RENAISSANCERE HOLDINGS LTD

SUMMARY OF RESULTS OF OPERATIONS

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

(1)Represents the percentage change during the three months ended September 30, 2025.

Results of Operations Overview

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.

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

•Underwriting Results

–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:

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

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

–gross premiums written and net premiums written decreased by $76.5 million and $104.7 million, respectively.

•Investment Results

–total investment result decreased by $617.4 million, driven by:

–a decrease of $631.9 million in net realized and unrealized gains on investments; partially offset by

–an increase in net investment income of $14.5 million.

–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.

•Fee Income

–income of $101.8 million, an increase of $19.7 million.

–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).

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

–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.

–this represents the portion of our net income (loss) that is allocated to third-party investors and not retained by us.

•Income Tax Benefit (Expense)

–expense of $148.9 million, driven by strong profitability across our operating jurisdictions, including Bermuda.

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 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

–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.

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 decreased by $50.3 million, or 56.3%, driven by:

–a decrease in ceded reinstatement premiums of $34.9 million, principally driven by the increase in prior accident year favorable development, and

–a decrease in ceded spend due to the timing of ceded purchases as part of our gross-to-net strategy.

Property Net Premiums Earned

•Net premiums earned decreased by $57.8 million, or 5.8%, primarily driven by:

–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.

Property Underwriting Results

•Net claims and claim expense ratio improved by 47.4 percentage points, driven by:

–a 35.8 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 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.

–net favorable development of 40.9% in the prior accident years net claims and claim expense ratio, driven by:

–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

–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.

•Underwriting expense ratio increased by 2.6 percentage points, driven by:

–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.

•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.

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 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.

–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.

–The increase of 18.7% in the credit class was principally from additional premium on seasoned mortgage deals from older underwriting years.

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 $78.5 million, or 53.0%, driven by:

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

Casualty and Specialty Net Premiums Written

•Net premiums written decreased by $97.6 million, or 6.7%, primarily driven by an increase in retrocessional purchases.

Casualty and Specialty Underwriting Results

•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.

–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.

•Underwriting expense ratio decreased by 0.6 percentage points, driven by:

–a 0.4 percentage point decrease in the operating expense ratio.

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 lower expected severity compared to traditional excess of loss business.

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.

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.

(1)Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana.

(2)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.

(3)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.

•Total fee income increased by $19.7 million, due to:

–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.

–an increase in performance fees of $21.7 million as a result of:

–strong current year underwriting results in DaVinci; and

–prior accident years net favorable development, primarily in DaVinci, Upsilon, and certain structured reinsurance products.

•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).

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).

(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).

Investment Results

•Net investment income remained consistently strong, with an increase of $14.5 million, primarily due to:

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

–decreases in market yields.

•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.

(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.

•Net realized and unrealized gains on investments of $311.9 million were driven by:

–$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

–$86.1 million of net realized and unrealized gains on fixed maturity investments trading, driven by market yields decreasing during the quarter.

•Net realized and unrealized gains on investments decreased by $631.9 million, mainly driven by:

–a decrease in net realized and unrealized gains on our fixed maturity investments trading portfolio of $526.3 million, primarily due to:

–decreases in market yields, which were generally less significant in the third quarter of 2025 compared to the third quarter of 2024;

–net realized and unrealized losses on other investments - other of $7.0 million in the third quarter of 2025, compared to net realized and unrealized gains of $148.4 million in the third quarter of 2024, primarily due to TWFG Inc.’s initial public offering in 2024; and

–an increase in net realized and unrealized gains on investment-related derivatives of $83.5 million, primarily due to:

–commodity price movements favorably impacting gold futures; and

–equity market movements, favorably impacting equity futures; partially offset by

–the impact of the market yield movements negatively impacting interest rate futures.

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 decreased by $15.9 million, driven by:

–gains on certain foreign exchange exposures related to our underwriting activities; partially offset by

–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.

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.

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.

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 remained consistent with the third quarter of 2024.

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. 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.

•Income tax expense increased by $46.8 million, primarily driven by:

–strong profitability across our operating jurisdictions, including Bermuda, partially offset by

–a decrease in tax expense related to our U.S. operations due to lower mark-to-market gains.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests decreased by $35.0 million, primarily driven by:

–a decrease in the foreign exchange gains attributable to third-party investors in Medici;

–a decrease in net realized and unrealized gains in our joint ventures following decreases in market yields, which were generally less significant in the third quarter of 2025 compared to the third quarter of 2024; and

–an increase in management and performance fee income; and partially offset by

–an increase in underwriting income in DaVinci and Vermeer; and

–an increase in net investment income in the investment portfolios of our joint ventures and managed funds.

