RENAISSANCERE HOLDINGS LTD

SUMMARY OF RESULTS OF OPERATIONS

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

(1)In 2025, the Company revised its presentation of “total investment result” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented have been updated to conform to the current presentation.

Net income available to RenaissanceRe common shareholders was $2.6 billion in 2025, compared to $1.8 billion in 2024. As a result, in 2025 we generated an annualized return on average common equity of 25.9% and our book value per common share increased from $195.77 at December 31, 2024 to $247.00 at December 31, 2025, an 26.2% increase, or an 27.0% increase, after considering the change in accumulated dividends paid to our common shareholders.

The most significant items affecting our financial performance during 2025, on a comparative basis to 2024, include:

•Underwriting Results

–underwriting income of $1.3 billion, a decrease of $352.3 million, and an increase in the combined ratio of 3.3 percentage points, driven primarily by:

–a $785.7 million net negative impact on net income available to RenaissanceRe common shareholders from the 2025 Large Loss Events, compared to $660.5 million from the 2024 Large Loss Events; partially offset by

–higher prior accident year net favorable development, driven by the Property segment.

•Investment Results

–total investment result increased by $1.3 billion, primarily driven by:

–an increase of $1.2 billion in net realized and unrealized gains on investments; and

–an increase in net investment income of $49.2 million.

–net investment income of $1.7 billion included $519.5 million attributable to redeemable noncontrolling interests which was allocated to third-party investors and not retained by us.

•Fee Income

–income of $328.9 million, increased by $2.1 million primarily due to:

–an increase of $14.4 million in performance fees; and

–a decrease of $12.4 million in management fees.

–included $250.1 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 $935.4 million, which represents the portion of our net income (loss) that is allocated to third-party investors and not retained by us.

–decreased by $154.8 million, primarily due to the increased impact of the large losses in 2025 as compared to 2024, despite strong underwriting results.

•Income Tax Benefit (Expense)

–expense of $396.3 million, an increase of $363.7 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 for 2025.

The financial data below provides additional information detailing the net negative impact of the 2025 Large Loss Events on our consolidated financial statements for 2025.

(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, certain refinery fires in the first quarter of 2025, the crash of UPS Airlines flight 2976, and the Grasberg mine landslide.

(3)“2025 Large Loss Events” includes the California Wildfires, Hurricane Melissa 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 financial statements for 2024.

The financial data below provides additional information detailing the net negative impact of the 2024 Large Loss Events on our consolidated financial statements for 2024.

(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, Hurricanes Debby and Beryl, and certain aggregate loss contracts triggered during 2024.

(2)“2024 Large Loss Events” includes: Hurricanes Milton and 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 $118.4 million, or 2.5%, driven by:

–an increase in the catastrophe class of $321.3 million, or 10.7%, and included:

–an increase of $145.8 million, or 5.0%, without the impact of reinstatement premiums, driven by strong mid-year renewals with growth on existing clients as well as new underwriting opportunities, including U.S. catastrophe exposed business; and

–an increase in reinstatement premiums of $175.5 million, due to the increased impact of the large losses in 2025 as compared to 2024; partially offset by

–a decrease of $202.9 million, or 11.1%, in the other property class, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business.

Property Ceded Premiums Written

Due to the potential volatility of the reinsurance contracts which we sell, we purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio. To the extent that appropriately priced coverage is available, we anticipate continued use of retrocessional reinsurance to reduce the impact of large losses on our financial results and to manage our portfolio of risk; however, the buying of ceded reinsurance in our Property segment is based on market opportunities and is not based on placing a specific reinsurance program each year.

•Ceded premiums written decreased by $92.0 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 in our catastrophe class, 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 $121.3 million, or 3.2%, driven by:

–$290.3 million of net reinstatement premiums, primarily from the 2025 Large Loss Events; partially offset by

–a decrease in gross premiums written within the other property class.

Property Underwriting Results

•Net claims and claim expense ratio increased by 6.2 percentage points, driven by:

–a 12.4 percentage point increase in the current accident year net claims and claim expense ratio, which consisted of a 36.1 percentage point impact from the 2025 Large Loss Events, compared to 23.0 percentage points from the 2024 Large Loss Events in 2024, and included:

–a 25.3 percentage point increase in the catastrophe class, which included a 53.2 percentage point impact from the 2025 Large Loss Events, compared to the 2024 Large Loss Events, which added 28.6 percentage points in 2024; partially offset by

–a 6.8 percentage point improvement in the other property class due to lower catastrophe losses in 2025, which included a 9.6 percentage point impact from the 2025 Large Loss Events, compared to a 16.7 percentage point impact in 2024 from the 2024 Large Loss Events.

