Renaissancere Holdings Ltd. · NYSE:RNR
Renaissancere — Q2 2025 Earnings Presentation
42 slides from Renaissancere's earnings presentation, Jul 24, 2025
Slide 1: Financial Supplement
RenaissancoRe> RenaissanceRe Holdings Ltd. Financial Supplement June 30, 2025 Investors: Media Contacts: RenaissanceRe Holdings Ltd. RenaissanceRe Holdings Ltd. Kekst CNC Keith McCue Hayden Kenny Nicholas Capuano Senior Vice President Senior Vice President T: +1 917-842-7859 Finance & Investor Relat
Slide 2: Contents
RenaissanceRe Holdings Ltd. Contents Page Basis of Presentation i Financial Highlights 1 Summary Consolidated Financial Statements a. Consolidated Statements of Operations 3 b. Consolidated Balance Sheets 4 Underwriting and Reserves a. Consolidated Segment Underwriting Results 5 b. Consolidated and
Slide 3: Basis of Presentation
RenaissanceRe Holdings Ltd. Basis of Presentation RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and special
Slide 4: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litig
Slide 5: Financial Highlights
RenaissanceRe Holdings Ltd. Financial Highlights Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 826,507 $ 495,046 $ 987,654 $ 859,844 Operating income (loss) available (attr
Slide 6: Financial Highlights - Per Share Data & ROE
Financial Highlights - Per Share Data & ROE Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 17.25 $ 9.44 $ 20.37 $ 16.39 Net income (loss) available
Slide 7: Consolidated Statements of Operations
Summary Consolidated Financial Statements Consolidated Statements of Operations Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Revenues Gross premiums written $ 3,421,180 $ 3,425,495 $ 7,576,683 $ 7,416,179 Net premiums written $ 2,770,270 $ 2,838,511 $ 6
Slide 8: Consolidated Balance Sheets
Summary Consolidated Financial Statements Consolidated Balance Sheets June 30, December 31, 2025 2024 Assets Fixed maturity investments trading, at fair value – amortized cost $23,179,116 at June 30, 2025 (December 31, 2024 – $23,750,540) $ 23,332,063 $ 23,562,514 Short term investments, at fair val
Slide 9: Consolidated Segment Underwriting Results
Underwriting and Reserves Consolidated Segment Underwriting Results Three months ended June 30, 2025 Three months ended June 30, 2024 Casualty and Casualty and Property Specialty Total Property Specialty Total Gross premiums written $ 1,731,935 $ 1,689,245 $ 3,421,180 $ 1,753,098 $ 1,672,397 $ 3,425
Slide 10: Consolidated Segment Underwriting Results
Underwriting and Reserves Consolidated Segment Underwriting Results Six months ended June 30, 2025 Six months ended June 30, 2024 Casualty and Casualty and Property Specialty Total Property Specialty Total Gross premiums written $ 3,862,768 $ 3,713,915 $ 7,576,683 $ 3,642,979 $ 3,773,200 $ 7,416,179
Slide 11: Consolidated Underwriting Results - Five Quarter Trend
Underwriting and Reserves Consolidated Underwriting Results - Five Quarter Trend Total June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Gross premiums written $ 3,421,180 $ 4,155,503 $ 1,916,751 $ 2,400,136 $ 3,425,495 Net premiums written $ 2,770,270 $ 3,443,529 $ 1,7
Slide 12: Property Underwriting Results - Five Quarter Trend
Underwriting and Reserves Property Underwriting Results - Five Quarter Trend Property June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Gross premiums written $ 1,731,935 $ 2,130,833 $ 390,043 $ 790,709 $ 1,753,098 Net premiums written $ 1,325,557 $ 1,690,994 $ 376,136
Slide 13: Casualty and Specialty Underwriting Results - Five Quarter Trend
Underwriting and Reserves Casualty and Specialty Underwriting Results - Five Quarter Trend Casualty and Specialty June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Gross premiums written $ 1,689,245 $ 2,024,670 $ 1,526,708 $ 1,609,427 $ 1,672,397 Net premiums written $
Slide 14: Property Segment - Catastrophe and Other Property Underwriting Results
