RENAISSANCERE HOLDINGS LTD

Holding Company Liquidity

RenaissanceRe’s principal uses of liquidity are: (1) common share related transactions including dividend payments to our common shareholders and common share repurchases, (2) preference share related transactions including dividend payments to our preference shareholders and preference share redemptions, (3) interest and principal payments on debt, (4) capital investments in our subsidiaries, (5) acquisition of, or investments in, new or existing companies or books of business of other companies, such as the Validus Acquisition, and (6) certain corporate and operational expenses.

We attempt to structure our organization in a way that facilitates efficient capital movements between RenaissanceRe and our operating subsidiaries and to ensure that adequate liquidity is available when required, giving consideration to applicable laws and regulations, and the domiciliary location of sources of liquidity and related obligations. For example, our internal investment structures and cash pooling arrangements among RenaissanceRe and certain of our subsidiaries help to efficiently facilitate capital and liquidity movements.

In the aggregate, our principal operating subsidiaries have historically produced sufficient cash flows to meet their expected claims payments and operational expenses and to provide dividend payments to us. In addition, our subsidiaries maintain a concentration of investments in high-quality liquid securities, which management believes will provide additional liquidity for extraordinary claims payments should the need arise. In 2024, we received significant distributions of capital from many of our principal operating subsidiaries, both in the ordinary course and in connection with the integration of Validus and streamlining of our corporate structure following the Validus Acquisition. For example, we received dividends from Validus Re, Renaissance Reinsurance and RREAG, following the merger of Validus Switzerland and RREAG in June 2024 and in connection with the amalgamation of Validus Re and Renaissance Reinsurance in October 2024.

However, in some circumstances, RenaissanceRe may determine it is necessary or advisable to contribute capital to our subsidiaries or may be contractually required to contribute capital to our subsidiaries, joint ventures or managed funds. For example, in 2024, RenaissanceRe contributed capital to RenaissanceRe Specialty U.S. to support growth in premiums. In addition, from time to time we invest in new managed joint ventures or managed funds, increase our investments in certain of our managed joint ventures or managed funds and contribute cash to investment subsidiaries, such as the launch of Fontana in 2022. Examples of our contractual requirements to make capital contributions to our subsidiaries or joint ventures or managed funds include our net worth maintenance agreements with certain operating subsidiaries and Renaissance

Reinsurance’s obligation to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer’s capital below a specified level.

Sources of Liquidity

Historically, cash receipts from operations, consisting primarily of premiums, investment income and fee income, have provided sufficient funds to pay the losses and operational expenses incurred by our subsidiaries and to fund dividends and distributions to RenaissanceRe. Other potential sources of liquidity include borrowings under our credit facilities and issuances of securities.

The premiums received by our operating subsidiaries are generally received months or even years before losses are paid under the policies related to such premiums. Premiums and acquisition expenses generally are received within the first two years of inception of a contract, while operational expenses are generally paid within a year of being incurred. It generally takes much longer for net claims and claim expenses incurred to be reported and ultimately settled, requiring the establishment of reserves for claims and claim expenses and reinsurance recoverable. Therefore, the amount of net claims paid in any one year is not necessarily related to the amount of net claims and claim expenses incurred in that year, as reported in the consolidated statements of operations.

We expect that our liquidity needs for the next 12 months will be met by our cash receipts from operations. However, as a result of a combination of market conditions, turnover of our investment portfolios and changes in investment yields, and the nature of our business where a large portion of the coverages we provide can produce losses of high severity and low frequency, future cash flows from operating activities cannot be accurately predicted and may fluctuate significantly between individual quarters and years. In addition, due to the magnitude and complexity of certain large loss events, meaningful uncertainty remains regarding losses from these events and our actual ultimate net losses from these events may vary materially from preliminary estimates, which would impact our cash flows from operations.

Our “shelf” registration statement on Form S-3 under the Securities Act allows for the public offering of various types of securities, including common shares, preference shares and debt securities, which provides a source of liquidity. Because we are a “well-known seasoned issuer” as defined by the rules promulgated under the Securities Act, we are also eligible to file additional automatically effective registration statements on Form S-3 in the future for the potential offering and sale of additional debt and equity securities. From time to time, we raise capital through public offerings pursuant to our registration statements. For example, in February 2025, we completed an offering of $500.0 million of 5.800% Senior Notes due April 2035 for net proceeds of approximately $493.5 million.