•Net income attributable to redeemable noncontrolling interests of $415.2 million included $133.7 million of net investment income, partially offset by $88.7 million in management and performance fee income.

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

SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

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.

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:

•Underwriting Results

–underwriting income of $601.3 million, a decrease of $812.5 million, resulting in an increase in the combined ratio of 10.8 percentage points, driven primarily by:

–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

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

•Investment Results

–total investment result increased by $423.4 million, driven by:

–an increase of $392.0 million in net realized and unrealized gains on investments; and

–an increase in net investment income of $31.3 million.

–net investment income of $1.3 billion included $387.0 million attributable to redeemable noncontrolling interests which was allocated to third-party investors and not retained by us.

•Fee Income

–income of $227.2 million, a decrease of $22.5 million, primarily due to the 2025 Large Loss Events.

–included $162.2 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interest, which is not included in our underwriting income (loss).

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

–income of $548.3 million, a decrease of $371.4 million, primarily resulting from underwriting losses from the California Wildfires.

–this represents the portion of our net income (loss) that is allocated to third-party investors and not retained by us.

•Income Tax Benefit (Expense)

–expense of $280.2 million, primarily driven by strong profitability across our operating jurisdictions, including Bermuda.

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 nine months ended September 30, 2025.

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.

(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 nine months ended September 30, 2024.

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

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

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

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 $162.4 million, or 3.7%, driven by:

–an increase of $368.0 million, or 12.5%, 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 $129.1 million, or 4.5%, driven by strong renewals reflective of growth on existing clients as well as new underwriting opportunities, including in U.S. catastrophe-exposed business;

–a decrease of $205.6 million, or 13.9%, 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 $90.8 million, or 9.3%, as part of our gross-to-net strategy, driven by:

–reduced utilization of Upsilon, which was not deployed at the January 1 renewals and with reduced deployment at the mid-year renewals;

–reduced ceded spend and limit purchased within our other property class; and

–a reduction in ceded reinstatement premiums, largely driven by the increase in prior accident year favorable development; 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 $141.2 million, or 4.8%, driven by:

–$316.7 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 22.5 percentage points, driven by:

–a 33.8 percentage point increase in the current accident year net claims and claim expense ratio, which consisted of a 47.9 percentage point impact from the California Wildfires, compared to 15.1 percentage points from the 2024 Large Loss Events in the nine months ended September 30, 2024, and included:

–a 55.9 percentage point increase in the catastrophe class current accident year net claims and claim expense ratio, which was primarily due to a 70.8 percentage point impact from the California Wildfires, compared to the 2024 Large Loss Events, which added 18.2 percentage points in the nine months ended September 30, 2024; partially offset by

–a 0.9 percentage point improvement in the other property class current accident year net claims and claim expense ratio, due to lower catastrophe losses in the nine months ended September 30, 2025, which included a 10.1 percentage point impact from the California Wildfires, compared to a 11.9 percentage point impact in the nine months ended September 30, 2024 from the 2024 Large Loss Events.

–net favorable development of 27.5% in the prior accident years net claims and claim expense ratio, driven by:

–net favorable development of $435.7 million in the catastrophe class, primarily from the weather-related large losses in 2021, 2022, and 2023; and

–net favorable development of $401.6 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.

•Underwriting expense ratio improved by 1.8 percentage points, driven by:

–a 2.0 percentage point improvement in the acquisition expense ratio, driven by:

–a 0.9 percentage point improvement from the increase in net reinstatement premiums primarily related to the California Wildfires; and

–a 0.8 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 offset in noncontrolling interests, resulting in no net earnings impact from this adjustment, partially offset by

–a 0.2 percentage point increase in the operating expense ratio, driven by:

–an increase in operational expenses in addition to a reduction in management fees recorded through underwriting income (loss) as a reduction to operating expenses; partially offset by

–a 0.9 percentage point improvement from the increase in net reinstatement premiums primarily related to the California Wildfires.

•Combined ratio of 73.3%, which included a 47.2 percentage point impact from the California Wildfires, partially offset by an increase in prior accident year net favorable development.

