RENAISSANCERE HOLDINGS LTD
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
RNR$347.35-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0000913144-25-000094
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOVERVIEWSUMMARY OF CRITICAL ACCOUNTING ESTIMATESSUMMARY RESULTS OF OPERATIONSFinancial ConditionLiquidity and Cash FlowsCapital ResourcesReserve for Claims and Claim ExpensesInvestmentsRatingsSUPPLEMENTAL GUARANTOR FINANCIAL INFORMATIONCURRENT OUTLOOKCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0000913144-26-000065
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOVERVIEWSUMMARY OF CRITICAL ACCOUNTING ESTIMATESSUMMARY RESULTS OF OPERATIONSFinancial ConditionLiquidity and Cash FlowsCapital ResourcesReserve for Claims and Claim ExpensesInvestmentsRatingsSUPPLEMENTAL GUARANTOR FINANCIAL INFORMATIONCURRENT OUTLOOKThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 430 previous paragraphs and 306 current paragraphs.
118 unchanged; 104 reworded; 83 added; 184 removed; 24 previous and 1 current paragraphs rearranged.
Tables are not compared: 43 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (83)
Current report
–an increase of $754.9 million in net realized and unrealized losses on investments principally resulting from net losses on our fixed maturity-related and equity-related investments.
Current report
–income of $94.1 million, an increase of $63.7 million.
Current report
–included $72.2 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in our underwriting income (loss).
Current report
–income of $222.5 million, an increase of $417.7 million, primarily resulting from an increase in underwriting income due to a lower impact of large loss events in the first quarter of 2026, compared to the first quarter of 2025.
Current report
–expense of $33.0 million, compared to a benefit of $45.5 million in the first quarter of 2025, driven by strong operating profits, partially offset by mark-to-market losses.
Current report
•Gross premiums written in the catastrophe class decreased by $387.0 million, or 23.2%, driven by:
Current report
–a decrease in gross reinstatement premiums of $344.2 million, from $338.4 million in the first quarter of 2025, to negative $5.8 million in the first quarter of 2026, primarily related to the California Wildfires in the first quarter of 2025;
Current report
–otherwise, not including reinstatement premiums, gross premiums written in the catastrophe class decreased by $42.8 million, or 3.2%, reflecting rate reductions across the portfolio, which were largely offset by other opportunities for growth.
Current report
•Gross premiums written in the other property class decreased by $36.4 million, or 7.8%, primarily due to rate decreases in catastrophe-exposed business.
Current report
•Ceded premiums written increased by $12.4 million, or 2.8%, driven by:
Current report
•Net claims and claim expense ratio improved by 120.8 percentage points, driven by:
Current report
–net favorable development of 17.9% in the prior accident years net claims and claim expense ratio, driven by:
Current report
•Underwriting expense ratio increased by 6.2 percentage points, primarily driven by:
Current report
–a benefit to the underwriting expense ratio from the Bermuda tax credits.
Current report
•Combined ratio improved by 114.6 percentage points from the first quarter of 2025, which included a 113.5 percentage point impact from the California Wildfires.
Current report
•Gross premiums written decreased by $253.2 million, or 12.5%, primarily driven by decreases in the general casualty and other specialty classes, principally due to exposure reductions.
Current report
•Ceded premiums written increased by $76.2 million, or 28.0%, driven by:
Current report
•Net claims and claim expense ratio improved by 6.0 percentage points, driven by:
Current report
–a 6.5 percentage point improvement in the current accident year net claims and claim expense ratio, principally due to a lower impact of large loss events within the other specialty class; partially offset by
Current report
•Underwriting expense ratio improved by 4.7 percentage points, driven by:
Current report
–a 4.0 percentage point decrease in the acquisition expense ratio, principally due to changes in variable commissions and a decrease in purchase accounting adjustments; and
Current report
–the recognition of deferred performance fees related to a return of capital in DaVinci; and
Current report
•Our total fee income of $94.1 million includes $72.2 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in our underwriting income (loss).
Current report
(1)In the fourth quarter of 2025, we revised the description of our “other equity investments” to “common stock.”
Current report
(2)In the fourth quarter of 2025, we revised the description of our “other investments - other” to “other investments - fund and direct private equity investments.”
