RENAISSANCERE HOLDINGS LTD
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
RNR$347.35-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000913144-25-000082
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOVERVIEWSUMMARY OF CRITICAL ACCOUNTING ESTIMATESSUMMARY RESULTS OF OPERATIONSFinancial ConditionLiquidity and Cash FlowsCapital ResourcesReserve for Claims and Claim ExpensesInvestmentsRatingsSUPPLEMENTAL GUARANTOR FINANCIAL INFORMATIONCURRENT OUTLOOKCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0000913144-25-000094
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOVERVIEWSUMMARY OF CRITICAL ACCOUNTING ESTIMATESSUMMARY RESULTS OF OPERATIONSFinancial ConditionLiquidity and Cash FlowsCapital ResourcesReserve for Claims and Claim ExpensesInvestmentsRatingsSUPPLEMENTAL GUARANTOR FINANCIAL INFORMATIONCURRENT OUTLOOKThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 398 previous paragraphs and 430 current paragraphs.
181 unchanged; 127 reworded; 108 added; 71 removed; 19 previous and 14 current paragraphs rearranged.
Tables are not compared: 45 previous and 43 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (108)
Current report
We manage several entities - DaVinci, Fontana, Medici, and Vermeer - where we control the decision making authority through ownership of the voting interests but do not own all of the economic interest. As a result of our control, we include the full financial results of these entities in our consolidated financial statements. However, since we do not own all of the economic interest in these entities, we do not ultimately retain all of the economic outcomes they generate. Rather, portions of these entities’ economic outcomes are due to third-party investors who hold noncontrolling interests in these entities and are ultimately allocated to such third-party investors.
Current report
These entities’ economic outcomes may include underwriting results, investment results, and foreign exchange impacts, among other items. For example, if one of these entities realizes a financial gain or loss from its underwriting or investment activities, the full amount of such gain or loss is shown in net income (loss) on our consolidated statements of operations. But only the portion of such gain or loss that represents our investment in such entity is reflected in net income (loss) attributable to RenaissanceRe. The remainder, which is ultimately allocated to such third-party investors in those entities, is shown separately in net (income) loss attributable to redeemable noncontrolling interests.
Current report
(1)Represents the percentage change during the three months ended September 30, 2025.
Current report
–higher prior accident year net favorable development in the Property segment.
Current report
–total investment result decreased by $617.4 million, driven by:
Current report
–a decrease of $631.9 million in net realized and unrealized gains on investments; partially offset by
Current report
–an increase in net investment income of $14.5 million.
Current report
–net investment income of $438.4 million included $133.7 million attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.
Current report
–income of $101.8 million, an increase of $19.7 million.
Current report
–included $88.7 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in our underwriting income (loss).
Current report
–income of $415.2 million, a decrease of $35.0 million, primarily resulting from a decrease in the foreign exchange gains attributable to third-party investors in Medici.
Current report
–this represents the portion of our net income (loss) that is allocated to third-party investors and not retained by us.
Current report
–expense of $148.9 million, driven by strong profitability across our operating jurisdictions, including Bermuda.
Current report
•Gross premiums written in the catastrophe class increased by $60.7 million, or 21.9%, without the impact of reinstatement premiums, reflecting underlying growth on new and existing clients, primarily in U.S. catastrophe-exposed business; offset by
Current report
–a decrease in gross reinstatement premiums of $116.3 million in the catastrophe class, reflecting a reduction in gross reinstatement premiums of $50.1 million in the third quarter of 2025, driven by the prior accident year favorable development, compared to $66.2 million of gross reinstatement premiums in the third quarter of 2024, which primarily related to the Q3 2024 Large Loss Events, resulting in a total decrease of $57.4 million, or 7.3%, in gross premiums written compared to the third quarter of 2024.
Current report
•Ceded premiums written decreased by $50.3 million, or 56.3%, driven by:
Current report
–a decrease in ceded reinstatement premiums of $34.9 million, principally driven by the increase in prior accident year favorable development, and
Current report
–a decrease in ceded spend due to the timing of ceded purchases as part of our gross-to-net strategy.
