RENAISSANCERE HOLDINGS LTD

Holding Company Liquidity

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

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

In the aggregate, our principal operating subsidiaries have historically produced sufficient cash flows to meet their expected claims payments and operational expenses and to provide dividend payments to us. In addition, our subsidiaries maintain a concentration of investments in high quality liquid securities, which management believes will provide additional liquidity for extraordinary claims payments should the need arise. In 2024 and 2025, we received significant distributions of capital from many of our principal operating subsidiaries, including Renaissance Reinsurance and RREAG, from earnings in the ordinary course and in connection with the integration of Validus and streamlining of our corporate structure.

However, in some circumstances, RenaissanceRe may determine it is necessary or advisable to contribute capital to our subsidiaries, or may be contractually required to contribute capital to our subsidiaries, joint ventures or managed funds. For example, in 2024, RenaissanceRe contributed capital to RenaissanceRe

Specialty U.S. to support growth in premiums. In addition, from time to time we invest in new managed joint ventures or managed funds, increase our investments in certain of our managed joint ventures or managed funds and contribute cash or assets to these entities, such as in connection with the launch of Medici UCITS in 2025. Examples of our contractual requirements to make capital contributions to our subsidiaries or joint ventures or managed funds include our net worth maintenance agreements with certain operating subsidiaries, and Renaissance Reinsurance’s obligation to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer’s capital below a specified level.

Sources of Liquidity

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

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

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

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

Credit Facilities, Trusts and Other Collateral Arrangements

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

Letter of Credit and Revolving Credit Facilities

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

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

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. On December 18, 2025, the Medici Revolving Credit Facility was terminated.

Refer to “Note 9. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements” for additional information related to our debt and credit facilities.

Funds at Lloyd’s

As a member of Lloyd’s, the underwriting capacity, or stamp capacity, of Syndicate 1458 is required to be supported by providing a deposit, the FAL, in the form of cash, securities or letters of credit. At December 31, 2025, the FAL required to support the underwriting activities at Lloyd’s through Syndicate 1458 was £577.8 million (2024 - £714.8 million). Actual FAL posted for Syndicate 1458 at December 31, 2025 by RenaissanceRe CCL was $912.0 million (2024 - $952.3 million), supported by a deposit of cash and fixed maturity securities.

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

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

Refer to “Note 18. Statutory Requirements” in our “Notes to the Consolidated Financial Statements” for additional information on our multi-beneficiary reinsurance trusts and multi-beneficiary reduced collateral reinsurance trusts.

Contractual Obligations

In assessing our liquidity requirements and cash needs, we also consider contractual obligations to which we are a party. In certain circumstances, our contractual obligations may be accelerated due to defaults under the agreements governing those obligations (including pursuant to cross-default provisions in such agreements) or in connection with certain changes in control of the Company, for example. In addition, in certain circumstances, in the event of a default these obligations may bear an increased interest rate or be subject to penalties.

The table below shows certain of our current and long-term contractual obligations:

(1)Includes contractual interest payments.

(2)RenaissanceRe owns a noncontrolling economic interest in its joint venture Fontana. Because RenaissanceRe controls a majority of Fontana’s issued voting shares, the consolidated financial statements of Fontana are included in the consolidated financial statements of RenaissanceRe. RenaissanceRe has not provided any financial or other support to Fontana that it was not contractually required to provide. RenaissanceRe’s financial exposure to Fontana is limited to its investment in Fontana’s shares and counterparty credit risk arising from reinsurance transactions.

(3)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinci. Because RenaissanceRe controls a majority of DaVinci’s issued voting shares, the consolidated financial statements of DaVinci are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinci and RenaissanceRe’s financial exposure to DaVinci is limited to its investment in DaVinci’s shares and counterparty credit risk arising from reinsurance transactions.

(4)The investment commitments do not have a defined contractual commitment date and we have therefore included them in the less than one year category.

(5)The amount and timing of the cash flows associated with our policy liabilities are highly uncertain. Refer to “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for more information on our estimate of claims and claim expense reserves.

