RENAISSANCERE HOLDINGS LTD

SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the second quarter of 2025, compared to the second quarter of 2024.

Results of Operations Overview

Net income available to RenaissanceRe common shareholders was $826.5 million in the second quarter of 2025, compared to $495.0 million in the second quarter of 2024, an increase of $331.5 million. As a result, in the second quarter of 2025 we generated an annualized return on average common equity of 33.7%, and our book value per common share increased from $196.18 at March 31, 2025 to $212.15 at June 30, 2025, an 8.3% increase, after considering the change in accumulated dividends paid to our common shareholders.

Significant items affecting our financial performance during the second quarter of 2025 included:

•Underwriting Results

–underwriting income of $601.7 million, an increase of $122.4 million, resulting in an improvement of 6.0 percentage points in the combined ratio, driven primarily by:

–a lower level of catastrophe losses in the second quarter of 2025, compared to the second quarter of 2024; and

–higher prior accident year net favorable development, predominantly in the Property segment.

–gross premiums written and net premiums written decreased by $4.3 million and $68.2 million, respectively.

•Investment Results

–total investment result increased by $479.6 million, driven by:

–an increase of $477.3 million in net realized and unrealized gains on investments; and

–an increase in net investment income of $2.3 million.

•Fee Income

–income of $95.0 million, an increase of $10.9 million.

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

–income of $328.3 million, an increase of $103.6 million, primarily resulting from strong underwriting results and net investment income in our joint ventures.

•Income Tax Benefit (Expense)

–expense of $176.9 million, compared to a benefit of $20.8 million in the second quarter of 2024, primarily driven by the Bermuda CIT, which became effective on January 1, 2025.

Underwriting Results by Segment

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

Property Gross Premiums Written

•Gross premiums written reflected a successful mid-year renewal as we executed on market opportunities in the catastrophe class and optimized our property portfolio. The decrease of $21.2 million, or 1.2%, was primarily driven by:

–an increase in the catastrophe class of $98.1 million, or 7.8%, driven by strong mid-year renewals reflective of organic growth on existing clients as well as new underwriting opportunities, including in U.S. catastrophe-exposed business; and

–a decrease of $119.3 million, or 24.4%, in the other property class, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business.

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.

•Ceded premiums written increased by $11.9 million, or 3.0%, as part of our gross-to-net strategy, driven by:

–an increase in ceded spend and limit purchased, including additional limit purchased in response to the California Wildfires and growth in the assumed catastrophe portfolio, partially offset by

–a reduced utilization of Upsilon through the June 1st renewals.

Property Net Premiums Earned

•Net premiums earned decreased by $112.8 million, or 11.5%, primarily driven by:

–reductions in gross premiums written in the other property class, in addition to an increase in ceded premiums written in 2024, which continued to impact net premiums earned in 2025.

Property Underwriting Results

•Net claims and claim expense ratio improved by 28.8 percentage points, driven by:

–a 6.7 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:

–lower catastrophe losses in the quarter, compared to the second quarter of 2024 which included a 7.7 percentage point impact on the Property segment current accident year net claims and claim expense ratio from the Q2 2024 Large Loss Events.

–net favorable development of 30.7% in the net claims and claim expense ratio, driven by:

–net favorable development of $131.5 million in the catastrophe class, primarily from the weather-related large losses in 2021, 2022, and 2023; and

–net favorable development of $135.1 million in the other property class, primarily due to reported losses coming in lower than expected.

•Underwriting expense ratio increased by 2.3 percentage points, driven by:

–a 1.0 percentage point increase in the acquisition expense ratio and a 1.3 percentage point increase in the operating expense ratio, both primarily driven by the decrease in net premiums earned.

•Combined ratio improved by 26.5 percentage points from the second quarter of 2024 driven by an increase in prior accident year net favorable development in addition to a lower impact of large loss events in the quarter, with the Q2 2024 Large Loss Events adding 7.0 percentage points to the combined ratio in the second quarter of 2024.

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.

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

Casualty and Specialty Gross Premiums Written

•Gross premiums written increased by $16.8 million, or 1.0%, driven by:

–increases in the credit, professional liability and other specialty classes of 29.7%, 24.4% and 3.5%, respectively, which were principally driven by the impact of changes in premium estimates in the second quarter of 2024 on business underwritten in prior years; largely offset by

–a decrease within the general casualty class of 18.7% due to a reduction in the general liability line of business, primarily related to exposure reductions and reclassifications of premium between the general casualty and professional liability classes based on cedent reporting, in both the current and comparative quarter.