Current report
–higher average invested assets and portfolio reallocation, resulting in increased income from fixed maturity investments trading and fixed income exchange traded funds.
Current report
(2)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
Current report
(3)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
Current report
(4)Includes commodity-related derivatives, which includes commodity futures and commodity options.
Current report
(5)In the fourth quarter of 2025, we revised the description of our “other investments - other” to “other investments - fund and direct private equity investments.”
Current report
–$267.9 million of net realized and unrealized losses on fixed maturity-related investments, primarily due to increases in market yields in the first quarter of 2026;
Current report
–$147.4 million of net realized and unrealized losses on equity-related investments, primarily due to broader equity market declines; and
Current report
–$60.4 million of net unrealized losses on direct private equity investments, driven by a decrease in the value of certain of the investments in the Company’s strategic investments portfolio; partially offset by
Current report
–$65.3 million of net realized and unrealized gains on commodity-related investments, principally due to realized gains on the sale of a portion of the Company’s gold futures.
Current report
–an increase in net realized and unrealized losses on fixed maturity-related investments of $580.8 million, primarily due to:
Current report
–increases in market yields in the first quarter of 2026, compared to decreases in market yields in the first quarter of 2025;
Current report
–an increase in net realized and unrealized losses on equity-related investments of $97.8 million, primarily due to:
Showing the first 40 of 83 passages. Open the source sections for the rest.
Removed paragraphs (184)
Previous report
In March 2025 we launched Medici UCITS, a new Irish domiciled property catastrophe bond fund, a sub-fund of RenaissanceRe Medici ICAV. Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s catastrophe bond investment strategy through a dedicated European-regulated UCITS structure. Medici UCITS launched with $341.5 million in total capital, made up of a combination of primarily existing partner capital, new partner capital and a $140.0 million co-investment from the Company. At launch, Medici UCITS was seeded by a transfer in kind of catastrophe bonds of Medici. Medici UCITS is intended to complement our existing catastrophe bond fund, Medici, and both Medici UCITS and Medici share substantially similar investment guidelines and risk appetites. Medici is consolidated within our results, whereas Medici UCITS is not controlled by us, and is therefore not consolidated within our results. RenaissanceRe’s investment in Medici UCITS appears as a fund investment and is accounted for at fair value. The transactions related to the launch of Medici UCITS appear in our financial statements as a reduction in the overall net asset value of Medici of $316.5 million at September 30, 2025, and our investment in Medici UCITS appears as a fund investment of $151.0 million at September 30, 2025.
Previous report
–a decrease of $631.9 million in net realized and unrealized gains on investments; partially offset by
Previous report
–an increase in net investment income of $14.5 million.
Previous report
–income of $101.8 million, an increase of $19.7 million.
Previous report
–included $88.7 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in our underwriting income (loss).
Previous report
–income of $415.2 million, a decrease of $35.0 million, primarily resulting from a decrease in the foreign exchange gains attributable to third-party investors in Medici.
Previous report
–expense of $148.9 million, driven by strong profitability across our operating jurisdictions, including Bermuda.
Previous report
•Gross premiums written in the catastrophe class increased by $60.7 million, or 21.9%, without the impact of reinstatement premiums, reflecting underlying growth on new and existing clients, primarily in U.S. catastrophe-exposed business; offset by
Previous report
–a decrease in gross reinstatement premiums of $116.3 million in the catastrophe class, reflecting a reduction in gross reinstatement premiums of $50.1 million in the third quarter of 2025, driven by the prior accident year favorable development, compared to $66.2 million of gross reinstatement premiums in the third quarter of 2024, which primarily related to the Q3 2024 Large Loss Events, resulting in a total decrease of $57.4 million, or 7.3%, in gross premiums written compared to the third quarter of 2024.
Previous report
•Ceded premiums written decreased by $50.3 million, or 56.3%, driven by:
Previous report
•Net claims and claim expense ratio improved by 47.4 percentage points, driven by:
Previous report
–net favorable development of 40.9% in the prior accident years net claims and claim expense ratio, driven by:
Previous report
•Underwriting expense ratio increased by 2.6 percentage points, driven by:
Previous report
•Combined ratio improved by 44.8 percentage points from the third quarter of 2024 driven by an increase in prior accident year net favorable development and a lower impact from large loss events in the quarter, with the Q3 2024 Large Loss Events adding 35.4 percentage points to the combined ratio in the third quarter of 2024.
