EX-99.2 3 rnrfinancialsupplement2025.htm EX-99.2

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RenaissanceRe Holdings Ltd.
Contents

									Page
Basis of Presentation									i
Financial Highlights									1
Summary Consolidated Financial Statements
a.			Consolidated Statements of Operations						3
b.			Consolidated Balance Sheets						4
Underwriting and Reserves
a.			Consolidated Segment Underwriting Results						5
b.			Consolidated and Segment Underwriting Results - Five Quarter Trend						6
c.			Property Segment - Catastrophe and Other Property Underwriting Results						9
d.			Gross Premiums Written						10
e.			Net Premiums Written						11
f.			Net Premiums Earned						12
g.			Reserves for Claims and Claim Expenses						13
h.			Paid to Incurred Analysis						14
Managed Joint Ventures and Fee Income
a.			Fee Income						15
b.			Fee income - Five Quarter Trend						16
c.			Noncontrolling Interests						17
d.			DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations						19
Investments
a.			Total Investment Result						20
b.			Investments Composition						21
c.			Managed Investments - Credit Rating						22
d.			Retained Investments - Credit Rating						23
Other Items
a.			Earnings per Share						24
Comments on Non-GAAP Financial Measures									25

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RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 25 through 33 for “Comments on Non-GAAP Financial Measures.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.

			i

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Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry, industry capital, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and in the Middle East; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

			ii

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RenaissanceRe Holdings Ltd.
Financial Highlights
			Three months ended
			March 31, 2025																								March 31, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	161,147																							$	364,798
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)			$	(69,754)																							$	636,379
Underwriting income
Gross premiums written			$	4,155,503																							$	3,990,684
Net premiums written			3,443,529																								3,199,573
Net premiums earned			2,720,781																								2,443,910
Underwriting income (loss)			(770,597)																								540,682
Net claims and claim expense ratio:
Current accident year			108.0		%																						51.7		%
Prior accident years			(7.2)		%																						(4.0)		%
Calendar year			100.8		%																						47.7		%
Acquisition expense ratio			23.8		%																						25.9		%
Operating expense ratio			3.7		%																						4.3		%
Combined ratio			128.3		%																						77.9		%
Adjusted combined ratio (1)			126.4		%																						75.4		%
Fee income
Management fee income			$	46,061																							$	56,053
Performance fee income			(15,604)																								27,497
Total fee income			$	30,457																							$	83,550
Investment results - managed
Net investment income			$	405,353																							$	390,775
Net realized and unrealized gains (losses) on investments			332,940																								(213,654)
Total investment result			$	738,293																							$	177,121
Total investment return - annualized			9.3		%																						2.8		%
Investment results - retained (1)
Net investment income			$	279,106																							$	267,477
Net realized and unrealized gains (losses) on investments			328,312																								(193,839)
Total investment result			$	607,418																							$	73,638
Total investment return - annualized			10.6		%																						1.6		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			1

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Financial Highlights - Per Share Data & ROE
			Three months ended
			March 31, 2025						March 31, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	3.29					$	6.96
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	3.27					$	6.94
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)			$	(1.49)					$	12.18
Average shares outstanding - basic			48,334						51,678
Average shares outstanding - diluted			48,514						51,828
Return on average common equity - annualized			6.6		%				16.4		%
Operating return on average common equity - annualized (1)			(2.9)		%				28.7		%
			March 31, 2025						December 31, 2024
Book value per common share			$	196.18					$	195.77
Tangible book value per common share (1)			$	178.31					$	177.18
Tangible book value per common share plus accumulated dividends (1)			$	206.79					$	205.26
Year to date change in book value per common share plus change in accumulated dividends			0.4		%				19.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)			0.9		%				26.0		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			2

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Summary Consolidated Financial Statements
Consolidated Statements of Operations
			Three months ended
			March 31, 2025																								March 31, 2024
Revenues
Gross premiums written			$	4,155,503																							$	3,990,684
Net premiums written			$	3,443,529																							$	3,199,573
Decrease (increase) in unearned premiums			(722,748)																								(755,663)
Net premiums earned			2,720,781																								2,443,910
Net investment income			405,353																								390,775
Net foreign exchange gains (losses)			(7,328)																								(35,683)
Equity in earnings (losses) of other ventures			17,828																								14,127
Other income (loss)			914																								(50)
Net realized and unrealized gains (losses) on investments			332,940																								(213,654)
Total revenues			3,470,488																								2,599,425
Expenses
Net claims and claim expenses incurred			2,743,758																								1,166,123
Acquisition expenses			647,435																								630,921
Operational expenses			100,185																								106,184
Corporate expenses			22,810																								39,252
Interest expense			27,086																								23,104
Total expenses			3,541,274																								1,965,584
Income (loss) before taxes			(70,786)																								633,841
Income tax benefit (expense)			45,525																								(15,372)
Net income (loss)			(25,261)																								618,469
Net (income) loss attributable to redeemable noncontrolling interests			195,252																								(244,827)
Net income (loss) attributable to RenaissanceRe			169,991																								373,642
Dividends on preference shares			(8,844)																								(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	161,147																							$	364,798