Current report
–the decrease in net reinstatement premiums, primarily in the catastrophe class, partially offset by growth in catastrophe gross premiums written as a result of strong mid-year renewals.
Current report
•Net claims and claim expense ratio improved by 47.4 percentage points, driven by:
Current report
–net favorable development of 40.9% in the prior accident years net claims and claim expense ratio, driven by:
Current report
•Underwriting expense ratio increased by 2.6 percentage points, driven by:
Current report
•Gross premiums written decreased by $19.1 million, or 1.2%, driven by decreases in the professional liability and general casualty classes, partially offset by increases in the credit and specialty classes.
Current report
–The decrease of 6.9% in the general casualty class was principally due to actions taken to reduce general liability exposure, partially offset by rate increases in this class.
Current report
–The increase of 18.7% in the credit class was principally from additional premium on seasoned mortgage deals from older underwriting years.
Current report
•Ceded premiums written increased by $78.5 million, or 53.0%, driven by:
Current report
•Net premiums written decreased by $97.6 million, or 6.7%, primarily driven by an increase in retrocessional purchases.
Current report
–The net adverse development of 0.2 percentage points in the prior accident years net claims and claim expense ratio included an adverse impact of 0.5 percentage points from purchase accounting adjustments.
Current report
•Underwriting expense ratio decreased by 0.6 percentage points, driven by:
Current report
–a 0.4 percentage point decrease in the operating expense ratio.
Current report
The table below shows the total fee income we earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.
Current report
•Total fee income increased by $19.7 million, due to:
Current report
–strong current year underwriting results in DaVinci; and
Current report
–prior accident years net favorable development, primarily in DaVinci, Upsilon, and certain structured reinsurance products.
Current report
•Total fee income included $88.7 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in our underwriting income (loss).
Current report
The fee income we earned from third-party capital management activities and certain structured reinsurance products is recorded in multiple line items in our financial statements. The table below summarizes the impact of fee income on the financial statements. Fee income recorded in net income (loss) attributable to redeemable noncontrolling interest is not included in underwriting income (loss).
Current report
•Net investment income of $438.4 million included $133.7 million of income attributable to redeemable noncontrolling interests which was ultimately allocated to third-party investors and not retained by us.
Current report
•Net realized and unrealized gains on investments of $311.9 million were driven by:
Current report
–$181.0 million of net realized and unrealized gains on investment-related derivatives, primarily due to a combination of net gains on equity and gold futures; and
Showing the first 40 of 108 passages. Open the source sections for the rest.
Removed paragraphs (71)
Previous report
–an increase in net investment income of $2.3 million.
Previous report
–income of $95.0 million, an increase of $10.9 million.
Previous report
–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.
Previous report
–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.
Previous report
•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:
Previous report
–a reduced utilization of Upsilon through the June 1st renewals.
Previous report
–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.
Previous report
•Net claims and claim expense ratio improved by 28.8 percentage points, driven by:
Previous report
–net favorable development of 30.7% in the net claims and claim expense ratio, driven by:
Previous report
•Underwriting expense ratio increased by 2.3 percentage points, driven by:
Previous report
•Gross premiums written increased by $16.8 million, or 1.0%, driven by:
Previous report
–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
Previous report
–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.
Previous report
•Ceded premiums written increased by $52.0 million, or 27.0%, driven by:
Previous report
•Net premiums written decreased by $35.1 million, or 2.4%, consistent with the increase in ceded premiums written.
Previous report
•Underwriting expense ratio increased by 2.0 percentage points, driven by:
Previous report
–a 0.9 percentage point increase in the operating expense ratio mainly due to an increase in compensation expenses.
Previous report
•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.
Previous report
•Total fee income increased $10.9 million, due to:
Previous report
–an increase in management fees from Fontana as a result of higher earned premiums;
Previous report
–an increase in management fees from Upsilon as a result of prior year net favorable development; and partially offset by
Previous report
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.
