RENAISSANCERE HOLDINGS LTD

SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the first quarter of 2024, compared to the first quarter of 2023.

Net income available to RenaissanceRe common shareholders was $364.8 million in the first quarter of 2024, compared to $564.1 million in the first quarter of 2023, a decrease of $199.3 million. As a result of our net income available to RenaissanceRe common shareholders in the first quarter of 2024, we generated an annualized return on average common equity of 16.4%, and our book value per common share increased from $165.20 at December 31, 2023 to $170.92 at March 31, 2024, a 3.7% increase, after considering the change in accumulated dividends paid to our common shareholders.

The most significant items affecting our financial performance during the first quarter of 2024, on a comparative basis to the first quarter of 2023, include:

•Underwriting Results - we generated underwriting income of $540.7 million and had a combined ratio of 77.9% in the first quarter of 2024, compared to underwriting income of $369.6 million and a combined ratio of 78.0% in the first quarter of 2023. Our underwriting income in the first quarter of 2024 was comprised of our Property segment, which generated underwriting income of $534.4 million and had a combined ratio of 42.9%, and our Casualty and Specialty segment, which generated underwriting income of $6.3 million and had a combined ratio of 99.6%. In comparison, our underwriting income in the first quarter of 2023 was comprised of our Property segment, which generated underwriting income of $298.7 million and had a combined ratio of 56.6%, and our Casualty and Specialty segment, which generated underwriting income of $70.9 million and had a combined ratio of 92.9%;

Notwithstanding our strong results in the first quarter of 2024, our underwriting results in the first quarter of 2024 were impacted by the Baltimore Bridge Collapse, which resulted in a net negative impact on the underwriting result of $79.9 million and added 3.3 percentage points to the consolidated combined ratio, primarily within the Casualty and Specialty segment. This compares to the first quarter of 2023, which was impacted by the Q1 2023 Large Loss Events, which resulted in a net negative impact on the underwriting result of $79.1 million and added 4.7 percentage points to the consolidated combined ratio, all in the Property segment;

•Gross Premiums Written - our gross premiums written increased by $1.2 billion, or 43.0%, to $4.0 billion, in the first quarter of 2024, compared to the first quarter of 2023. This was comprised of an increase of $614.7 million in our Casualty and Specialty segment and $585.7 million in our Property segment, both primarily driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines;

•Investment Results - our total investment result, which includes net investment income and net realized and unrealized gains (losses) on investments, was income of $177.1 million in the first quarter of 2024, compared to $533.8 million in the first quarter of 2023, a decrease of $356.7 million. The primary drivers of the lower total investment result were net realized and unrealized losses on investments in the first quarter of 2024, compared to net realized and unrealized gains in the first quarter of 2023, partially offset by an increase in net investment income. Net realized and unrealized gains (losses) on investments reduced $493.1 million as a result of net realized and unrealized losses on fixed maturity investments, primarily driven by increases in interest rates in the first quarter of 2024, compared to net realized and unrealized gains in the first quarter of 2023 due to decreases in interest rates during the period. Net investment income increased by $136.4 million due to a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets;

•Net Income Attributable to Redeemable Noncontrolling Interests- our net income attributable to redeemable noncontrolling interests was $244.8 million in the first quarter of 2024, compared to $267.4 million in the first quarter of 2023. The higher net income attributable to redeemable noncontrolling interests in the first quarter of 2024 was primarily driven by improved underwriting results generated by DaVinci and Vermeer, and higher net investment income resulting from higher interest rates and yields within the investment portfolios of our joint ventures and managed funds; and

•Impact of Large Loss Events- we had a net negative impact on net income available to RenaissanceRe common shareholders of $54.5 million resulting from the Baltimore Bridge Collapse. This compares to a net negative impact on net loss attributable to RenaissanceRe common shareholders of $53.5 million resulting from the Q1 2023 Large Loss Events.

Net Negative Impact

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and (2) redeemable noncontrolling interest, both before consideration of any related income tax benefit (expense).

