RENAISSANCERE HOLDINGS LTD

SUMMARY OF RESULTS OF OPERATIONS

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

Net income available to RenaissanceRe common shareholders was $1.2 billion in the third quarter of 2024, compared to $194.0 million in the third quarter of 2023, an increase of $979.7 million. As a result of our net income available to RenaissanceRe common shareholders in the third quarter of 2024, we generated an annualized return on average common equity of 47.1%, and our book value per common share increased from $179.87 at June 30, 2024 to $202.01 at September 30, 2024, a 12.5% increase, after considering the change in accumulated dividends paid to our common shareholders.

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

•Underwriting Results - we generated underwriting income of $393.8 million and had a combined ratio of 84.8% in the third quarter of 2024, compared to underwriting income of $385.8 million and a combined ratio of 78.0% in the third quarter of 2023. Our underwriting income in the third quarter of 2024 was comprised of our Property segment, which generated underwriting income of $394.7 million and had a combined ratio of 60.3%, and our Casualty and Specialty segment, which incurred an underwriting loss of $0.9 million and had a combined ratio of 100.1%. In comparison, our underwriting income in the third quarter of 2023 was comprised of our Property segment, which generated underwriting income of $356.0 million and had a combined ratio of 53.2%, and our Casualty and Specialty segment, which generated underwriting income of $29.8 million and had a combined ratio of 97.0%;

•Gross Premiums Written - our gross premiums written increased by $781.7 million, or 48.3%, to $2.4 billion, in the third quarter of 2024, compared to the third quarter of 2023. This was comprised of an increase of $502.0 million in our Casualty and Specialty segment and $279.7 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, as well as organic growth in the Property segment through increased demand and new opportunities during the third quarter renewals;

•Investment Results - our total investment result, which includes net investment income and net realized and unrealized gains (losses) on investments, was income of $1.4 billion in the third quarter of 2024, compared to $101.0 million in the third quarter of 2023, an increase of $1.3 billion. The primary drivers of the higher total investment result were an increase of $1.2 billion in net realized and unrealized gains on investments and an increase in net investment income of $94.8 million. The increase in net realized and unrealized gains on investments was principally due to higher net realized and unrealized gains on fixed maturity investments of $891.7 million, which were driven by declining interest rates in the third quarter of 2024 compared to interest rate increases in the third quarter of 2023, and the increase in net investment income was due to a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity investments portfolio;

•Net Income Attributable to Redeemable Noncontrolling Interests- our net income attributable to redeemable noncontrolling interests was $450.2 million in the third quarter of 2024, compared to $213.7 million in the third quarter of 2023. The higher net income attributable to redeemable noncontrolling interests in the third quarter of 2024 was primarily driven by strong underwriting results generated by DaVinci and Vermeer, an increase in net realized and unrealized gains on investments resulting from declining interest rates in the third quarter of 2024 compared to interest rate increases in the third quarter of 2023, and higher net investment income resulting from higher average invested assets and higher yielding assets 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 $243.2 million resulting from the Q3 2024 Large Loss Events. This compares to a net negative impact on net income available to RenaissanceRe common shareholders of $77.5 million resulting from the 2023 Large Loss Events in the third quarter of 2023.

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 the events, 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.

Q3 2024 Net Negative Impact

The financial data below provides additional information detailing the net negative impact of the Q3 2024 Large Loss Events on our segment underwriting results and consolidated combined ratio in the third quarter of 2024.

The financial data below provides additional information detailing the net negative impact of the Q3 2024 Large Loss Events on our consolidated financial statements in the third quarter of 2024.

(1)“Other Q3 2024 Large Loss Events” includes: a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, and Hurricane Beryl.

(2)“Q3 2024 Large Loss Events” includes: Hurricane Helene and the “Other Q3 2024 Large Loss Events.”

Q3 2023 Net Negative Impact

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

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

(1)“2023 Large Loss Events” includes: (1) the wildfires in Hawaii in August 2023 and Hurricane Idalia; (2) a series of large, severe weather events in Texas and other Southern and Central U.S. states in June 2023; (3) the earthquakes in Southern and Central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023 and (4) certain aggregate loss contracts triggered during 2023.

