, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to Upsilon Diversified. Accordingly, the Company does not consolidate the financial position or results of operations of Upsilon Diversified. Upsilon Diversified meets the definition of an investment company, and accordingly, is required to account for all of its investments, including its investments in Upsilon RFO and Medici, at fair value. The Company does not have, has not previously had, and does not expect to have, a material investment in Upsilon Diversified. In addition, the Company expects its absolute and relative ownership in Upsilon Diversified to remain minimal. Other than its current equity investment in Upsilon Diversified, the Company has not provided financial or other support to Upsilon Diversified that it was not contractually required to provide. The total assets of Upsilon Diversified principally reflect its investment in Upsilon RFO.

2026

During the three months ended March 31, 2026, and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $2.5 million of capital to investors.

The fair value of the Company’s indirect equity ownership in Upsilon Diversified is included in investments in other ventures and was $0.4 million at March 31, 2026 (December 31, 2025 - $0.4 million). At March 31, 2026, the total assets and total liabilities of Upsilon Diversified were $269.2 million and $24.5 million, respectively (December 31, 2025 - $278.4 million and $42.6 million, respectively). Upsilon Diversified’s investment in Upsilon RFO was valued at $265.6 million at March 31, 2026 (December 31, 2025 - $254.7 million).

2025

During the three months ended March 31, 2025, and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $24.2 million of capital to investors.

NOC1

NOC1 is a segregated account of Upsilon Fund formed in 2023, that provides a fund structure through which investors can invest in a portfolio of insurance-linked securities, principally catastrophe bonds. NOC1 is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of NOC1, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to NOC1. Accordingly, the Company does not consolidate the financial position or results of operations of NOC1. The Company does not have, and does not expect to have, a material investment in NOC1 and expects its absolute and relative ownership in NOC1 to remain minimal. Other than its current equity investment in NOC1, the Company has not provided financial or other support to NOC1 that it was not contractually required to provide.

The fair value of the Company’s indirect equity ownership in NOC1 is included in investments in other ventures and was $1.9 million at March 31, 2026 (December 31, 2025 - $1.9 million). At March 31, 2026, the total assets and total liabilities of NOC1 were $195.6 million and $0.7 million, respectively (December 31, 2025 - $192.7 million and $0.5 million, respectively).

Stratos

Stratos is a segregated account of Upsilon Fund formed in 2025, that provides a fund structure through which investors can invest in a portfolio of insurance-linked securities, principally catastrophe bonds. Stratos is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of Stratos, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to Stratos. Accordingly, the Company does not consolidate the financial position or results of operations of Stratos. The Company does not have, and does not expect to have, a material investment in Stratos and expects its absolute and relative ownership in Stratos to remain minimal. The

Company has not provided financial or other support to Stratos that it was not contractually required to provide.

At March 31, 2026, the total assets and total liabilities of Stratos were $266.3 million and $0.6 million, respectively (December 31, 2025 - $261.9 million and $0.2 million, respectively).

Mona Lisa Re Ltd.

Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled special purpose insurer (“SPI”), provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors. Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with certain subsidiaries of RenaissanceRe underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes.

Mona Lisa Re is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is not the primary beneficiary of Mona Lisa Re as it does not have the power to direct the activities of Mona Lisa Re that most significantly impact its economic performance. Accordingly, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company.

The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by certain subsidiaries of RenaissanceRe, which are accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance, and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.

The Company recognized ceded premiums written related to the ceded reinsurance contracts with Mona Lisa Re of $68.5 million during the three months ended March 31, 2026 (March 31, 2025 - $55.7 million). In addition, the Company recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $20.5 million during the three months ended March 31, 2026 (March 31, 2025 - $21.9 million).

At March 31, 2026, the total assets and total liabilities of Mona Lisa Re were $1.0 billion and $1.0 billion, respectively (December 31, 2025 - $1.1 billion and $1.1 billion, respectively).

The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $3.5 million at March 31, 2026 (December 31, 2025 - $3.4 million).

AlphaCat

In connection with the Validus Acquisition, the Company acquired AlphaCat Managers Ltd. (“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 generates fee income. The AlphaCat Funds are primarily funded by third-party capital investors. The AlphaCat Funds are invested in various risk-linked instruments through variable funding notes issued by AlphaCat Reinsurance Ltd. (“AlphaCat Re”), AlphaCat Master Fund Ltd. and OmegaCat Reinsurance Ltd. (“OmegaCat Re”), which give investors access to a range of property catastrophe risks. Prior to the Validus Acquisition, substantially all of the AlphaCat Funds had received full redemption requests from their investors and capital was being released accordingly, subject to certain constraints. The Company expects to run off the business over a period of time.

The AlphaCat Funds, AlphaCat Re and OmegaCat Re are considered VIEs as the voting rights of their equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of the AlphaCat Funds, AlphaCat Re and OmegaCat Re as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to the AlphaCat Funds, AlphaCat Re and OmegaCat Re. Accordingly, the Company does not consolidate the financial position or results of operations of the AlphaCat Funds, AlphaCat Re and OmegaCat Re. The Company has not provided financial or other support to the AlphaCat Funds, AlphaCat Re and OmegaCat Re that it was not contractually required to provide.