			3

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Summary Consolidated Financial Statements
Consolidated Balance Sheets
			March 31, 2025												December 31, 2024
Assets
Fixed maturity investments trading, at fair value – amortized cost $23,266,328 at March 31, 2025 (December 31, 2024 – $23,750,540)			$	23,310,208											$	23,562,514
Short term investments, at fair value – amortized cost $5,054,809 at March 31, 2025 (December 31, 2024 – $4,532,166)			5,054,254												4,531,655
Equity investments, at fair value			887,508												117,756
Other investments, at fair value			4,239,952												4,324,761
Investments in other ventures, under equity method			101,227												102,770
Total investments			33,593,149												32,639,456
Cash and cash equivalents			1,632,797												1,676,604
Premiums receivable			8,437,901												7,290,228
Prepaid reinsurance premiums			1,213,867												888,332
Reinsurance recoverable			4,577,895												4,481,390
Accrued investment income			216,780												238,290
Deferred acquisition costs and value of business acquired			1,684,843												1,552,359
Deferred tax asset			764,711												701,053
Receivable for investments sold			160,587												91,669
Other assets			664,706												444,037
Goodwill and other intangibles			686,147												704,132
Total assets			$	53,633,383											$	50,707,550
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses			$	22,857,131											$	21,303,491
Unearned premiums			6,999,119												5,950,415
Debt			2,753,738												1,886,689
Reinsurance balances payable			2,857,122												2,804,344
Payable for investments purchased			551,871												150,721
Other liabilities			575,726												1,060,129
Total liabilities			36,594,707												33,155,789
Redeemable noncontrolling interests			6,690,173												6,977,749
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2025 (December 31, 2024 – 30,000)			750,000												750,000
Common shares: $1.00 par value – 48,928,318 shares issued and outstanding at March 31, 2025 (December 31, 2024 – 50,180,987)			48,928												50,181
Additional paid-in capital			1,146,653												1,512,435
Accumulated other comprehensive loss			(14,844)												(14,756)
Retained earnings			8,417,766												8,276,152
Total shareholders’ equity attributable to RenaissanceRe			10,348,503												10,574,012
Total liabilities, noncontrolling interests and shareholders’ equity			$	53,633,383											$	50,707,550
Book value per common share			$	196.18											$	195.77

			4

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Underwriting and Reserves
Consolidated Segment Underwriting Results
			Three months ended March 31, 2025																		Three months ended March 31, 2024
			Property						Casualty and Specialty												Total						Property						Casualty and Specialty												Total
Gross premiums written			$	2,130,833					$	2,024,670											$	4,155,503					$	1,889,881					$	2,100,803											$	3,990,684
Net premiums written			$	1,690,994					$	1,752,535											$	3,443,529					$	1,397,618					$	1,801,955											$	3,199,573
Net premiums earned			$	1,247,950					$	1,472,831											$	2,720,781					$	936,083					$	1,507,827											$	2,443,910
Net claims and claim expenses incurred			1,623,257						1,120,501												2,743,758						154,249						1,011,874												1,166,123
Acquisition expenses			167,645						479,790												647,435						185,782						445,139												630,921
Operational expenses			64,266						35,919												100,185						61,624						44,560												106,184
Underwriting income (loss)			$	(607,218)					$	(163,379)											$	(770,597)					$	534,428					$	6,254											$	540,682
Net claims and claim expenses incurred:
Current accident year			$	1,810,315					$	1,129,317											$	2,939,632					$	248,916					$	1,014,288											$	1,263,204
Prior accident years			(187,058)						(8,816)												(195,874)						(94,667)						(2,414)												(97,081)
Total			$	1,623,257					$	1,120,501											$	2,743,758					$	154,249					$	1,011,874											$	1,166,123
Net claims and claim expense ratio:
Current accident year			145.1		%				76.7		%										108.0		%				26.6		%				67.3		%										51.7		%
Prior accident years			(15.0)		%				(0.6)		%										(7.2)		%				(10.1)		%				(0.2)		%										(4.0)		%
Calendar year			130.1		%				76.1		%										100.8		%				16.5		%				67.1		%										47.7		%
Acquisition expense ratio			13.5		%				32.5		%										23.8		%				19.9		%				29.5		%										25.9		%
Operating expense ratio			5.1		%				2.5		%										3.7		%				6.5		%				3.0		%										4.3		%
Combined ratio			148.7		%				111.1		%										128.3		%				42.9		%				99.6		%										77.9		%
Adjusted combined ratio (1)			147.1		%				108.8		%										126.4		%				40.5		%				97.1		%										75.4		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			5

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Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
			Total
			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Gross premiums written			$	4,155,503					$	1,916,751					$	2,400,136					$	3,425,495					$	3,990,684
Net premiums written			$	3,443,529					$	1,751,628					$	2,162,504					$	2,838,511					$	3,199,573
Net premiums earned			$	2,720,781					$	2,527,566					$	2,582,969					$	2,541,315					$	2,443,910
Net claims and claim expenses incurred			2,743,758						1,483,742						1,373,614						1,309,502						1,166,123
Acquisition expenses			647,435						678,170						690,338						644,438						630,921
Operational expenses			100,185						157,104						125,261						108,039						106,184
Underwriting income (loss)			$	(770,597)					$	208,550					$	393,756					$	479,336					$	540,682
Net claims and claim expenses incurred:
Current accident year			$	2,939,632					$	1,837,218					$	1,666,120					$	1,417,773					$	1,263,204
Prior accident years			(195,874)						(353,476)						(292,506)						(108,271)						(97,081)
Total			$	2,743,758					$	1,483,742					$	1,373,614					$	1,309,502					$	1,166,123
Net claims and claim expense ratio:
Current accident year			108.0		%				72.7		%				64.5		%				55.8		%				51.7		%
Prior accident years			(7.2)		%				(14.0)		%				(11.3)		%				(4.3)		%				(4.0)		%
Calendar year			100.8		%				58.7		%				53.2		%				51.5		%				47.7		%
Acquisition expense ratio			23.8		%				26.8		%				26.8		%				25.3		%				25.9		%
Operating expense ratio			3.7		%				6.2		%				4.8		%				4.3		%				4.3		%
Combined ratio			128.3		%				91.7		%				84.8		%				81.1		%				77.9		%
Adjusted combined ratio (1)			126.4		%				89.4		%				82.4		%				78.6		%				75.4		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