Underwriting Results by Segment

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

Property Gross Premiums Written

In the third quarter of 2024, our Property segment gross premiums written increased by $279.7 million, or 54.7%, to $790.7 million, compared to the third quarter of 2023.

Gross premiums written in the catastrophe class of business were $344.0 million in the third quarter of 2024, an increase of $183.2 million, or 113.9%, compared to the third quarter of 2023. This increase was principally driven by an increase in reinstatement premiums of $74.3 million, as well as organic growth through new opportunities and increased client demand, and the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, at the July 1, 2024 renewal.

Gross premiums written in the other property class of business were $446.7 million in the third quarter of 2024, an increase of $96.5 million, or 27.6%, compared to the third 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 and organic growth in both our catastrophe and non-catastrophe exposed business within other property.

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 $89.5 million in the third quarter of 2024, an increase of $23.3 million, or 35.3%, compared to the third quarter of 2023. The increase in ceded premiums written is partly due to the timing of ceded purchases as part of our gross-to-net strategy.

Property Net Premiums Written

Net premiums written in our Property segment were $701.2 million in the third quarter of 2024, an increase of $256.4 million, or 57.6%, compared to the third quarter of 2023, consistent with the changes in gross premiums written discussed above.

Property Underwriting Results

Our Property segment generated underwriting income of $394.7 million in the third quarter of 2024, compared to income of $356.0 million in the third quarter of 2023. In the third quarter of 2024, our Property segment generated a net claims and claim expense ratio of 33.2%, an underwriting expense ratio of 27.1% and a combined ratio of 60.3%, compared to 27.1%, 26.1% and 53.2%, respectively, in the third quarter of 2023.

Impacting the underwriting result and combined ratio in the third quarter of 2024 were the Q3 2024 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $305.7 million and added 35.4 percentage points to the Property segment combined ratio, reflecting impacts in both the catastrophe and other property classes of business. Impacting the underwriting result and combined ratio in the third quarter of 2023 were the 2023 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $97.7 million and added 13.6 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 third quarter of 2024 of 33.2% was comprised of a current accident year net claims and claim expense ratio of 62.5% and 29.3 percentage points of net favorable development of prior accident years, including 10.9 percentage points from the 2022 Weather-Related Large Losses. The other property class of business had 19.5 percentage points of net favorable development, primarily related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods. In comparison, the third quarter of 2023 had a net claims and claim expense ratio of 27.1%, comprised of a current accident year net claims and claim expense ratio of 46.1% and 19.0 percentage points of net favorable development of prior accident years.

The current accident year net claims and claim expense ratio for the Property segment, which increased by 16.4 percentage points, included a 35.0 percentage point impact from the Q3 2024 Large Loss Events in the third quarter of 2024 compared to 14.5 percentage points from the 2023 Large Loss Events in the third quarter of 2023. In the catastrophe class of business, a 27.2 percentage point increase was primarily due to the greater impact from large loss events, with the Q3 2024 Large Loss Events adding 43.5 percentage points compared to the 2023 Large Loss Events which added 16.8 percentage points in the third quarter of 2023. In the other property class of business, the 6.1 percentage point increase was primarily driven by the Q3 2024 Large Loss Events, which added 24.8 percentage points, compared to the 2023 Large Loss Events which added 12.3 percentage points in the third 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 increased by 1.0 percentage point, largely driven by a 0.4 percentage point increase in acquisition expenses due to purchase accounting adjustments relating to the Validus Acquisition, which added 1.8 percentage points to the acquisition expense ratio in the third quarter of 2024, partially offset by changes in the mix of business as a result of the continued relative growth in the catastrophe class of business, which has a lower acquisition expense ratio than the other property class of business. In addition to the increase in the acquisition expense ratio, the operating expense ratio also increased 0.6 percentage points, primarily due to an increase in operating expenses following the Validus Acquisition.

In the third quarter of 2024, our Property segment underwriting income was reduced by total purchase accounting adjustments of $22.4 million, which added 2.2 percentage points to the Property segment combined ratio.