Previous report
•Gross premiums written decreased by $19.1 million, or 1.2%, driven by decreases in the professional liability and general casualty classes, partially offset by increases in the credit and specialty classes.
Previous report
–The decrease of 6.9% in the general casualty class was principally due to actions taken to reduce general liability exposure, partially offset by rate increases in this class.
Previous report
–The increase of 18.7% in the credit class was principally from additional premium on seasoned mortgage deals from older underwriting years.
Previous report
•Ceded premiums written increased by $78.5 million, or 53.0%, driven by:
Previous report
•Net claims and claim expense ratio increased by 1.9 percentage points reflecting the impact of higher attritional losses, primarily within the casualty lines of business.
Previous report
•Underwriting expense ratio decreased by 0.6 percentage points, driven by:
Previous report
–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.
Previous report
–prior accident years net favorable development, primarily in DaVinci, Upsilon, and certain structured reinsurance products.
Previous report
•Total fee income included $88.7 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in our underwriting income (loss).
Previous report
–higher average invested assets in the fixed maturity investments portfolio; partially offset by
Previous report
–$181.0 million of net realized and unrealized gains on investment-related derivatives, primarily due to a combination of net gains on equity and gold futures; and
Previous report
–$86.1 million of net realized and unrealized gains on fixed maturity investments trading, driven by market yields decreasing during the quarter.
Previous report
–a decrease in net realized and unrealized gains on our fixed maturity investments trading portfolio of $526.3 million, primarily due to:
Previous report
–decreases in market yields, which were generally less significant in the third quarter of 2025 compared to the third quarter of 2024;
Previous report
–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
Previous report
–an increase in net realized and unrealized gains on investment-related derivatives of $83.5 million, primarily due to:
Previous report
–commodity price movements favorably impacting gold futures; and
Previous report
–equity market movements, favorably impacting equity futures; partially offset by
Previous report
–the impact of the market yield movements negatively impacting interest rate futures.
Previous report
•Net foreign exchange gains decreased by $15.9 million, driven by:
Previous report
–gains on certain foreign exchange exposures related to our underwriting activities; partially offset by
Previous report
–losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest in the third quarter of 2025, compared to gains attributable to third-party investors in Medici in the third quarter of 2024.
Previous report
•Corporate expenses remained consistent with the third quarter of 2024.
Previous report
–strong profitability across our operating jurisdictions, including Bermuda, partially offset by
Showing the first 40 of 184 passages. Open the source sections for the rest.
Reworded paragraphs (104)
Previous wording
The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024, as well as our liquidity and capital resources at September 30, 2025. This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this filing and the audited consolidated financial statements and notes thereto contained in our Form 10-K for the fiscal year ended December 31, 2024. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.”
Current wording
The following is a discussion and analysis of our results of operations for the three months ended March 31, 2026 and 2025, as well as our liquidity and capital resources at March 31, 2026. This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this filing and the audited consolidated financial statements and notes thereto contained in our Form 10-K for the fiscal year ended December 31, 2025. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.”
Previous wording
RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, we have offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the U.K., and the U.S.
Current wording
RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, we have offices across North America, Europe, and the Asia-Pacific region.
Previous wording
Our current business strategy focuses predominantly on writing reinsurance. We apply our reinsurance lens of approaching risks as a portfolio to the insurance business that we write, primarily though delegated authority arrangements. Through our Capital Partners unit we create and manage innovative joint ventures and managed funds, which provide access to the portfolios our underwriters build. Additionally, we pursue several other opportunities, such as executing customized reinsurance transactions to assume or cede risk, and managing certain strategic investments. We continually explore appropriate and efficient ways to address the risk management needs of our clients and the impact of various regulatory and legislative changes on our operations. From time to time, we consider diversification into new ventures, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies.