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Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
			Property
			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Gross premiums written			$	2,130,833					$	390,043					$	790,709					$	1,753,098					$	1,889,881
Net premiums written			$	1,690,994					$	376,136					$	701,222					$	1,358,660					$	1,397,618
Net premiums earned			$	1,247,950					$	938,658					$	994,777					$	980,834					$	936,083
Net claims and claim expenses incurred			1,623,257						384,156						329,967						273,354						154,249
Acquisition expenses			167,645						191,988						192,439						188,345						185,782
Operational expenses			64,266						95,623						77,688						67,425						61,624
Underwriting income (loss)			$	(607,218)					$	266,891					$	394,683					$	451,710					$	534,428
Net claims and claim expenses incurred:
Current accident year			$	1,810,315					$	732,207					$	621,710					$	357,745					$	248,916
Prior accident years			(187,058)						(348,051)						(291,743)						(84,391)						(94,667)
Total			$	1,623,257					$	384,156					$	329,967					$	273,354					$	154,249
Net claims and claim expense ratio:
Current accident year			145.1		%				78.0		%				62.5		%				36.5		%				26.6		%
Prior accident years			(15.0)		%				(37.1)		%				(29.3)		%				(8.6)		%				(10.1)		%
Calendar year			130.1		%				40.9		%				33.2		%				27.9		%				16.5		%
Acquisition expense ratio			13.5		%				20.5		%				19.3		%				19.1		%				19.9		%
Operating expense ratio			5.1		%				10.2		%				7.8		%				6.9		%				6.5		%
Combined ratio			148.7		%				71.6		%				60.3		%				53.9		%				42.9		%
Adjusted combined ratio (1)			147.1		%				69.2		%				58.1		%				51.7		%				40.5		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			7

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Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
			Casualty and Specialty
			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Gross premiums written			$	2,024,670					$	1,526,708					$	1,609,427					$	1,672,397					$	2,100,803
Net premiums written			$	1,752,535					$	1,375,492					$	1,461,282					$	1,479,851					$	1,801,955
Net premiums earned			$	1,472,831					$	1,588,908					$	1,588,192					$	1,560,481					$	1,507,827
Net claims and claim expenses incurred			1,120,501						1,099,586						1,043,647						1,036,148						1,011,874
Acquisition expenses			479,790						486,182						497,899						456,093						445,139
Operational expenses			35,919						61,481						47,573						40,614						44,560
Underwriting income (loss)			$	(163,379)					$	(58,341)					$	(927)					$	27,626					$	6,254
Net claims and claim expenses incurred:
Current accident year			$	1,129,317					$	1,105,011					$	1,044,410					$	1,060,028					$	1,014,288
Prior accident years			(8,816)						(5,425)						(763)						(23,880)						(2,414)
Total			$	1,120,501					$	1,099,586					$	1,043,647					$	1,036,148					$	1,011,874
Net claims and claim expense ratio:
Current accident year			76.7		%				69.5		%				65.8		%				67.9		%				67.3		%
Prior accident years			(0.6)		%				(0.3)		%				(0.1)		%				(1.5)		%				(0.2)		%
Calendar year			76.1		%				69.2		%				65.7		%				66.4		%				67.1		%
Acquisition expense ratio			32.5		%				30.6		%				31.4		%				29.2		%				29.5		%
Operating expense ratio			2.5		%				3.9		%				3.0		%				2.6		%				3.0		%
Combined ratio			111.1		%				103.7		%				100.1		%				98.2		%				99.6		%
Adjusted combined ratio (1)			108.8		%				101.3		%				97.7		%				95.6		%				97.1		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			8

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Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
			Three months ended March 31, 2025																		Three months ended March 31, 2024
			Catastrophe						Other Property						Total						Catastrophe						Other Property						Total
Gross premiums written			$	1,666,641					$	464,192					$	2,130,833					$	1,341,137					$	548,744					$	1,889,881
Net premiums written			$	1,411,050					$	279,944					$	1,690,994					$	1,063,723					$	333,895					$	1,397,618
Net premiums earned			$	882,819					$	365,131					$	1,247,950					$	546,195					$	389,888					$	936,083
Net claims and claim expenses incurred			1,431,394						191,863						1,623,257						(24,829)						179,078						154,249
Acquisition expenses			66,581						101,064						167,645						82,790						102,992						185,782
Operational expenses			51,837						12,429						64,266						50,140						11,484						61,624
Underwriting income (loss)			$	(666,993)					$	59,775					$	(607,218)					$	438,094					$	96,334					$	534,428
Net claims and claim expenses incurred:
Current accident year			$	1,498,773					$	311,542					$	1,810,315					$	27,682					$	221,234					$	248,916
Prior accident years			(67,379)						(119,679)						(187,058)						(52,511)						(42,156)						(94,667)
Total			$	1,431,394					$	191,863					$	1,623,257					$	(24,829)					$	179,078					$	154,249
Net claims and claim expense ratio:
Current accident year			169.8		%				85.3		%				145.1		%				5.1		%				56.7		%				26.6		%
Prior accident years			(7.7)		%				(32.8)		%				(15.0)		%				(9.6)		%				(10.8)		%				(10.1)		%
Calendar year			162.1		%				52.5		%				130.1		%				(4.5)		%				45.9		%				16.5		%
Acquisition expense ratio			7.6		%				27.7		%				13.5		%				15.2		%				26.4		%				19.9		%
Operating expense ratio			5.9		%				3.4		%				5.1		%				9.2		%				2.9		%				6.5		%
Combined ratio			175.6		%				83.6		%				148.7		%				19.8		%				75.3		%				42.9		%
Adjusted combined ratio (1)			174.0		%				82.1		%				147.1		%				16.2		%				74.6		%				40.5		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			9