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

Casualty and Specialty Gross Premiums Written

In the third quarter of 2024, our Casualty and Specialty segment gross premiums written increased by $502.0 million, or 45.3%, to $1.6 billion, compared to the third quarter of 2023. This increase was primarily driven by the renewal of business acquired in the Validus Acquisition, and is principally reflected in the general casualty and other specialty classes of business, which grew by $168.6 million and $208.4 million, respectively, compared to the third quarter of 2023. This increase also reflects organic growth of legacy lines, particularly within the other specialty class of 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 $17.1 million, to $148.1 million, in the third quarter of 2024, compared to $131.0 million in the third quarter of 2023, driven by the increase in gross premiums written subject to our retrocessional reinsurance programs, and partially offset by a decrease in the amount of quota share retrocessional coverage purchased.

Casualty and Specialty Net Premiums Written

Net premiums written in our Casualty and Specialty segment increased by $484.9 million, or 49.7%, to $1.5 billion, in the third quarter of 2024, compared to $1.0 billion in the third 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 incurred an underwriting loss of $0.9 million in the third quarter of 2024, compared to underwriting income of $29.8 million in the third quarter of 2023. In the third quarter of 2024, our Casualty and Specialty segment generated a net claims and claim expense ratio of 65.7%, an underwriting expense ratio of 34.4% and a combined ratio of 100.1%, compared to 65.8%, 31.2% and 97.0%, respectively, in the third quarter of 2023.

The increase in the Casualty and Specialty segment combined ratio in the third quarter of 2024 of 3.1 percentage points to 100.1% was primarily driven by the increase in the underwriting expense ratio of 3.2 percentage points.

The Casualty and Specialty segment current accident year net claims and claim expense ratio decreased by 1.4 percentage points to 65.8% compared to the third quarter of 2023, as the comparable period was impacted by event losses on catastrophe exposed lines within the other specialty class of business. During the third quarter of 2024, our Casualty and Specialty segment also experienced net favorable development on prior accident years net claims and claim expenses of $0.8 million or 0.1 percentage points, compared to $14.1 million or 1.4 percentage points during the third quarter of 2023. The net favorable development was principally driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the other specialty and credit classes of business.

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 increase in the underwriting expense ratio of 3.2 percentage points was driven by a 3.0 percentage point increase in the acquisition expense ratio, primarily due to the impact of Validus integration-related activities and purchase accounting adjustments, which collectively added 2.6 percentage points to the acquisition expense ratio in the third quarter of 2024. The acquisition expense ratio in the third quarter of 2024 was also impacted by changes in estimated variable commission costs.

In the third quarter of 2024, Casualty and Specialty segment underwriting income was reduced by total purchase accounting adjustments of $37.5 million, which added 2.4 percentage points to the Casualty and Specialty segment combined ratio.

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.

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 include 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 third quarter of 2024, total fee income earned through third-party capital management activities increased $17.5 million, to $82.1 million, compared to $64.6 million in the third quarter of 2023, due to higher management and performance fee income.

Management fee income increased $10.5 million compared to the third quarter of 2023, driven by increased capital managed at DaVinci and Fontana, as well as the addition of fees earned by AlphaCat Managers.

Performance fee income increased $7.0 million compared to the third quarter of 2023, driven by improved underwriting results and favorable development on prior year events, primarily in Upsilon RFO.

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 our consolidated results of operations.

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses. The $12.3 million includes $11.6 million of management fee income, recorded as a reduction to operational expenses and $0.7 million of performance fee income recorded as a reduction to acquisition expenses (2023 - $6.9 million, $10.9 million and an increase of $4.0 million, respectively).

In addition to the $12.3 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 $27.6 million includes $29.2 million of management fee income, recorded as a reduction to operational expenses and $1.7 million of performance fee income recorded as an increase to acquisition expenses (2023 - $28.4 million, $27.3 million and a reduction of $1.1 million, respectively).

