RENAISSANCERE HOLDINGS LTD
For the period ended Jun 30, 2026. Filed Jul 23, 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.
Jun 30, 2026 · Filed Jul 23, 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 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 OUTLOOKCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0000913144-26-000084
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 306 previous paragraphs and 450 current paragraphs.
166 unchanged; 90 reworded; 153 added; 50 removed; 0 previous and 41 current paragraphs rearranged.
Tables are not compared: 26 previous and 40 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 (153)
Current report
–underwriting income of $599.1 million, remained consistent with the second quarter of 2025, decreasing by $2.6 million, and resulted in a combined ratio of 72.8%, an improvement of 2.3 percentage points, primarily driven by:
Current report
◦a lower level of catastrophe losses in the second quarter of 2026, compared to the second quarter of 2025, partially offset by less favorable prior year development; and
Current report
◦an improvement of 1.9 percentage points to the underwriting expense ratio, largely due to the Bermuda tax credits recorded in the second quarter of 2026, and a decrease in purchase accounting adjustments compared to the second quarter of 2025.
Current report
–gross premiums written and net premiums written decreased by $426.8 million and $493.3 million, respectively, reflecting rate reductions and exposure reductions compared to the second quarter of 2025, as well as an increase in retrocessional coverage purchased within the Casualty and Specialty segment.
Current report
◦an increase in net gains on equity-related investments primarily due to increased exposure to equity-futures and favorable price changes.
Current report
–net investment income of $432.5 million included $118.1 million attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.
Current report
–income of $83.0 million, a decrease of $11.9 million, primarily driven by a decrease in management fee income, largely due to a recapture of previously deferred management fees in the second quarter of 2025 which did not repeat in the second quarter of 2026, and lower management fees in DaVinci and Fontana due to lower net premiums earned.
Current report
–included $59.4 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 $315.3 million, driven by strong underwriting and investment income in our joint ventures and managed funds, and a decrease in fees, partially offset by an increase in net realized and unrealized losses, resulting in a $13.1 million decrease compared to the second quarter of 2025.
Current report
•Gross premiums written reflected a successful mid-year renewal as we executed on market opportunities in the catastrophe class and optimized our property portfolio. The decrease of $180.3 million, or 10.4%, was primarily driven by:
Current report
–a decrease in the catastrophe class of $215.3 million, or 15.8%, driven by rate reductions during the mid-year renewals and a decrease in gross reinstatement premiums of $27.5 million, offset in part by opportunities for growth on existing clients and new underwriting opportunities, including in U.S. catastrophe-exposed business; partially offset by
Current report
–an increase of $35.0 million, or 9.5%, in the other property class, as the second quarter of 2025 reflected downwards premium adjustments, in part due to rate decreases in the excess and surplus business. Otherwise, gross premiums written in the other property class were roughly flat.
Current report
•Ceded premiums written decreased by $58.1 million, or 14.3%, driven by:
Current report
–the non-deployment of Upsilon through the June 1st renewals.
Current report
•Net premiums earned increased by $13.6 million, or 1.6%, driven by:
Current report
–an increase in the other property class of $41.5 million, or 13.2%, as the second quarter of 2025 reflected higher downwards premium adjustments, in part due to rate decreases in the excess and surplus business; partially offset by
Current report
–a decrease in net premiums earned in the catastrophe class of $27.9 million, or 5.0%, primarily driven by a $31.0 million decrease in net reinstatement premiums compared to the second quarter of 2025.
Current report
•Net claims and claim expense ratio remained consistent with the second quarter of 2025, and included:
Current report
–a 1.4 percentage point improvement in the current accident year net claims and claim expense ratio, due to a lower level of catastrophe losses in the quarter; and
Current report
–net favorable development of prior accident years of $257.5 million, or 29.2%, driven by:
Current report
•Underwriting expense ratio remained relatively flat quarter over quarter, as expense growth was largely offset by the Bermuda tax credits.
Current report
•Combined ratio remained consistent with the second quarter of 2025, benefiting from the low current accident year net losses and net favorable development of prior accident years.
