RRH Financial Condition Report for Year End 2025

For the year ended December 31, 2025

As submitted to the Bermuda Monetary Authority on May 29, 2026

NOTE ON FORWARD-LOOKING STATEMENTS..................................................................................... 3

INTRODUCTION .............................................................................................................................................. 5

1. BUSINESS.................................................................................................................................................... 6

   1. Name of Insurer ................................................................................................................................. 6

   2. Regulatory Supervisor ...................................................................................................................... 7

   3. Approved Auditor ............................................................................................................................... 7

   4. Ownership Details ............................................................................................................................. 7

   5. Group Structure ................................................................................................................................. 8

   6. Any Other Material Information........................................................................................................ 8

2. PERFORMANCE......................................................................................................................................... 9

   1. Business Written................................................................................................................................ 9

   2. Investment Performance .................................................................................................................. 11

   3. Material Income and Expenses....................................................................................................... 14

   4. Any Other Material Information........................................................................................................ 16

3. GOVERNANCE STRUCTURE.................................................................................................................. 17

   1. Board and Senior Executives .......................................................................................................... 17

   2. Fitness and Propriety Requirements .............................................................................................. 21

   3. Risk Management and Solvency Self-Assessment ..................................................................... 25

   4. Internal Controls................................................................................................................................. 26

   5. Internal Audit....................................................................................................................................... 27

   6. Actuarial Function .............................................................................................................................. 28

   7. Outsourcing ........................................................................................................................................ 28

   8. Any Other Material Information........................................................................................................ 29

4. RISK PROFILE ............................................................................................................................................ 30

   1. Material Risks..................................................................................................................................... 30

   2. Risk Mitigation.................................................................................................................................... 31

   3. Material Risk Concentrations........................................................................................................... 31

   4. Investment in Assets in Accordance with the Prudent Person Principles................................. 31

   5. Stress Testing and Sensitivity Analysis .......................................................................................... 31

   6. Any Other Material Information........................................................................................................ 32

5. SOLVENCY VALUATION.......................................................................................................................... 33

   1. Valuation of Assets ............................................................................................................................ 33

   2. Valuation of Technical Provisions.................................................................................................... 33

   3. Reinsurance Recoverables.............................................................................................................. 34

   4. Valuation of Other Liabilities ............................................................................................................ 34

   5. Any Other Material Information........................................................................................................ 34

6. CAPITAL MANAGEMENT......................................................................................................................... 35

   1. Eligible Capital ................................................................................................................................... 35

   2. Regulatory Capital Requirements................................................................................................... 38

   3. Approved Internal Capital Model..................................................................................................... 39

   4. Any Other Material Information........................................................................................................ 39

7. SUBSEQUENT EVENTS............................................................................................................................ 40

DECLARATION................................................................................................................................................ 41

APPENDICES................................................................................................................................................... 42

Appendix 1: Simplified Group Structure................................................................................................. 42

Appendix 2: Bermuda Operating Subsidiary Directors........................................................................ 43

This Financial Condition Report for the year ended December 31, 2025 of RenaissanceRe Holdings Ltd. and its subsidiaries contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (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 the discussion and analysis of our 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 report 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 Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended

March 31, 2026, 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.

RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, we have offices across North America, Europe, and the Asia-Pacific region.

Unless the context requires otherwise, references to "RenaissanceRe" refers to RenaissanceRe Holdings Ltd. (the parent company) and references to "we," "us," "our," the "Company," the "Group" and the "RenaissanceRe Group" refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, which include Renaissance Reinsurance Ltd. ("Renaissance Reinsurance") and RenaissanceRe Specialty U.S. Ltd. ("RenaissanceRe Specialty U.S."). The Company also underwrites reinsurance on behalf of joint ventures, including DaVinci Reinsurance Ltd. ("DaVinci Reinsurance"), Fontana Reinsurance Ltd. ("Fontana Re"), Fontana Reinsurance

U.S. Ltd. ("Fontana Re U.S."), Vermeer Reinsurance Ltd. ("Vermeer") and Top Layer Reinsurance Ltd. ("Top Layer"). The financial results of DaVinci Reinsurance, Fontana Re, Fontana Re U.S. and Vermeer are consolidated in the Company's financial statements.