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Underwriting and Reserves
Gross Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change
			March 31, 2025						March 31, 2024
Property Segment
Catastrophe			$	1,328,261					$	1,364,673					$	(36,412)					(2.7)		%
Catastrophe - gross reinstatement premiums			338,380						(23,536)						361,916						(1537.7)		%
Total catastrophe gross premiums written			1,666,641						1,341,137						325,504						24.3		%
Other property			462,717						542,151						(79,434)						(14.7)		%
Other property - gross reinstatement premiums			1,475						6,593						(5,118)						(77.6)		%
Total other property gross premiums written			464,192						548,744						(84,552)						(15.4)		%
Property segment gross premiums written			$	2,130,833					$	1,889,881					$	240,952					12.7		%
Casualty and Specialty Segment
General casualty (1)			$	680,449					$	588,566					$	91,883					15.6		%
Professional liability (2)			236,961						370,481						(133,520)						(36.0)		%
Credit (3)			400,753						345,132						55,621						16.1		%
Other specialty (4)			706,507						796,624						(90,117)						(11.3)		%
Casualty and Specialty segment gross premiums written			$	2,024,670					$	2,100,803					$	(76,133)					(3.6)		%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

			10

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Underwriting and Reserves
Net Premiums Written
			Three months ended												Q/Q $ Change						Q/Q % Change
			March 31, 2025						March 31, 2024
Property Segment
Catastrophe			$	1,077,335					$	1,084,181					$	(6,846)					(0.6)		%
Catastrophe - net reinstatement premiums			333,715						(20,458)						354,173						(1731.2)		%
Total catastrophe net premiums written			1,411,050						1,063,723						347,327						32.7		%
Other property			278,395						328,814						(50,419)						(15.3)		%
Other property - net reinstatement premiums			1,549						5,081						(3,532)						(69.5)		%
Total other property net premiums written			279,944						333,895						(53,951)						(16.2)		%
Property segment net premiums written			$	1,690,994					$	1,397,618					$	293,376					21.0		%
Casualty and Specialty Segment
General casualty (1)			$	633,167					$	564,426					$	68,741					12.2		%
Professional liability (2)			221,721						343,068						(121,347)						(35.4)		%
Credit (3)			345,821						275,350						70,471						25.6		%
Other specialty (4)			551,826						619,111						(67,285)						(10.9)		%
Casualty and Specialty segment net premiums written			$	1,752,535					$	1,801,955					$	(49,420)					(2.7)		%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

			11

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Underwriting and Reserves
Net Premiums Earned
			Three months ended												Q/Q $ Change						Q/Q % Change
			March 31, 2025						March 31, 2024
Property Segment
Catastrophe			$	549,104					$	566,653					$	(17,549)					(3.1)		%
Catastrophe - net reinstatement premiums			333,715						(20,458)						354,173						(1731.2)		%
Total catastrophe net premiums earned			882,819						546,195						336,624						61.6		%
Other property			363,582						384,807						(21,225)						(5.5)		%
Other property - net reinstatement premiums			1,549						5,081						(3,532)						(69.5)		%
Total other property net premiums earned			365,131						389,888						(24,757)						(6.3)		%
Property segment net premiums earned			$	1,247,950					$	936,083					$	311,867					33.3		%
Casualty and Specialty Segment
General casualty (1)			$	608,597					$	512,542					$	96,055					18.7		%
Professional liability (2)			202,729						309,110						(106,381)						(34.4)		%
Credit (3)			211,614						202,080						9,534						4.7		%
Other specialty (4)			449,891						484,095						(34,204)						(7.1)		%
Casualty and Specialty segment net premiums earned			$	1,472,831					$	1,507,827					$	(34,996)					(2.3)		%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

			12

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Underwriting and Reserves
Reserves for Claims and Claim Expenses
			Case Reserves						Additional Case Reserves						IBNR						Total
March 31, 2025
Property			$	1,991,539					$	1,841,944					$	3,703,176					$	7,536,659
Casualty and Specialty			3,147,473						282,534						11,890,465						15,320,472
Total			$	5,139,012					$	2,124,478					$	15,593,641					$	22,857,131
December 31, 2024
Property			$	1,845,228					$	1,905,553					$	2,821,958					$	6,572,739
Casualty and Specialty			3,081,081						295,074						11,354,597						14,730,752
Total			$	4,926,309					$	2,200,627					$	14,176,555					$	21,303,491

			13

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RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
			Three months ended March 31, 2025																		Three months ended March 31, 2024
			Gross						Recoveries						Net						Gross						Recoveries						Net
Reserve for claims and claim expenses, beginning of period			$	21,303,491					$	4,481,390					$	16,822,101					$	20,486,869					$	5,344,286					$	15,142,583
Incurred claims and claim expenses
Current year			3,455,425						515,793						2,939,632						1,436,689						173,485						1,263,204
Prior years			(350,583)						(154,709)						(195,874)						(277,066)						(179,985)						(97,081)
Total incurred claims and claim expenses			3,104,842						361,084						2,743,758						1,159,623						(6,500)						1,166,123
Paid claims and claim expenses
Current year			536,752						44,638						492,114						45,012						4,355						40,657
Prior years			1,084,089						196,057						888,032						1,194,652						322,447						872,205
Total paid claims and claim expenses			1,620,841						240,695						1,380,146						1,239,664						326,802						912,862
Foreign exchange and other (1)			69,639						(23,884)						93,523						(37,218)						(17,304)						(19,914)
Reserve for claims and claim expenses, end of period			$	22,857,131					$	4,577,895					$	18,279,236					$	20,369,610					$	4,993,680					$	15,375,930

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.

			14

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Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.

			Three months ended
			March 31, 2025																								March 31, 2024
Management fee income			$	46,061																							$	56,053
Performance fee income (loss) (1)			(15,604)																								27,497
Total fee income			$	30,457																							$	83,550

(1)Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended
			March 31, 2025																								March 31, 2024
Fee income contributing to:
Underwriting income (loss) (1)			$	39,399																							$	14,694
Equity in earnings (losses) of other ventures			—																								(355)
Net income (loss) attributable to redeemable noncontrolling interests			(8,942)																								69,211
Total fee income			$	30,457																							$	83,550

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.