Current report
•Gross premiums written decreased by $246.5 million, or 14.6%, principally due to:
Current report
–proactive exposure reductions across the general casualty, professional liability and other specialty classes;
Current report
–changes in premium estimates on business underwritten in prior years in the other specialty class, largely from rate pressure in cyber; and
Current report
–a decrease in the credit class driven by opportunistic deals written during the second quarter of 2025 that were not up for renewal in the second quarter of 2026.
Current report
•Net premiums written decreased by $371.2 million, or 25.7%, primarily driven by:
Current report
•Net claims and claim expense ratio increased by 4.0 percentage points, which included:
Current report
–net adverse development of prior accident years of $58.0 million, or 4.4%, resulting in an increase of 4.6 percentage points in the prior accident years net claims and claim expense ratio. The net adverse development in the second quarter of 2026 reflects:
Current report
◦$54.0 million, or 4.1 percentage points, from a shift of previously reported loss estimates for the Baltimore Bridge Collapse to Casualty and Specialty from the other property class;
Current report
◦$5.5 million, or 0.4 percentage points, of adverse impact from purchase accounting adjustments; and
Current report
◦net favorable development principally driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from the other specialty and credit classes, offset by adverse development related to actuarial assumption changes principally impacting the general liability line of business; partially offset by
Current report
–a 0.6 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 compared to the second quarter of 2025.
Current report
•Underwriting expense ratio improved by 2.5 percentage points, driven by:
Current report
–a 1.7 percentage point improvement in the operating expense ratio, primarily due to the Bermuda tax credits and an increase in override management fees; and
Current report
–a 0.8 percentage point improvement in the acquisition expense ratio, primarily due to a decrease in purchase accounting adjustments.
Current report
•Combined ratio increased by 1.5 percentage points from the second quarter of 2025, primarily due to:
Current report
–adverse development from prior years, which included adverse development related to the Baltimore Bridge Collapse of 3.4 percentage points, after considering the impact of reinstatement premiums; partially offset by
Current report
–the improvements to the underwriting expense ratio.
Current report
•Total fee income decreased by $11.9 million, due to:
Showing the first 40 of 153 passages. Open the source sections for the rest.
Removed paragraphs (50)
Previous report
–a lower level of catastrophe losses in the first quarter of 2026, compared to the first quarter of 2025.
Previous report
–gross premiums written and net premiums written decreased by $676.6 million and $765.2 million, respectively.
Previous 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.
Previous report
–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 report
–income of $94.1 million, an increase of $63.7 million.
Previous 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).
Previous report
•Gross premiums written in the catastrophe class decreased by $387.0 million, or 23.2%, driven by:
Previous 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;
Previous 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.
Previous report
–an increase in ceded spend and timing of renewals as part of our gross-to-net strategy, partially offset by
Previous report
–a decrease in ceded reinstatement premiums of $7.5 million.
Previous report
•Net claims and claim expense ratio improved by 120.8 percentage points, driven by:
Previous report
–a 117.9 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:
Previous report
–net favorable development of 17.9% in the prior accident years net claims and claim expense ratio, driven by:
Previous report
•Underwriting expense ratio increased by 6.2 percentage points, primarily driven by:
Previous report
–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 report
–a benefit to the underwriting expense ratio from the Bermuda tax credits.
Previous 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.
Previous report
•Net claims and claim expense ratio improved by 6.0 percentage points, driven by:
Previous report
–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 report
•Underwriting expense ratio improved by 4.7 percentage points, driven by:
Previous report
–a 0.7 percentage point decrease in the operating expense ratio, primarily due to the Bermuda tax credits.
Previous report
•Total fee income increased by $63.7 million, due to:
Previous report
–higher prior accident years net favorable development in DaVinci.
Previous report
–an increase in management fee income of $1.9 million, primarily driven by:
Previous report
–an increase in management fees from DaVinci.
Previous 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).