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 increased by $52.0 million, or 27.0%, driven by:

–an increase in the amount of quota share retrocessional coverage purchased.

Casualty and Specialty Net Premiums Written

•Net premiums written decreased by $35.1 million, or 2.4%, consistent with the increase in ceded premiums written.

Casualty and Specialty Underwriting Results

•Net claims and claim expense ratio increased by 1.6 percentage points, and included:

–a 0.3 percentage point increase in the current accident year net claims and claim expense ratio due to the impact of higher attritional losses, primarily within the casualty lines of business, and partially offset by a lower impact from large losses compared to the second quarter of 2024;

–a prior accident year net claims and claim expense ratio of (0.2) percentage points, reflecting net favorable development principally driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the professional liability, other specialty and credit classes, offset by adverse development from the general liability line of business.

•Underwriting expense ratio increased by 2.0 percentage points, driven by:

–a 1.1 percentage point increase in the acquisition expense ratio, principally driven by changes in mix of business from increased mortgage premium, which carries higher acquisition costs; and

–a 0.9 percentage point increase in the operating expense ratio mainly due to an increase in compensation expenses.

•Combined ratio of 101.8%, which included a 1.6 percentage point impact from large losses within the other specialty class, primarily related to the Air India crash.

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.

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, Medici and Medici UCITS. In addition, we manage certain third party capital vehicles through AlphaCat Managers, which was acquired in connection with 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.

•Total fee income increased $10.9 million, due to:

–an increase in management fee income of $1.1 million, driven by:

–an increase in management fees from Fontana as a result of higher earned premiums;

–an increase in management fees from Upsilon as a result of prior year net favorable development; and partially offset by

–a decrease in management fees from AlphaCat Managers due to the continued release of trapped collateral to investors.

–an increase in performance fees of $9.8 million as a result of strong underwriting results and prior year net favorable development, primarily in DaVinci and Upsilon.

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. Fee income on third-party capital management activities during the second quarter of 2025 of $12.5 million includes $12.5 million of management fee income, recorded as a reduction to operational expenses and nominal performance fee income recorded as a reduction to acquisition expenses (2024 - $13.0 million, $12.9 million and $0.1 million, respectively).

In addition to the 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)Fee income on third-party capital management activities during the second quarter of 2025 of $31.6 million includes $28.0 million of management fee income, recorded as a reduction to operational expenses and $3.7 million of performance fee income recorded as a reduction to acquisition expenses (2024 - $31.0 million, $25.9 million and $5.1 million, respectively).

Investment Results

•Net investment income remained consistently strong, with an increase of $2.3 million, primarily due to:

–higher average invested assets in the fixed maturity investments portfolio, partially offset by

–decreases in market yields.

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives, equity investments related derivatives and commodity related derivatives. 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. As part of this strategy, we may use investment-related derivatives to obtain exposure to a particular financial market or to hedge portfolio risk. 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.

•Principally impacting our net realized and unrealized gains on investments in the second quarter of 2025 were:

–net realized and unrealized gains on our fixed maturity investments trading portfolio, primarily due to:

–decreases in some market yields and a general tightening of credit spreads in the second quarter of 2025 compared to increases in market yields and a general widening of credit spreads in the second quarter of 2024;

–net realized and unrealized gains on investment-related derivatives, primarily as a result of:

–the impact of the market yield movements on interest rate futures,

–equity market movements, favorably impacting equity futures, and

–commodity price movements favorably impacting gold futures;

–net realized and unrealized gains on other investments - other, primarily due to:

–fund investments generally being more favorably impacted by equity market movements in the second quarter of 2025, compared to the second quarter of 2024, and

–direct private equity investments valuations increasing in the second quarter of 2025, compared to decreases in the second quarter of 2024.

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.

•Net foreign exchange gains increased by $17.5 million, driven by:

–gains attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest, partially offset by

–losses on 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, 2024 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 (losses) 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 (losses) 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.

•Equity in earnings of other ventures increased by $7.7 million, driven by:

–increased profitability of our equity investments during the second quarter of 2025, as certain insurance and insurance-related companies reported higher net income compared to the second quarter of 2024.

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 acquisition of Validus. 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 decreased by $11.4 million, primarily driven by:

–lower expenses associated with the Validus Acquisition, with $2.0 million in the second quarter of 2025, compared to $17.3 million in the second quarter of 2024, partially offset by increased compensation expenses.

