RENAISSANCERE HOLDINGS LTD
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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Investments
The table below shows our invested assets:
| At December 31, · 2025 · 2024 · Change | |||||
|---|---|---|---|---|---|
| (in thousands, except percentages) | |||||
| U.S. treasuries | $10,641,503 | 29.7% | $11,001,893 | 33.7% | $(360,390) |
| Corporate | 8,528,828 | 23.6% | 7,862,423 | 24.1% | 666,405 |
| Residential mortgage-backed | 2,606,882 | 7.2% | 1,707,056 | 5.2% | 899,826 |
| Asset-backed | 1,606,790 | 4.5% | 1,422,393 | 4.4% | 184,397 |
| Non-U.S. government | 691,912 | 1.9% | 618,809 | 1.9% | 73,103 |
| Agencies | 486,817 | 1.3% | 623,489 | 1.9% | (136,672) |
| Commercial mortgage-backed | 321,591 | 0.9% | 326,451 | 1.0% | (4,860) |
| Total fixed maturity investments trading, at fair value | 24,884,323 | 69.1% | 23,562,514 | 72.2% | 1,321,809 |
| Short term investments, at fair value | 4,759,811 | 13.2% | 4,531,655 | 13.9% | 228,156 |
| Fixed income exchange traded funds | 1,582,811 | 4.4% | — | —% | 1,582,811 |
| Common stock (1) | 150,179 | 0.4% | 117,756 | 0.4% | 32,423 |
| Total equity investments, at fair value | 1,732,990 | 4.8% | 117,756 | 0.4% | 1,615,234 |
| Fund investments | 2,775,499 | 7.6% | 2,128,499 | 6.5% | 647,000 |
| Catastrophe bonds | 1,613,710 | 4.5% | 1,984,396 | 6.1% | (370,686) |
| Direct private equity investments | 185,005 | 0.5% | 211,866 | 0.6% | (26,861) |
| Total other investments, at fair value | 4,574,214 | 12.6% | 4,324,761 | 13.2% | 249,453 |
| Investments in other ventures, under equity method | 121,871 | 0.3% | 102,770 | 0.3% | 19,101 |
| Total investments | $36,073,209 | 100.0% | $32,639,456 | 100.0% | $3,433,753 |
(1)In 2025, we revised the description of our “other equity investments” to “common stock.”
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. Notwithstanding the foregoing, our investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities. Refer to “Note 5. Investments” and “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information regarding our investments and the related fair value measurement.
As the reinsurance coverages we sell include substantial protection for damages resulting from natural and man-made catastrophes, as well as for potentially large casualty and specialty exposures, we expect, from time to time, to become liable for substantial claim payments on short notice. Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large majority of our investments are highly rated fixed income securities, including U.S. treasuries, agencies, highly rated sovereign and supranational securities, high-grade corporate securities and mortgage-backed and asset-backed securities. We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments and an allocation to other investments (including catastrophe bonds, fund investments and direct private equity investments).
Weighted Average Effective Yield and Credit Rating
The following table summarizes the composition of our investment portfolio, including the fair value and credit ratings.
| (in thousands, except percentages) · Credit Rating (1) | ||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | Fair Value | AAA | AA | A | BBB | Non-InvestmentGrade | Not Rated | Investments Not Subject to Credit Ratings |
| Fixed maturity investments trading, at fair value | ||||||||
| U.S. treasuries | $10,641,503 | $— | $10,641,503 | $— | $— | $— | $— | $— |
| Corporate | 8,528,828 | 167,093 | 274,849 | 3,387,274 | 3,589,630 | 1,088,759 | 21,223 | — |
| Residential mortgage-backed | 2,606,882 | 142,869 | 2,334,421 | 1,680 | 3,445 | 64,256 | 60,211 | — |
| Asset-backed | 1,606,790 | 1,206,744 | 198,911 | 127,934 | 63,251 | — | 9,950 | — |
| Non-U.S. government | 691,912 | 411,169 | 202,832 | 75,187 | 2,724 | — | — | — |
| Agencies | 486,817 | — | 486,380 | — | — | 437 | — | — |
| Commercial mortgage-backed | 321,591 | 265,933 | 54,348 | 1,235 | — | — | 75 | — |
| Total fixed maturity investments trading, at fair value | 24,884,323 | 2,193,808 | 14,193,244 | 3,593,310 | 3,659,050 | 1,153,452 | 91,459 | — |
| Short term investments, at fair value | 4,759,811 | 3,473,376 | 1,265,466 | 7,433 | 13,058 | 468 | 10 | — |
| Equity investments, at fair value | ||||||||
| Fixed income exchange traded funds (2) | 1,582,811 | — | 366,828 | 230,276 | — | 985,707 | — | — |
| Common stock (3) | 150,179 | — | — | — | — | — | — | 150,179 |
| Total equity investments, at fair value | 1,732,990 | — | 366,828 | 230,276 | — | 985,707 | — | 150,179 |
| Other investments, at fair value | ||||||||
| Catastrophe bonds | 1,613,710 | — | — | — | — | 1,613,710 | — | — |
| Fund investments: | ||||||||
| Private credit funds | 1,445,158 | — | — | — | — | — | — | 1,445,158 |
| Private equity funds | 701,837 | — | — | — | — | — | — | 701,837 |
| Hedge funds | 473,990 | — | — | — | — | — | — | 473,990 |
| Insurance-linked securities funds | 154,514 | — | — | — | — | — | — | 154,514 |
| Direct private equity investments | 185,005 | — | — | — | — | — | — | 185,005 |
| Total other investments, at fair value | 4,574,214 | — | — | — | — | 1,613,710 | — | 2,960,504 |
| Investments in other ventures, under equity method | 121,871 | — | — | — | — | — | — | 121,871 |
| Total investments | $36,073,209 | $5,667,184 | $15,825,538 | $3,831,019 | $3,672,108 | $3,753,337 | $91,469 | $3,232,554 |
| 100.0% | 15.6% | 43.9% | 10.6% | 10.2% | 10.4% | 0.3% | 9.0% | |
(1)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. We have grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
(2)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.