Previous report
•Net investment income remained consistently strong, with an increase of $15.1 million, primarily due to:
Previous report
–$147.4 million of net realized and unrealized losses on equity-related investments, primarily due to broader equity market declines; and
Previous 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
Previous report
–an increase in net realized and unrealized losses on fixed maturity-related investments of $580.8 million, primarily due to:
Previous report
–an increase in net realized and unrealized losses on equity-related investments of $97.8 million, primarily due to:
Previous report
–an increase in net unrealized losses on fund and direct private equity investments of $52.5 million, driven by:
Previous report
–a decrease in the value of certain of the investments in the Company’s strategic investments portfolio; and
Previous report
–a decrease in net realized and unrealized gains on commodity-related investments of $52.3 million, principally due to:
Previous report
–lower gold futures price increases in the first quarter of 2026, compared to the first quarter of 2025.
Previous report
–a decrease in tax benefits related to reductions in valuation allowances against certain deferred tax assets; partially offset by
Showing the first 40 of 50 passages. Open the source sections for the rest.
Reworded paragraphs (90)
Previous 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.”
Current wording
The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2026 and 2025, as well as our liquidity and capital resources at June 30, 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. Refer to “Note on Forward-Looking Statements.”
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 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.
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 through 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
Below is a discussion of the results of operations for the first quarter of 2026, compared to the first quarter of 2025.
Current wording
Below is a discussion of the results of operations for the second quarter of 2026, compared to the second quarter of 2025.
Previous 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.
Current wording
Net income available to RenaissanceRe common shareholders was $654.2 million in the second quarter of 2026, compared to $826.5 million in the second quarter of 2025, a decrease of $172.3 million. In the second quarter of 2026, we generated an annualized return on average common equity of 24.0%. Our book value per common share increased from $250.48 at March 31, 2026 to $264.77 at June 30, 2026, a 5.7% increase, or a 5.9% increase after considering the change in accumulated dividends paid to our common shareholders.
Previous wording
Significant items affecting our financial performance during the first quarter of 2026 included:
Current wording
Significant items affecting our financial performance during the second quarter of 2026, on a comparative basis to the second quarter of 2025, included:
Previous wording
–total investment result decreased by $737.0 million, primarily driven by:
Current wording
–total investment result decreased by $211.2 million, driven by:
Previous wording
Net Realized and Unrealized Gains (Losses) on Investments
Current wording
◦a decrease of $228.1 million in net realized and unrealized gains (losses) on investments, primarily reflecting an increase in net losses on fixed maturity-related investments and commodity-related investments as a result of increases in market yields and decreases in gold futures prices, respectively, and partially offset by
Previous wording
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.
Current wording
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. 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.
Previous 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
Current wording
◦net favorable development of $132.7 million in the catastrophe class, primarily from the large loss events in 2021, 2022, 2024 and 2025 and small events across accident years; and
Previous wording
•Ceded premiums written increased by $12.4 million, or 2.8%, driven by:
Current wording
•Ceded premiums written increased by $124.7 million, or 51.0%, driven by:
Previous wording
–an increase in the amount of quota share retrocessional coverage purchased to support the Company’s gross-to-net strategy.
Current wording
–an increase in the amount of quota share retrocessional coverage purchased to support our gross-to-net strategy across the portfolio, most notably within the casualty classes.
Previous 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.
Current wording
–the decrease in gross premiums written, in addition to an increase in retrocessional purchases across the portfolio, particularly in the casualty classes.
Previous wording
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.
Current wording
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.
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 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).
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 June 30, 2026, $11.2 million of management fee income was recorded as a reduction to operational expenses (June 30, 2025 - $12.5 million) and $12.4 million of performance fee income was recorded as a reduction to acquisition expenses (June 30, 2025 - nominal).
Previous wording
–higher average invested assets and portfolio reallocation, resulting in increased income from fixed maturity investments trading and fixed income exchange traded funds.
Current wording
–higher average invested assets and portfolio reallocation, resulting in increased income from fixed income exchange traded funds.
Previous 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.
Current wording
•Net investment income of $432.5 million included $118.1 million of income attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.
Previous wording
–$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 wording
–$115.3 million of net realized and unrealized losses on fixed maturity-related investments, primarily due to increases in market yields; and
Previous wording
–$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 wording
–$79.1 million of net realized and unrealized losses on commodity-related investments, principally due to decreases in prices for gold futures.