Previous report
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.
Previous report
(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).
Previous report
•Principally impacting our net realized and unrealized gains on investments in the second quarter of 2025 were:
Previous report
–net realized and unrealized gains on our fixed maturity investments trading portfolio, primarily due to:
Previous report
–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;
Previous report
–net realized and unrealized gains on investment-related derivatives, primarily as a result of:
Previous report
–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
Previous report
–direct private equity investments valuations increasing in the second quarter of 2025, compared to decreases in the second quarter of 2024.
Previous report
–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.
Previous report
•Income tax expense of $176.9 million, primarily driven by the newly effective Bermuda CIT.
Previous report
•Net income attributable to redeemable noncontrolling interests increased by $103.6 million, primarily driven by:
Previous report
–an increase in total investment results in the current period.
Previous report
–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:
Previous report
–an increase of $1.0 billion in net realized and unrealized gains on investments; and
Previous report
–an increase in net investment income of $16.8 million.
Previous report
–income of $125.4 million, a decrease of $42.2 million, primarily due to the 2025 Large Loss Events.
Previous report
–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.
Previous report
•Gross premiums written increased by $219.8 million, or 6.0%, driven by:
Showing the first 40 of 71 passages. Open the source sections for the rest.
Reworded paragraphs (127)
Previous wording
The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2025 and 2024, as well as our liquidity and capital resources at June 30, 2025. This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this filing and the audited consolidated financial statements and notes thereto contained in our Form 10-K for the fiscal year ended December 31, 2024. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.”
Current wording
The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024, as well as our liquidity and capital resources at September 30, 2025. This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this filing and the audited consolidated financial statements and notes thereto contained in our Form 10-K for the fiscal year ended December 31, 2024. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.”
Previous wording
We manage DaVinci, Fontana, Medici, and Vermeer, and own all, or a majority, of the voting interests, but own no, or a minority, economic interest of each. As a result of our controlling voting interests, we fully consolidate these entities in our financial statements, even though we do not retain the full value of the economic outcomes generated by these entities. The portions of the economic outcomes that are not retained by us are ultimately allocated to the third-party investors who hold the noncontrolling interests in these entities. The economic outcomes may include underwriting results, investments results, and foreign exchange impacts, among other items. For example, if one of these entities were to generate underwriting losses due to a natural catastrophe, the full amount would be reflected in net income (loss) on our consolidated statements of operations, but ultimately we would only retain a portion of that amount in our net income (loss) attributable to RenaissanceRe. In our consolidated balance sheets and consolidated statements of operations, the portion of these items attributable to third parties is reflected in net (income) loss attributable to redeemable noncontrolling interests. Refer to “Note 8. Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests and how this accounting treatment impacts our financial results.
Current wording
Refer to “Note 8. Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests and how this accounting treatment impacts our financial results.
Previous wording
In March 2025 we launched Medici UCITS, a new Irish domiciled property catastrophe bond fund, a sub-fund of RenaissanceRe Medici ICAV. Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s catastrophe bond investment strategy through a dedicated European-regulated UCITS structure. Medici UCITS launched with $348.7 million in total capital, made up of a combination of primarily existing partner capital, new partner capital and a $140.0 million co-investment from the Company. At launch, Medici UCITS was seeded by a transfer in kind of catastrophe bonds of Medici. Medici UCITS is intended to complement the Company’s existing catastrophe bond fund, Medici, and both Medici UCITS and Medici share substantially similar investment guidelines and risk appetites. Medici is consolidated within the results of the Company, whereas Medici UCITS is not controlled by the Company, and is therefore not consolidated within the results of the Company. The Company’s investment in Medici UCITS appears as a fund investment and is accounted for at fair value. The transactions related to the launch of Medici UCITS appear in the Company’s financial statements as a reduction in the overall net asset value of Medici of $316.5 million at June 30, 2025, and the Company’s investment in Medici UCITS appears as a fund investment of $143.5 million.