Net investment income was $423.9 million in the third quarter of 2024, compared to $329.1 million in the third quarter of 2023, an increase of $94.8 million. This increase was driven by a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity investments portfolio.

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures 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 gains on investments were $943.7 million in the third quarter of 2024, compared to net realized and unrealized losses of $228.1 million in the third quarter of 2023. Principally impacting our net realized and unrealized gains on investments in the third quarter of 2024 were:

•net realized and unrealized gains on our fixed maturity investments trading portfolio of $612.4 million in the third quarter of 2024, compared to net realized and unrealized losses of $279.3 million in the third quarter of 2023, primarily due to decreases in interest rates in the third quarter of 2024 compared to interest rate increases in the third quarter of 2023;

•net realized and unrealized gains on other investments of $148.4 million in the third quarter of 2024, compared to net realized and unrealized losses of $14.1 million in the third quarter of 2023, primarily driven by an increase in the value of our investment in TWFG as a result of their initial public offering in the third quarter of 2024;

•net realized and unrealized gains on investment-related derivatives of $97.5 million in the third quarter of 2024, primarily as a result of the impact of the interest rate movements noted above on interest rate futures, and commodity price movements favorably impacting commodity futures, compared to net realized and unrealized gains of $30.6 million in the third quarter of 2023, driven by short interest rate future positions benefiting from interest rate increases; and

•net realized and unrealized gains on catastrophe bonds of $66.3 million in the third quarter of 2024 compared to net realized and unrealized gains of $32.5 million in the third quarter of 2023, which was reflective of changes in risk spreads in the wider catastrophe bond market in both periods. The net realized and unrealized gains are primarily reflected in the Medici portfolio, and are predominantly attributable to third-party investors and allocated through net income (loss) attributable to redeemable noncontrolling interest.

Net Foreign Exchange Gains (Losses)

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.

In the third quarter of 2024, net foreign exchange gains were $16.8 million compared to net foreign exchange losses of $25.9 million in the third quarter of 2023. The increase in net foreign exchange gains in the third quarter of 2024 is primarily driven by higher gains attributable to third-party investors in Medici in the current period, which are allocated through net income (loss) attributable to redeemable noncontrolling interest, in addition to the impact of certain foreign exchange exposures related to our underwriting activities.

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 a select group of insurance and insurance-related companies, including the Tower Hill Companies and Top Layer. 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.

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 $26.1 million in the third quarter of 2024, compared to $17.1 million in the third quarter of 2023, an increase of $8.9 million, which was primarily driven by $8.3 million of expenses associated with the Validus Acquisition, compared to $3.4 million in the comparative quarter. 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 $102.0 million in the third quarter of 2024, compared to $9.3 million in the third quarter of 2023. The increase in income tax expense was primarily driven by increased income in the Company’s U.S. operations.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

Our net income (loss) attributable to redeemable noncontrolling interests was $450.2 million in the third quarter of 2024, compared to $213.7 million in the third quarter of 2023, an increase of $236.5 million. This increase was primarily due to the following:

•DaVinci, which had an increase in net income in the third quarter of 2024 compared to the third quarter of 2023, primarily resulting from strong underwriting results and an increase in total investment result;

•Vermeer, which had an increase in net income in the third quarter of 2024 compared to the third quarter of 2023, primarily resulting from strong underwriting results;

•Medici, which had an increase in net income in the third quarter of 2024 compared to the third quarter of 2023, primarily resulting from realized and unrealized gains on its catastrophe bond portfolio, in addition to increased net investment income; and

•Fontana, which had net income in the third quarter of 2024 compared to a net loss in the third quarter of 2023, primarily resulting from improved total investment result.

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

SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.

Net income available to RenaissanceRe common shareholders was $2.0 billion in the nine months ended September 30, 2024, compared to $949.1 million in the nine months ended September 30, 2023. As a result of our net income available to RenaissanceRe common shareholders in the nine months ended September 30, 2024, we generated an annualized return on average common equity of 28.8% and our book value per common share increased from $165.20 at December 31, 2023 to $202.01 at September 30, 2024, a 23.0% increase, after considering the change in accumulated dividends paid to our common shareholders.