Underwriting and Reserves Property Segment - Catastrophe and Other Property Underwriting Results Three months ended June 30, 2025 Three months ended June 30, 2024 Other Other Catastrophe Property Total Catastrophe Property Total Gross premiums written $ 1,362,681 $ 369,254 $ 1,731,935 $ 1,264,589 $
Slide 15: Property Segment - Catastrophe and Other Property Underwriting Results
Underwriting and Reserves Property Segment - Catastrophe and Other Property Underwriting Results Six months ended June 30, 2025 Six months ended June 30, 2024 Other Other Catastrophe Property Total Catastrophe Property Total Gross premiums written $ 3,029,322 $ 833,446 $ 3,862,768 $ 2,605,726 $ 1,03
Slide 16: Gross Premiums Written
Underwriting and Reserves Gross Premiums Written Three months ended Six months ended June 30, June 30, Q/Q $ Q/Q % June 30, June 30, Y/Y % 2025 2024 Change Change 2025 2024 Y/Y $ Change Change Property Segment Catastrophe $ 1,352,658 $ 1,247,888 $ 104,770 8.4 % $ 2,680,919 $ 2,612,561 $ 68,358 2.6 %
Slide 17: Net Premiums Written
Underwriting and Reserves Net Premiums Written Three months ended Six months ended June 30, June 30, Q/Q $ Q/Q % June 30, June 30, Y/Y % 2025 2024 Change Change 2025 2024 Y/Y $ Change Change Property Segment Catastrophe $ 966,645 $ 889,237 $ 77,408 8.7 % $ 2,043,980 $ 1,973,418 $ 70,562 3.6 % Catast
Slide 18: Net Premiums Earned
Underwriting and Reserves Net Premiums Earned Three months ended Six months ended June 30, June 30, Q/Q $ Q/Q % June 30, June 30, Y/Y % 2025 2024 Change Change 2025 2024 Y/Y $ Change Change Property Segment Catastrophe $ 540,442 $ 569,877 $ (29,435) (5.2)% $ 1,089,546 $ 1,136,530 $ (46,984) (4.1)% C
Slide 19: Reserves for Claims and Claim Expenses
Underwriting and Reserves Reserves for Claims and Claim Expenses Additional Case Case Reserves Reserves IBNR Total June 30, 2025 Property $ 2,067,007 $ 2,099,468 $ 2,813,905 $ 6,980,380 Casualty and Specialty 3,303,372 226,786 12,403,225 15,933,383 Total $ 5,370,379 $ 2,326,254 $ 15,217,130 $ 22,913
Slide 20: Paid to Incurred Analysis
RenaissanceRe Holdings Ltd. Underwriting and Reserves Paid to Incurred Analysis Three months ended June 30, 2025 Three months ended June 30, 2024 Gross Recoveries Net Gross Recoveries Net Reserve for claims and claim expenses, beginning of period $ 22,857,131 $ 4,577,895 $ 18,279,236 $ 20,369,610 $
Slide 21: Fee Income
Managed Joint Ventures and Fee Income Fee Income The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party. Three months ended
Slide 22: Fee Income - Five Quarter Trend
Managed Joint Ventures and Fee Income Fee Income - Five Quarter Trend The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party
Slide 23: Noncontrolling Interests
Managed Joint Ventures and Fee Income Noncontrolling Interests The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana
Slide 24: Noncontrolling Interests
Managed Joint Ventures and Fee Income Noncontrolling Interests A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below: June 30, December 31, 2025 2024 Redeemable noncontrolling interests - DaVinci $ 3,210,791 $ 3,061,708 Redeemable noncont
Slide 25: DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Managed Joint Ventures and Fee Income DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Revenues Gross premiums written $ 606,642 $ 502,194 $ 1,461,507 $ 1,192,429 Net premiums writ
Slide 26: Total Investment Result
Investments Total Investment Result Managed (1) Retained (2) Three months ended Three months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Fixed maturity investments trading $ 282,173 $ 273,900 $ 219,737 $ 221,949 Short term investments 48,415 48,386 24,672 22,931 Equity investments
Slide 27: Total Investment Result
Investments Total Investment Result Managed (1) Retained (2) Six months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Fixed maturity investments trading $ 566,896 $ 531,189 $ 446,565 $ 430,173 Short term investments 89,444 95,177 42,585 45,799 Equity investments Fixe