•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 $390.2 million net negative impact on the Property segment underwriting result and added 15.0 percentage points to the combined ratio in the nine months ended September 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 $78.4 million, or 1.5%, driven by:

–decreases in the professional liability, general casualty and other specialty classes of 12.9%, 3.6% and 2.8%, respectively, driven principally by exposure reductions and changes in premium estimates on business underwritten in prior years; partially offset by

–an increase of 20.5% 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 $103.8 million, or 16.2%, driven by:

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

Casualty and Specialty Net Premiums Written

•Net premiums written decreased by $182.2 million, or 3.8%, consistent with the changes in gross premiums written and quota share retrocessional coverage purchased.

Casualty and Specialty Underwriting Results

•Underwriting loss of $213.2 million, included:

–a $153.9 million impact from the 2025 Large Loss Events; and

–$101.5 million from purchase accounting related adjustments principally related to the Validus Acquisition.

•Net claims and claim expense ratio increased by 4.1 percentage points, and included:

–a 3.7 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

–net favorable development of 0.2 percentage points in the prior accident year net claims and claim expense ratio, 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, and partially offset by adverse development from the general liability line of business.

•Underwriting expense ratio increased by 1.3 percentage points, driven by:

–a 1.4 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 104.7%, which included a 3.4 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.

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.

(1)Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana.

(2)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.

(3)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.

•Total fee income decreased by $22.5 million, due to:

–a decrease in management fee income of $10.8 million, driven by:

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

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

–a decrease in performance fees of $11.6 million as a result of the 2025 Large Loss Events, primarily impacting DaVinci and certain structured reinsurance products.

•Total fee income included $162.2 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interest, which is not included in our underwriting income (loss).

The fee income we earned through third-party capital management activities and from 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).

(1)Reflects total fee income earned through 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 nine months ended September 30, 2025, $35.4 million of management fee income was recorded as a reduction to operational expenses (2024 - $39.6 million) and $29.6 million of performance fee income was recorded as a reduction to acquisition expenses (2024 - $0.4 million). The $29.6 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.

Investment Results

•Net investment income remained consistently strong, with an increase of $31.3 million, primarily due to:

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

–decreases in market yields.

•Net investment income of $1.3 billion included $387.0 million of income attributable to redeemable noncontrolling interests, which was ultimately allocated to third-party investors and not retained by us.

(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.

•Net realized and unrealized gains on investments of $994.6 million were driven by:

–$498.1 million of net realized and unrealized gains on investment-related derivatives, primarily due to a combination of net gains on gold, equity and interest rate futures; and

–$416.9 million of net realized and unrealized gains on our fixed maturity investments trading, driven by market yields decreasing during the period.

•Net realized and unrealized gains on investments increased by $392.0 million, primarily driven by:

–an increase in net realized and unrealized gains on our fixed maturity investments trading portfolio of $97.4 million, primarily due to:

–decreases in medium and long term market yields, which were generally more significant in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024;

–an increase in net realized and unrealized gains on investment-related derivatives of $448.0 million, primarily as a result of:

–increased exposure to gold futures and favorable price movements through 2025;

–increased exposure to equity futures and favorable price movements through 2025; and

–the impact of the market yield movements on interest rate futures in each period.

–a decrease in net realized and unrealized gains on other investments - other of $99.7 million, primarily due to TWFG Inc.’s initial public offering in 2024.

Net Foreign Exchange Gains (Losses)

•Net foreign exchange gains increased by $29.9 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 nine months ended September 30, 2025, compared to losses attributable to third-party investors in Medici in the nine months ended September 30, 2024; partially offset by

–losses on certain foreign exchange exposures related to our underwriting activities.

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.

Equity in Earnings (Losses) of Other Ventures

•Equity in earnings of other ventures increased by $18.3 million, driven by:

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

Corporate Expenses

•Corporate expenses decreased by $30.5 million, primarily driven by:

–lower expenses associated with the Validus Acquisition, with $5.4 million in the nine months ended September 30, 2025, compared to $45.9 million in the nine months ended September 30, 2024, partially offset by increased compensation expenses.

Income Tax Benefit (Expense)

•Income tax expense increased by $183.7 million, primarily driven by:

–strong profitability across our operating jurisdictions, including Bermuda, which is subject to the Bermuda CIT.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests decreased by $371.4 million, primarily driven by:

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

–higher net investment income and net realized and unrealized gains on investments in DaVinci and Fontana in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024; and

–a decrease in management and performance fee income.

•Net income attributable to redeemable noncontrolling interests of $548.3 million included $387.0 million of net investment income, partially offset by $162.2 million in management and performance fee income.