			15

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Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.

			Three months ended
			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Management fee income			$	46,061					$	53,536					$	54,945					$	55,327					$	56,053
Performance fee income (loss) (1)			(15,604)						23,568						27,120						28,750						27,497
Total fee income			$	30,457					$	77,104					$	82,065					$	84,077					$	83,550

(1)Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

			Three months ended
			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Fee income contributing to:
Underwriting income (loss) (1)			$	39,399					$	2,893					$	12,345					$	12,992					$	14,694
Equity in earnings (losses) of other ventures			—						697						—						(343)						(355)
Net income (loss) attributable to redeemable noncontrolling interests			(8,942)						73,514						69,720						71,428						69,211
Total fee income			$	30,457					$	77,104					$	82,065					$	84,077					$	83,550

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.

			16

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Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana Holdings L.P. and its subsidiaries (“Fontana”) (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:

			Three months ended
			March 31, 2025																								March 31, 2024
Redeemable noncontrolling interests - DaVinci			$	112,441																							$	(148,013)
Redeemable noncontrolling interests - Medici			(15,163)																								(46,269)
Redeemable noncontrolling interests - Vermeer			107,080																								(52,971)
Redeemable noncontrolling interests - Fontana			(9,106)																								2,426
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	195,252																							$	(244,827)

			Three months ended
			March 31, 2025									March 31, 2024
Operating (income) loss attributable to redeemable noncontrolling interests (2)			$	235,977								$	(301,654)
Non-operating (income) loss attributable to redeemable noncontrolling interests			(40,725)									56,827
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	195,252								$	(244,827)

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			17

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Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:

			March 31, 2025												December 31, 2024
Redeemable noncontrolling interests - DaVinci			$	2,992,338											$	3,061,708
Redeemable noncontrolling interests - Medici			1,469,402												1,646,745
Redeemable noncontrolling interests - Vermeer			1,692,777												1,799,857
Redeemable noncontrolling interests - Fontana			535,656												469,439
Redeemable noncontrolling interests			$	6,690,173											$	6,977,749

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:

			March 31, 2025												December 31, 2024
DaVinci			75.7		%										74.6		%
Medici			87.0		%										84.2		%
Vermeer			100.0		%										100.0		%
Fontana			71.3		%										73.5		%

			18

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Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
			Three months ended
			March 31, 2025																								March 31, 2024
Revenues
Gross premiums written			$	854,865																							$	690,235
Net premiums written			$	802,238																							$	650,572
Decrease (increase) in unearned premiums			(342,462)																								(361,746)
Net premiums earned			459,776																								288,826
Net investment income			63,412																								57,576
Net foreign exchange gains (losses)			(2,384)																								(1,967)
Net realized and unrealized gains (losses) on investments			36,488																								(38,720)
Total revenues			557,292																								305,715
Expenses
Net claims and claim expenses incurred			697,271																								6,397
Acquisition expenses			(18,392)																								67,085
Operational expenses			22,493																								35,011
Corporate expenses			38																								89
Interest expense			3,198																								1,858
Total expenses			704,608																								110,440
Income (loss) before taxes			(147,316)																								195,275
Income tax benefit (expense)			(1,178)																								(798)
Net income (loss) available (attributable) to DaVinci common shareholders			$	(148,494)																							$	194,477
Net claims and claim expenses incurred - current accident year			$	729,739																							$	57,913
Net claims and claim expenses incurred - prior accident years			(32,468)																								(51,516)
Net claims and claim expenses incurred - total			$	697,271																							$	6,397
Net claims and claim expense ratio - current accident year			158.7		%																						20.1		%
Net claims and claim expense ratio - prior accident years			(7.0)		%																						(17.9)		%
Net claims and claim expense ratio - calendar year			151.7		%																						2.2		%
Underwriting expense ratio			0.8		%																						35.4		%
Combined ratio			152.5		%																						37.6		%

			19

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Investments
Total Investment Result
			Managed (1)												Retained (2)
			Three months ended												Three months ended
			March 31, 2025																								March 31, 2024						March 31, 2025						March 31, 2024
Fixed maturity investments trading			$	284,723																							$	257,289					$	226,828					$	208,224
Short term investments			41,029																								46,791						17,913						22,868
Equity investments
Fixed income exchange traded funds			1,184																								—						1,184						—
Other equity investments			726																								560						722						560
Other investments
Catastrophe bonds			54,754																								58,249						8,897						7,430
Other			18,723																								17,925						18,723						17,925
Cash and cash equivalents			11,110																								14,722						10,270						13,876
			412,249																								395,536						284,537						270,883
Investment expenses			(6,896)																								(4,761)						(5,431)						(3,406)
Net investment income			$	405,353																							$	390,775					$	279,106					$	267,477
Net investment income return - annualized			5.1		%																						5.7		%				4.8		%				5.3		%
Net realized gains (losses) on fixed maturity investments trading			$	10,035																							$	9,796					$	9,433					$	12,517
Net unrealized gains (losses) on fixed maturity investments trading			226,240																								(211,996)						190,375						(176,552)
Net realized and unrealized gains (losses) on investment-related derivatives			141,646																								(57,806)						139,990						(59,195)
Net realized gains (losses) on equity investments			8																								—						8						—
Net unrealized gains (losses) on equity investments			2,950																								13,097						2,823						13,090
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			(40,413)																								18,907						(6,791)						1,953
Net realized and unrealized gains (losses) on other investments - other			(7,526)																								14,348						(7,526)						14,348
Net realized and unrealized gains (losses) on investments			332,940																								(213,654)						328,312						(193,839)
Total investment result			$	738,293																							$	177,121					$	607,418					$	73,638
Average invested assets			$	33,116,302																							$	29,426,362					$	23,796,175					$	20,914,306
Total investment return - annualized			9.3		%																						2.8		%				10.6		%				1.6		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

			20

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Investments
Investments Composition