Current wording
In March 2025 we launched Medici UCITS, a new Irish domiciled property catastrophe bond fund, a sub-fund of RenaissanceRe Medici ICAV. Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s catastrophe bond investment strategy through a dedicated European-regulated UCITS structure. Medici UCITS launched with $341.5 million in total capital, made up of a combination of primarily existing partner capital, new partner capital and a $140.0 million co-investment from the Company. At launch, Medici UCITS was seeded by a transfer in kind of catastrophe bonds of Medici. Medici UCITS is intended to complement our existing catastrophe bond fund, Medici, and both Medici UCITS and Medici share substantially similar investment guidelines and risk appetites. Medici is consolidated within our results, whereas Medici UCITS is not controlled by us, and is therefore not consolidated within our results. RenaissanceRe’s investment in Medici UCITS appears as a fund investment and is accounted for at fair value. The transactions related to the launch of Medici UCITS appear in our financial statements as a reduction in the overall net asset value of Medici of $316.5 million at September 30, 2025, and our investment in Medici UCITS appears as a fund investment of $151.0 million at September 30, 2025.
Previous wording
Below is a discussion of the results of operations for the second quarter of 2025, compared to the second quarter of 2024.
Current wording
Below is a discussion of the results of operations for the third quarter of 2025, compared to the third quarter of 2024.
Previous wording
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.
Current wording
Net income available to RenaissanceRe common shareholders was $907.7 million in the third quarter of 2025, compared to $1.2 billion in the third quarter of 2024, a decrease of $266.0 million. As a result, in the third quarter of 2025, we generated an annualized return on average common equity of 34.9%, and our book value per common share increased from $212.15 at June 30, 2025 to $231.23 at September 30, 2025, a 9.0% increase, or a 9.2% increase after considering the change in accumulated dividends paid to our common shareholders.
Previous wording
Significant items affecting our financial performance during the second quarter of 2025 included:
Current wording
Significant items affecting our financial performance during the third quarter of 2025 included:
Previous wording
–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:
Current wording
–underwriting income of $770.2 million, an increase of $376.4 million, resulting in an improvement of 16.4 percentage points in the combined ratio, driven primarily by:
Previous wording
–a lower level of catastrophe losses in the second quarter of 2025, compared to the second quarter of 2024; and
Current wording
–a lower level of catastrophe losses in the third quarter of 2025, compared to the third quarter of 2024; and
Previous wording
–gross premiums written and net premiums written decreased by $4.3 million and $68.2 million, respectively.
Current wording
–gross premiums written and net premiums written decreased by $76.5 million and $104.7 million, respectively.
Previous wording
•Net premiums earned decreased by $112.8 million, or 11.5%, primarily driven by:
Current wording
•Net premiums earned decreased by $57.8 million, or 5.8%, primarily driven by:
Previous wording
–a 6.7 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:
Current wording
–a 35.8 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:
Previous wording
–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.
Current wording
–lower catastrophe losses in the quarter, compared to the third quarter of 2024 which included a 35.0 percentage point impact on the Property segment current accident year net claims and claim expense ratio from the Q3 2024 Large Loss Events.
Previous wording
–net favorable development of $198.8 million in the catastrophe class, primarily from the weather-related large losses in 2021, 2022, and 2023; and
Current wording
–net favorable development of $236.8 million in the catastrophe class, primarily from the weather-related large losses in 2022 and small events across accident years; and
Previous wording
–net favorable development of $135.1 million in the other property class, primarily due to reported losses coming in lower than expected.
Current wording
–net favorable development of $146.8 million in the other property class, primarily due to reported losses coming in lower than expected from weather-related large losses in 2022 and 2024, and attritional loss experience.
Previous wording
–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.
Current wording
–a 1.2 percentage point increase in the acquisition expense ratio and a 1.4 percentage point increase in the operating expense ratio, both primarily driven by the decrease in net premiums earned due to the decrease in net reinstatement premiums compared to the third quarter of 2024.