The most significant items affecting our financial performance during the nine months ended September 30, 2024, on a comparative basis to the nine months ended September 30, 2023, include:

•Underwriting Results -we generated underwriting income of $1.4 billion and had a combined ratio of 81.3% in the nine months ended September 30, 2024, compared to underwriting income of $1.1 billion and a combined ratio of 78.8% in the nine months ended September 30, 2023. Our underwriting income in the nine months ended September 30, 2024 was comprised of our Property segment, which generated underwriting income of $1.4 billion and had a combined ratio of 52.6%, and our Casualty and Specialty segment, which generated underwriting income of $33.0 million and had a combined ratio of 99.3%. In comparison, our underwriting income in the nine months ended September 30, 2023 was comprised of our Property segment, which generated underwriting income of $935.7 million and had a combined ratio of 57.6%, and our Casualty and Specialty segment, which generated underwriting income of $170.7 million and had a combined ratio of 94.3%;

Included in our underwriting results in the nine months ended September 30, 2024 was the impact of the 2024 Large Loss Events, which resulted in a net negative impact on the underwriting result of $456.3 million and added 6.3 percentage points to the consolidated combined ratio. In comparison, our underwriting results in the nine months ended September 30, 2023 were impacted by the 2023 Large Loss Events, which resulted in a net negative impact on the underwriting result of $253.6 million and added 5.0 percentage points to the combined ratio, all within in our Property segment;

•Gross Premiums Written - our gross premiums written increased by $2.8 billion, or 39.0%, to $9.8 billion, in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. This was comprised of an increase of $1.5 billion in our Casualty and Specialty segment and an increase of $1.2 billion 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 the sum of net investment income and net realized and unrealized gains (losses) on investments, was income of $1.8 billion in the nine months ended September 30, 2024, compared to $704.7 million in the nine months ended September 30, 2023, an increase of $1.1 billion. The primary drivers of the higher total investment result include an increase of $773.9 million in net realized and unrealized gains on investments and an increase in net investment income of $349.3 million. The increase in net realized and unrealized gains was principally due to higher net realized and unrealized gains on fixed maturity investments of $605.6 million, driven by decreases in interest rates during 2024 compared to increases in interest rates in 2023. The increase in net investment income was due to a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity investments portfolio;

•Net Income Attributable to Redeemable Noncontrolling Interests- our net income attributable to redeemable noncontrolling interests was $919.7 million in the nine months ended September 30, 2024, compared to $656.0 million in the nine months ended September 30, 2023. The higher net income attributable to redeemable noncontrolling interests in the nine months ended September 30, 2024 was primarily driven by strong underwriting income generated by DaVinci and Vermeer, an increase in net realized and unrealized gains on investments and an increase in net investment income. The increase in net realized and unrealized gains on investments was primarily due to the decrease in interest rates during 2024 discussed above, compared to increases in interest rates in 2023. The increase in net investment income was primarily due to higher average invested assets and higher yielding assets within the investment portfolios of our joint ventures and managed funds;

•Impact of Large Loss Events - we had a net negative impact on net income available to RenaissanceRe common shareholders of $354.3 million resulting from the 2024 Large Loss Events. This compares to a net negative impact on net income available to RenaissanceRe common shareholders of $180.0 million resulting from the 2023 Large Loss Events.

2024 Net Negative Impact

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 nine months ended September 30, 2024.

The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the nine months ended September 30, 2024 of the 2024 Large Loss Events.

(1)“Other 2024 Large Loss Events” includes: the Baltimore Bridge Collapse; a series of severe convective storms that impacted the Southern and Midwest United States; the Hualien earthquake which impacted Taiwan in April 2024; a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, Hurricane Beryl, and certain aggregate loss contracts triggered during 2024.

(2)“2024 Large Loss Events” includes: Hurricane Helene, and the “Other 2024 Large Loss Events.”

2023 Net Negative Impact

The financial data below provides additional information detailing the net negative impact of the 2023 Large Loss Events on our segment underwriting results and consolidated combined ratio in the nine months ended September 30, 2023.