–net favorable development of 27.4% in the prior accident years net claims and claim expense ratio, and included:

–net favorable development of $613.4 million in the catastrophe class, primarily from the large loss events across the 2021 to 2024 accident years; and

–net favorable development of $475.8 million in the other property class, primarily due to reported losses coming in lower than expected from large loss events in 2022 and 2024, and attritional loss experience.

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

–a 1.6 percentage point improvement in the acquisition expense ratio, due to:

–a 0.7 percentage point improvement from the increase in net reinstatement premiums primarily related to the 2025 Large Loss Events; and

–a 0.9 percentage point improvement primarily reflecting an increase in profit commissions from Upsilon, driven by strong current underwriting year results as well as prior accident year favorable development.

–a 0.4 percentage point improvement in the operating expense ratio, due to:

–an increase in net reinstatement premiums primarily related to the 2025 Large Loss Events; and

–the Bermuda tax credits which were enacted in the fourth quarter of 2025; partially offset by

–an increase in compensation expenses in addition to a reduction in operating expenses recorded through underwriting income (loss).

•Combined ratio of 61.4%, which included a 35.7 percentage points impact from the 2025 Large Loss Events, 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 2025 Large Loss Events,

–compared to the 2024 Large Loss Events, which had a $779.8 million net negative impact on the Property segment underwriting result and added 23.0 percentage points to the combined ratio in 2024.

Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves” and “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional discussion of our reserving techniques and 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 $113.1 million, or 1.6%, driven by:

–decreases in the professional liability, general casualty and other specialty classes of 11.2%, 5.9% and 6.6%, respectively, principally due to exposure reductions in the casualty lines of business and changes in premium estimates on business underwritten in prior years in the other specialty class, largely from rate pressure in cyber; partially offset by

–an increase of 35.8% in the credit class, primarily due to growth in our existing mortgage book of business.

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 $179.3 million, or 22.7%, driven by:

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

Casualty and Specialty Net Premiums Written

•Net premiums written decreased by $292.4 million, or 4.8%, consistent with the changes in gross premiums written and quota share retrocessional coverage purchased.

Casualty and Specialty Underwriting Results

•Underwriting loss of $263.3 million, included:

–a $230.6 million impact from the 2025 Large Loss Events; and

–$119.1 million from purchase accounting related adjustments principally related to the Validus Acquisition.

•Net claims and claim expense ratio increased by 3.6 percentage points, and included:

–a 3.1 percentage point increase in the current accident year net claims and claim expense ratio, principally driven by:

–the 2025 Large Loss Events, which contributed 4.1 percentage points to the current accident year claims and claim expense ratio; and

–higher attritional losses, primarily within the casualty lines of business.

–net favorable development of $1.7 million 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, credit, and professional liability classes; partially offset by

–adverse development from the general liability line of business; and

–an adverse impact of 0.5 percentage points from purchase accounting adjustments.

•Underwriting expense ratio increased by 0.4 percentage points, principally driven by:

–changes in mix of business from increased mortgage premium, which carries higher acquisition costs; partially offset by

–the Bermuda tax credits which were enacted in the fourth quarter of 2025.

•Combined ratio of 104.4%, which included a 3.8 percentage point impact from the 2025 Large Loss Events.

Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves” and “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional discussion of our reserving techniques and 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 $2.1 million, due to:

–an increase in performance fees of $14.4 million, driven by strong current year underwriting results in DaVinci and Upsilon, and higher prior accident years net favorable development, primarily in Upsilon; partially offset by

–a decrease in management fee income of $12.4 million, driven by:

–a reduction in management fees from DaVinci as a result of the recapture of previously deferred management fees during 2024 that related to prior years, compared to no recapture related to prior years in 2025; and

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

•Total fee income included $250.1 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 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 2025, $46.3 million of management fee income was recorded as a reduction to operational expenses (2024 - $51.0 million) and $32.4 million of performance fee income was recorded as a reduction to acquisition expenses (2024 - increase to acquisition expenses of $8.1 million).

Investment Results

Net Investment Income

(1)In 2025, we revised the description of our “other equity investments” to “common stock.”

(2)In 2025, we revised the description of our “other investments - other” to “other investments - fund and direct private equity investments.”

•Net investment income remained consistently strong, with an increase of $49.2 million, primarily due to:

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

–decreases in market yields.

•Net investment income included $519.5 million of income attributable to redeemable noncontrolling interests, which was ultimately allocated to third-party investors and not retained by us.