Cash Flows

During 2025, our cash and cash equivalents increased by $54.6 million compared to December 31, 2024.

Cash flows provided by operating activities

Cash flows provided by operating activities during 2025 were $3.7 billion and were primarily the result of certain adjustments to reconcile our net income of $3.6 billion to net cash provided by operating activities, including:

•an increase in reserve for claims and claim expenses of $1.0 billion, principally due to:

–an increase in our Casualty and Specialty segment, largely driven by additional earned premiums, resulting in a corresponding increase in attritional loss reserves; and

–a decrease in our Property segment, primarily due to favorable development of prior accident years;

•a decrease in reinsurance recoverable of $581.5 million, primarily due to favorable development of prior accident years in the Property segment; partly offset by

•net realized and unrealized gains on investments of $1.2 billion, primarily driven by:

–$504.0 million of net realized and unrealized gains on fixed maturity-related investments resulting from decreases in market yields in 2025;

–$415.5 million of net gains on commodity-related investments, principally gold futures; and

–$188.3 million of net realized and unrealized gains on equity-related investments, primarily due to increased exposure to equity futures and favorable price movements through 2025.

Cash flows used in investing activities

During 2025, our cash flows used in investing activities were $2.2 billion, principally reflecting net purchases of equity investments of $1.6 billion, which were predominantly in fixed income exchange traded funds, net purchases of fixed maturity investments trading of $616.9 million and net purchases of other investments of $464.5 million, partially offset by net settlements of derivatives of $564.3 million. The net purchases of fixed income exchange traded funds, fixed maturity investments trading and other investments were primarily funded by cash flows provided by operating activities.

Cash flows used in financing activities

Our cash flows used in financing activities in 2025 were $1.4 billion, and were principally the result of:

•common share repurchases of $1.6 billion;

•net outflows of $116.2 million related to net third-party redeemable noncontrolling interest share and capital transactions in Medici, Fontana and DaVinci;

•raising capital of $889.1 million through the issuance of 5.950% Senior Notes due 2035 of DaVinci and 5.800% Senior Notes due 2035 of RenaissanceRe; and partially offset by

•repayment of debt of $450.0 million, consisting of $300.0 million of 3.700% Senior Notes due 2025, and $150.0 million of DaVinci Senior Notes.

During 2024, our cash and cash equivalents decreased by $200.9 million, to $1.7 billion at December 31, 2024, compared to $1.9 billion at December 31, 2023.

Cash flows provided by operating activities

Cash flows provided by operating activities during 2024 were $4.2 billion, compared to $1.9 billion during 2023. Cash flows provided by operating activities during 2024 were primarily the result of certain adjustments to reconcile our net income of $3.0 billion to net cash provided by operating activities, including:

•a decrease in reinsurance recoverable of $862.9 million due to prior year favorable development across the 2017 through 2022 accident years, in addition to paid recoveries;

•an increase in reserve for claims and claim expenses of $816.6 million, primarily resulting from an increase in reserves in our Casualty and Specialty segment, largely driven by an increase in earned premiums due to the renewal of business acquired in the Validus Acquisition and organic growth, resulting in additional attritional reserves, partially offset by a decrease in reserves in our Property segment primarily due to paid losses and prior year favorable development; partially offset by

•a decrease in reinsurance balances payable of $381.8 million, principally driven by the redemption of capital from Upsilon RFO and the timing of payments related to underwriting activity

Cash flows used in investing activities

During 2024, our cash flows used in investing activities were $3.1 billion, principally reflecting net purchases of fixed maturity investments trading of $2.8 billion and other investments of $358.2 million, partially offset by cash flows from net sales of short term investments of $174.5 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.

Cash flows used in financing activities

Our cash flows used in financing activities in 2024 were $1.3 billion, and were principally the result of:

•net outflows of $405.8 million, primarily related to net third-party redeemable noncontrolling interest share transactions in DaVinci, Medici and Vermeer;

•common share repurchases of $666.9 million; and

•repayment of debt of $150.0 million related to the Medici Revolving Credit Facility.