RENAISSANCERE HOLDINGS LTD

SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the second quarter of 2026, compared to the second 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 June 30, 2026.

Results of Operations Overview

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.

Significant items affecting our financial performance during the second quarter of 2026, on a comparative basis to the second quarter of 2025, included:

•Underwriting Results

–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:

◦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

◦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.

–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.

•Investment Results

–total investment result decreased by $211.2 million, driven by:

◦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

◦an increase in net gains on equity-related investments primarily due to increased exposure to equity-futures and favorable price changes.

–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.

•Fee Income

–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.

–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).

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

–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.

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

Underwriting Results by Segment

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

Property Gross Premiums Written

•Gross premiums written 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:

–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

–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.

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. The buying of ceded reinsurance in our Property segment is based on market opportunities and is not based on placing a specific reinsurance program each year.

•Ceded premiums written decreased by $58.1 million, or 14.3%, driven by:

–the non-deployment of Upsilon through the June 1st renewals.

Property Net Premiums Earned

•Net premiums earned increased by $13.6 million, or 1.6%, driven by:

–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

–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.

Property Underwriting Results

•Net claims and claim expense ratio remained consistent with the second quarter of 2025, and included:

–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

–net favorable development of prior accident years of $257.5 million, or 29.2%, driven by:

◦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

◦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.

•Underwriting expense ratio remained relatively flat quarter over quarter, as expense growth was largely offset by the Bermuda tax credits.

•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.

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.

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 $246.5 million, or 14.6%, principally due to:

–proactive exposure reductions across the general casualty, professional liability and other specialty classes;

–changes in premium estimates on business underwritten in prior years in the other specialty class, largely from rate pressure in cyber; and

–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.

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 $124.7 million, or 51.0%, driven by:

–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.

Casualty and Specialty Net Premiums Written

•Net premiums written decreased by $371.2 million, or 25.7%, primarily driven by:

–the decrease in gross premiums written, in addition to an increase in retrocessional purchases across the portfolio, particularly in the casualty classes.

Casualty and Specialty Underwriting Results

•Net claims and claim expense ratio increased by 4.0 percentage points, which included:

–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:

◦$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;

◦$5.5 million, or 0.4 percentage points, of adverse impact from purchase accounting adjustments; and

◦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

–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.

•Underwriting expense ratio improved by 2.5 percentage points, driven by:

–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

–a 0.8 percentage point improvement in the acquisition expense ratio, primarily due to a decrease in purchase accounting adjustments.

•Combined ratio increased by 1.5 percentage points from the second quarter of 2025, primarily due to:

–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

–the improvements to the underwriting expense ratio.

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.

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 decreased by $11.9 million, due to:

–a decrease in management fee income of $8.3 million, driven by:

◦the recapture of previously deferred management fees in the comparative period, which did not repeat in the current quarter;

◦lower management fees in DaVinci and Fontana due to lower net premiums earned; and

◦a decrease in management fees in Upsilon and AlphaCat due to the continued release of collateral associated with prior years’ contracts.

–a decrease in performance fees of $3.7 million, primarily driven by:

◦lower net favorable development of prior accident years in Upsilon.

•Our total fee income of $83.0 million 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).

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 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).

Investment Results

(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 increased by $19.4 million, primarily due to:

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

•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.

Equity in Earnings (Losses) of Other Ventures

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

•Equity in earnings of other ventures was relatively consistent with the second quarter of 2025.

(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 gains on investments of $121.6 million were driven by:

–$217.3 million of net realized and unrealized gains on equity-related investments, primarily from equity futures being favorably impacted by equity market movements; and

–$99.9 million of net unrealized gains on fund and direct private equity investments, as a result of favorable equity market movements; partially offset by

–$115.3 million of net realized and unrealized losses on fixed maturity-related investments, primarily due to increases in market yields; and

–$79.1 million of net realized and unrealized losses on commodity-related investments, principally due to decreases in prices for gold futures.

•Net realized and unrealized gains on investments decreased by $228.1 million, mainly driven by:

–an increase in net realized and unrealized losses on fixed maturity-related investments of $264.9 million, primarily due to:

◦increases in market yields in the second quarter of 2026, compared to decreases in market yields in the second quarter of 2025; and

–an increase in net realized and unrealized losses on commodity-related investments of $112.4 million, principally due to:

◦decreases in gold futures prices in the second quarter of 2026, compared to increases in gold futures prices the second quarter of 2025; partially offset by

–an increase in net realized and unrealized gains on equity-related investments of $106.2 million, primarily due to:

◦increased exposure to equity-futures, coupled with more favorable price movements in the second quarter of 2026 compared to the second 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.