Our estimates of net negative impact are based on a review of our potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. Our actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of each event, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.

Q1 2024 Net Negative Impact

The financial data below provides additional information detailing the net negative impact of the 2024 Large Loss Events on our consolidated financial statements in the first quarter of 2024.

The financial data below provides additional information detailing the net negative impact of the 2024 Large Loss Events on our segment underwriting results and consolidated combined ratio in the first quarter of 2024.

(1)“2024 Large Loss Events” represents the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024 (the “Baltimore Bridge Collapse”).

Q1 2023 Net Negative Impact

The financial data below provides additional information detailing the net negative impact of the Q1 2023 Large Loss Events on our consolidated financial statements in the first quarter of 2023.

The financial data below provides additional information detailing the net negative impact of the Q1 2023 Large Loss Events on our segment underwriting results and consolidated combined ratio in the first quarter of 2023.

(1)“Q1 2023 Large Loss Events” includes the earthquakes which impacted southern and central Turkey in February 2023, Cyclone Gabrielle which impacted northern New Zealand, the flooding that impacted northern New Zealand in January and February 2023, and various wind and thunderstorm events which impacted states in both the Southern and Midwest U.S. during March 2023.

Underwriting Results by Segment

Property Segment

Below is a summary of the underwriting results and ratios for our Property segment:

Property Gross Premiums Written

In the first quarter of 2024, our Property segment gross premiums written increased by $585.7 million, or 44.9%, to $1.9 billion, compared to the first quarter of 2023.

Gross premiums written in the catastrophe class of business were $1.3 billion in the first quarter of 2024, an increase of $412.5 million, or 44.4%, compared to the first quarter of 2023. This increase was principally driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, at the January 1, 2024 renewal.

Gross premiums written in the other property class of business were $548.7 million in the first quarter of 2024, an increase of $173.1 million, or 46.1%, compared to the first quarter of 2023. The increase in gross premiums written in the other property class of business was principally due to the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, and growth in our catastrophe exposed quota share programs owing to continued attractive market conditions.

Property Ceded Premiums Written

Due to the potential volatility of the reinsurance contracts which we sell, we purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio. To the extent that appropriately priced coverage is available, we anticipate continued use of retrocessional reinsurance to reduce the impact of large losses on our financial results and to manage our portfolio of risk; however, the buying of ceded reinsurance in our Property segment is based on market opportunities and is not based on placing a specific reinsurance program each year. In addition, we may utilize insurance-linked securities for purchases of retrocessional reinsurance if we find the pricing and terms of such coverages attractive.

Ceded premiums written in our Property segment were $492.3 million in the first quarter of 2024, an increase of $207.9 million, or 73.1%, compared to the first quarter of 2023, reflecting an increase in ceded purchases as part of the Company’s gross-to-net strategy.

Property Net Premiums Written

Net premiums written in our Property segment were $1.4 billion in the first quarter of 2024, an increase of $377.8 million, or 37.0%, compared to the first quarter of 2023, primarily driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, at the January 1, 2024 renewal, across both the catastrophe and other property classes of business.

Property Underwriting Results

Our Property segment generated underwriting income of $534.4 million in the first quarter of 2024, compared to $298.7 million in the first quarter of 2023. In the first quarter of 2024, our Property segment generated a net claims and claim expense ratio of 16.5%, an underwriting expense ratio of 26.4% and a combined ratio of 42.9%, compared to 27.3%, 29.3% and 56.6%, respectively, in the first quarter of 2023.

Impacting the underwriting result and combined ratio in the first quarter of 2024 was the Baltimore Bridge Collapse, which resulted in a net negative impact on the Property segment underwriting result of $19.1 million and added 2.0 percentage points to the Property segment combined ratio, all within the other property class of business. Impacting the underwriting result and combined ratio in the first quarter of 2023 were the Q1 2023 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $79.1 million and added 11.8 percentage points to the Property segment combined ratio, reflecting impacts in both the catastrophe and other property classes of business.