Previous wording
–increases in market yields in the first quarter of 2026, compared to decreases in market yields in the first quarter of 2025;
Current wording
◦increases in market yields in the second quarter of 2026, compared to decreases in market yields in the second quarter of 2025; and
Previous wording
–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;
Current wording
◦increased exposure to equity-futures, coupled with more favorable price movements in the second quarter of 2026 compared to the second quarter of 2025.
Previous wording
•Corporate expenses decreased by $3.4 million, primarily driven by:
Current wording
•Corporate expenses decreased by $5.1 million, primarily driven by:
Previous wording
–mark-to-market losses in the first quarter of 2026, compared to mark-to-market gains in the first quarter of 2025.
Current wording
–a decrease in mark-to-market gains in the second quarter of 2026, compared to the second quarter of 2025.
Previous wording
•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.
Current wording
•Net income attributable to redeemable noncontrolling interests of $315.3 million included $118.1 million of net investment income, partially offset by $31.9 million of net realized and unrealized losses on investments, as well as $59.4 million in management and performance fee income.
Previous 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:
Current wording
–underwriting income of $1.2 billion, an increase of $1.4 billion, resulting in an improvement in the combined ratio of 30.4 percentage points, driven primarily by:
Previous wording
–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 wording
–income of $537.7 million, an increase of $404.6 million, primarily resulting from an increase in underwriting income in our joint ventures due to a lower impact of large loss events in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Previous wording
–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 wording
–otherwise, not including reinstatement premiums, gross premiums written in the catastrophe class decreased by $230.6 million, or 8.6%, reflecting rate reductions across the portfolio, which were offset in part by other opportunities for growth.
Previous wording
•Net premiums earned decreased by $347.2 million, or 27.8%, primarily driven by:
Current wording
•Net premiums earned decreased by $333.6 million, or 15.8%, principally driven by:
Previous wording
–lower catastrophe losses in the quarter, compared to the first quarter of 2025, which included 117.2 percentage points from the California Wildfires.
Current wording
◦lower catastrophe losses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, which included 69.1 percentage points from the California Wildfires; and
Previous 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.
Current wording
◦net favorable development of $222.8 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
•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 wording
•Combined ratio improved by 68.3 percentage points from the six months ended June 30, 2025, which included a 67.6 percentage point impact from the California Wildfires.
Previous wording
•Ceded premiums written increased by $76.2 million, or 28.0%, driven by:
Current wording
•Ceded premiums written increased by $200.9 million, or 38.9%, driven by:
Previous wording
–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 wording
–a 3.4 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
Previous wording
–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 wording
–a 2.4 percentage point improvement in the acquisition expense ratio, principally due to changes in variable commissions and a decrease in purchase accounting adjustments; and
Previous wording
–an increase in performance fees of $61.8 million as a result of:
Current wording
–an increase in performance fees of $58.1 million as a result of:
Previous 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;
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 six months ended June 30, 2026 compared to the six months ended June 30, 2025;
Previous wording
•Net realized and unrealized losses on investments of $421.9 million were driven by:
Current wording
•Net realized and unrealized losses on investments of $300.3 million were driven by:
Previous wording
•Net realized and unrealized losses on investments increased by $754.9 million, mainly driven by:
Current wording
•Net realized and unrealized losses on investments increased by $982.9 million, mainly driven by:
Previous wording
–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 wording
–strong operating profits, partially offset by mark-to-market losses in the six months ended June 30, 2026.
Previous wording
•Income tax expense increased by $78.5 million, primarily driven by:
Current wording
•Income tax expense increased by $41.0 million, primarily driven by:
Previous wording
–increased operating income across our operating jurisdictions compared to the first quarter of 2025, which was impacted by the California Wildfires; and
Current wording
–increased operating income across our operating jurisdictions compared to the six months ended June 30, 2025, which was impacted by the California Wildfires; partially offset by
Showing the first 40 of 90 pairs. Open the source sections for the rest.
Rearranged current paragraphs (41)
Current report — wording carried from elsewhere
◦net favorable development of $124.7 million in the other property class, primarily due to reported losses coming in lower than expected and attritional loss experience.