			March 31, 2025																								December 31, 2024
			Managed (1)												Retained (2)												Managed (1)												Retained (2)
Type of Investment			Fair Value						Unrealized Gain (Loss)						Fair Value						Unrealized Gain (Loss)						Fair Value						Unrealized Gain (Loss)						Fair Value						Unrealized Gain (Loss)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	11,199,657					$	89,412					$	8,319,626					$	63,036					$	11,001,893					$	(60,748)					$	8,434,097					$	(65,990)
Corporate (3)			7,795,056						(6,969)						6,283,785						(15,439)						7,862,423						(57,047)						6,474,619						(57,112)
Other (4)			4,315,495						(38,563)						3,638,856						(29,802)						4,698,198						(70,231)						4,063,827						(55,176)
Total fixed maturity investments trading, at fair value			23,310,208						43,880						18,242,267						17,795						23,562,514						(188,026)						18,972,543						(178,278)
Short term investments, at fair value			5,054,254						(555)						2,149,332						(121)						4,531,655						(511)						1,527,469						(97)
Equity investments, at fair value
Fixed income exchange traded funds			764,191						(2,000)						764,191						(2,000)						—						—						—						—
Other equity investments			123,317						78,228						122,927						78,137						117,756						73,270						117,596						73,311
Total equity investments, at fair value			887,508						76,228						887,118						76,137						117,756						73,270						117,596						73,311
Other investments, at fair value
Catastrophe bonds			1,653,148						(55,223)						235,385						(33,871)						1,984,396						(16,861)						329,472						(28,524)
Fund investments			2,379,128						242,098						2,379,128						242,098						2,128,499						256,379						2,128,499						256,379
Direct private equity investments			207,676						95,283						207,676						95,283						211,866						99,473						211,866						99,473
Total other investments, at fair value			4,239,952						282,158						2,822,189						303,510						4,324,761						338,991						2,669,837						327,328
Investments in other ventures, under equity method			101,227						—						101,227						—						102,770						—						102,770						—
Total investments			$	33,593,149					$	401,711					$	24,202,133					$	397,321					$	32,639,456					$	223,724					$	23,390,215					$	222,264

			March 31, 2025												December 31, 2024
			Managed (1)						Retained (2)						Managed (1)						Retained (2)
Weighted average yield to maturity of investments (5)			5.2		%				5.1		%				5.4		%				5.3		%
Average duration of investments, in years (5)			2.7						3.1						2.9						3.4
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)									$	0.36											$	(3.55)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(5)Excludes other equity investments, direct private equity investments, private equity funds, hedge funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.

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Investments
Managed Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments Not Subject to Credit Ratings
March 31, 2025									Fair Value												AAA						AA						A						BBB						Non- Investment Grade									Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	11,199,657											$	—					$	11,199,657					$	—					$	—					$	—					$	—					$	—
Corporate (3)									7,795,056												272,737						419,014						3,066,443						3,121,763						891,086						24,013						—
Asset-backed									1,396,178												1,173,295						157,057						47,864						17,962						—						—						—
Residential mortgage-backed									1,393,065												132,815						1,123,976						360						7,038						68,300						60,576						—
Agencies									617,537												—						617,212						—						—						325						—						—
Non-U.S. government									600,986												395,799						180,070						22,540						2,577						—						—						—
Commercial mortgage-backed									307,729												244,204						61,078						932						1,327						188						—						—
Total fixed maturity investments trading, at fair value									23,310,208												2,218,850						13,758,064						3,138,139						3,150,667						959,899						84,589						—
Short term investments, at fair value									5,054,254												2,986,513						2,034,779						17,727						9,169						6,060						6						—
Equity investments, at fair value
Fixed income exchange traded funds (4)									764,191												—						267,782						—						—						496,409						—						—
Other equity investments									123,317												—						—						—						—						—						—						123,317
Total equity investments, at fair value									887,508												—						267,782						—						—						496,409						—						123,317
Other investments, at fair value
Catastrophe bonds									1,653,148												—						—						—						—						1,653,148						—						—
Fund investments:
Private credit funds									1,268,388												—						—						—						—						—						—						1,268,388
Private equity funds									630,765												—						—						—						—						—						—						630,765
Hedge funds									338,891												—						—						—						—						—						—						338,891
Insurance-linked securities funds									141,084												—						—						—						—						—						—						141,084
Direct private equity investments									207,676												—						—						—						—						—						—						207,676
Total other investments, at fair value									4,239,952												—						—						—						—						1,653,148						—						2,586,804
Investments in other ventures, under equity method									101,227												—						—						—						—						—						—						101,227
Total investments									$	33,593,149											$	5,205,363					$	16,060,625					$	3,155,866					$	3,159,836					$	3,115,516					$	84,595					$	2,811,348
									100.0		%										15.4		%				47.8		%				9.4		%				9.4		%				9.3		%				0.3		%				8.4		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.

