Renaissancere Holdings Ltd. · NYSE:RNR
Renaissancere — Q3 2025 Earnings Presentation
42 slides from Renaissancere's earnings presentation, Oct 29, 2025
Slide 1: Financial Supplement
RenaissancoRe> RenaissanceRe Holdings Ltd. Financial Supplement September 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
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. Segment Underwriting Results 5 b. Segment Underwriting Results -
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 Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 907,667 $ 1,173,644 $ 1,895,321 $ 2,033,488 Operating in
Slide 6: Financial Highlights - Per Share Data & ROE
Financial Highlights - Per Share Data & ROE Three months ended Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ 19.47 $ 22.68 $ 39.60 $ 38.95 Net in
Slide 7: Consolidated Statements of Operations
Summary Consolidated Financial Statements Consolidated Statements of Operations Three months ended Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Revenues Gross premiums written $ 2,323,626 $ 2,400,136 $ 9,900,309 $ 9,816,315 Net premiums written $ 2,05
Slide 8: Consolidated Balance Sheets
Summary Consolidated Financial Statements Consolidated Balance Sheets September 30, December 31, 2025 2024 Assets Fixed maturity investments trading, at fair value – amortized cost $23,554,856 at September 30, 2025 (December 31, 2024 – $23,750,540) $ 23,772,222 $ 23,562,514 Short term investments, a
Slide 9: Segment Underwriting Results
Underwriting and Reserves Segment Underwriting Results Three months ended September 30, 2025 Three months ended September 30, 2024 Casualty and Casualty and Property Specialty Total Property Specialty Total Gross premiums written $ 733,274 $ 1,590,352 $ 2,323,626 $ 790,709 $ 1,609,427 $ 2,400,136 Ne
Slide 10: Segment Underwriting Results
Underwriting and Reserves Segment Underwriting Results Nine months ended September 30, 2025 Nine months ended September 30, 2024 Casualty and Casualty and Property Specialty Total Property Specialty Total Gross premiums written $ 4,596,042 $ 5,304,267 $ 9,900,309 $ 4,433,688 $ 5,382,627 $ 9,816,315
Slide 11: Underwriting Results - Five Quarter Trend
Underwriting and Reserves Underwriting Results - Five Quarter Trend Total September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Gross premiums written $ 2,323,626 $ 3,421,180 $ 4,155,503 $ 1,916,751 $ 2,400,136 Net premiums written $ 2,057,802 $ 2,770,270 $ 3,443,529 $
Slide 12: Property Segment Underwriting Results - Five Quarter Trend
Underwriting and Reserves Property Segment Underwriting Results - Five Quarter Trend Property September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Gross premiums written $ 733,274 $ 1,731,935 $ 2,130,833 $ 390,043 $ 790,709 Net premiums written $ 694,125 $ 1,325,557 $
Slide 13: Casualty and Specialty Segment Underwriting Results - Five Quarter Trend
Underwriting and Reserves Casualty and Specialty Segment Underwriting Results - Five Quarter Trend Casualty and Specialty September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Gross premiums written $ 1,590,352 $ 1,689,245 $ 2,024,670 $ 1,526,708 $ 1,609,427 Net premiu
Slide 14: Property Segment - Catastrophe and Other Property Underwriting Results
Underwriting and Reserves Property Segment - Catastrophe and Other Property Underwriting Results Three months ended September 30, 2025 Three months ended September 30, 2024 Other Other Catastrophe Property Total Catastrophe Property Total Gross premiums written $ 288,406 $ 444,868 $ 733,274 $ 344,00
Slide 15: Property Segment - Catastrophe and Other Property Underwriting Results
Underwriting and Reserves Property Segment - Catastrophe and Other Property Underwriting Results Nine months ended September 30, 2025 Nine months ended September 30, 2024 Other Other Catastrophe Property Total Catastrophe Property Total Gross premiums written $ 3,317,728 $ 1,278,314 $ 4,596,042 $ 2,
Slide 16: Gross Premiums Written
Underwriting and Reserves Gross Premiums Written Three months ended Nine months ended September 30, September 30, Q/Q $ Q/Q % September 30, September 30, Y/Y $ Y/Y % 2025 2024 Change Change 2025 2024 Change Change Property Segment Catastrophe $ 338,525 $ 277,788 $ 60,737 21.9 % $ 3,019,444 $ 2,890,3
Slide 17: Net Premiums Written
Underwriting and Reserves Net Premiums Written Three months ended Nine months ended September 30, September 30, Q/Q $ Q/Q % September 30, September 30, Y/Y $ Y/Y % 2025 2024 Change Change 2025 2024 Change Change Property Segment Catastrophe $ 292,921 $ 214,383 $ 78,538 36.6 % $ 2,336,901 $ 2,187,801
Slide 18: Net Premiums Earned