This Financial Condition Report ("FCR") is prepared in accordance with the Bermuda Monetary Authority's ("BMA") Insurance (Public Disclosure) Rules 2015 and Insurance (Group Supervision) Rules 2011. The FCR documents the measures governing the business, performance, governance structure, risk profile, solvency valuation, capital management and subsequent events of RenaissanceRe for the year ended December 31, 2025 and for each of Renaissance Reinsurance, RenaissanceRe Specialty U.S., DaVinci Reinsurance, Fontana Re, Fontana Re U.S., Vermeer and Top Layer (collectively, our "Bermuda Operating Subsidiaries"). The report provides information to enable an informed assessment on how the RenaissanceRe Group and Bermuda Operating Subsidiaries' respective business is run in a prudent manner.

The Group uses the standard Bermuda Solvency Capital Requirement ("BSCR") model to assess the Enhanced Capital Requirement ("ECR"). This FCR is based primarily on the BSCR submissions and the audited financial statements prepared on the basis of accounting principles generally accepted in the United States ("U.S. GAAP") of RenaissanceRe and our Bermuda Operating Subsidiaries as at December 31, 2025.

This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 ("Form 10-K"), filed with the Securities and Exchange Commission ("SEC") on

February 11, 2026, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 ("Form 10-Q"), filed with the SEC on April 29, 2026, and the Proxy Statement for our 2026 Annual General Meeting of Shareholders (the "Proxy Statement") filed with the SEC on March 18, 2026. These reports are available on our website at https://www.renre.com under "Investors - Reports and Filings."

All dollar amounts referred to in this report are in U.S. dollars unless otherwise indicated.

Due to rounding, numbers presented in the tables included in this report may not add up precisely to the totals provided.

1. ‌BUSINESS
   1. ‌Name of Insurer

      RenaissanceRe

      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 customers.

      Bermuda Operating Subsidiaries

      Renaissance Reinsurance

      Renaissance Reinsurance was incorporated under the laws of Bermuda in 1993, and is a wholly-owned subsidiary of RenRe Insurance Holdings Ltd., whose ultimate parent is RenaissanceRe. Renaissance Reinsurance is registered as a Class 4 general business insurer by the BMA, and is RenaissanceRe's principal reinsurance subsidiary. Renaissance Reinsurance provides property and casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

      RenaissanceRe Specialty U.S.

      RenaissanceRe Specialty U.S. was incorporated under the laws of Bermuda in 2013, and is a wholly-owned subsidiary of RenaissanceRe Finance Inc., whose ultimate parent is RenaissanceRe. RenaissanceRe Specialty U.S. is registered as a Class 3B general business insurer by the BMA, and provides property and casualty and specialty reinsurance on both a quota share and excess of loss basis.

      RenaissanceRe Specialty U.S. has elected, pursuant to §953(d) of the Internal Revenue Code of 1986 (the "Code"), to be subject to U.S. federal income tax.

      DaVinci Reinsurance

      DaVinci Reinsurance was incorporated under the laws of Bermuda in 2001, and is a wholly-owned subsidiary of DaVinciRe Holdings Ltd. ("DaVinci"), a Bermuda company. DaVinci is a managed joint venture and is an indirect, minority-owned and controlled subsidiary of RenaissanceRe. DaVinci Reinsurance is registered as a Class 4 general business insurer by the BMA, and provides property catastrophe reinsurance and certain lines of casualty and specialty reinsurance coverages to customers.

      Fontana Re and Fontana Re U.S.

      Fontana Re and Fontana Re U.S. were incorporated under the laws of Bermuda in 2022. Fontana Re is a wholly-owned subsidiary of Fontana Holdings L.P. ("Fontana L.P."), a Bermuda exempted limited partnership, and Fontana Re U.S. is an indirect wholly-owned subsidiary of Fontana L.P. Fontana L.P. and its subsidiaries (collectively, "Fontana") are a managed joint venture formed by RenaissanceRe. Fontana L.P. is an indirect, minority-owned and controlled subsidiary of RenaissanceRe. Fontana Re and Fontana Re U.S. are registered as Class 3A general business insurers by the BMA, and they provide reinsurance capacity focused on casualty and specialty business written within RenaissanceRe.

      Fontana Re U.S. has elected, pursuant to §953(d) of the Code, to be subject to U.S. federal income tax, and serves as the reinsurer to certain RenaissanceRe entities with U.S. connected income.

      Vermeer

      Vermeer was incorporated under the laws of Bermuda in 2018, and is a joint venture between RenaissanceRe and PGGM Vermogensbeheer B.V. ("PGGM"), a Netherlands company. The voting non-participating common shares of Vermeer are indirectly owned by RenaissanceRe, and the non-voting participating common shares of Vermeer are owned by Stichting Pensioenfonds Zorg en Welzijn, a pension fund represented by PGGM. Vermeer is registered as a Class 3B general business insurer by the BMA, and provides capacity focused on risk remote layers in the U.S. property catastrophe market. Vermeer is also permitted to write small lines of international business.