Credit Facilities, Trusts and Other Collateral Arrangements

We also maintain various other arrangements that allow us to access liquidity and satisfy collateral requirements, including revolving credit facilities, letter of credit facilities, and regulatory trusts, as well as other types of trust and collateral arrangements. Regulatory and other requirements to post collateral to support our reinsurance obligations could impact our liquidity. For example, many jurisdictions in the U.S. do not permit insurance companies to take credit for reinsurance obtained from unlicensed or non-admitted insurers on their statutory financial statements unless security is posted, so our contracts generally require us to post a letter of credit or provide other security (such as through a multi-beneficiary reinsurance trust). However, certain of our subsidiaries qualify as certified reinsurers or reciprocal reinsurers in one or more U.S. states, which has, and may continue to, reduce the amount of collateral that we are required to post. In addition, if we were to fail to comply with certain covenants in our debt agreements, we may have to pledge additional collateral.

Letter of Credit and Revolving Credit Facilities

We and certain of our subsidiaries, joint ventures, and managed funds maintain secured and unsecured revolving credit facilities and letter of credit facilities that provide liquidity and allow us to satisfy certain collateral requirements. The outstanding amounts issued or drawn under each of our significant credit facilities are set forth below:

(1)At March 31, 2025, no amounts were issued or drawn under this facility.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions. The drawn amount of the Medici revolving credit facility is included on the Company’s consolidated balance sheets under debt.

Refer to “Note 7. Debt and Credit Facilities” and “Note 15. Subsequent Events” in our “Notes to the Consolidated Financial Statements” for additional information related to our significant debt and credit facilities.

Funds at Lloyd’s

As a member of Lloyd’s, the underwriting capacity, or stamp capacity, of Syndicate 1458 is required to be supported by providing a deposit, the FAL, in the form of cash, securities or letters of credit. At March 31, 2025, the FAL required to support the underwriting activities at Lloyd’s through Syndicate 1458 was £707.6 million (December 31, 2024 - £714.8 million). Actual FAL posted for Syndicate 1458 at March 31, 2025 by RenaissanceRe Corporate Capital (UK) Limited was $977.9 million (December 31, 2024 - $952.3 million), supported by a $977.9 million deposit of cash and fixed maturity securities (December 31, 2024 - $952.3 million).

Multi-Beneficiary Reinsurance Trusts, Multi-Beneficiary Reduced Collateral Reinsurance Trusts

Renaissance Reinsurance, DaVinci Reinsurance and RREAG use multi-beneficiary reinsurance trusts and/or multi-beneficiary reduced collateral reinsurance trusts to collateralize reinsurance liabilities. As of March 31, 2025, all of these trusts were funded in accordance with the relevant regulatory thresholds. However, assets held in these trusts have in the past, and may in the future, exceed the amount required under U.S. state regulations.

Refer to “Note 18. Statutory Requirements” in our “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2024 for additional information on our multi-beneficiary reinsurance trusts and multi-beneficiary reduced collateral reinsurance trusts.

The following table summarizes the assets held under trust and minimum amount required pursuant to U.S. state regulations in the multi-beneficiary reinsurance trusts.

The following table summarizes the assets held under trust and minimum amount required pursuant to U.S. state regulations in the reduced collateral reinsurance trusts.

Contractual Obligations

In assessing our liquidity requirements and cash needs, we also consider contractual obligations to which we are a party. These contractual obligations are summarized in our Form 10-K for the year ended December 31, 2024. As of March 31, 2025, there were no material changes in our contractual obligations as disclosed in the table of contractual obligations and related footnotes included in our Form 10-K for the year ended December 31, 2024, except as otherwise disclosed. Refer to Note 7. “Debt and Credit Facilities” and Note 15. “Subsequent Events” for additional information related to the Company’s debt obligations and credit facilities.

Cash Flows

During the three months ended March 31, 2025, our cash and cash equivalents decreased by $43.8 million, to $1.6 billion at March 31, 2025, compared to $1.7 billion at December 31, 2024.