The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the nine months ended September 30, 2023 of the 2023 Large Loss Events.

Underwriting Results by Segment

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

Property Gross Premiums Written

In the nine months ended September 30, 2024, our Property segment gross premiums written increased by $1.2 billion, or 37.8%, to $4.4 billion, compared to $3.2 billion in the nine months ended September 30, 2023.

Gross premiums written in the catastrophe class of business were $2.9 billion in the nine months ended September 30, 2024, an increase of $858.5 million, or 41.1%, compared to the nine months ended September 30, 2023. This increase was principally driven by the renewal of business acquired in the Validus Acquisition, in conjunction with the retention of legacy lines, during the nine months ended September 30, 2024.

Gross premiums written in the other property class of business were $1.5 billion in the nine months ended September 30, 2024, an increase of $357.4 million, or 31.7%, compared to the nine months ended September 30, 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 and organic growth in both our catastrophe and non-catastrophe exposed business.

Property Ceded Premiums Written

Ceded premiums written in our Property segment increased 60.4%, to $976.2 million, in the nine months ended September 30, 2024, compared to $608.5 million in the nine months ended September 30, 2023.

The increase in ceded purchases reflects our larger portfolio resulting from the Validus Acquisition and organic growth, as well as increased utilization of Upsilon, as part of our gross-to-net strategy.

Property Net Premiums Written

Net premiums written in our Property segment were $3.5 billion in the nine months ended September 30, 2024, an increase of $848.1 million, or 32.5%, compared to the nine months ended September 30, 2023, consistent with the changes in gross premiums written discussed above, partially offset by an increase in ceded premiums written as part of our gross-to-net strategy.

Property Underwriting Results

Our Property segment generated underwriting income of $1.4 billion in the nine months ended September 30, 2024, compared to $935.7 million in the nine months ended September 30, 2023, an increase in underwriting income of $445.1 million. In the nine months ended September 30, 2024, our Property segment generated a net claims and claim expense ratio of 26.0%, an underwriting expense ratio of 26.6% and a combined ratio of 52.6%, compared to 30.6%, 27.0% and 57.6%, respectively, in the nine months ended September 30, 2023.

Impacting the Property segment underwriting result and combined ratio in the nine months ended September 30, 2024 were the 2024 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $390.2 million and added 15.0 percentage points to its combined ratio. In comparison, the nine months ended September 30, 2023 was impacted by the 2023 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $253.6 million and added 12.5 percentage points to its combined ratio.

The net claims and claim expense ratio of 26.0% was comprised of a current accident year net claims and claim expense ratio of 42.2% and 16.2 percentage points of net favorable development on prior accident years. In comparison, the nine months ended September 30, 2023 had a net claims and claim expense ratio of 30.6%, comprised of a current accident year net claims and claim expense ratio of 42.3% and 11.7 percentage points of net favorable development on prior accident years. Included in the current accident year net claims and claim expense ratio for the nine months ended September 30, 2024 is a 15.1 percentage point impact from the 2024 Large Loss Events. This compares to an impact of 13.0 percentage points for the nine months ended September 30, 2023 from the 2023 Large Loss Events. Principally impacting the 4.6 percentage point reduction in the net claims and claim expense ratio for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 is an increase in the net favorable development on prior accident years.

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

The underwriting expense ratio decreased 0.4 percentage points, driven by a 0.4 percentage point decrease in the operating expense ratio primarily due to an increase in net premiums earned. In addition, the acquisition expense ratio for the nine months ended September 30, 2024 includes 2.0 percentage points of purchase accounting adjustments relating to the Validus Acquisition, which was offset by changes in the mix of business as a result of continued relative growth in the catastrophe class of business, which has a lower acquisition expense ratio than the other property class of business.

In the nine months ended September 30, 2024, Property segment underwriting income was reduced by total purchase accounting adjustments of $67.0 million, which added 2.4 percentage points to the Property segment combined ratio.