Underwriting and Reserves Net Premiums Earned Three months ended Nine months ended September 30, September 30, Q/Q $ Q/Q % September 30, September 30, Y/Y $ Y/Y % 2025 2024 Change Change 2025 2024 Change Change Property Segment Catastrophe $ 578,481 $ 544,406 $ 34,075 6.3 % $ 1,668,027 $ 1,680,936 $
Slide 19: Reserves for Claims and Claim Expenses
Underwriting and Reserves Reserves for Claims and Claim Expenses Additional Case Case Reserves Reserves IBNR Total September 30, 2025 Property $ 1,910,587 $ 1,833,077 $ 2,516,670 $ 6,260,334 Casualty and Specialty 3,366,085 277,137 12,809,304 16,452,526 Total $ 5,276,672 $ 2,110,214 $ 15,325,974 $ 2
Slide 20: Paid to Incurred Analysis
RenaissanceRe Holdings Ltd. Underwriting and Reserves Paid to Incurred Analysis Three months ended September 30, 2025 Three months ended September 30, 2024 Gross Recoveries Net Gross Recoveries Net Reserve for claims and claim expenses, beginning of period $ 22,913,763 $ 4,300,973 $ 18,612,790 $ 20,
Slide 21: Fee Income
Managed Joint Ventures and Fee Income Fee Income The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products. Three months ended Nine months ended September 30, Septe
Slide 22: Fee Income - Five Quarter Trend
Managed Joint Ventures and Fee Income Fee Income - Five Quarter Trend The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products. Three months ended September 30, Ju
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: September 30, December 31, 2025 2024 Redeemable noncontrolling interests - DaVinci $ 3,454,255 $ 3,061,708 Redeemable no
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 Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Revenues Gross premiums written $ 113,965 $ 132,088 $ 1,575,472 $ 1,324,
Slide 26: Total Investment Result
Investments Total Investment Result Managed (1) Retained (2) Three months ended Three months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Fixed maturity investments trading $ 287,139 $ 289,687 $ 223,283 $ 235,284 Short term investments 51,855 46,746 26,834 20,417
Slide 27: Total Investment Result
Investments Total Investment Result Managed (1) Retained (2) Nine months ended Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Fixed maturity investments trading $ 854,035 $ 820,876 $ 669,848 $ 665,457 Short term investments 141,299 141,923 69,419 66,216
Slide 28: Investments Composition
Investments Investments Composition September 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 investm
Slide 29: Managed Investments - Credit Rating
Investments Managed Investments - Credit Rating (1) Credit Rating (2) Investments Non- Not Subject Investment to Credit September 30, 2025 Fair Value AAA AA A BBB Grade Not Rated Ratings Fixed maturity investments trading, at fair value U.S. treasuries $10,423,051 $ — $10,423,051 $ — $ — $ — $ — $ —
Slide 30: Retained Investments - Credit Rating
Investments Retained Investments - Credit Rating (1) Credit Rating (2) Investments Non- Not Subject Investment to Credit September 30, 2025 Fair Value AAA AA A BBB Grade Not Rated Ratings Fixed maturity investments trading, at fair value U.S. treasuries $ 7,527,438 $ — $ 7,527,438 $ — $ — $ — $ — $
Slide 31: Earnings per Share
Other Items Earnings per Share Three months ended Nine months ended September 30, September 30, September 30, September 30, (common shares in thousands) 2025 2024 2025 2024 Numerator: Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 907,667 $ 1,173,644 $ 1,895,321 $
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 (Loss) Available (Attributable) 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 Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 907,667 $ 1,173,644 $ 1,895,321 $ 2,033,488 Adjustment for: Net r
Slide 35: Tangible Book Value Per Common Share and Tangible Book Value Per Common Share 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 reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact
Slide 37: Adjusted Combined Ratio
Comments on Non-GAAP Financial Measures Adjusted Combined Ratio Nine months ended September 30, 2025 Casualty and Catastrophe Other Property Property Specialty Total Combined ratio 81.8 % 57.7 % 73.3 % 104.7 % 92.1 % Adjustment for acquisition related purchase accounting adjustments (1) (1.7)% (1.1)
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 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Managed (1) Adjustment (2) Retained (3) Managed (1) Adjustment (2) Retained (3) Fixed maturity investments trading $ 854,035 $ (184,187) $ 669,848 $ 820,
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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