Slide 28: Investments Composition
Investments Investments Composition June 30, 2025 December 31, 2024 Managed (1) Retained (2) Managed (1) Retained (2) Unrealized Unrealized Unrealized Unrealized Type of Investment Fair Value Gain (Loss) Fair Value Gain (Loss) Fair Value Gain (Loss) Fair Value Gain (Loss) Fixed maturity investments
Slide 29: Managed Investments - Credit Rating
Investments Managed Investments - Credit Rating (1) Credit Rating (2) Investments Non- Not Subject Investment to Credit June 30, 2025 Fair Value AAA AA A BBB Grade Not Rated Ratings Fixed maturity investments trading, at fair value U.S. treasuries $10,823,622 $ — $10,823,622 $ — $ — $ — $ — $ — Corp
Slide 30: Retained Investments - Credit Rating
Investments Retained Investments - Credit Rating (1) Credit Rating (2) Investments Non- Not Subject Investment to Credit June 30, 2025 Fair Value AAA AA A BBB Grade Not Rated Ratings Fixed maturity investments trading, at fair value U.S. treasuries $ 7,912,615 $ — $ 7,912,615 $ — $ — $ — $ — $ — Cor
Slide 31: Earnings per Share
Other Items Earnings per Share Three months ended Six months ended June 30, June 30, June 30, June 30, (common shares in thousands) 2025 2024 2025 2024 Numerator: Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 826,507 $ 495,046 $ 987,654 $ 859,844 Amount allocated
Slide 32: Comments on Non-GAAP Financial Measures
Comments on Non-GAAP Financial Measures In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investo
Slide 33: Operating Income Available to RenaissanceRe Common Shareholders
Comments on Non-GAAP Financial Measures Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized T
Slide 34: Comments on Non-GAAP Financial Measures
Comments on Non-GAAP Financial Measures Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 826,507 $ 495,046 $ 987,654 $ 859,844 Adjustment for: Net realized and unrealized loss
Slide 35: Tangible Book Value Per Common Share and Plus Accumulated Dividends
Comments on Non-GAAP Financial Measures Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated div
Slide 36: Adjusted Combined Ratio
Comments on Non-GAAP Financial Measures Adjusted Combined Ratio The Company has included in this Financial Supplement “adjusted combined ratio” for the company, its segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisi
Slide 37: Adjusted Combined Ratio
Comments on Non-GAAP Financial Measures Adjusted Combined Ratio Six months ended June 30, 2025 Casualty and Catastrophe Other Property Property Specialty Total Combined ratio 114.9 % 65.2 % 98.9 % 106.4 % 103.3 % Adjustment for acquisition related purchase accounting adjustments (1) (1.7)% (1.4)% (1
Slide 38: Retained Total Investment Result
Comments on Non-GAAP Financial Measures Retained Total Investment Result The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable no
Slide 39: Retained Total Investment Result
Comments on Non-GAAP Financial Measures Retained Total Investment Result Six months ended June 30, 2025 Six months ended June 30, 2024 Managed (1) Adjustment (2) Retained (3) Managed (1) Adjustment (2) Retained (3) Fixed maturity investments trading $ 566,896 $ (120,331) $ 446,565 $ 531,189 $ (101,0
Slide 40: Retained Total Investments
Comments on Non-GAAP Financial Measures Retained Total Investments The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests
Slide 41: Retained Total Investments, Unrealized Gain (Loss)
Comments on Non-GAAP Financial Measures Retained Total Investments, Unrealized Gain (Loss) The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the
Slide 42: Operating (income) loss attributable to redeemable noncontrolling interests
Comments on Non-GAAP Financial Measures Operating (income) loss attributable to redeemable noncontrolling interests The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable
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