Previous wording
•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.
Current wording
•Combined ratio improved by 44.8 percentage points from the third quarter of 2024 driven by an increase in prior accident year net favorable development and a lower impact from large loss events in the quarter, with the Q3 2024 Large Loss Events adding 35.4 percentage points to the combined ratio in the third quarter of 2024.
Previous wording
–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;
Current wording
•Net claims and claim expense ratio increased by 1.9 percentage points reflecting the impact of higher attritional losses, primarily within the casualty lines of business.
Previous wording
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.
Current wording
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 lower expected severity compared to traditional excess of loss business.
Previous wording
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.
Current wording
Management fees are fees that we receive for the day-to-day management and oversight of our joint venture vehicles, managed funds and certain structured reinsurance products. Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
Previous wording
–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.
Current wording
–an increase in performance fees of $21.7 million as a result of:
Previous wording
(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).
Current wording
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products which is recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses. During the three months ended September 30, 2025, $10.5 million of management fee income was recorded as a reduction to operational expenses (2024 - $11.6 million) and $2.6 million of performance fee income was recorded as a reduction to acquisition expenses (2024 - $0.7 million).
Previous wording
•Net investment income remained consistently strong, with an increase of $2.3 million, primarily due to:
Current wording
•Net investment income remained consistently strong, with an increase of $14.5 million, primarily due to:
Previous wording
–commodity price movements favorably impacting gold futures;
Current wording
–commodity price movements favorably impacting gold futures; and
Previous wording
–equity market movements, favorably impacting equity futures, and
Current wording
–equity market movements, favorably impacting equity futures; partially offset by
Previous wording
–the impact of the market yield movements on interest rate futures, and
Current wording
–the impact of the market yield movements negatively impacting interest rate futures.
Previous wording
–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.
Current wording
–losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest in the third quarter of 2025, compared to gains attributable to third-party investors in Medici in the third quarter of 2024.
Previous wording
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.
Current wording
Refer to “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.
Previous wording
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.
Current wording
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. As a result, our profits generated on or after January 1, 2025 in Bermuda (except for profits earned by our consolidated 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 consolidated 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.
Previous wording
–an increase in underwriting income across all vehicles, particularly DaVinci and Vermeer; and
Current wording
–an increase in underwriting income in DaVinci and Vermeer; and
Previous wording
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.
Current wording
Below is a discussion of the results of operations for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
Previous wording
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.
Current wording
Net income available to RenaissanceRe common shareholders was $1.9 billion in the nine months ended September 30, 2025, compared to $2.0 billion in the nine months ended September 30, 2024. As a result, in the nine months ended September 30, 2025 we generated an annualized return on average common equity of 25.1% and our book value per common share increased from $195.77 at December 31, 2024 to $231.23 at September 30, 2025, an 18.1% increase, or an 18.7% increase, after considering the change in accumulated dividends paid to our common shareholders.
Previous wording
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:
Current wording
The most significant items affecting our financial performance during the nine months ended September 30, 2025, on a comparative basis to the nine months ended September 30, 2024, include:
Previous wording
–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
Current wording
–a $717.2 million net negative impact on net income available to RenaissanceRe common shareholders from the 2025 Large Loss Events, compared to $354.3 million from the 2024 Large Loss Events; partially offset by
Previous wording
–total investment result increased by $479.6 million, driven by:
Current wording
–total investment result increased by $423.4 million, driven by:
Previous wording
–an increase of $477.3 million in net realized and unrealized gains on investments; and
Current wording
–an increase of $392.0 million in net realized and unrealized gains on investments; and
Previous wording
–income of $133.1 million, a decrease of $336.5 million, primarily resulting from underwriting losses from the California Wildfires.
Current wording
–income of $548.3 million, a decrease of $371.4 million, primarily resulting from underwriting losses from the California Wildfires.
Previous wording
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.
Current wording
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 nine months ended September 30, 2025.
Previous wording
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.