Cash flows provided by operating activities

Cash flows provided by operating activities during the three months ended March 31, 2025 were $157.8 million, compared to $683.5 million during the three months ended March 31, 2024. Cash flows provided by operating activities during the three months ended March 31, 2025 were primarily the result of certain adjustments to reconcile our net loss of $25.3 million to net cash provided by operating activities, including:

•an increase in unearned premiums of $1.0 billion due to gross premiums written across both our Property and Casualty and Specialty segments;

•an increase in reserve for claims and claim expenses of $1.6 billion, principally reflected by an increase in our Property segment due to the 2025 Large Loss Events, as well as an increase in our Casualty and Specialty segment, largely driven by additional premiums earned during the three months ended March 31, 2025;

•an increase in premiums receivable of $1.1 billion due to the timing of receipts and an increase in our gross premiums written;

•net realized and unrealized gains on investments of $191.3 million, primarily driven by higher net realized and unrealized gains on fixed maturity investments resulting from declining market yields in 2025; and

•an increase in prepaid reinsurance premiums of $325.5 million due to the January 1, 2025 renewal of our ceded book, which drove growth in our prepaid reinsurance premiums.

Cash flows used in investing activities

During the three months ended March 31, 2025, our cash flows used in investing activities were $499.4 million, principally reflecting net purchases of equity investments of $766.4 million, which were predominantly in fixed income exchange traded funds, and net purchases of short term investments of $500.6 million. The net purchases of fixed income exchange traded funds and short term investments were partially funded by net sales of fixed maturity investments trading of $890.6 million, with the remaining funded by cash flows provided by operating activities, as described above.

Cash flows provided by financing activities

Our cash flows provided by financing activities in the three months ended March 31, 2025 were $290.4 million, and were principally the result of:

•net outflows of $168.4 million primarily related to net third-party redeemable noncontrolling interest share and capital transactions in Medici, Fontana and DaVinci;

•common share repurchases of $357.7 million;

•issuance of debt of $791.3 million related to the issuance of 5.950% Senior Notes due 2035 of DaVinci and 5.800% Senior Notes due 2035 of RenaissanceRe; and

•drawdown of the Medici Revolving Credit Facility of $75.0 million.

During the three months ended March 31, 2024, our cash and cash equivalents decreased by $270.8 million, to $1.6 billion at March 31, 2024, compared to $1.9 billion at December 31, 2023.

Cash flows provided by operating activities

Cash flows provided by operating activities during the three months ended March 31, 2024 were $683.5 million, compared to $435.7 million during the three months ended March 31, 2023. Cash flows provided by operating activities during the three months ended March 31, 2024 were primarily the result of certain adjustments to reconcile our net income of $618.5 million to net cash provided by operating activities, including:

•an increase in unearned premiums of $1.1 billion due to gross premiums written across both our Property and Casualty and Specialty segments;

•a decrease in reinsurance recoverable of $350.6 million due to the decrease in recoverables associated with weather related large losses from 2020 through 2022;

•an increase in reinsurance balances payable of $167.7 million, principally driven by the timing of payments related to underwriting activity; and

•net realized and unrealized losses on investments of $155.8 million, primarily driven by interest rate increases; partially offset by

•an increase in premiums receivable of $1.2 billion due to the timing of receipts and an increase in our gross premiums written; and

•an increase in prepaid reinsurance premiums of $358.1 million due to the January 1, 2024 renewal of our ceded book, which drove growth in our ceded premiums written and unearned ceded premiums.

Cash flows used in investing activities

During the three months ended March 31, 2024, our cash flows used in investing activities were $304.5 million, principally reflecting net purchases of fixed maturity investments trading of $384.7 million and short term investments of $13.9 million, partially offset by cash flows from net sales of other investments of $94.9 million. The net purchases of fixed maturity investments trading and short term investments were primarily funded by cash flows provided by operating activities, as described above.

Cash flows used in financing activities

Our cash flows used in financing activities in the three months ended March 31, 2024 were $644.6 million, and were principally the result of:

•net outflows of $518.9 million primarily related to net third-party redeemable noncontrolling interest share transactions in DaVinci, Medici and Vermeer; and

•repayment of $75.0 million on the Medici Revolving Credit Facility.