RENAISSANCERE HOLDINGS LTD
For the period ended Sep 30, 2026. Filed Oct 28, 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.
Sep 30, 2026 · Filed Oct 28, 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 2026-06-30; 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 OUTLOOKCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0000913144-26-000098
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOVERVIEWSUMMARY OF CRITICAL ACCOUNTING ESTIMATESSUMMARY OF 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 450 previous paragraphs and 460 current paragraphs.
207 unchanged; 130 reworded; 121 added; 102 removed; 11 previous and 2 current paragraphs rearranged.
Tables are not compared: 40 previous and 46 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 (121)
Current report
–underwriting income of $426.1 million, a decrease of $344.1 million, resulting in a combined ratio of 79.7%, an increase of 11.3 percentage points, driven by:
Current report
◦a net negative impact on underwriting result of $191.4 million from the 2026 Large Loss Events, which contributed 9.3 percentage points to the combined ratio in the third quarter of 2026, compared to a lower level of catastrophe losses in the third quarter of 2025;
Current report
◦a $332.7 million decrease in net premiums earned, primarily due to rate reductions within the Property segment, as well as exposure reductions and increased retrocessional coverage purchased within the Casualty and Specialty segment; and
Current report
◦a decrease in net favorable development of prior accident years of $112.9 million, largely driven by lower net favorable development in the Property segment compared to the third quarter of 2025.
Current report
–net investment income of $440.9 million included $125.5 million attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.
Current report
–income of $81.7 million, a decrease of $20.1 million, primarily driven by a decrease in performance fee income, largely due to higher current accident year net losses in DaVinci and lower prior accident years net favorable development within DaVinci and Upsilon.
Current report
–included in total fee income of $81.7 million was $56.6 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 $150.7 million, a decrease of $264.5 million, primarily driven by an increase in net realized and unrealized losses on investments in DaVinci and Fontana, and a decrease in underwriting income, which was largely due to the 2026 Large Loss Events.
Current report
Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result, (2) redeemable noncontrolling interest and (3) income tax benefit (expense).
Current report
Our estimates of net negative impact are based on a review of our potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. Our actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.
Current report
Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of the events, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.
Current report
The financial data below provides additional information detailing the net negative impact of the 2026 Large Loss Events on our consolidated and segment underwriting results and combined ratios for the third quarter of 2026.
Current report
The financial data below provides additional information detailing the net negative impact of the 2026 Large Loss Events on our consolidated financial statements for 2026.
Current report
(1)The “Middle East War” refers to losses related to the conflict in the Middle East, including losses related to energy facilities. Estimates of losses related to the Middle East War have evolved, and may continue to evolve, as additional information becomes available.
Current report
(2)The “Ras Laffan Explosion” refers to an explosion from an operational accident at a liquefied natural gas facility that occurred in June 2026 in Ras Laffan Industrial City in Qatar.
Current report
(3)The “Colombian Earthquake” refers to the earthquake that occurred in August 2026 in Choco, Colombia.
Current report
(4)“2026 Large Loss Events” includes the Middle East War, the Ras Laffan Explosion and the Colombian Earthquake.
Current report
•Gross premiums written decreased by $104.5 million, or 14.3%, primarily driven by:
Current report
–rate reductions across both our catastrophe and other property classes and, to a lesser extent, the timing of catastrophe deals and planned reductions in other property. The third quarter generally is not a significant renewal period for the Company.
Current report
•Ceded premiums written increased by $8.6 million, or 22.0%, driven by:
Current report
–a reduction in negative reinstatement premiums following lower favorable prior year development compared to the third quarter of 2025. Otherwise, ceded premiums written were relatively flat as the impact of the non-deployment of Upsilon at the July 1 renewals was largely offset by an increase in proportional purchases.
Current report
•Net premiums earned decreased by $107.2 million, or 11.4%, primarily driven by:
Current report
–rate reductions across both our catastrophe and other property classes.
Current report
•Net claims and claim expense ratio increased by 18.3 percentage points compared to the third quarter of 2025, and included:
Current report
–a 9.4 percentage point increase in the current accident year net claims and claim expense ratio, primarily driven by the 2026 Large Loss Events, which added 7.2 percentage points to the current accident year ratio; and
Current report
–an 8.9 percentage point decrease in net favorable development of prior accident years. The net favorable development of prior accident years in the third quarter of 2026 of $265.0 million, or 32.0%, was driven by:
Current report
•Underwriting expense ratio improved by 1.4 percentage points, as a result of the acquisition expense ratio benefiting from a higher contribution from performance fees, and operating expenses benefiting from the Bermuda tax credits.