The net claims and claim expense ratio in the first quarter of 2024 of 16.5% is comprised of a current accident year net claims and claim expense ratio of 26.6% and 10.1 percentage points of net favorable development of prior accident years. In comparison, the first quarter of 2023 had a net claims and claim expense ratio of 27.3%, comprised of a current accident year net claims and claim expense ratio of 39.2% and 11.9 percentage points of net favorable development of prior accident years. The decrease of 12.6 percentage points in the current accident year net claims and claim expense ratio is primarily as a result of a lower impact from the Baltimore Bridge Collapse , which contributed 2.0 percentage points to the current accident year net claims and claim expense ratio in the first quarter of 2024, compared to the Q1 2023 Large Loss Events, which contributed 11.7 percentage points in the first quarter of 2023.

See “Note 6. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional information related to the prior year development of net claims and claim expenses.

The underwriting expense ratio decreased 2.9 percentage points, largely driven by an increase in net earned premiums as well as continued relative growth in the catastrophe class of business, which has a lower acquisition expense ratio than the other property class of business, partially offset by the increase in acquisition expenses from purchase accounting adjustments relating to the Validus Acquisition.

Casualty and Specialty Segment

Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:

Casualty and Specialty Gross Premiums Written

In the first quarter of 2024, our Casualty and Specialty segment gross premiums increased by $614.7 million, or 41.4%, to $2.1 billion, compared to the first quarter of 2023. This increase was principally due to the renewal of Validus business, in conjunction with the retention of legacy lines. In particular, the other specialty line of business grew by $392.4 million compared to the first quarter of 2023.

Our relative mix of business between proportional business and excess of loss business has fluctuated in the past and will likely continue to do so in the future. Proportional business, which represents the majority of our Casualty and Specialty segment business, typically has a higher expense ratio and tends to be exposed to more attritional and frequent losses, while being subject to less expected severity compared to traditional excess of loss business.

Casualty and Specialty Ceded Premiums Written

We purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio. To the extent that appropriately priced coverage is available, we anticipate continued use of retrocessional reinsurance to reduce the impact of large losses on our financial results and to manage our portfolio of risk. As in our Property segment, the buying of ceded reinsurance in our Casualty and Specialty segment is based on market opportunities and is not based on placing a specific reinsurance program each year.

Ceded premiums written in our Casualty and Specialty segment increased by $56.7 million, to $298.8 million, in the first quarter of 2024, compared to $242.2 million in the first quarter of 2023, driven by the increase in gross premiums written subject to our retrocessional reinsurance programs, and partially offset by a decrease in amount of quota share retrocessional coverage purchased.

Casualty and Specialty Net Premiums Written

Net premiums written in our Casualty and Specialty segment increased by $558.1 million, or 44.9%, to $1.8 billion, in the first quarter of 2024, compared to $1.2 billion in the first quarter of 2023, consistent with the changes in gross premiums written and quota share retrocessional coverage purchased as discussed above.

Casualty and Specialty Underwriting Results

Our Casualty and Specialty segment generated underwriting income of $6.3 million in the first quarter of 2024, compared to $70.9 million in the first quarter of 2023. In the first quarter of 2024, our Casualty and Specialty segment generated a net claims and claim expense ratio of 67.1%, an underwriting expense ratio of 32.5% and a combined ratio of 99.6%, compared to 61.8%, 31.1% and 92.9%, respectively, in the first quarter of 2023.

The increase in the Casualty and Specialty segment combined ratio in the first quarter of 2024 was primarily driven by the increase of 5.3 percentage points in the net claims and claims expense ratio, mainly as a result of losses related to the Baltimore Bridge Collapse, which contributed approximately 4.2 percentage points to the current accident year net claims and claim expense ratio. In addition, the impact of purchase accounting adjustments relating to the Validus Acquisition added 2.5 percentage points to the combined ratio.