•Net foreign exchange losses increased by $16.0 million, driven by:

–losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest, compared to gains in the second quarter of 2025.

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 $5.1 million, primarily driven by:

–the Bermuda tax credits.

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 of $139.4 million was driven by:

–strong operating profits in the second quarter of 2026.

•Income tax expense decreased by $37.5 million, primarily driven by:

–a decrease in mark-to-market gains in the second quarter of 2026, compared to the second quarter of 2025.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests decreased slightly from the second quarter of 2025, and was driven by:

–strong underwriting and investment income in our joint ventures and managed funds; and

–a decrease in management and performance fee income recorded in noncontrolling interests; partially offset by

–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.

•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.

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

SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the six months ended June 30, 2026, compared to the six months ended June 30, 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.

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.

Significant items affecting our financial performance during the six months ended June 30, 2026, on a comparative basis to the six months ended June 30, 2025, included:

•Underwriting Results

–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:

◦a lower level of catastrophe losses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

–gross premiums written and net premiums written decreased by $1.1 billion and $1.3 billion, respectively, reflecting lower reinstatement premiums due to the lower level of catastrophe losses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, in addition to rate reductions and exposure reductions in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, and partially offset by growth opportunities.

•Investment Results

–total investment result decreased by $948.3 million, driven by:

◦an increase of $982.9 million in net realized and unrealized 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; partially offset by

◦an increase in net investment income of $34.5 million, largely due to higher average invested assets within our investment portfolio.

–net investment income of $853.0 million included $234.5 million attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.

•Fee Income

–income of $177.2 million, an increase of $51.7 million, primarily driven by an increase in performance fees due to a lower impact from large loss events in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

–included $131.6 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 $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.

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

Underwriting Results by Segment

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

Property Gross Premiums Written

•Gross premiums written in the catastrophe class for the six months ended June 30, 2026 were $2.4 billion, representing a decrease of $602.3 million, or 19.9%, driven by:

–a decrease in gross reinstatement premiums of $371.7 million, primarily related to the lower level of catastrophe losses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, which included the California Wildfires;

–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.

•Gross premiums written in the other property class for the six months ended June 30, 2026 were $832.1 million, consistent with the six months ended June 30, 2025.

Property Ceded Premiums Written

•Ceded premiums written decreased by $45.7 million, or 5.4%, driven by:

–the non-deployment of Upsilon in 2026.

Property Net Premiums Earned

•Net premiums earned decreased by $333.6 million, or 15.8%, principally driven by:

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

Property Underwriting Results

•Net claims and claim expense ratio improved by 72.0 percentage points, and included:

–a 70.0 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:

◦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

–net favorable development of prior accident years of $418.2 million, or 23.5%, driven by:

◦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

◦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.

•Underwriting expense ratio increased by 3.7 percentage points, driven by:

–a 2.5 percentage point increase in the acquisition expense ratio, as the six months ended June 30, 2025 reflected higher catastrophe losses than the six months ended June 30, 2026. The comparative period acquisition expense ratio included:

◦a 2.3 percentage point impact from the net reinstatement premiums, primarily related to the California Wildfires; and

◦a 1.0 percentage point impact reflecting an adjustment to profit commission in DaVinci related to the California Wildfires. While this adjustment impacted the acquisition expense ratio, it was principally offset in noncontrolling interests and therefore did not have a net impact on earnings in the comparative period.

–a 1.2 percentage point increase in the operating expense ratio, driven by the lower net reinstatement premiums as noted above, and partially offset by a benefit from the Bermuda tax credits, both in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

•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.

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.

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 $499.7 million, or 13.5%, principally due to:

–exposure reductions across the general casualty, professional liability and other specialty classes;

–changes in premium estimates on business underwritten in prior years in the other specialty class; and

–a decrease in the credit class driven by opportunistic deals written during the six months ended June 30, 2025 that were not up for renewal in the six months ended June 30, 2026.

Casualty and Specialty Ceded Premiums Written

•Ceded premiums written increased by $200.9 million, or 38.9%, driven by:

–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.

Casualty and Specialty Net Premiums Written

•Net premiums written decreased by $700.6 million, or 21.9%, primarily driven by:

–the decrease in gross premiums written, in addition to the increase in retrocessional purchases across the portfolio, most notably in the casualty classes.