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Investments
Retained Investments - Credit Rating (1)
															Credit Rating (2)																																				Investments Not Subject to Credit Ratings
March 31, 2025									Fair Value												AAA						AA						A						BBB						Non- Investment Grade									Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries									$	8,319,626											$	—					$	8,319,626					$	—					$	—					$	—					$	—					$	—
Corporate (3)									6,283,785												200,262						332,697						2,597,210						2,475,256						658,029						20,331						—
Asset-backed									1,308,338												1,085,453						157,057						47,866						17,962						—						—						—
Residential mortgage-backed									1,132,214												108,598						887,342						360						7,038						68,300						60,576						—
Non-U.S. government									476,665												307,742						148,378						17,968						2,577						—						—						—
Agencies									476,346												—						476,094						—						—						252						—						—
Commercial mortgage-backed									245,293												201,034						41,812						932						1,327						188						—						—
Total fixed maturity investments trading, at fair value									18,242,267												1,903,089						10,363,006						2,664,336						2,504,160						726,769						80,907						—
Short term investments, at fair value									2,149,332												879,348						1,241,320						13,978						9,169						5,511						6						—
Equity investments, at fair value
Fixed income exchange traded funds (4)									764,191												—						267,782						—						—						496,409						—						—
Other equity investments									122,927												—						—						—						—						—						—						122,927
Total equity investments, at fair value									887,118												—						267,782						—						—						496,409						—						122,927
Other investments, at fair value
Catastrophe bonds									235,385												—						—						—						—						235,385						—						—
Fund investments:
Private credit funds									1,268,388												—						—						—						—						—						—						1,268,388
Private equity funds									630,765												—						—						—						—						—						—						630,765
Hedge funds									338,891												—						—						—						—						—						—						338,891
Insurance-linked securities funds									141,084												—						—						—						—						—						—						141,084
Direct private equity investments									207,676												—						—						—						—						—						—						207,676
Total other investments, at fair value									2,822,189												—						—						—						—						235,385						—						2,586,804
Investments in other ventures, under equity method									101,227												—						—						—						—						—						—						101,227
Total investments									$	24,202,133											$	2,782,437					$	11,872,108					$	2,678,314					$	2,513,329					$	1,464,074					$	80,913					$	2,810,958
									100.0		%										11.5		%				49.1		%				11.1		%				10.4		%				6.0		%				0.3		%				11.6		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.

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Other Items
Earnings per Share
			Three months ended
(common shares in thousands)			March 31, 2025																								March 31, 2024
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	161,147																							$	364,798
Amount allocated to participating common shareholders (1)			(2,365)																								(5,273)
Net income (loss) allocated to RenaissanceRe common shareholders			$	158,782																							$	359,525
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)			48,334																								51,678
Per common share equivalents of non-vested shares (2)			180																								150
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)			48,514																								51,828
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic			$	3.29																							$	6.96
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	3.27																							$	6.94

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

			24

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Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

			25

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Comments on Non-GAAP Financial Measures

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”

The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability.

The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

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Comments on Non-GAAP Financial Measures

			Three months ended
			March 31, 2025						March 31, 2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders			$	161,147					$	364,798
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(373,353)						232,561
Net foreign exchange losses (gains)			7,328						35,683
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)			1,436						20,266
Acquisition related purchase accounting adjustments (2)			53,571						60,560
Bermuda net deferred tax asset (3)			—						(7,890)
Income tax expense (benefit) (4)			39,392						(12,772)
Net income (loss) attributable to redeemable noncontrolling interests (5)			40,725						(56,827)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders			$	(69,754)					$	636,379
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	3.27					$	6.94
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(7.70)						4.49
Net foreign exchange losses (gains)			0.15						0.69
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)			0.04						0.39
Acquisition related purchase accounting adjustments (2)			1.10						1.17
Bermuda net deferred tax asset (3)			—						(0.15)
Income tax expense (benefit) (4)			0.81						(0.25)
Net income (loss) attributable to redeemable noncontrolling interests (5)			0.84						(1.10)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted			$	(1.49)					$	12.18
Return on average common equity - annualized			6.6		%				16.4		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds			(15.4)		%				10.7		%
Net foreign exchange losses (gains)			0.3		%				1.6		%
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)			0.1		%				0.9		%
Acquisition related purchase accounting adjustments (2)			2.2		%				2.7		%
Bermuda net deferred tax asset (3)			—		%				(0.4)		%
Income tax expense (benefit) (4)			1.6		%				(0.6)		%
Net income (loss) attributable to redeemable noncontrolling interests (5)			1.7		%				(2.6)		%
Operating return on average common equity - annualized			(2.9)		%				28.7		%

(1)Revised from previously reported “corporate expenses associated with acquisitions and dispositions” to “expenses (revenues) associated with acquisitions, dispositions and impairments” to clarify inclusion of impairments on strategic investments related to acquisitions and dispositions.

(2)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months ended March 31, 2025 for the acquisitions of Validus $50.7 million (2024 - $56.9 million); and TMR and Platinum $2.9 million (2024 - $3.7 million).

(3)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date.

(4)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(5)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

			27

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Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets, plus accumulated dividends.

The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

			March 31, 2025						December 31, 2024
Book value per common share			$	196.18					$	195.77
Adjustment for:
Acquisition related goodwill and other intangible assets (1)			(14.02)						(14.03)
Other goodwill and intangible assets (2)			(0.19)						(0.18)
Acquisition related purchase accounting adjustments (3)			(3.66)						(4.38)
Tangible book value per common share			178.31						177.18
Adjustment for accumulated dividends			28.48						28.08
Tangible book value per common share plus accumulated dividends			$	206.79					$	205.26
Year to date change in book value per common share			0.2		%				18.5		%
Year to date change in book value per common share plus change in accumulated dividends			0.4		%				19.4		%
Year to date change in tangible book value per common share plus change in accumulated dividends			0.9		%				26.0		%

(1)Represents the acquired goodwill and other intangible assets at March 31, 2025 for the acquisitions of Validus $459.2 million (December 31, 2024 - $476.3 million), TMR $25.8 million (December 31, 2024 - $26.0 million) and Platinum $201.2 million (December 31, 2024 - $201.8 million).

(2)At March 31, 2025, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2024 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at March 31, 2025 for the acquisitions of Validus $130.2 million (December 31, 2024 - $168.6 million), TMR $49.6 million (December 31, 2024 - $51.6 million) and Platinum $(0.6) million (December 31, 2024 - $(0.6) million).