      Top Layer

      Top Layer was incorporated under the laws of Bermuda in 1999, and is a joint venture between Renaissance Reinsurance and State Farm Mutual Automobile Insurance Company ("State Farm"). Top Layer is registered as a Class 3A general business insurer by the BMA, and provides high layer, non-U.S. property reinsurance written on an excess of loss basis.

   2. ‌Regulatory Supervisor

      The BMA is RenaissanceRe's Group Supervisor and Insurance Supervisor. Bermuda Monetary Authority

      BMA House

      43 Victoria Street Hamilton HM12 Bermuda

   3. ‌Approved Auditor

      The Bermuda Insurance Act 1978, as amended, and related regulations (collectively, the "Insurance Act"), requires the appointment of an independent auditor, which must be approved by the BMA. PricewaterhouseCoopers Ltd. is RenaissanceRe's approved auditor for the statutory and U.S. GAAP financial statements.

      PricewaterhouseCoopers Ltd. Washington House

      4th Floor

      16 Church Street Hamilton HM11 Bermuda

   4. ‌Ownership Details

      RenaissanceRe

      The following table sets forth information with respect to the beneficial ownership of RenaissanceRe's common shares for each person known by us to own beneficially 5% or more of our outstanding common shares:

      Name and Address of Beneficial Owner	Number of Common Shares	Percentage of Class (1)
      BlackRock, Inc. (2) 55 East 52nd Street New York, NY 10055	4,775,532	11.1 %
      State Farm Mutual Automobile Insurance Company (3) One State Farm Plaza Bloomington, Illinois 61710	2,399,303	5.6 %
      Vanguard Portfolio Management (4) 100 Vanguard Blvd. Malvern, PA 19355	2,303,243	5.3 %
      Vanguard Capital Management (5) 100 Vanguard Blvd. Malvern, PA 19355	2,295,339	5.3 %

      1. The percentage of class shown is based on the common shares reported as beneficially owned on Schedule 13G or Schedule 13G/A and 43,153,808 common shares outstanding as of March 5, 2026.

      2. According to a Statement on Schedule 13G/A filed on February 9, 2024 by BlackRock, Inc. ("BlackRock"), BlackRock was the beneficial owner of 4,775,532 common shares as of December 31, 2023 and had the sole power to vote or to direct the voting of 4,597,476 common shares and sole power to dispose of or to direct the disposition of 4,775,532 common shares. On November 15, 2016, we granted BlackRock a limited waiver from the restrictions on the acquisition of share ownership set forth in our Bye-laws, up to a maximum amount of shares representing 15% of our shares outstanding. BlackRock has agreed that, in accordance with our Bye-laws, the voting rights attributable to shares owned or controlled by BlackRock will not exceed 9.9% of the voting rights attached to all of our issued and outstanding capital shares.

      3. According to a Statement on Schedule 13G/A filed on October 15, 2025 by State Farm, State Farm was the beneficial owner of 2,399,303 common shares as of July 24, 2025 and had the sole power to vote or to direct the voting of 2,399,303 common shares and sole power to dispose of or to direct the disposition of 2,399,303 common shares.

      4. According to a Statement on Schedule 13G filed on April 28, 2026 by Vanguard Portfolio Management, Vanguard Portfolio Management was the beneficial owner of 2,303,243 common shares as of March 31, 2026 and had the sole power to vote or to direct the voting of 12,978 common shares and sole power to dispose of or to direct the disposition of 2,303,243 common shares.

      5. According to a Statement on Schedule 13G filed on April 28, 2026 by Vanguard Capital Management, Vanguard Capital Management was the beneficial owner of 2,295,339 common shares as of March 31, 2026 and had the sole power to vote or to direct the voting of 335,181 common shares and sole power to dispose of or to direct the disposition of 2,295,339 common shares.

      Bermuda Operating Subsidiaries

      The following table sets forth information with respect to RenaissanceRe's economic ownership of the Bermuda Operating Subsidiaries at December 31, 2025:

      Entity	Consolidated	RenaissanceRe's Economic Ownership (1)
      Renaissance Reinsurance	Yes	100.0%
      RenaissanceRe Specialty U.S.	Yes	100.0%
      DaVinci Reinsurance	Yes (2)	24.3%
      Fontana Re	Yes (2)	28.7%
      Fontana Re U.S.	Yes (2)	28.7%
      Vermeer	Yes (2)	-%
      Top Layer	No	50.0%

      1. RenaissanceRe is the ultimate owner. Shares are directly held by other entities within the RenaissanceRe Group. Refer to "1.1. Name of Insurer" and Appendix 1 for additional information.