Casualty and Specialty Underwriting Results

•Net claims and claim expense ratio improved by 0.8 percentage points, and included:

–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

–net adverse development of prior accident years of $56.8 million, or 2.2%, resulting in an increase of 2.6 percentage points in the prior accident years net claims and claim expense ratio. The net adverse development in the six months ended June 30, 2026 reflects:

◦$54.0 million, or 2.1 percentage points, from a shift of previously reported loss estimates for the Baltimore Bridge Collapse to Casualty and Specialty from the other property class;

◦$11.1 million, or 0.4 percentage points, of adverse impact from purchase accounting adjustments; and

◦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.

•Underwriting expense ratio improved by 3.7 percentage points, driven by:

–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

–a 1.3 percentage point improvement in the operating expense ratio, primarily due to the Bermuda tax credits and an increase in override management fees.

•Combined ratio improved by 4.5 percentage points, due to:

–a lower level of large loss events in the six months ended June 30, 2026, compared to the six months ended June 30, 2025, which included a 5.0 percentage point impact from the 2025 Large Loss Events; and

–the improvements to the underwriting expense ratio; partially offset by

–adverse development from prior years, which included adverse development related to the Baltimore Bridge Collapse of 1.7 percentage points, after considering the impact of reinstatement premiums.

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

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.

(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 $51.7 million, due to:

–an increase in performance fees of $58.1 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 six months ended June 30, 2026 compared to the six months ended June 30, 2025;

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

◦higher net favorable development of prior accident years in DaVinci.

–a decrease in management fee income of $6.4 million, primarily driven by:

◦lower management fees in Fontana as a result of lower net premiums earned; and

◦a decrease in management fees in Upsilon and AlphaCat due to the continued release of collateral associated with prior years’ contracts.

•Total fee income of $177.2 million included $131.6 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 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.

(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).

Investment Results

(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 increased by $34.5 million, primarily due to:

–higher average invested assets and changes to portfolio allocation, resulting in increased income from fixed maturity investments trading, fixed income exchange traded funds and fund and direct private equity investments; partially offset by

–lower income from short term investments, due to lower average invested assets and market yields; and

–lower income from catastrophe bonds as a result of lower average invested assets.

•Net investment income of $853.0 million included $234.5 million of income attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.

Equity in Earnings (Losses) of Other Ventures

•Equity in earnings of other ventures was consistent with the six months ended June 30, 2025.

(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.”

•Net realized and unrealized losses on investments of $300.3 million were driven by:

–$383.3 million of net realized and unrealized losses on fixed maturity-related investments trading, including interest rate futures, primarily due to increases in market yields in the six months ended June 30, 2026; partially offset by

–$69.9 million of net realized and unrealized gains on equity-related investments, primarily from equity futures being favorably impacted by equity market movements, partially offset by net realized and unrealized losses on fixed income exchange traded funds.

•Net realized and unrealized losses on investments increased by $982.9 million, mainly driven by:

–an increase in net realized and unrealized losses on fixed maturity-related investments of $845.7 million, primarily due to:

◦increases in market yields in the six months ended June 30, 2026, compared to decreases in market yields in the six months ended June 30, 2025; and

–an increase in net realized and unrealized losses on commodity-related investments of $164.7 million, principally due to:

◦decreases in gold futures prices in the six months ended June 30, 2026, compared to increases in gold futures prices in the six months ended June 30, 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)

•Net foreign exchange losses increased by $17.7 million, driven by:

–losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest, in the six months ended June 30, 2026, compared to gains attributable to third-party investors in Medici in the six months ended June 30, 2025; partially offset by

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

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.

Corporate Expenses

•Corporate expenses decreased by $8.5 million, primarily driven by:

–the Bermuda tax credits; partially offset by

–increased compensation expenses.

Income Tax Benefit (Expense)

•Income tax expense of $172.4 million was driven by:

–strong operating profits, partially offset by mark-to-market losses in the six months ended June 30, 2026.

•Income tax expense increased by $41.0 million, primarily driven by:

–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

–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.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests increased by $404.6 million, primarily driven by:

–an increase in underwriting income in DaVinci, Vermeer and Fontana, 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; 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 six months ended June 30, 2026; and

–an increase in performance fee income recorded in noncontrolling interests as a result of higher underwriting income in the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

•Net income attributable to redeemable noncontrolling interests of $537.7 million included $234.5 million of net investment income, partially offset by $97.1 million of net realized and unrealized losses on investments, as well as $131.6 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.