Current report
•Combined ratio increased in the third quarter of 2026 compared to the third quarter of 2025, due to higher current accident year net losses and lower net favorable development of prior accident years.
Current report
•Gross premiums written decreased by $115.1 million, or 7.2%, principally due to:
Current report
•Ceded premiums written increased by $164.1 million, or 72.4%, driven by:
Current report
•Net premiums written decreased by $279.2 million, or 20.5%, primarily driven by:
Current report
–a 10.8 percentage point increase in the current accident year net claims and claim expense ratio, principally driven by the impact of the 2026 Large Loss Events, which added 10.7 percentage points to the current accident year ratio; and
Current report
•Underwriting expense ratio improved by 1.2 percentage points, driven by:
Current report
–a 0.9 percentage point improvement in the acquisition expense ratio, primarily due to a decrease in purchase accounting adjustments; and
Current report
–a 0.3 percentage point improvement in the operating expense ratio, primarily due to an increase in override fees and the Bermuda tax credits.
Current report
–the 2026 Large Loss Events, which added 10.5 percentage points to the combined ratio; partially offset by
Current report
–a decrease in performance fees of $15.5 million, primarily driven by:
Showing the first 40 of 121 passages. Open the source sections for the rest.
Removed paragraphs (102)
Previous 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:
Previous 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
Previous 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.
Previous 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.
Previous report
◦an increase in net gains on equity-related investments primarily due to increased exposure to equity-futures and favorable price changes.
Previous 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.
Previous 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).
Previous 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.
Previous 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:
Previous 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
Previous 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.
Previous report
•Ceded premiums written decreased by $58.1 million, or 14.3%, driven by:
Previous report
–the non-deployment of Upsilon through the June 1st renewals.
Previous report
•Net premiums earned increased by $13.6 million, or 1.6%, driven by:
Previous 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.
Previous report
•Net claims and claim expense ratio remained consistent with the second quarter of 2025, and included:
Previous 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
Previous report
–net favorable development of prior accident years of $257.5 million, or 29.2%, driven by:
Previous report
•Underwriting expense ratio remained relatively flat quarter over quarter, as expense growth was largely offset by the Bermuda tax credits.
Previous 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.
Previous report
•Gross premiums written decreased by $246.5 million, or 14.6%, principally due to:
Previous report
•Ceded premiums written increased by $124.7 million, or 51.0%, driven by:
Previous report
•Net premiums written decreased by $371.2 million, or 25.7%, primarily driven by:
Previous 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.
Previous report
•Underwriting expense ratio improved by 2.5 percentage points, driven by:
Previous 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
Previous 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
Previous report
–a decrease in management fee income of $8.3 million, driven by:
Previous report
–a decrease in performance fees of $3.7 million, primarily driven by:
Previous report
◦lower net favorable development of prior accident years in Upsilon.
Previous report
•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).
Previous report
•Net investment income increased by $19.4 million, primarily due to:
Previous report
–higher average invested assets and portfolio reallocation, resulting in increased income from fixed income exchange traded funds.
Previous report
•Equity in earnings of other ventures was relatively consistent with the second quarter of 2025.
Previous report
–$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
Previous report
–$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
Previous report
–$79.1 million of net realized and unrealized losses on commodity-related investments, principally due to decreases in prices for gold futures.
Previous report
•Net realized and unrealized gains on investments decreased by $228.1 million, mainly driven by:
Previous report
–an increase in net realized and unrealized losses on fixed maturity-related investments of $264.9 million, primarily due to:
Showing the first 40 of 102 passages. Open the source sections for the rest.
Reworded paragraphs (130)
Previous 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.”
Current wording
The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2026 and 2025, as well as our liquidity and capital resources at September 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
Below is a discussion of the results of operations for the second quarter of 2026, compared to the second quarter of 2025.
Current wording
Below is a discussion of the results of operations for the third quarter of 2026, compared to the third quarter of 2025.
Previous 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.