The fair value of the Company’s direct equity ownership in the AlphaCat Funds and AlphaCat Re is included in other investments and was $2.2 million at March 31, 2026 (December 31, 2025 - $2.2 million). At March 31, 2026, AlphaCat Funds, AlphaCat Re and OmegaCat Re had combined total assets and total liabilities of $0.8 billion and $0.4 billion, respectively (December 31, 2025 - $1.1 billion and $0.5 billion, respectively).

Fund Investments

The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. Refer to “Note 3. Investments” for additional information.

NOTE 10. SHAREHOLDERS’ EQUITY

Dividends

The Board of RenaissanceRe declared quarterly dividends of $0.41 per common share, payable to common shareholders of record on March 13, 2026, and the Company paid the dividends on March 31, 2026.

The Board of Directors approved the payment of quarterly dividends on each of the series of RenaissanceRe’s preference shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates.

The amount of the dividend on the 5.750% Series F Preference Shares is an amount per share equal to 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). The amount of the dividend on the 4.20% Series G Preference Shares is an amount per share equal to 4.20% of the liquidation preference per annum (the equivalent to $1,050 per 4.20% Series G Preference Share per annum, or $262.50 per 4.20% Series G Preference Share per quarter, or $1.05 per Depositary Share per annum, or $0.2625 per quarter).

During the three months ended March 31, 2026, the Company paid $8.8 million in preference share dividends (March 31, 2025 - $8.8 million) and $17.6 million in common share dividends (March 31, 2025 - $19.5 million).

Share Repurchases

The Company’s 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. On February 11, 2026, RenaissanceRe’s Board approved a renewal of its authorized share repurchase program for an aggregate amount of up to $750.0 million. Unless terminated earlier by RenaissanceRe’s Board, the program will expire when the Company has repurchased the full value of the common shares authorized. During the three months ended March 31, 2026, the Company repurchased and cancelled 1.2 million common shares at an aggregate cost of $352.5 million and an average price of $289.36 per common share. At March 31, 2026, $542.5 million remained available for repurchase under the share repurchase

program. In the future, the Company 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. The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company.

Refer to Note 15. “Subsequent Events” for additional information related to the share repurchase program subsequent to March 31, 2026.

NOTE 11. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:



	Three months ended
(common shares in thousands)	March 31, 2026		March 31, 2025
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	284,535	$	161,147
Amount allocated to participating common shareholders (1)	(4,572)		(2,365)
Net income (loss) allocated to RenaissanceRe common shareholders	$	279,963	$	158,782
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	42,434		48,334
Per common share equivalents of non-vested shares (2)	194		180
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	42,628		48,514
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	6.60	$	3.29
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	6.57	$	3.27

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

NOTE 12. SEGMENT REPORTING

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, certain expenses related to acquisitions and dispositions, capital servicing costs, income tax benefit (expense) and noncontrolling interests.

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, making operating decisions and allocating 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 March 31, 2026	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	1,707,420		$	1,771,453		$	—	$	3,478,873
Net premiums written	$	1,255,193		$	1,423,103		$	—	$	2,678,296
Net premiums earned	$	900,738		$	1,282,876		$	—	$	2,183,614
Net claims and claim expenses incurred	84,108			899,863			—		983,971
Acquisition expenses	157,031			364,819			—		521,850
Operational expenses	65,736			23,299			—		89,035
Underwriting income (loss)	$	593,863		$	(5,105)		$	—	588,758
Net investment income							420,502		420,502
Net foreign exchange gains (losses)							(9,019)		(9,019)
Equity in earnings (losses) of other ventures							20,485		20,485
Other income (loss)							1,247		1,247
Net realized and unrealized gains (losses) on investments							(421,913)		(421,913)

Corporate expenses							(19,460)		(19,460)
Interest expense							(31,786)		(31,786)
Income (loss) before taxes									548,814
Income tax benefit (expense)							(32,984)		(32,984)

Net (income) loss attributable to redeemable noncontrolling interests							(222,451)		(222,451)
Dividends on preference shares							(8,844)		(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	284,535

Net claims and claim expenses incurred – current accident year	$	244,849		$	901,137		$	—	$	1,145,986
Net claims and claim expenses incurred – prior accident years	(160,741)			(1,274)			—		(162,015)
Net claims and claim expenses incurred – total	$	84,108		$	899,863		$	—	$	983,971

Net claims and claim expense ratio – current accident year	27.2		%	70.2		%			52.5		%
Net claims and claim expense ratio – prior accident years	(17.9)		%	(0.1)		%			(7.4)		%
Net claims and claim expense ratio – calendar year	9.3		%	70.1		%			45.1		%
Underwriting expense ratio	24.8		%	30.3		%			27.9		%
Combined ratio	34.1		%	100.4		%			73.0		%