      2. As a result of our interests in these entities that are considered variable interest entities, and our determination that we are the primary beneficiary of each of those entities, we consolidate these entities in our financial statements. Accordingly, the third parties' economic interest in the entities' net assets and net income (loss) are reflected in our consolidated balance sheets and consolidated statements of operations in redeemable noncontrolling interests and net (income) loss attributable to redeemable noncontrolling interests, respectively.

   5. ‌Group Structure

      A simplified group organizational chart is set out in Appendix 1. The chart depicts the position of the Bermuda Operating Subsidiaries in the RenaissanceRe Group.

   6. ‌Any Other Material Information

      None.

2. ‌PERFORMANCE
   1. ‌Business Written

RenaissanceRe Group

Our business consists of the following reportable segments: (1) Property, which is comprised of catastrophe and other property (re)insurance; and (2) Casualty and Specialty, which is comprised of general casualty, professional liability, credit and other specialty (re)insurance. The underwriting results of our consolidated operating subsidiaries and underwriting platforms are included in our Property and Casualty and Specialty segment results as appropriate.

Refer to "Part I, Item 1. Business - Underwriting" and "Note 16. Segment Reporting" in our "Notes to the Consolidated Financial Statements" in our Form 10-K for additional information regarding insurance and reinsurance business written, including descriptions of the Company's segments.

The following table shows gross premiums written by each of our segments:

Property Segment

Our Property segment includes our catastrophe class of business, principally comprised of excess of loss reinsurance and excess of loss retrocessional reinsurance, which insures insurance and reinsurance companies against natural and man-made catastrophes. It also includes our other property class of business, primarily comprised of proportional reinsurance, property per risk, property (re)insurance, delegated authority arrangements and regional U.S. multi-line reinsurance, which have exposure to natural and man-made catastrophes.

The following table shows gross premiums written in our Property segment allocated by class of business:

Refer to "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Summary of Results of Operations" in our Form 10-K for detailed information on our underwriting results for the property segment for the year ended December 31, 2025 compared to 2024.

Casualty and Specialty Segment

We write casualty and specialty reinsurance and insurance across a broad range of classes of business, including general casualty, professional liability, credit and other specialty lines. This business is predominantly reinsurance, although we also write insurance business, primarily through delegated authority arrangements.

The following table shows gross premiums written in our Casualty and Specialty segment allocated by class of business:

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

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

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

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

   Refer to "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Summary of Results of Operations" in our Form 10-K for detailed information on our underwriting results for the casualty and specialty segment for the year ended December 31, 2025 compared to 2024.

   Geographical Exposures

   Our exposures are generally diversified across geographic zones, but are also a function of market conditions and opportunities. Our largest exposure has historically been to the U.S. and Caribbean.

   The following table summarizes our gross premiums written by territory of coverage exposure:

   Year ended December 31, (in thousands, except percentages)	2025 Percentage of Gross Gross Premiums Premiums Written Written		2024 Percentage of Gross Gross Premiums Premiums Written Written
   Property
   U.S. and Caribbean	$ 3,162,323	26.9 %	$ 2,996,981	25.5 %
   Worldwide	1,038,625	8.8 %	1,063,292	9.1 %
   Europe	233,440	2.0 %	244,523	2.1 %
   Worldwide (excluding U.S.) (1)	152,653	1.3 %	180,688	1.5 %
   Japan	103,383	0.9 %	106,533	0.9 %
   Australia and New Zealand	94,161	0.8 %	101,976	0.9 %
   Other	157,556	1.4 %	129,738	1.1 %
   Total Property segment	4,942,141	42.1 %	4,823,731	41.1 %
   Casualty and Specialty Segment
   U.S. and Caribbean	3,127,671	26.6 %	2,986,956	25.5 %
   Worldwide	3,070,027	26.2 %	3,217,662	27.3 %
   Europe	274,346	2.3 %	353,863	3.0 %
   Worldwide (excluding U.S.) (1)	165,274	1.4 %	195,489	1.7 %
   Australia and New Zealand	22,076	0.2 %	43,183	0.4 %
   Other	136,885	1.2 %	112,182	1.0 %
   Total Casualty and Specialty segment	6,796,279	57.9 %	6,909,335	58.9 %
   Total gross premiums written	$11,738,420	100.0 %	$11,733,066	100.0 %

   1. The category "Worldwide (excluding U.S.)" consists of contracts that cover more than one geographic region (other than the U.S.).