Income Tax Benefit (Expense)

We are subject to income taxes in the jurisdictions in which we operate. Through December 31, 2024, we were not subject to any income taxes or capital gains taxes in Bermuda. The Bermuda CIT became effective on January 1, 2025. Therefore, our profits generated on or after January 1, 2025 in Bermuda (except for profits earned by our joint ventures and managed funds) are subject to a 15% corporate income tax. Furthermore, we generally expect that the profits generated in Bermuda on or after January 1, 2025 by our joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment or expected enactment of provisions similar to the GloBE Rules by many of the jurisdictions in which we operate. Our consolidated effective tax rate has increased in 2025 as a result of these changes. Our effective tax rate, which is based upon the expected annual effective tax rate, may fluctuate from period to period based on the relative mix of income or loss reported by jurisdiction and the varying tax rates in each jurisdiction.

•Income tax expense of $176.9 million, primarily driven by the newly effective Bermuda CIT.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests increased by $103.6 million, primarily driven by:

–an increase in underwriting income across all vehicles, particularly DaVinci and Vermeer; and

–an increase in total investment results in the current period.

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 six months ended June 30, 2025, compared to the six months ended June 30, 2024.

Net income available to RenaissanceRe common shareholders was $1.0 billion in the six months ended June 30, 2025, compared to $859.8 million in the six months ended June 30, 2024. As a result of our net income available to RenaissanceRe common shareholders in the six months ended June 30, 2025, we generated an annualized return on average common equity of 20.1% and our book value per common share increased from $195.77 at December 31, 2024 to $212.15 at June 30, 2025, an 8.8% increase, after considering the change in accumulated dividends paid to our common shareholders.

The most significant items affecting our financial performance during the six months ended June 30, 2025, on a comparative basis to the six months ended June 30, 2024, include:

•Underwriting Results

–underwriting loss of $168.9 million in the six months ended June 30, 2025, compared to underwriting income of $1.0 billion in the six months ended June 30, 2024, resulting in an increase in the combined ratio of 23.8 percentage points, driven primarily by:

–a $717.4 million net negative impact on net income available to RenaissanceRe common shareholders from the 2025 Large Loss Events, compared to $105.2 million from the 2024 Large Loss Events; partially offset by

–higher prior accident year net favorable development, predominantly in the Property segment.

•Investment Results

–total investment result increased by $1.0 billion, driven by:

–an increase of $1.0 billion in net realized and unrealized gains on investments; and

–an increase in net investment income of $16.8 million.

•Fee Income

–income of $125.4 million, a decrease of $42.2 million, primarily due to the 2025 Large Loss Events.

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

–income of $133.1 million, a decrease of $336.5 million, primarily resulting from underwriting losses from the California Wildfires.

•Income Tax Benefit (Expense)

–expense of $131.3 million in the six months ended June 30, 2025, compared to a benefit of $5.5 million in the six months ended June 30, 2024, primarily driven by the Bermuda CIT, which became effective on January 1, 2025.

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, (2) redeemable noncontrolling interest and (3) income tax benefit (expense) beginning in the first quarter of 2025. Prior to January 1, 2025, net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders did not include any related income tax benefit (expense) as it was not meaningful prior to the implementation of the Bermuda CIT effective January 1, 2025.

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.

2025 Net Negative Impact

The financial data below provides additional information detailing the net negative impact of the 2025 Large Loss Events on our segment underwriting results and consolidated combined ratio in the six months ended June 30, 2025.

The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the six months ended June 30, 2025 of the 2025 Large Loss Events.

(1)The “California Wildfires” were a series of wildfires that burned throughout southern California in January 2025.

(2)“Other 2025 Large Loss Events” represents: the crash of American Airlines flight 5342 in January 2025 and certain refinery fires in the first quarter of 2025.

(3)“2025 Large Loss Events” includes the California Wildfires and the Other 2025 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 six months ended June 30, 2024.

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

(1)“2024 Large Loss Events” includes: the collapse of the Francis Scott Key Bridge in Baltimore following a collision with a cargo ship in March 2024; a series of severe convective storms that impacted the southern and Midwest United States; the Hualien earthquake which impacted Taiwan in April 2024; and certain aggregate loss contracts triggered during 2024.