Three months ended March 31, 2025	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,130,833		$	2,024,670		$	—	$	4,155,503
Net premiums written	$	1,690,994		$	1,752,535		$	—	$	3,443,529
Net premiums earned	$	1,247,950		$	1,472,831		$	—	$	2,720,781
Net claims and claim expenses incurred	1,623,257			1,120,501			—		2,743,758
Acquisition expenses	167,645			479,790			—		647,435
Operational expenses	64,266			35,919			—		100,185
Underwriting income (loss)	$	(607,218)		$	(163,379)		$	—	(770,597)
Net investment income							405,353		405,353
Net foreign exchange gains (losses)							(7,328)		(7,328)
Equity in earnings (losses) of other ventures							17,828		17,828
Other income (loss)							914		914
Net realized and unrealized gains (losses) on investments							332,940		332,940

Corporate expenses							(22,810)		(22,810)
Interest expense							(27,086)		(27,086)
Income (loss) before taxes									(70,786)
Income tax benefit (expense)							45,525		45,525

Net (income) loss attributable to redeemable noncontrolling interests							195,252		195,252
Dividends on preference shares							(8,844)		(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	161,147

Net claims and claim expenses incurred – current accident year	$	1,810,315		$	1,129,317		$	—	$	2,939,632
Net claims and claim expenses incurred – prior accident years	(187,058)			(8,816)			—		(195,874)
Net claims and claim expenses incurred – total	$	1,623,257		$	1,120,501		$	—	$	2,743,758

Net claims and claim expense ratio – current accident year	145.1		%	76.7		%			108.0		%
Net claims and claim expense ratio – prior accident years	(15.0)		%	(0.6)		%			(7.2)		%
Net claims and claim expense ratio – calendar year	130.1		%	76.1		%			100.8		%
Underwriting expense ratio	18.6		%	35.0		%			27.5		%
Combined ratio	148.7		%	111.1		%			128.3		%

NOTE 13. DERIVATIVE INSTRUMENTS

The Company may enter into derivative instruments to manage its foreign currency exposure, obtain exposure to a particular financial market, or for trading and to assume or hedge risk. The Company’s derivative instruments are primarily exchange traded futures, centrally cleared credit default swaps or over-the-counter foreign currency forward contracts. The over-the-counter derivatives are generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event a party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities.

The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at March 31, 2026.

The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value for the Company’s derivative instruments:



	Derivative Assets
At March 31, 2026	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet (1)		Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	7,082	$	—	$	7,082	$	—	$	7,082
Interest rate swaps	36		—		36		—		36
Foreign currency forward contracts (2)	7,034		—		7,034		—		7,034
Foreign currency forward contracts (3)	3,150		—		3,150		—		3,150

Credit default swaps	2,502		—		2,502		—		2,502

Equity futures	36,322		—		36,322		—		36,322
Commodity futures	13,781		—		13,781		—		13,781

Total derivative instruments not designated as hedges	69,907		—		69,907		—		69,907
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	110		—		110		—		110

Total	$	70,017	$	—	$	70,017	$	—	$	70,017



	Derivative Liabilities
At March 31, 2026	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet (1)		Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	2,708	$	—	$	2,708	$	2,534	$	174
Interest rate swaps	22		—		22		22		—
Foreign currency forward contracts (2)	11,264		—		11,264		2,250		9,014
Foreign currency forward contracts (3)	1,077		—		1,077		—		1,077

Credit default swaps	668		—		668		668		—




Total derivative instruments not designated as hedges	15,739		—		15,739		5,474		10,265
Derivative instruments designated as hedges
Foreign currency forward contracts (4)	1,100		—		1,100		—		1,100

Total	$	16,839	$	—	$	16,839	$	5,474	$	11,365

(1)Net derivative assets and liabilities are included within other assets and other liabilities, respectively, in the consolidated balance sheets.

(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(3)Contracts used to manage foreign currency risks in investment operations.

(4)Contracts designated as hedges of net investments in a foreign operation.



	Derivative Assets
At December 31, 2025	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet (1)		Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	7,400	$	—	$	7,400	$	—	$	7,400
Interest rate swaps	37		—		37		—		37
Foreign currency forward contracts (2)	10,592		—		10,592		—		10,592
Foreign currency forward contracts (3)	8		—		8		—		8


Credit default swaps	310		—		310		—		310






Total	$	18,347	$	—	$	18,347	$	—	$	18,347



	Derivative Liabilities
At December 31, 2025	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet (1)		Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	8,236	$	—	$	8,236	$	7,940	$	296

Foreign currency forward contracts (2)	5,519		—		5,519		5,425		94
Foreign currency forward contracts (3)	3,097		—		3,097		1,201		1,896

Credit default swaps	627		—		627		627		—
Equity futures	9,861		—		9,861		9,861		—

Commodity futures	12,380		—		12,380		—		12,380
Total derivative instruments not designated as hedges	39,720		—		39,720		25,054		14,666
Derivative instruments designated as hedges
Foreign currency forward contracts (4)	1,480		—		1,480		—		1,480
Total	$

RENAISSANCERE HOLDINGS LTD 10-Q