Current report — wording carried from elsewhere
Refer to “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.
Current report — wording carried from elsewhere
For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
Current report — wording carried from elsewhere
•Net realized and unrealized gains on investments of $121.6 million were driven by:
Current report — wording carried from elsewhere
–net realized and unrealized losses on investments in the investment portfolios of our joint ventures and managed funds in the second quarter of 2026, compared to gains in the second quarter of 2025.
Current report — wording carried from elsewhere
(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.
Current report — wording carried from elsewhere
Net income available to RenaissanceRe common shareholders was $938.8 million in the six months ended June 30, 2026, compared to $987.7 million in the six months ended June 30, 2025, a decrease of $48.9 million. In the six months ended June 30, 2026, we generated an annualized return on average common equity of 17.2%. Our book value per common share increased from $247.00 at December 31, 2025 to $264.77 at June 30, 2026, a 7.2% increase, or a 7.5% increase, after considering the change in accumulated dividends paid to our common shareholders.
Current report — wording carried from elsewhere
–total investment result decreased by $948.3 million, driven by:
Current report — wording carried from elsewhere
•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests
Current report — wording carried from elsewhere
–this represents the portion of our net income (loss) that was allocated to third-party investors and not retained by us.
Current report — wording carried from elsewhere
Below is a summary of the underwriting results and ratios for our Property segment:
Current report — wording carried from elsewhere
◦net favorable development of $195.4 million in the catastrophe class, primarily from the large loss events in 2021 through 2025 and small events across accident years; and
Current report — wording carried from elsewhere
Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:
Current report — wording carried from elsewhere
Casualty and Specialty Gross Premiums Written
Current report — wording carried from elsewhere
Casualty and Specialty Ceded Premiums Written
Current report — wording carried from elsewhere
–an increase in the amount of quota share retrocessional coverage purchased to support our gross-to-net strategy across the portfolio, most notably within the casualty classes.
Current report — wording carried from elsewhere
Casualty and Specialty Net Premiums Written
Current report — wording carried from 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.
Current report — wording carried from elsewhere
(1)Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana.
Current report — wording carried from elsewhere
(2)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.
Current report — wording carried from elsewhere
(3)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.
Current report — wording carried from 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.
Current report — wording carried from elsewhere
(1)Reflects total fee income earned through 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 six months ended June 30, 2026, $22.0 million of management fee income was recorded as a reduction to operational expenses (June 30, 2025 - $24.9 million) and $23.6 million of performance fee income was recorded as a reduction to acquisition expenses (June 30, 2025 - $27.0 million).
Current report — wording carried from elsewhere
(1)In the fourth quarter of 2025, we revised the description of our “other equity investments” to “common stock.”
Current report — wording carried from elsewhere
(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 — wording carried from elsewhere
Equity in Earnings (Losses) of Other Ventures
Current report — wording carried from elsewhere
(1)Refer to “Note 13. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information on investment-related derivatives.
Current report — wording carried from elsewhere
(2)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.
Current report — wording carried from elsewhere
(3)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.
Current report — wording carried from elsewhere
(4)Includes commodity-related derivatives, which includes commodity futures and commodity options.
Current report — wording carried from elsewhere
(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 — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
Refer to “Note 13. Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to foreign currency forward and option contracts we have entered into.
Current report — wording carried from elsewhere
•Corporate expenses decreased by $8.5 million, primarily driven by:
Current report — wording carried from elsewhere
–mark-to-market losses in the six months ended June 30, 2026, compared to mark-to-market gains in the six months ended June 30, 2025.
Current report — wording carried from elsewhere
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests
Current report — wording carried from elsewhere
Refer to “Note 8. Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests.
Current report — wording carried from elsewhere
Cash flows used in investing activities
Current report — wording carried from elsewhere
Cash flows used in financing activities
Current report — wording carried from elsewhere
June 30, 2026, the funds that invest in non-investment grade and not-rated fixed income securities and non-investment grade cat-linked securities totaled $3.5 billion (December 31, 2025 - $3.2 billion).
Showing the first 40 of 41 passages. Open the source sections for the rest.