Current wording
Net loss attributable to RenaissanceRe common shareholders was $161.4 million in the third quarter of 2026, compared to net income available to RenaissanceRe common shareholders of $907.7 million in the third quarter of 2025, a decrease of $1.1 billion. In the third quarter of 2026, we generated an annualized return on average common equity of (6.0)%. Our book value per common share decreased from $264.77 at June 30, 2026 to $259.61 at September 30, 2026, a 1.9% decrease, or a 1.8% decrease after considering the change in accumulated dividends paid to our common shareholders.
Previous wording
Significant items affecting our financial performance during the second quarter of 2026, on a comparative basis to the second quarter of 2025, included:
Current wording
Significant items affecting our financial performance during the third quarter of 2026, on a comparative basis to the third quarter of 2025, included:
Previous wording
–total investment result decreased by $211.2 million, driven by:
Current wording
–total investment result decreased by $1.2 billion, driven by:
Previous 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
Current wording
◦an increase of $1.2 billion in net realized and unrealized losses on investments, primarily due to net losses on fixed maturity-related investments as a result of increases in market yields in the third quarter of 2026, compared to decreases in market yields in the third quarter of 2025.
Previous wording
–this represents the portion of our net income (loss) that was allocated to third-party investors and not retained by us.
Current wording
–this represents the portion of our net income (loss), net of consolidation adjustments, that was allocated to third-party investors and not retained by us.
Previous 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
Current wording
◦net favorable development of $178.2 million in the catastrophe class, primarily from the large loss events in 2021, 2022 and 2024 and small events across accident years; and
Previous wording
◦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 wording
◦net favorable development of $86.9 million in the other property class, primarily due to reported losses coming in lower than expected and attritional loss experience.
Previous wording
–proactive exposure reductions across the general casualty, professional liability and other specialty classes;
Current wording
–proactive exposure reductions across the general casualty and professional liability classes, partially offset by growth in the credit class.
Previous wording
–the decrease in gross premiums written, in addition to an increase in retrocessional purchases across the portfolio, particularly in the casualty classes.
Current wording
–the decrease in gross premiums written, in addition to an increase in quota share retrocessional purchases across the portfolio, particularly in the casualty classes.
Previous wording
•Net claims and claim expense ratio increased by 4.0 percentage points, which included:
Current wording
•Net claims and claim expense ratio increased by 10.4 percentage points, which included:
Previous wording
–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 wording
–net favorable development of prior accident years of $2.1 million, or 0.2%, resulting from an improvement of 0.4 percentage points in the prior accident years net claims and claim expense ratio. The net favorable development of prior accident years in the third quarter of 2026 reflects:
Previous wording
◦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 wording
◦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, partially offset by adverse development in the general liability line of business; and
Previous wording
◦$5.5 million, or 0.4 percentage points, of adverse impact from purchase accounting adjustments; and
Current wording
◦$5.5 million, or 0.4 percentage points, of adverse impact from purchase accounting adjustments.
Previous wording
•Combined ratio increased by 1.5 percentage points from the second quarter of 2025, primarily due to:
Current wording
•Combined ratio increased by 9.2 percentage points from the third quarter of 2025, primarily due to:
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.
Current wording
We earn fee income 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.
Previous wording
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 wording
The table below shows the total fee income we earned from third-party capital management activities and certain structured reinsurance products.
Previous wording
(1)Joint ventures include DaVinci, Top Layer, Vermeer, and Fontana.
Current wording
(1)Joint ventures include DaVinci, Fontana, Top Layer and Vermeer.
Previous wording
(3)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.
Current wording
(2)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.
Previous wording
(2)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.
Current wording
(3)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.
Previous wording
•Total fee income decreased by $11.9 million, due to:
Current wording
•Total fee income decreased by $20.1 million, due to:
Previous wording
◦higher net favorable development of prior accident years in DaVinci.
Current wording
◦lower net favorable development of prior accident years in DaVinci and Upsilon.
Previous wording
The fee income we earned from third-party capital management activities and certain structured reinsurance products is recorded in multiple line items in our financial statements. The table below summarizes the impact of fee income on the financial statements.
Current wording
The fee income we earn 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 our financial statements.
Previous wording
(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products which is recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses. During the three months ended 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).
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 September 30, 2026, $11.3 million of management fee income was recorded as a reduction to operational expenses (2025 - $10.5 million) and $13.9 million of performance fee income was recorded as a reduction to acquisition expenses (2025 - $2.6 million).
Previous 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.
Current wording
•Net investment income of $440.9 million included $125.5 million of income attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.
Previous wording
•Net realized and unrealized losses on investments of $300.3 million were driven by:
Current wording
•Net realized and unrealized losses on investments of $879.8 million were driven by:
Previous wording
–$115.3 million of net realized and unrealized losses on fixed maturity-related investments, primarily due to increases in market yields; and
Current wording
–$899.6 million of net realized and unrealized losses on fixed maturity-related investments, primarily due to increases in market yields in the third quarter of 2026.
Previous wording
•Net realized and unrealized losses on investments increased by $982.9 million, mainly driven by:
Current wording
•Net realized and unrealized losses on investments increased by $1.2 billion, mainly driven by:
Previous wording
◦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
Current wording
◦lower increases in gold futures prices in the third quarter of 2026, compared to the third quarter of 2025; partially offset by
Previous wording
•Corporate expenses decreased by $5.1 million, primarily driven by:
Current wording
•Corporate expenses decreased by $6.7 million, primarily driven by:
Previous wording
–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 wording
–an increase in net realized and unrealized losses on investments in the investment portfolios of DaVinci and Fontana in the third quarter of 2026 compared to gains in the third quarter of 2025; and
Previous 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.
Current wording
•Net income attributable to redeemable noncontrolling interests of $150.7 million included $125.5 million of net investment income, partially offset by $117.0 million of net realized and unrealized losses on investments, as well as $56.6 million in management and performance fee income.
Previous wording
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.
Current wording
Below is a discussion of the results of operations for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.
Previous wording
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 wording
Net income available to RenaissanceRe common shareholders was $777.4 million in the nine months ended September 30, 2026, compared to $1.9 billion in the nine months ended September 30, 2025, a decrease of $1.1 billion. In the nine months ended September 30, 2026, we generated an annualized return on average common equity of 9.6%. Our book value per common share increased from $247.00 at December 31, 2025 to $259.61 at September 30, 2026, a 5.1% increase, or a 5.6% increase, after considering the change in accumulated dividends paid to our common shareholders.
Previous wording
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:
Current wording
Significant items affecting our financial performance during the nine months ended September 30, 2026, on a comparative basis to the nine months ended September 30, 2025, included:
Previous 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:
Current wording
–underwriting income of $1.6 billion, an increase of $1.0 billion, resulting in an improvement in the combined ratio of 17.0 percentage points, driven primarily by:
Previous wording
–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.
Current wording
–gross premiums written and net premiums written decreased by $1.3 billion and $1.7 billion, respectively, reflecting lower reinstatement premiums due to the lower level of catastrophe losses in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, in addition to rate reductions within the Property segment, partially offset by growth opportunities. Within the Casualty and Specialty segment, net premiums written reduced due to exposure reductions and an increase in retrocessional coverage purchased in the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.
Previous wording
–total investment result decreased by $948.3 million, driven by:
Current wording
–total investment result decreased by $2.1 billion, driven by:
Previous wording
◦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
Current wording
◦an increase of $2.2 billion in net realized and unrealized losses on investments, primarily due to an increase in net losses on fixed maturity-related investments as a result of increases in market yields in the nine months ended September 30, 2026, compared to decreases in market yields in the nine months ended September 30, 2025.
Showing the first 40 of 130 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•Net realized and unrealized losses on investments increased by $2.2 billion, mainly driven by:
Current report — wording carried from elsewhere
–the Bermuda tax credits; partially offset by
Rearranged previous paragraphs (11)
Previous report — wording carried elsewhere
–changes in premium estimates on business underwritten in prior years in the other specialty class, largely from rate pressure in cyber; and
Previous report — wording carried elsewhere
–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.
Previous report — wording carried elsewhere
For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.
Previous report — wording carried elsewhere
•Net realized and unrealized gains on investments of $121.6 million were driven by:
Previous report — wording carried elsewhere
•Net foreign exchange losses increased by $16.0 million, driven by:
Previous report — wording carried elsewhere
–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.
Previous report — wording carried elsewhere
◦$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;
Previous report — wording carried elsewhere
–the improvements to the underwriting expense ratio; partially offset by
Previous report — wording carried elsewhere
◦a decrease in management fees in Upsilon and AlphaCat due to the continued release of collateral associated with prior years’ contracts.
Previous report — wording carried elsewhere
•an increase in premiums receivable of $1.0 billion due to the timing of receipts and additional gross premiums written; and
Previous report — wording carried 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).