Underwriting Results by Segment

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

Property Gross Premiums Written

•Gross premiums written increased by $219.8 million, or 6.0%, driven by:

–an increase of $423.6 million, or 16.3%, in the catastrophe class, primarily due to an increase in reinstatement premiums, including $322.7 million related to the California Wildfires;

–otherwise, gross premiums written in the catastrophe class increased by $68.4 million, or 2.6%, driven by strong renewals reflective of organic growth on existing clients as well as new underwriting opportunities, including in U.S. catastrophe-exposed business;

–a decrease of $203.8 million, or 19.6%, in the other property class, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business.

Property Ceded Premiums Written

•Ceded premiums written decreased by $40.5 million, or 4.6%, as part of our gross-to-net strategy, driven by:

–reduced utilization of Upsilon, which was not deployed at the January 1st renewals and with reduced deployment at the June 1st renewals; and

–reduced ceded spend and limit purchased within our other property class, partially offset by

–an increase in ceded spend and limit purchased, including additional limit purchased in response to the California Wildfires and growth in the assumed catastrophe portfolio.

Property Net Premiums Earned

•Net premiums earned increased by $199.0 million, or 10.4%, driven by:

–$352.2 million of net reinstatements, primarily from the California Wildfires, and partially offset by the decrease in gross premiums written within the other property class.

Property Underwriting Results

•Net claims and claim expense ratio increased 54.0 percentage points, driven by:

–a 66.2 percentage point increase in the current accident year net claims and claim expense ratio, which consisted of:

–a 69.1 percentage point impact from the California Wildfires, compared to 4.8 percentage points from the 2024 Large Loss Events in the six months ended June 30, 2024;

–a 98.6 percentage point increase in the catastrophe class current accident year net claims and claim expense ratio, which was primarily due to a 97.5 percentage point impact from the California Wildfires, compared to the 2024 Large Loss Events which added 4.9 percentage points in the six months ended June 30, 2024; and

–a 11.0 percentage point increase in the other property class current accident year net claims and claim expense ratio, which was primarily driven by a 15.9 percentage point impact from the California Wildfires, compared to the 2024 Large Loss Events which added 5.1 percentage points in the six months ended June 30, 2024.

–net favorable development of 21.5% in the net claims and claim expense ratio, driven by:

–net favorable development of $198.8 million in the catastrophe class, primarily from the weather-related large losses in 2021, 2022, and 2023; and

–net favorable development of $254.8 million in the other property class, primarily due to reported losses coming in lower than expected.

•Underwriting expense ratio improved by 3.7 percentage points, driven by:

–a 3.4 percentage point improvement in the acquisition expense ratio, driven by:

–a 2.3 percentage point improvement from the increase in net reinstatement premiums primarily related to the California Wildfires; and

–a 1.0 percentage point improvement primarily reflecting an adjustment to profit commission as a result of the impact of the California Wildfires on the results of operations of DaVinci, which was principally offset in noncontrolling interests, resulting in no net earnings impact from this adjustment.

–a 0.3 percentage point improvement in the operating expense ratio, primarily due to net reinstatement premiums of $352.2 million.

•Combined ratio of 98.9%, which included a 67.6 percentage point impact from the California Wildfires.

•Net negative impact on the property segment underwriting result of $1.2 billion from the California Wildfires

–compared to the 2024 Large Loss Events, which had a $81.5 million net negative impact on the property segment underwriting result and added 4.6 percentage points to the combined ratio in the six months ended June 30, 2024.

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

Casualty and Specialty Gross Premiums Written

•Gross premiums written decreased by $59.3 million, or 1.6%, driven by:

–decreases in the professional liability, other specialty, and general casualty classes of 13.9%, 4.8%, and 2.2%, respectively, driven principally by exposure reductions and changes in premium estimates on business underwritten in prior years; partially offset by

–an increase of 21.2% in the credit class, primarily due to growth on our existing mortgage book of business.

Casualty and Specialty Ceded Premiums Written

•Ceded premiums written increased by $25.3 million, or 5.1%, driven by:

–an increase in the amount of quota share retrocessional coverage purchased.

Casualty and Specialty Net Premiums Written

•Net premiums written decreased by $84.6 million, or 2.6%, consistent with the changes in gross premiums written and quota share retrocessional coverage purchased.

Casualty and Specialty Underwriting Results

•Underwriting loss of $191.9 million, included:

–a $148.9 million impact from the 2025 Large Loss Events; and

–$70.3 million from purchase accounting related adjustments principally related to the Validus Acquisition.