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

Casualty and Specialty Gross Premiums Written

In the nine months ended September 30, 2024, our Casualty and Specialty segment gross premiums written increased by $1.5 billion, or 40.1%, to $5.4 billion, compared to $3.8 billion in the nine months ended September 30, 2023. This increase is principally due to the renewal of business acquired in the Validus Acquisition, in conjunction with the retention and organic growth of legacy lines, and is primarily reflected in the other specialty, general casualty and credit classes of business, which increased $848.6 million, $544.7 million and $202.5 million, respectively, compared to the nine months ended September 30, 2023. These increases were partially offset by a decrease in the professional liability class of business of $55.6 million which, was driven by decreases in premium estimates on business underwritten in prior years.

Casualty and Specialty Ceded Premiums Written

Ceded premiums written in our Casualty and Specialty segment increased by 12.0%, to $639.5 million, in the nine months ended September 30, 2024, compared to $571.1 million in the nine months ended September 30, 2023, primarily 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 $1.5 billion, or 45.0%, 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 $33.0 million in the nine months ended September 30, 2024, compared to $170.7 million in the nine months ended September 30, 2023. In the nine months ended September 30, 2024, our Casualty and Specialty segment generated a net claims and claim expense ratio of 66.4%, an underwriting expense ratio of 32.9% and a combined ratio of 99.3%, compared to 63.6%, 30.7% and 94.3%, respectively, in the nine months ended September 30, 2023.

The increase in the Casualty and Specialty segment combined ratio in the nine months ended September 30, 2024 to 99.3% was principally driven by an increase of 2.8 percentage points in the net claims and claims expense ratio and an increase of 2.2 percentage points in the underwriting expense ratio.

The increase in the net claims and claims expense ratio was driven by higher current accident year losses, mainly as a result of losses related to the Baltimore Bridge Collapse, which added approximately 1.3 percentage points of loss, as well as two specific losses within the structured credit and transactional liability lines of business in the nine months ended September 30, 2024. During the nine months ended September 30, 2024 our Casualty and Specialty segment also experienced net favorable development on prior accident years net claims and claim expenses of $27.1 million, or 0.6 percentage points, compared to $37.6 million, or 1.3 percentage points during the nine months ended September 30, 2023. The net favorable development during both the nine months ended September 30, 2024 and the nine months ended September 30, 2023 was primarily driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from our other specialty and credit classes of business.

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

The increase in the underwriting expense ratio of 2.2 percentage points was primarily driven by a 1.8 percentage point increase in the acquisition expense ratio from the impact of purchase accounting adjustments.

In the nine months ended September 30, 2024, Casualty and Specialty segment underwriting income was reduced by total purchase accounting adjustments of $116.2 million, which added 2.5 percentage points to the Casualty and Specialty segment combined ratio.

In the nine months ended September 30, 2024, total fee income earned through our third-party capital management activities increased by $83.7 million, to $249.7 million, compared to $166.0 million in the nine months ended September 30, 2023, driven by both higher management fee income and higher performance fee income.

Management fee income increased $37.5 million compared to the nine months ended September 30, 2023, driven by increased capital managed at DaVinci and Fontana, as well as the addition of fees earned by AlphaCat Managers.

Performance fee income increased $46.2 million compared to the nine months ended September 30, 2023, driven by current underwriting year results and favorable development on prior year events, primarily in DaVinci, Upsilon RFO, and certain structured reinsurance products.

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 activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses. The $40.0 million includes $39.6 million of management fee income, recorded as a reduction to operational expenses and $0.4 million of performance fee income recorded as a reduction to acquisition expenses (2023 - $28.2 million, $33.7 million and an increase of $5.5 million, respectively).

In addition to the $40.0 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 $92.6 million includes $87.6 million of management fee income, recorded as a reduction to operational expenses and $5.0 million of performance fee income recorded as a reduction to acquisition expenses (2023 - $100.6 million, $92.8 million and $7.8 million, respectively).

Net investment income was $1.2 billion in the nine months ended September 30, 2024, compared to $876.1 million in the nine months ended September 30, 2023, an increase of $349.3 million. This increase was driven by a combination of higher average invested assets, primarily resulting from the Validus Acquisition, and higher yielding assets in the fixed maturity investments portfolio.