Current wording
Our current business strategy focuses predominantly on writing reinsurance. We apply our reinsurance lens of approaching risks as a portfolio to the insurance business that we write, primarily though delegated authority arrangements. Through our Capital Partners unit we create and manage innovative joint ventures and managed funds, which provide access to the portfolios our underwriters build. Additionally, we pursue several other opportunities, such as executing customized reinsurance transactions to assume or cede risk, and managing certain strategic investments. We continually explore appropriate and efficient ways to address the risk management needs of our clients and the impact of various regulatory and legislative changes on our operations. From time to time, we consider diversification into new opportunities, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies.
Previous wording
Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operational expenses, which primarily consist of personnel expenses, rent and other expenses; (4) corporate expenses, which include certain executive, legal and consulting expenses, costs for research and development, transaction and integration-related expenses, and other miscellaneous costs, including those associated with operating as a publicly traded company; (5) interest and dividends related to our debt, preference shares and common shares; and (6) income taxes. Historically, the majority of our income has been earned in Bermuda, which did not have a corporate income tax, so the tax impact to our operations has been minimal. On December 27, 2023, the Government of Bermuda announced the implementation of a 15% corporate income tax (“CIT”), which became effective on January 1, 2025. Therefore, our profits generated on or after January 1, 2025 in Bermuda (except for profits earned by our joint ventures and managed funds) are subject to a 15% CIT. We generally expect that the profits generated in Bermuda on or after January 1, 2025 by our joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment or expected enactment of provisions similar to the GloBE Rules by many of the jurisdictions in which we operate. These changes have, and are expected to, impact our results in the future. We believe that the flexible global operating model that we have utilized will continue to prove resilient.
Current wording
Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operational expenses, which primarily consist of personnel expenses, rent and other expenses; (4) corporate expenses, which include certain executive, legal and consulting expenses, costs for research and development, transaction and integration-related expenses, and other miscellaneous costs, including those associated with operating as a publicly traded company; (5) interest and dividends related to our debt, preference shares and common shares; and (6) income taxes.
Previous wording
Below is a discussion of the results of operations for the third quarter of 2025, compared to the third quarter of 2024.
Current wording
Below is a discussion of the results of operations for the first quarter of 2026, compared to the first quarter of 2025.
Previous wording
Equity in Earnings (Losses) of Other Ventures
Current wording
(1)In the fourth quarter of 2025, we revised our presentation of “total investment results” to include equity in earnings (losses) of other ventures. Comparative periods presented have been updated to conform to the current presentation.
Previous wording
(1)Represents the percentage change during the three months ended September 30, 2025.
Current wording
(2)Represents the percentage change during the three months ended March 31, 2026.
Previous wording
Net income available to RenaissanceRe common shareholders was $907.7 million in the third quarter of 2025, compared to $1.2 billion in the third quarter of 2024, a decrease of $266.0 million. As a result, in the third quarter of 2025, we generated an annualized return on average common equity of 34.9%, and our book value per common share increased from $212.15 at June 30, 2025 to $231.23 at September 30, 2025, a 9.0% increase, or a 9.2% increase after considering the change in accumulated dividends paid to our common shareholders.
Current wording
Net income available to RenaissanceRe common shareholders was $284.5 million in the first quarter of 2026, compared to $161.1 million in the first quarter of 2025, an increase of $123.4 million. As a result, in the first quarter of 2026, we generated an annualized return on average common equity of 10.5%, and our book value per common share increased from $247.00 at December 31, 2025 to $250.48 at March 31, 2026, a 1.4% increase, or a 1.6% increase after considering the change in accumulated dividends paid to our common shareholders.
Previous wording
Significant items affecting our financial performance during the third quarter of 2025 included:
Current wording
Significant items affecting our financial performance during the first quarter of 2026 included:
Previous wording
–underwriting income of $770.2 million, an increase of $376.4 million, resulting in an improvement of 16.4 percentage points in the combined ratio, driven primarily by:
Current wording
–underwriting income of $588.8 million, an increase of $1.4 billion, resulting in an improvement of 55.3 percentage points in the combined ratio, driven primarily by:
Previous wording
–a lower level of catastrophe losses in the third quarter of 2025, compared to the third quarter of 2024; and
Current wording
–a lower level of catastrophe losses in the first quarter of 2026, compared to the first quarter of 2025.
Previous wording
–gross premiums written and net premiums written decreased by $76.5 million and $104.7 million, respectively.
Current wording
–gross premiums written and net premiums written decreased by $676.6 million and $765.2 million, respectively.
Previous wording
–total investment result decreased by $617.4 million, driven by:
Current wording
–total investment result decreased by $737.0 million, primarily driven by:
Previous wording
–net investment income of $438.4 million included $133.7 million attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.
Current wording
–net investment income of $420.5 million included $116.4 million attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.
Previous wording
–this represents the portion of our net income (loss) that is allocated to third-party investors and not retained by us.
Current wording
–this represents the portion of our net income (loss) that was allocated to third-party investors and not retained by us.
Previous wording
–a decrease in ceded spend due to the timing of ceded purchases as part of our gross-to-net strategy.
Current wording
–an increase in ceded spend and timing of renewals as part of our gross-to-net strategy, partially offset by
Previous wording
–a decrease in ceded reinstatement premiums of $34.9 million, principally driven by the increase in prior accident year favorable development, and
Current wording
–a decrease in ceded reinstatement premiums of $7.5 million.
Previous wording
•Net premiums earned decreased by $57.8 million, or 5.8%, primarily driven by:
Current wording
•Net premiums earned decreased by $347.2 million, or 27.8%, primarily driven by:
Previous wording
–the decrease in net reinstatement premiums, primarily in the catastrophe class, partially offset by growth in catastrophe gross premiums written as a result of strong mid-year renewals.
Current wording
–the decrease in net reinstatement premiums, primarily in the catastrophe class.
Previous wording
–a 35.8 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:
Current wording
–a 117.9 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:
Previous wording
–lower catastrophe losses in the quarter, compared to the 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.
Current wording
–lower catastrophe losses in the quarter, compared to the first quarter of 2025, which included 117.2 percentage points from the California Wildfires.
Previous wording
–net favorable development of $236.8 million in the catastrophe class, primarily from the weather-related large losses in 2022 and small events across accident years; and
Current wording
–net favorable development of $62.6 million in the catastrophe class, primarily from the large loss events in 2021, 2022 and 2023 and small events across accident years; and
Previous wording
–net favorable development of $146.8 million in the other property class, primarily due to reported losses coming in lower than expected from weather-related large losses in 2022 and 2024, and attritional loss experience.
Current wording
–net favorable development of $98.1 million in the other property class, primarily due to reported losses coming in lower than expected from large loss events in 2024, and attritional loss experience.
Previous wording
–a 1.2 percentage point increase in the acquisition expense ratio and a 1.4 percentage point increase in the operating expense ratio, both primarily driven by the decrease in net premiums earned due to the decrease in net reinstatement premiums compared to the third quarter of 2024.
Current wording
–a 4.0 percentage point increase in the acquisition expense ratio and a 2.2 percentage point increase in the operating expense ratio, both primarily due to the decrease in net premiums earned resulting from the decrease in net reinstatement premiums in the first quarter of 2026, compared to the first quarter of 2025; partially offset by
Previous wording
–an increase in the amount of quota share retrocessional coverage purchased.
Current wording
–an increase in the amount of quota share retrocessional coverage purchased to support the Company’s gross-to-net strategy.
Previous wording
•Net premiums written decreased by $97.6 million, or 6.7%, primarily driven by an increase in retrocessional purchases.
Current wording
•Net premiums written decreased by $329.4 million, or 18.8%, primarily driven by the decrease in gross premiums written, in addition to an increase in retrocessional purchases.
Previous wording
–The net adverse development of 0.2 percentage points in the prior accident years net claims and claim expense ratio included an adverse impact of 0.5 percentage points from purchase accounting adjustments.
Current wording
–a decrease in net favorable development from prior accident years of 0.5 percentage points. The prior accident years net claims and claim expense ratio of 0.1 percentage points included an adverse impact of 0.4 percentage points from purchase accounting adjustments.
Previous wording
–a 0.4 percentage point decrease in the operating expense ratio.
Current wording
–a 0.7 percentage point decrease in the operating expense ratio, primarily due to the Bermuda tax credits.