•Net claims and claim expense ratio increased by 5.2 percentage points, and included:

–a 4.7 percentage point increase in the current accident year net claims and claim expense ratio principally driven by higher attritional losses, primarily within the casualty lines of business, and an increase in large loss events; and

–a prior accident year net claims and claim expense ratio of (0.4) percentage points, reflecting net favorable development principally driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the other specialty, professional liability, and credit classes, partially offset by adverse development from the general liability line of business.

•Underwriting expense ratio increased by 2.3 percentage points, driven by:

–a 2.0 percentage point increase in the acquisition expense ratio, principally driven by changes in mix of business from increased mortgage premium, which carries higher acquisition costs, as well as ceded impacts.

•Combined ratio of 106.4%, which included a 5.0 percentage point impact from the 2025 Large Loss Events.

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.

•Total fee income decreased $42.2 million, due to:

–a decrease in management fee income of $8.9 million, driven by:

–a reduction in management fees from DaVinci as a result of the recapture of previously deferred management fees during the six months ended June 30, 2024 that related to prior years, compared to no recapture related to prior years in the current period.

–a decrease in performance fees of $33.3 million as a result of the 2025 Large Loss Events, primarily impacting DaVinci and our 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. Fee income on third-party capital management activities during the six months ended June 30, 2025 of $51.9 million includes $24.9 million of management fee income, recorded as a reduction to operational expenses and $27.0 million of performance fee income recorded as a reduction to acquisition expenses (2024 - $27.7 million, $28.0 million and an increase of $0.3 million, respectively). The $27.0 million of performance fee income includes an adjustment to profit commission as a result of the impact of the 2025 Large Loss Events on the results of operations of DaVinci, which was principally offset in noncontrolling interest, resulting in no net earnings impact from this adjustment.

In addition to the fee income earned during the six months ended June 30, 2025 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)Fee income on third-party capital management activities during the six months ended June 30, 2025 of $88.6 million includes $55.1 million of management fee income, recorded as a reduction to operational expenses and $33.5 million of performance fee income recorded as a reduction to acquisition expenses (2024 - $65.0 million, $58.4 million and $6.6 million, respectively).

Investment Results

•Net investment income remained consistently strong, with an increase of $16.8 million, primarily due to:

–higher average invested assets in the fixed maturity investments portfolio, partially offset by

–decreases in market yields.

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives, equity investments related derivatives and commodity related derivatives. See “Note 13. Derivative Instruments” for additional information.

•Principally impacting our net realized and unrealized gains on investments in the six months ended June 30, 2025 were:

–net realized and unrealized gains on our fixed maturity investments trading portfolio, primarily due to:

–decreases in market yields in the six months ended June 30, 2025 compared to increases in market yields in the six months ended June 30, 2024;

–net realized and unrealized gains on investment-related derivatives, primarily as a result of:

–the impact of the market yield movements on interest rate futures, and

–commodity price movements favorably impacting gold futures;

–net realized and unrealized gains on other investments - other, primarily due to:

–fund investments generally being more favorably impacted by equity market movements in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, and

–direct private equity investments valuations increasing in the six months ended June 30, 2025, compared to decreases in the six months ended June 30, 2024.

Net Foreign Exchange Gains (Losses)

•Net foreign exchange gains increased by $45.8 million, driven by

–gains attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest, in the current period, compared to losses attributable to third-party investors in Medici in 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, 2024 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

•Equity in earnings of other ventures increased by $11.4 million, driven by:

–increased profitability of our equity investments during the six months ended June 30, 2025, as certain insurance and insurance-related companies reported higher net income compared to the six months ended June 30, 2024.

Corporate Expenses

•Corporate expenses decreased by $27.8 million, primarily driven by:

–lower expenses associated with the Validus Acquisition, with $3.4 million in the six months ended June 30, 2025, compared to $37.6 million in the six months ended June 30, 2024, partially offset by increased compensation expenses.

Income Tax Benefit (Expense)

•Income tax expense of $131.3 million, primarily driven by the newly effective Bermuda CIT.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests was $133.1 million compared to $469.6 million in the six months ended June 30, 2024, a decrease of $336.5 million. The decrease was primarily driven by the following:

–DaVinci and Vermeer, which had lower net income in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily resulting from underwriting losses from the 2025 Large Loss Events; partially offset by

–Fontana, which had net income in the six months ended June 30, 2025, compared to a net loss in the six months ended June 30, 2024, primarily resulting from improved total investment results in the current period.