The underwriting expense ratio increased 1.4 percentage points, consisting of a 0.8 percentage point increase in the operating expense ratio due to a reduction in the benefit from override fees from a decrease in retrocessional reinsurance coverage purchased, and a 0.6 percentage point increase in the acquisition expense ratio, driven by the impact of purchase accounting adjustments related to the Validus Acquisition.

Fee Income

The table above shows total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which we are a party. Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees. Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana. Managed funds includes Upsilon Fund and Medici, as well as fee income earned by AlphaCat Managers, which was acquired as part of the Validus Acquisition. Structured reinsurance products and other includes certain reinsurance contracts and certain other vehicles through which we transfer risk to third-party capital.

In the first quarter of 2024, total fee income earned through third-party capital management activities increased $38.8 million, to $83.6 million, compared to $44.8 million in the first quarter of 2023, due to higher management and performance fee income in the first quarter of 2024 compared to the first quarter of 2023. Management fee income increased $15.1 million compared to the first quarter of 2023, driven by increased capital managed at DaVinci, Fontana and Medici, as well as the addition of fees earned by AlphaCat Managers. Performance fee income increased $23.6 million compared to the first quarter of 2023, driven by current underwriting year results and favorable development on prior year events, primarily in DaVinci.

The fees earned through third-party capital management activities are principally recorded through redeemable noncontrolling interest, or as an increase to underwriting income through a decrease in operational expenses or acquisition expenses. Below is a summary of the impact of fee income on the applicable financial statement line items.

(1)Reflects total fee income earned through third-party capital management as well as various joint ventures, managed funds and certain structured retrocession agreements to which we are a party, recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses. The $14.7 million includes $15.1 million of management fee income, recorded as a reduction to operational expenses and $(0.4) million of performance fee income recorded as an increase to acquisition expenses (2023 - $13.1 million, $11.6 million and a reduction of $1.6 million, respectively).

In addition to the $83.6 million of fee income earned through our third-party capital management activities that was recorded through underwriting income (loss), as detailed above, we also earn additional fee income on certain other underwriting-related activities. These fees, in the aggregate, are recorded as a reduction to operational expenses or acquisition expenses, as applicable. The total fees recorded through underwriting income (loss) are detailed in the table below.

(1)The $34.0 million includes $32.5 million of management fee income, recorded as a reduction to operational expenses and $1.5 million of performance fee income recorded as a reduction to acquisition expenses (2023 - $35.3 million, $33.7 million and $1.6 million, respectively).

Net Investment Income

Net investment income was $390.8 million in the first quarter of 2024, compared to $254.4 million in the first quarter of 2023, an increase of $136.4 million. This increase was primarily driven by higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity and short term portfolios.

Net Realized and Unrealized Gains (Losses) on Investments

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, and credit default swaps), equity investments related derivatives (equity futures) and commodity investments related derivatives (commodity futures and commodity options). See “Note 13. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information.

We structure our investment portfolio to emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time. A large majority of our investments are invested in the fixed income markets and, therefore, our realized and unrealized holding gains and losses on investments are highly correlated to fluctuations in interest rates. As interest rates decline, we will tend to have realized and unrealized gains from our investment portfolio, and as interest rates rise, we will tend to have realized and unrealized losses from our investment portfolio.

Net realized and unrealized losses on investments were $213.7 million in the first quarter of 2024, compared to net realized and unrealized gains of $279.5 million in the first quarter of 2023. Principally impacting our net realized and unrealized losses on investments in the first quarter of 2024 were:

•net realized and unrealized losses on fixed maturity investments trading of $202.2 million in the first quarter of 2024 driven by interest rate increases in the current quarter, compared to net realized and unrealized gains of $207.3 million in the first quarter of 2023 due to decreases in interest rates during the comparative period; and

•net realized and unrealized losses on investment-related derivatives of $57.8 million, compared to net realized and unrealized gains of $12.2 million in the first quarter of 2023. Current quarter losses were primarily driven by long interest rate future positions being negatively impacted by interest rate increases, while in the first quarter of 2023 long interest rate future positions benefited from declining interest rates.

Net Foreign Exchange Gains (Losses)

In the first quarter of 2024, net foreign exchange losses were $35.7 million compared to $14.5 million in the first quarter of 2023. The net foreign exchange losses in the first quarter of 2024 and 2023 were primarily driven by losses attributable to third-party investors in Medici which are allocated through net income (loss) attributable to redeemable noncontrolling interest.

Our functional currency is the U.S. dollar. We routinely write a portion of our business in currencies other than U.S. dollars and invest a portion of our cash and investment portfolio in those currencies. We are primarily impacted by foreign currency exposures associated with our underwriting operations and our investment portfolio, and may, from time to time, enter into foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities.

Refer to “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Form 10-K for the year ended December 31, 2023 for additional information related to our exposure to foreign currency risk and “Note 13. Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to foreign currency forward and option contracts we have entered into.

Equity in Earnings (Losses) of Other Ventures

Equity in earnings of other ventures represents our pro-rata share of the net income from our investments in the Tower Hill Companies, Top Layer, and our equity investments in a select group of insurance and insurance-related companies, which are included in Other. Except for Top Layer, which is recorded on a current quarter basis, equity in earnings of other ventures is recorded one quarter in arrears. The carrying value of these investments on our consolidated balance sheets, individually or in the aggregate, may differ from the realized value we may ultimately attain, perhaps significantly so.

Earnings from our investments in other ventures were $14.1 million in the first quarter of 2024, compared to $9.5 million in the first quarter of 2023, an increase of $4.6 million. The increase was principally driven by increased profitability of our equity investments during the first quarter of 2024, primarily driven by certain insurance and insurance-related companies included in Other, which reported higher net income in the first quarter of 2024 as compared to the first quarter of 2023 as a result of negative fair value movements within the underlying portfolios of strategic investments in the prior period.

Corporate Expenses

Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, and other miscellaneous costs, including those associated with operating as a publicly traded company, as well as costs incurred in connection with the Validus Acquisition. From time to time, we may revise the allocation of certain expenses between corporate and operational expenses to better reflect the characteristic of the underlying expense.

Corporate expenses were $39.3 million in the first quarter of 2024, compared to $12.8 million in the first quarter of 2023, an increase of $26.4 million which was primarily driven by $20.3 million of expenses associated with the Validus Acquisition. We expect to incur additional costs and expenses associated with the Validus Acquisition. These additional non-recurring costs may be significant, and it is possible that our ultimate costs will exceed our current estimates.

Income Tax Benefit (Expense)

We recognized an income tax expense of $15.4 million in the first quarter of 2024, compared to $28.9 million in the first quarter of 2023. The decrease in income tax expense was primarily driven by investment losses in the first quarter of 2024 compared to investment gains in the first quarter of 2023, partially offset by increased underwriting and net investment income in the first quarter of 2024 compared to the first quarter of 2023.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

Our net income (loss) attributable to redeemable noncontrolling interests was $244.8 million in the first quarter of 2024, compared to $267.4 million in the first quarter of 2023, a change of $22.6 million. This decrease was primarily due to the following:

•DaVinci, which had a decrease in net income in the first quarter of 2024 compared to the first quarter of 2023, primarily resulting from an increase in net realized and unrealized losses on its investments, partially offset by an increase in underwriting income; and

•Fontana, which had a net loss in the first quarter of 2024 compared to net income in the first quarter of 2023, primarily resulting from an increase in net realized and unrealized losses on its investments; partially offset by

•Vermeer, which had an increase in net income in the first quarter of 2024 compared to the first quarter of 2023, primarily resulting from an increase in net investment income due to higher interest rates, as well as an increase in underwriting income;

•Medici, which had an increase in net income in the first quarter of 2024 compared to the first quarter of 2023, primarily resulting from an increase in net investment income due to higher interest rates, as well as net realized and unrealized gains on catastrophe bonds, partially offset by net foreign exchange losses.

Refer to “Note 8. Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests.