RENAISSANCERE HOLDINGS LTD

SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the first quarter of 2026, compared to the first quarter of 2025.

(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.

(2)Represents the percentage change during the three months ended March 31, 2026.

Results of Operations Overview

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.

Significant items affecting our financial performance during the first quarter of 2026 included:

•Underwriting Results

–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:

–a lower level of catastrophe losses in the first quarter of 2026, compared to the first quarter of 2025.

–gross premiums written and net premiums written decreased by $676.6 million and $765.2 million, respectively.

•Investment Results

–total investment result decreased by $737.0 million, primarily driven by:

–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.

–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.

•Fee Income

–income of $94.1 million, an increase of $63.7 million.

–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).

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

–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.

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

•Income Tax Benefit (Expense)

–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.

Underwriting Results by Segment

Property Segment

Below is a summary of the underwriting results and ratios for our Property segment:

Property Gross Premiums Written

•Gross premiums written in the catastrophe class decreased by $387.0 million, or 23.2%, driven by:

–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;

–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.

•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.

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 increased by $12.4 million, or 2.8%, driven by:

–an increase in ceded spend and timing of renewals as part of our gross-to-net strategy, partially offset by

–a decrease in ceded reinstatement premiums of $7.5 million.

Property Net Premiums Earned

•Net premiums earned decreased by $347.2 million, or 27.8%, primarily driven by:

–the decrease in net reinstatement premiums, primarily in the catastrophe class.

Property Underwriting Results

•Net claims and claim expense ratio improved by 120.8 percentage points, driven by:

–a 117.9 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:

–lower catastrophe losses in the quarter, compared to the first quarter of 2025, which included 117.2 percentage points from the California Wildfires.

–net favorable development of 17.9% in the prior accident years net claims and claim expense ratio, driven by:

–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

–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.

•Underwriting expense ratio increased by 6.2 percentage points, primarily driven by:

–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

–a benefit to the underwriting expense ratio from the Bermuda tax credits.

•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.

See “Note 6. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional information related to the prior year development of net claims and claim expenses.

Casualty and Specialty Segment

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 $253.2 million, or 12.5%, primarily driven by decreases in the general casualty and other specialty classes, principally due to exposure reductions.

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 $76.2 million, or 28.0%, driven by:

–an increase in the amount of quota share retrocessional coverage purchased to support the Company’s gross-to-net strategy.

Casualty and Specialty Net Premiums Written

•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.

Casualty and Specialty Underwriting Results

•Net claims and claim expense ratio improved by 6.0 percentage points, driven by:

–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

–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.

•Underwriting expense ratio improved by 4.7 percentage points, driven by:

–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

–a 0.7 percentage point decrease in the operating expense ratio, primarily due to the Bermuda tax credits.

See “Note 6. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional information related to the prior year development of net claims and claim expenses.

Our relative mix of business between proportional business and excess of loss business has fluctuated in the past and will likely continue to do so in the future. Proportional business, which represents the majority of our Casualty and Specialty segment business, typically has a higher expense ratio and tends to be exposed to more attritional and frequent losses, while being subject to lower expected severity compared to traditional excess of loss business.

Fee Income

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 $63.7 million, due to:

–an increase in performance fees of $61.8 million as a result of:

–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;

–the recognition of deferred performance fees related to a return of capital in DaVinci; and

–higher prior accident years net favorable development in DaVinci.

–an increase in management fee income of $1.9 million, primarily driven by:

–an increase in management fees from DaVinci.

•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).

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.

(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).

Investment Results

Net Investment Income

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

(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.”

•Net investment income remained consistently strong, with an increase of $15.1 million, primarily due to:

–higher average invested assets and portfolio reallocation, resulting in increased income from fixed maturity investments trading and fixed income exchange traded funds.

•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.

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.

Net Realized and Unrealized Gains (Losses) on Investments

(1)Refer to “Note 13. 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)Includes commodity-related derivatives, which includes commodity futures and commodity options.

(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.”

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 losses on investments of $421.9 million were driven by:

–$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;

–$147.4 million of net realized and unrealized losses on equity-related investments, primarily due to broader equity market declines; and

–$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

–$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.

•Net realized and unrealized losses on investments increased by $754.9 million, mainly driven by:

–an increase in net realized and unrealized losses on fixed maturity-related investments of $580.8 million, primarily due to:

–increases in market yields in the first quarter of 2026, compared to decreases in market yields in the first quarter of 2025;

–an increase in net realized and unrealized losses on equity-related investments of $97.8 million, primarily due to:

–increased exposure to equity investments and equity-futures, coupled with unfavorable price movements in the first quarter of 2026, compared to the first quarter of 2025;

–an increase in net unrealized losses on fund and direct private equity investments of $52.5 million, driven by:

–a decrease in the value of certain of the investments in the Company’s strategic investments portfolio; and

–a decrease in net realized and unrealized gains on commodity-related investments of $52.3 million, principally due to:

–lower gold futures price increases in the first quarter of 2026, compared to the first quarter of 2025.

Refer to “Note 3. Investments” and “Note 13. 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.

Refer to “Note 13. 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. 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 $3.4 million, primarily driven by:

–the Bermuda tax credits; partially offset by

–increased compensation expenses.

Income Tax Benefit (Expense)

We are subject to income taxes in the jurisdictions in which we operate. Our effective tax rate, which is based upon the expected annual effective tax rate, may fluctuate from period to period based on (i) the relative mix of income or loss reported by jurisdiction and the varying tax rates in each jurisdiction and (ii) the relative proportion of our net income which is not subject to tax because it is earned in Bermuda and attributable to redeemable noncontrolling interests.

•Income tax expense increased by $78.5 million, primarily driven by:

–increased operating income across our operating jurisdictions compared to the first quarter of 2025, which was impacted by the California Wildfires; and

–a decrease in tax benefits related to reductions in valuation allowances against certain deferred tax assets; partially offset by

–mark-to-market losses in the first quarter of 2026, compared to mark-to-market gains in the first quarter of 2025.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests increased by $417.7 million, primarily driven by:

–an increase in underwriting income in DaVinci and Vermeer, principally due to the lower impact of large loss events in the first quarter of 2026, compared to the first quarter of 2025; partially offset by

–an increase in net realized and unrealized losses on investments in the investment portfolios of our joint ventures and managed funds in the first quarter of 2026; and

–an increase in performance fee income recorded in noncontrolling interests as a result of higher underwriting income in the first quarter of 2026, compared to the first quarter of 2025.

•Net income attributable to redeemable noncontrolling interests of $222.5 million included $116.4 million of net investment income, partially offset by $65.2 million of net realized and unrealized losses and $72.2 million in management and performance fee income.

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