Equity in Earnings (Losses) of Other Ventures

Equity in earnings (losses) of other ventures represents our pro-rata share of the net income from our investments in a select group of insurance and insurance-related companies, including the Tower Hill Companies and Top Layer. Except for Top Layer, which is recorded on a current quarter basis, equity in earnings (losses) of other ventures is recorded one quarter in arrears. The carrying value of these investments on our consolidated balance sheets, individually or in the aggregate, may differ from the realized value we may ultimately attain, perhaps significantly so.

•Equity in earnings of other ventures increased by $24.2 million, driven by:

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

Net Realized and Unrealized Gains (Losses) on Investments

(1)Refer to “Note 19. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information on investment-related derivatives.

(2)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

(3)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

(4)Represents commodity-related derivatives, which includes commodity futures and commodity options.

(5)In 2025, we revised the description of our “other investments - other” to “other investments - fund and direct private equity investments.”

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 were driven by:

–$504.0 million of net realized and unrealized gains on fixed maturity-related investments, due to market yields decreasing during 2025, including net gains on interest rate futures;

–$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.

•Net realized and unrealized gains on investments increased by $1.2 billion, primarily driven by:

–an increase in net realized and unrealized gains on our fixed maturity-related investments of $886.6 million, primarily due to:

–$666.3 million of net realized and unrealized gains on our fixed maturity investments trading, driven by decreases in market yields in 2025, compared to increases in long term market yields in 2024;

–$220.3 million of net gains on interest rate futures and credit default swaps, due to the impact of the market yield movements in each period.

–an increase in net realized and unrealized gains on our equity-related investments of $175.0 million, primarily due to:

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

–an increase in net realized and unrealized gains on commodity-related investments of $339.0 million, primarily as a result of:

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

–a decrease in net realized and unrealized gains on fund and direct private equity investments of $118.1 million, primarily due to TWFG Inc.’s initial public offering in 2024.

Refer to “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” for additional information related to our exposure to market risk. In addition, refer to “Note 5. Investments” and “Note 19. Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information regarding our investments and derivatives we have entered into.

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 losses decreased by $62.6 million, driven by:

–gains attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest in 2025, compared to losses attributable to third-party investors in Medici in 2024; partially offset by

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

Refer to “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” for additional information related to our exposure to foreign currency risk and “Note 19. Derivative Instruments” in our

“Notes to the Consolidated Financial Statements” for additional information related to the foreign currency derivatives we have entered into.

Corporate Expenses

Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, and other miscellaneous costs, including those associated with operating as a publicly traded company, as well as costs incurred in connection with the acquisition of Validus. From time to time, we may revise the allocation of certain expenses between corporate and operational expenses to better reflect the characteristic of the underlying expense.

•Corporate expenses decreased by $52.8 million, primarily driven by:

–lower expenses associated with the Validus Acquisition, with $5.4 million in 2025, compared to $61.9 million in 2024; and

–the Bermuda tax credits which were enacted in the fourth quarter of 2025; partially offset by

–increased compensation expenses.

Interest Expense and Preference Share Dividends

(1)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.

(2)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.

(3)The 3.700% Senior Notes due 2025 were repaid in full at maturity on April 1, 2025.

(4)The 4.750% Senior Notes due 2025 (DaVinci) were repaid in full at maturity on May 1, 2025.

(5)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.

•Interest expense increased $27.1 million, primarily driven by:

–additional interest expense resulting from the issuance of the 5.800% Senior Notes due 2035 and the 5.950% Senior Notes due 2035 (DaVinci); partially offset by

–a decrease in interest expense resulting from the maturity of the 3.700% Senior Notes due 2025 and the 4.750% Senior Notes due 2025 (DaVinci) in 2025.

Income Tax Benefit (Expense)

•Income tax expense increased by $363.7 million, primarily driven by:

–strong profitability across our operating jurisdictions, including Bermuda, which became subject to the CIT in 2025.

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 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 joint ventures and managed funds) are subject to a 15% corporate income tax. Furthermore, 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, are also generally taxed at 15% as a result of the enactment of Pillar II 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.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests decreased by $154.8 million, primarily driven by:

–DaVinci and Vermeer, which had lower net income in 2025 compared to 2024, primarily as a result of losses associated with 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 2025, compared to net investment income and net realized and unrealized losses on investments in 2024; and

–a decrease in management and performance fee income recorded in noncontrolling interestsas a result of the recapture of previously deferred management fees during 2024 that related to prior years, compared to no recapture related to prior years in 2025, and lower underwriting income in 2025 compared to 2024.

•Net income attributable to redeemable noncontrolling interests of $935.4 million included $519.5 million of net investment income, partially offset by $250.1 million in management and performance fee income.

Refer to “Note 10. Noncontrolling Interests” in our “Notes to Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests.