RENAISSANCERE HOLDINGS LTD

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

Results of Operations Overview

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.

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

•Total Underwriting Portfolio Results

–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:

◦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;

◦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

◦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.

•Investment Results

–total investment result decreased by $1.2 billion, driven by:

◦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.

–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.

•Fee Income

–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.

–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).

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

–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.

–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.

Net Negative Impact

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).

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.

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.

Q3 2026 Net Negative Impact

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.

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.

(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.

(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.

(3)The “Colombian Earthquake” refers to the earthquake that occurred in August 2026 in Choco, Colombia.

(4)“2026 Large Loss Events” includes the Middle East War, the Ras Laffan Explosion and the Colombian Earthquake.

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 decreased by $104.5 million, or 14.3%, primarily driven by:

–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.

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 increased by $8.6 million, or 22.0%, driven by:

–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.

Property Net Premiums Earned

•Net premiums earned decreased by $107.2 million, or 11.4%, primarily driven by:

–rate reductions across both our catastrophe and other property classes.

Property Underwriting Results

•Net claims and claim expense ratio increased by 18.3 percentage points compared to the third quarter of 2025, and included:

–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

–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:

◦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

◦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.

•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.

•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.

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 $115.1 million, or 7.2%, principally due to:

–proactive exposure reductions across the general casualty and professional liability classes, partially offset by growth in the credit class.

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 $164.1 million, or 72.4%, 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 $279.2 million, or 20.5%, primarily driven by:

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

Casualty and Specialty Underwriting Results

•Net claims and claim expense ratio increased by 10.4 percentage points, which included:

–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

–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:

◦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

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

•Underwriting expense ratio improved by 1.2 percentage points, driven by:

–a 0.9 percentage point improvement in the acquisition expense ratio, primarily due to a decrease in purchase accounting adjustments; and

–a 0.3 percentage point improvement in the operating expense ratio, primarily due to an increase in override fees and the Bermuda tax credits.

•Combined ratio increased by 9.2 percentage points from the third quarter of 2025, primarily due to:

–the 2026 Large Loss Events, which added 10.5 percentage points to the combined ratio; 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.

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.

The table below shows the total fee income we earned from third-party capital management activities and certain structured reinsurance products.

(1)Joint ventures include DaVinci, Fontana, Top Layer and Vermeer.

(2)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.

(3)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.

•Total fee income decreased by $20.1 million, due to:

–a decrease in performance fees of $15.5 million, primarily driven by:

◦higher current accident year net losses in DaVinci; and

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

–a decrease in management fee income of $4.6 million, driven by:

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

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

•Our total fee income of $81.7 million included $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).

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.

(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).

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 remained consistently strong, with increased income from higher average invested assets and portfolio reallocation into higher yielding investments.

•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.

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 increased by $16.0 million, primarily driven by:

–a gain recognized on the sale of an asset held by one of our equity method investments.

(1)Refer to “Note 13. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information on investment-related derivatives.

(2)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

(3)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

(4)Includes commodity-related derivatives, which includes commodity futures and commodity options.

(5)In the fourth quarter of 2025, we revised the description of our “other investments - other” to “other investments - fund and direct private equity investments.”

We structure our investment portfolio to emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time. As part of this strategy, we may use investment-related derivatives to obtain exposure to a particular financial market or to hedge portfolio risk. A large majority of our investments are invested in the fixed income markets and, therefore, our realized and unrealized holding gains and losses on investments are highly correlated to fluctuations in interest rates. As interest rates decline, we will tend to have realized and unrealized gains from our investment portfolio, and as interest rates rise, we will tend to have realized and unrealized losses from our investment portfolio.

•Net realized and unrealized losses on investments of $879.8 million were driven by:

–$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.

•Net realized and unrealized losses on investments increased by $1.2 billion, mainly driven by:

–an increase in net realized and unrealized losses on fixed maturity-related investments of $945.2 million, primarily due to:

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

–an increase in net realized and unrealized losses on equity-related investments of $147.3 million, primarily due to:

◦increases in fixed income market yields impacting fixed income exchange traded funds in the third quarter of 2026, compared to decreases in market yields in the third quarter of 2025; and

–a decrease in net realized and unrealized gains on commodity-related investments of $143.2 million, principally due to:

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

–an increase in net realized and unrealized gains from fund and direct private equity investments of $53.6 million, due to:

◦a decrease in net losses related to our direct private equity investments related to unfavorable market movements in the third 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 gains were consistent with the third 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 $6.7 million, primarily driven by:

–the Bermuda tax credits; partially offset by

–increased compensation expenses.

Income Tax Benefit (Expense)

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

•Income tax benefit increased by $179.0 million from an income tax expense in the comparative quarter, primarily driven by:

–net realized and unrealized losses on our investment portfolio in the third quarter of 2026, compared to net realized and unrealized gains in the third quarter of 2025; and

–a decrease in operating income across our jurisdictions compared to the third quarter of 2025.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests decreased by $264.5 million, driven by:

–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

–a decrease in underwriting income in our managed joint ventures, principally due to an increase in current accident year net losses in DaVinci and Fontana resulting from the 2026 Large Loss Events in the third quarter of 2026, compared to the third quarter of 2025.

•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.

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 nine months ended September 30, 2026, compared to the nine months ended September 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.

Results of Operations Overview

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.

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:

•Total Underwriting Portfolio Results

–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:

◦a lower level of catastrophe losses in the nine months ended September 30, 2026, with the 2026 Large Loss Events contributing 3.5 percentage points to the combined ratio, compared to 19.3 percentage points from the 2025 Large Loss Events in the nine months ended September 30, 2025.

–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.

•Investment Results

–total investment result decreased by $2.1 billion, driven by:

◦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.

–net investment income of $1.3 billion included $360.0 million attributable to redeemable noncontrolling interests, which was allocated to third-party investors and not retained by us.

•Fee Income

–income of $258.9 million, an increase of $31.7 million, primarily driven by an increase in performance fees due to a lower impact from large loss events.

–included in total fee income of $258.9 million was $188.1 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 $688.4 million, an increase of $140.1 million, primarily resulting from an increase in underwriting income in DaVinci and Vermeer due to a lower impact of large loss events; partially offset by an increase in net realized and unrealized losses on investments in DaVinci and Fontana, and an increase in performance fee income in DaVinci.

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

Net Negative Impact

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).

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.

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.

2026 Net Negative Impact

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 in the nine months ended September 30, 2026.

The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the nine months ended September 30, 2026 of the 2026 Large Loss Events.

(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.

(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.

(3)The “Colombian Earthquake” refers to the earthquake that occurred in August 2026 in Choco, Colombia.

(4)“2026 Large Loss Events” includes the Middle East War, the Ras Laffan Explosion and the Colombian Earthquake.

2025 Net Negative Impact

The financial data below provides additional information detailing the net negative impact of the 2025 Large Loss Events on our segment underwriting results and consolidated combined ratio in the nine months ended September 30, 2025.

The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the nine months ended September 30, 2025 of the 2025 Large Loss Events.

(1)The “California Wildfires” were a series of wildfires that burned throughout southern California in January 2025.

(2)“Other 2025 Large Loss Events” represents: the crash of American Airlines flight 5342 in January 2025 and certain refinery fires in the first quarter of 2025.

(3)“2025 Large Loss Events” includes the California Wildfires and the Other 2025 Large Loss Events.

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 decreased by $708.2 million, or 15.4%, primarily driven by:

–a decrease in the catastrophe class of $659.6 million, or 19.9%, driven by:

◦a decrease in gross reinstatement premiums of $349.5 million, primarily related to the lower level of catastrophe losses in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, which included the California Wildfires;

◦otherwise, not including reinstatement premiums, gross premiums written in the catastrophe class decreased by $310.1 million, or 10.3%, reflecting rate reductions across the portfolio, which were partially offset by other opportunities for growth.

–a decrease in the other property class of $48.6 million, or 3.8%, largely due to rate decreases in the excess and surplus business.

Property Ceded Premiums Written

•Ceded premiums written decreased by $37.1 million, or 4.2%, driven by:

–the non-deployment of Upsilon in 2026; partially offset by

–an increase in proportional purchases across both the catastrophe and other property classes.

Property Net Premiums Earned

•Net premiums earned decreased by $440.8 million, or 14.4%, principally driven by:

–the decrease in net reinstatement premiums in the catastrophe class, as well as year-to-date rate reductions across both the catastrophe and other property classes.

Property Underwriting Results

•Net claims and claim expense ratio improved by 44.2 percentage points, and included:

–a 45.6 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to:

◦lower catastrophe losses in the nine months ended September 30, 2026, which included a 2.3 percentage point impact from the 2026 Large Loss Events, compared to the nine months ended September 30, 2025, which included 47.9 percentage points from the California Wildfires; partially offset by

–a 1.4 percentage point decrease in net favorable development of prior accident years. The net favorable development of prior accident years for the nine months ended September 30, 2026 of $683.2 million, or 26.1%, was driven by:

◦net favorable development of $373.5 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 $309.7 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 2.1 percentage points, driven by:

–a 1.3 percentage point increase in the acquisition expense ratio, primarily due to lower net reinstatement premiums earned reflecting lower catastrophe losses in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

–a 0.8 percentage point increase in the operating expense ratio, driven by the lower net premiums earned as noted above, in addition to underlying expense growth, partially offset by a benefit from the Bermuda tax credits.

•Combined ratio improved by 42.1 percentage points from the nine months ended September 30, 2025, which included a 47.2 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 $614.8 million, or 11.6%, 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 primarily in the other specialty class; and

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

Casualty and Specialty Ceded Premiums Written

•Ceded premiums written increased by $365.0 million, or 49.1%, 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 $979.8 million, or 21.5%, primarily driven by:

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

Casualty and Specialty Underwriting Results

•Net claims and claim expense ratio increased by 2.9 percentage points, and included:

–a 1.3 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 4.3 percentage points to the current accident year ratio; and

–net adverse development of prior accident years of $54.7 million, or 1.4%, resulting in an increase of 1.6 percentage points. The net adverse development of prior accident years in the nine months ended September 30, 2026 reflects:

◦$50.3 million, or 1.3 percentage points, from a shift of previously reported loss estimates for the Baltimore Bridge Collapse to Casualty and Specialty from the other property class; and

◦$16.6 million, or 0.4 percentage points, of adverse impact from purchase accounting adjustments; partially offset by

◦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 related to actuarial assumption changes principally impacting the general liability line of business.

•Underwriting expense ratio improved by 2.9 percentage points, driven by:

–a 2.1 percentage point improvement in the acquisition expense ratio, principally due to changes in variable commissions and a decrease in purchase accounting adjustments; and

–a 0.8 percentage point improvement in the operating expense ratio, primarily due to an increase in override fees and the Bermuda tax credits.

•Combined ratio remained flat compared to the nine months ended September 30, 2025 as the increase in the net claims and claim expense ratio was wholly offset by the improvements in the underwriting expense ratio, as described above.

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 and certain structured reinsurance products.

(1)Joint ventures include DaVinci, Fontana, Top Layer and Vermeer.

(2)Structured reinsurance products and other includes certain reinsurance agreements and other vehicles through which we transfer risk to third-party capital.

(3)Managed funds include Upsilon Fund, Medici and Medici UCITS, as well as certain third-party capital vehicles we manage through AlphaCat Managers.

•Total fee income increased by $31.7 million, due to:

–an increase in performance fees of $42.7 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; and

◦the recognition of deferred performance fees related to a return of capital in DaVinci; partially offset by

◦a decrease in performance fees in Upsilon primarily due to lower net favorable development of prior accident years.

–a decrease in management fee income of $11.0 million, primarily driven by:

◦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.

•Total fee income of $258.9 million included $188.1 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 earn from 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 our 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 nine months ended September 30, 2026, $33.3 million of management fee income was recorded as a reduction to operational expenses (2025 - $35.4 million) and $37.5 million of performance fee income was recorded as a reduction to acquisition expenses (2025 - $29.6 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 $37.0 million, primarily due to:

–higher average invested assets and changes to portfolio allocation, resulting in increased income from higher yielding investments, including fixed maturity investments, 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

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

•Net investment income of $1.3 billion included $360.0 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 increased by $16.1 million, primarily driven by:

–a gain recognized on the sale of an asset held by one of our equity method investments.

(1)Refer to “Note 13. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information on investment-related derivatives.

(2)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

(3)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

(4)Includes commodity-related derivatives, which includes commodity futures and commodity options.

(5)In the fourth quarter of 2025, we revised the description of our “other investments - other” to “other investments - fund and direct private equity investments.”

•Net realized and unrealized losses on investments of $1.2 billion were driven by:

–$1.3 billion of net realized and unrealized losses on fixed maturity-related investments, primarily due to increases in market yields in the nine months ended September 30, 2026; partially offset by

–$86.5 million of net realized and unrealized gains on fund and direct private equity investments, primarily from net gains on multi-strategy funds which benefitted from their diversified investment strategies across multiple asset classes and sectors.

•Net realized and unrealized losses on investments increased by $2.2 billion, mainly driven by:

–an increase in net realized and unrealized losses on fixed maturity-related investments of $1.8 billion, primarily due to:

◦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;

–an increase in net realized and unrealized losses on commodity-related investments of $307.9 million, principally due to:

◦decreases in gold futures prices in the nine months ended September 30, 2026, compared to increases in gold futures prices in the nine months ended September 30, 2025; and

–a decrease in net realized and unrealized gains on equity-related investments of $138.9 million, primarily due to:

◦increases in fixed income market yields impacting fixed income exchange traded funds in the nine months ended September 30, 2026, compared to decreases in market yields in the nine months ended September 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, primarily driven by:

–losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest, in the nine months ended September 30, 2026, compared to gains attributable to third-party investors in Medici in the nine months ended September 30, 2025,

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 $15.2 million, primarily driven by:

–the Bermuda tax credits; partially offset by

–increased compensation expenses.

Income Tax Benefit (Expense)

•Income tax expense decreased by $138.0 million, primarily driven by:

–an increase in net realized and unrealized losses on our investment portfolio in the nine months ended September 30, 2026, compared to net realized and unrealized gains in the nine months ended September 30, 2025; partially offset by

–increased operating income across our jurisdictions compared to the nine months ended September 30, 2025, which was impacted by the California Wildfires.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

•Net income attributable to redeemable noncontrolling interests increased by $140.1 million, primarily driven by:

–an increase in underwriting income in DaVinci and Vermeer, principally due to the lower impact of large loss events in the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025; partially offset by

–an increase in net realized and unrealized losses on investments in the investment portfolios of DaVinci and Fontana in the nine months ended September 30, 2026; and

–an increase in performance fee income recorded in DaVinci as a result of higher underwriting income in the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.

•Net income attributable to redeemable noncontrolling interests of $688.4 million included $360.0 million of net investment income, partially offset by $214.0 million of net realized and unrealized losses on investments, as well as $188.1 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.