Current wording
The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the nine months ended September 30, 2025 of the 2025 Large Loss Events.
Previous wording
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.
Current wording
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.
Previous wording
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.
Current wording
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.
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Current report — wording carried from elsewhere
(1)Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana.
Current report — wording carried from elsewhere
(2)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.
Current report — wording carried from elsewhere
(3)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.
Current report — wording carried from elsewhere
–a decrease in management fee income of $1.9 million, primarily driven by a decrease in management fees from AlphaCat Managers due to the continued release of trapped collateral to investors.
Current report — wording carried from elsewhere
–gains on certain foreign exchange exposures related to our underwriting activities; partially offset by
Current report — wording carried from elsewhere
–a 2.0 percentage point improvement in the acquisition expense ratio, driven by:
Current report — wording carried from elsewhere
–a 0.9 percentage point improvement from the increase in net reinstatement premiums primarily related to the California Wildfires.
Current report — wording carried from elsewhere
(1)Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana.
Current report — wording carried from elsewhere
(2)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.
Current report — wording carried from elsewhere
(3)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.
Current report — wording carried from elsewhere
Equity in Earnings (Losses) of Other Ventures
Current report — wording carried from elsewhere
$385.7 million. The net purchases of fixed maturity investments trading and other investments was primarily funded by cash flows provided by operating activities, as described above.
Current report — wording carried from elsewhere
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. These changes have impacted our results, and are expected to impact our results in the future. We believe that the flexible global operating model that we have utilized will continue to prove resilient.
Current report — wording carried from elsewhere
We take a differentiated approach to our Capital Partners unit, with a focus on first sourcing the risks that we intend to write, and then matching them with the appropriate third-party capital. This business improves our offerings to customers, enhances our ability to optimize our portfolios, and generates attractive fees for doing so. Over the past several years, this has been a growing, strong and consistent contributor to our financial results.
Rearranged previous paragraphs (19)
Previous report — wording carried elsewhere
–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
Previous report — wording carried elsewhere
•Ceded premiums written increased by $11.9 million, or 3.0%, as part of our gross-to-net strategy, driven by:
Previous report — wording carried elsewhere
–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
Previous report — wording carried elsewhere
–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
Previous report — wording carried elsewhere
–an increase in management fee income of $1.1 million, driven by:
Previous report — wording carried elsewhere
–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.
Previous report — wording carried elsewhere
–higher prior accident year net favorable development, predominantly in the Property segment.
Previous report — wording carried elsewhere
–total investment result increased by $1.0 billion, driven by:
Previous report — wording carried elsewhere
–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.
Previous report — wording carried elsewhere
–a 66.2 percentage point increase in the current accident year net claims and claim expense ratio, which consisted of:
Previous report — wording carried elsewhere
•Net claims and claim expense ratio increased by 5.2 percentage points, and included:
Previous report — wording carried elsewhere
–commodity price movements favorably impacting gold futures;
Previous report — wording carried elsewhere
–net realized and unrealized gains on other investments - other, primarily due to:
Previous report — wording carried elsewhere
•Net foreign exchange gains increased by $45.8 million, driven by
Previous report — wording carried elsewhere
Equity in Earnings of Other Ventures
Previous report — wording carried elsewhere
•Equity in earnings of other ventures increased by $11.4 million, driven by:
Previous report — wording carried elsewhere
•Corporate expenses decreased by $27.8 million, primarily driven by:
Previous report — wording carried elsewhere
For both RenaissanceRe and the industry, the first quarter of 2025 is likely to represent one of the largest quarters for catastrophic losses in history. Additionally, global socio-political and geopolitical events have increased macroeconomic volatility. As a reinsurer, we are paid to assume volatility, and are intentionally designed to withstand it. The largest risks that we protect against, such as hurricanes and earthquakes, do not correlate to financial cycles and need to be protected against in good or bad economic times. Due to these factors, we believe that our Company is generally “anti-correlated” to the current macroeconomic environment.
Previous report — wording carried elsewhere
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.