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures 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” for additional information.

Net realized and unrealized gains on investments were $602.5 million in the nine months ended September 30, 2024, compared to net realized and unrealized losses of $171.4 million in the nine months ended September 30, 2023, an increase of $773.9 million. Principally impacting our net realized and unrealized gains on investments in the nine months ended September 30, 2024 were:

•net realized and unrealized gains on our fixed maturity investments trading portfolio of $319.5 million in the nine months ended September 30, 2024 compared to net realized and unrealized losses of $286.1 million in the nine months ended September 30, 2023, primarily as a result of decreases in interest rates in the nine months ended September 30, 2024 compared to increases in interest rate in the nine months ended September 30, 2023;

•net realized and unrealized gains on other investments of $155.1 million in the nine months ended September 30, 2024 compared to net realized and unrealized gains of $7.6 million in the nine months ended September 30, 2023, primarily driven by an increase in the value of the Company’s investment in TWFG as a result of their initial public offering in the nine months ended September 30, 2024;

•net realized and unrealized gains on investment-related derivatives of $50.1 million in the nine months ended September 30, 2024, driven by commodity price movements favorably impacting commodity futures, compared to net realized and unrealized losses of $22.3 million in the nine months ended September 30, 2023, driven by coupon payments on credit default swaps to hedge credit risk; and

•net realized and unrealized gains on catastrophe bonds of $51.1 million in the nine months ended September 30, 2024, compared to $94.8 million in the nine months ended September 30, 2023, a decrease of $43.7 million. The decrease in net realized and unrealized gains were driven by a generally lower narrowing of risk spreads in the catastrophe bond market in 2024 compared to 2023. The net realized and unrealized gains are primarily reflected in the Medici portfolio, and are predominantly attributable to third-party investors and allocated through net income (loss) attributable to redeemable noncontrolling interest.

Net Foreign Exchange Gains (Losses)

In the nine months ended September 30, 2024, net foreign exchange losses were $27.7 million compared to $53.9 million in the nine months ended September 30, 2023. The decrease in net foreign exchange losses for the nine months ended September 30, 2024 compared to 2023 is primarily driven by lower losses attributable to third-party investors in Medici in the current period, which are allocated through net income (loss) attributable to redeemable noncontrolling interest, slightly offset by a higher impact of certain foreign exchange exposures related to our underwriting activities in the current period compared to the prior period.

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 of Other Ventures

Earnings from our investments in other ventures was $32.4 million in the nine months ended September 30, 2024, compared to $28.1 million in the nine months ended September 30, 2023, an increase of $4.4 million.

Corporate Expenses

Corporate expenses increased $47.1 million to $100.5 million, in the nine months ended September 30, 2024, compared to $53.4 million in the nine months ended September 30, 2023. The increase was primarily driven by $45.9 million of expenses associated with the Validus Acquisition, compared to $14.7 million in the comparative quarter. 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)

In the nine months ended September 30, 2024, we recognized an income tax expense of $96.5 million, compared to $44.1 million in the nine months ended September 30, 2023. The increase in income tax expense was primarily driven by increased income in the Company’s U.S. operations and was partially offset by a $33.7 million deferred tax benefit resulting from the merger of RREAG and Validus Switzerland which was successfully completed in the second quarter of 2024.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

Our net income attributable to redeemable noncontrolling interests was $919.7 million compared to $656.0 million in the nine months ended September 30, 2023, an increase of $263.7 million. The increase was primarily driven by the following:

•DaVinci, which had higher net income in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily resulting from improved underwriting results and higher total investment results;

•Vermeer, which had higher net income in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily resulting from improved underwriting results in the nine months ended September 30, 2024;

•Medici, which had higher net income in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, due to higher net realized and unrealized gains on its catastrophe bond portfolio and increased net investment income in the current period, compared to the nine months ended September 30, 2023; and

•Fontana, which had higher net income in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily resulting from an increase in net realized and unrealized gains on its investments, in addition to higher net investment income in the nine months ended September 30, 2024.