(3)In 2025, we revised the description of our “other equity investments” to “common stock.”
Fixed Maturity Investments and Short Term Investments
At December 31, 2025, our fixed maturity investments and short term investment portfolio had a weighted average credit quality rating of AA (2024 - AA) and a weighted average effective yield of 4.2% (2024 - 4.9%). At December 31, 2025, our non-investment grade and not-rated fixed maturity investments totaled $1.2 billion or 5.0% of our fixed maturity investments (2024 - $1.5 billion or 6.4%, respectively). In addition, within our other investments category we have funds that invest in non-investment grade and not-rated fixed income securities and non-investment grade cat-linked securities. At December 31, 2025, the funds that invest in non-investment grade and not-rated fixed income securities and non-investment grade cat-linked securities totaled $3.2 billion (2024 - $3.2 billion).
At December 31, 2025, we had $4.8 billion of short term investments (2024 - $4.5 billion). Short term investments are managed as part of our investment portfolio and have a maturity of one year or less when purchased. Short term investments are carried at fair value.
The duration of our fixed maturity investments and short term investments at December 31, 2025 was 2.8 years (2024 - 3.1 years). From time to time, we may reevaluate the duration of our portfolio in light of the duration of our liabilities and market conditions.
The value of our fixed maturity investments will fluctuate with changes in the interest rate environment and when changes occur in economic conditions or the investment markets. Additionally, our differing asset classes expose us to other risks which could cause a reduction in the value of our investments.
The following table summarizes the fair value of equity investments:
| At December 31, | 2025 | 2024 | Change |
|---|---|---|---|
| (in thousands) | |||
| Fixed income exchange traded funds | $1,582,811 | $— | $1,582,811 |
| Common stock (1) | |||
| Financials | 147,996 | 116,400 | 31,596 |
| Other | 2,183 | 1,356 | 827 |
| Total common stock | 150,179 | 117,756 | 32,423 |
| Total equity investments | $1,732,990 | $117,756 | $1,615,234 |
(1)In 2025, we revised our presentation of equity investments to present all individual equity holdings as common stock. Comparative information for the prior periods presented have been updated to conform to the current presentation.
Our equity investments includes fixed income exchange traded funds and common stocks. Our fixed income exchange traded funds each invest into a combination of treasuries, corporate bonds or asset-backed and mortgage-backed fixed maturity investments. The value of our fixed income exchange traded funds will fluctuate with changes in the interest rate environment, credit risk and when changes occur in economic conditions or the investment markets.
Common stocks are managed pursuant to diversified public equity securities mandates with third-party investment managers and also includes more concentrated public equity positions that we invest in through our strategic investment portfolio. These investments are subject to a variety of risks including: company performance, the availability of strategic investment opportunities, and macro-economic, industry, and systemic risks of the equity markets overall. Consequently, the carrying value of our investment portfolio will vary over time as the value or size of our portfolio of strategic investments in marketable equity securities fluctuates. It is possible we will increase our equity allocation in the future, and it could, from time to time, have a material effect on our financial results.
The table below shows our portfolio of other investments:
| At December 31, | 2025 | 2024 | Change |
|---|---|---|---|
| (in thousands) | |||
| Fund investments | |||
| Private credit funds | $1,445,158 | $1,181,146 | $264,012 |
| Private equity funds | 701,837 | 609,105 | 92,732 |
| Hedge funds | 473,990 | 338,248 | 135,742 |
| Insurance-linked securities funds | 154,514 | — | 154,514 |
| Total fund investments | 2,775,499 | 2,128,499 | 647,000 |
| Catastrophe bonds | 1,613,710 | 1,984,396 | (370,686) |
| Direct private equity investments | 185,005 | 211,866 | (26,861) |
| Total other investments | $4,574,214 | $4,324,761 | $249,453 |
Refer to “Note 5. Investments” in our “Notes to the Consolidated Financial Statements” for additional information regarding our portfolio of other investments.
Investments in Other Ventures, under Equity Method
The table below shows our investments in other ventures, under equity method:
| At December 31, · 2025 · 2024 | ||||||
|---|---|---|---|---|---|---|
| (in thousands, except percentages) | Capital Invested | Ownership % | Carrying Value | Capital Invested | Ownership % | Carrying Value |
| Investments in other ventures, under equity method | $206,142 | 0.1% - 50.0% | $121,871 | $205,373 | 0.1% - 50.0% | $102,770 |
The realized value we ultimately attain for our investments in other ventures, under equity method will likely differ from the carrying value, perhaps materially.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.