Previous wording
•Total fee income increased by $19.7 million, due to:
Current wording
•Total fee income increased by $63.7 million, due to:
Previous wording
–an increase in performance fees of $21.7 million as a result of:
Current wording
–an increase in performance fees of $61.8 million as a result of:
Previous wording
–strong current year underwriting results in DaVinci; and
Current wording
–improved current year underwriting results in DaVinci and our structured reinsurance products, principally due to the lower impact of large loss events in the first quarter of 2026, compared to the first quarter of 2025;
Previous wording
–higher prior accident year net favorable development in the Property segment.
Current wording
–higher prior accident years net favorable development in DaVinci.
Previous wording
–a decrease in management fee income of $10.8 million, driven by:
Current wording
–an increase in management fee income of $1.9 million, primarily driven by:
Previous wording
–an increase in management and performance fee income; and partially offset by
Current wording
–an increase in management fees from DaVinci.
Previous wording
The fee income we earned from third-party capital management activities and certain structured reinsurance products is recorded in multiple line items in our financial statements. The table below summarizes the impact of fee income on the financial statements. Fee income recorded in net income (loss) attributable to redeemable noncontrolling interest is not included in underwriting income (loss).
Current wording
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.
Previous wording
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products which is recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses. During the three months ended September 30, 2025, $10.5 million of management fee income was recorded as a reduction to operational expenses (2024 - $11.6 million) and $2.6 million of performance fee income was recorded as a reduction to acquisition expenses (2024 - $0.7 million).
Current wording
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products which is recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses. During the three months ended March 31, 2026, $10.8 million of management fee income was recorded as a reduction to operational expenses (March 31, 2025 - $12.4 million) and $11.1 million of performance fee income was recorded as a reduction to acquisition expenses (March 31, 2025 - $27.0 million).
Previous wording
•Net investment income remained consistently strong, with an increase of $14.5 million, primarily due to:
Current wording
•Net investment income remained consistently strong, with an increase of $15.1 million, primarily due to:
Previous wording
•Net investment income of $438.4 million included $133.7 million of income attributable to redeemable noncontrolling interests which was ultimately allocated to third-party investors and not retained by us.
Current wording
•Net investment income included $116.4 million of income attributable to redeemable noncontrolling interests which was ultimately allocated to third-party investors and not retained by us.
Previous wording
(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.
Current wording
(1)Refer to “Note 13. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information on investment-related derivatives.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net Realized and Unrealized Gains (Losses) on Investments
Rearranged previous paragraphs (24)
Previous report — wording carried elsewhere
•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests
Previous report — wording carried elsewhere
–this represents the portion of our net income (loss) that is allocated to third-party investors and not retained by us.
Previous report — wording carried elsewhere
Below is a summary of the underwriting results and ratios for our Property segment:
Previous report — wording carried elsewhere
–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.
Previous report — wording carried elsewhere
Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:
Previous report — wording carried elsewhere
Casualty and Specialty Gross Premiums Written
Previous report — wording carried elsewhere
Casualty and Specialty Ceded Premiums Written
Previous report — wording carried elsewhere
–an increase in the amount of quota share retrocessional coverage purchased.
Previous report — wording carried elsewhere
Casualty and Specialty Net Premiums Written
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
(1)Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana.
Previous report — wording carried elsewhere
(2)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.
Previous report — wording carried elsewhere
(3)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.
Previous report — wording carried elsewhere
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).
Previous report — wording carried elsewhere
•Net investment income remained consistently strong, with an increase of $31.3 million, primarily due to:
Previous report — wording carried elsewhere
•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.
Previous report — wording carried elsewhere
•Net realized and unrealized gains on investments of $994.6 million were driven by:
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•Net realized and unrealized gains on investments increased by $392.0 million, primarily driven by:
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•Income tax expense increased by $183.7 million, primarily driven by:
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Net Income (Loss) Attributable to Redeemable Noncontrolling Interests
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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.
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Cash flows used in investing activities
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$385.7 million. The net purchases of fixed maturity investments trading and other investments was primarily funded by cash flows provided by operating activities, as described above.
Previous report — wording carried elsewhere
Cash flows used in financing activities