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Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

The Company has included in this Financial Supplement “adjusted combined ratio” for the company, its segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”

			Three months ended March 31, 2025
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			175.6		%				83.6		%				148.7		%				111.1		%				128.3		%
Adjustment for acquisition related purchase accounting adjustments (1)			(1.6)		%				(1.5)		%				(1.6)		%				(2.3)		%				(1.9)		%
Adjusted combined ratio			174.0		%				82.1		%				147.1		%				108.8		%				126.4		%
			Three months ended December 31, 2024
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			50.2		%				106.3		%				71.6		%				103.7		%				91.7		%
Adjustment for acquisition related purchase accounting adjustments (1)			(2.8)		%				(1.8)		%				(2.4)		%				(2.4)		%				(2.3)		%
Adjusted combined ratio			47.4		%				104.5		%				69.2		%				101.3		%				89.4		%
			Three months ended September 30, 2024
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			43.2		%				85.6		%				60.3		%				100.1		%				84.8		%
Adjustment for acquisition related purchase accounting adjustments (1)			(2.9)		%				(1.3)		%				(2.2)		%				(2.4)		%				(2.4)		%
Adjusted combined ratio			40.3		%				84.3		%				58.1		%				97.7		%				82.4		%
			Three months ended June 30, 2024
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			28.1		%				91.2		%				53.9		%				98.2		%				81.1		%
Adjustment for acquisition related purchase accounting adjustments (1)			(3.2)		%				(0.9)		%				(2.2)		%				(2.6)		%				(2.5)		%
Adjusted combined ratio			24.9		%				90.3		%				51.7		%				95.6		%				78.6		%
			Three months ended March 31, 2024
			Catastrophe						Other Property						Property						Casualty and Specialty						Total
Combined ratio			19.8		%				75.3		%				42.9		%				99.6		%				77.9		%
Adjustment for acquisition related purchase accounting adjustments (1)			(3.6)		%				(0.7)		%				(2.4)		%				(2.5)		%				(2.5)		%
Adjusted combined ratio			16.2		%				74.6		%				40.5		%				97.1		%				75.4		%

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.

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Comments on Non-GAAP Financial Measures

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”

			Three months ended March 31, 2025																		Three months ended March 31, 2024
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading			$	284,723					$	(57,895)					$	226,828					$	257,289					$	(49,065)					$	208,224
Short term investments			41,029						(23,116)						17,913						46,791						(23,923)						22,868
Equity investments
Fixed income exchange traded funds			1,184						—						1,184						—						—						—
Other equity investments			726						(4)						722						560						—						560
Other investments
Catastrophe bonds			54,754						(45,857)						8,897						58,249						(50,819)						7,430
Other			18,723						—						18,723						17,925						—						17,925
Cash and cash equivalents			11,110						(840)						10,270						14,722						(846)						13,876
			412,249						(127,712)						284,537						395,536						(124,653)						270,883
Investment expenses			(6,896)						1,465						(5,431)						(4,761)						1,355						(3,406)
Net investment income			$	405,353					$	(126,247)					$	279,106					$	390,775					$	(123,298)					$	267,477
Net investment income return - annualized			5.1		%				(0.3)		%				4.8		%				5.7		%				(0.4)		%				5.3		%
Net realized gains (losses) on fixed maturity investments trading			$	10,035					$	(602)					$	9,433					$	9,796					$	2,721					$	12,517
Net unrealized gains (losses) on fixed maturity investments trading			226,240						(35,865)						190,375						(211,996)						35,444						(176,552)
Net realized and unrealized gains (losses) on investment-related derivatives			141,646						(1,656)						139,990						(57,806)						(1,389)						(59,195)
Net realized gains (losses) on equity investments			8						—						8						—						—						—
Net unrealized gains (losses) on equity investments			2,950						(127)						2,823						13,097						(7)						13,090
Net realized and unrealized gains (losses) on other investments - catastrophe bonds			(40,413)						33,622						(6,791)						18,907						(16,954)						1,953
Net realized and unrealized gains (losses) on other investments - other			(7,526)						—						(7,526)						14,348						—						14,348
Net realized and unrealized gains (losses) on investments			332,940						(4,628)						328,312						(213,654)						19,815						(193,839)
Total investment result			$	738,293					$	(130,875)					$	607,418					$	177,121					$	(103,483)					$	73,638
Average invested assets			$	33,116,302					$	(9,320,127)					$	23,796,175					$	29,426,362					$	(8,512,056)					$	20,914,306
Total investment return - annualized			9.3		%				1.3		%				10.6		%				2.8		%				(1.2)		%				1.6		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

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Comments on Non-GAAP Financial Measures

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to “retained total investments.”

			March 31, 2025																		December 31, 2024
			Managed (1)						Adjustment (2)						Retained (3)						Managed (1)						Adjustment (2)						Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	11,199,657					$	(2,880,031)					$	8,319,626					$	11,001,893					$	(2,567,796)					$	8,434,097
Corporate (4)			7,795,056						(1,511,271)						6,283,785						7,862,423						(1,387,804)						6,474,619
Asset-backed			1,396,178						(87,840)						1,308,338						1,422,393						(84,112)						1,338,281
Residential mortgage-backed			1,393,065						(260,851)						1,132,214						1,707,056						(256,383)						1,450,673
Agencies			617,537						(141,191)						476,346						623,489						(132,006)						491,483
Non-U.S. government			600,986						(124,321)						476,665						618,809						(104,896)						513,913
Commercial mortgage-backed			307,729						(62,436)						245,293						326,451						(56,974)						269,477
Total fixed maturity investments trading, at fair value			23,310,208						(5,067,941)						18,242,267						23,562,514						(4,589,971)						18,972,543
Short term investments, at fair value			5,054,254						(2,904,922)						2,149,332						4,531,655						(3,004,186)						1,527,469
Equity investments, at fair value
Fixed income exchange traded funds			764,191						—						764,191						—						—						—
Other equity investments			123,317						(390)						122,927						117,756						(160)						117,596
Total equity investments, at fair value			887,508						(390)						887,118						117,756						(160)						117,596
Other investments, at fair value
Catastrophe bonds			1,653,148						(1,417,763)						235,385						1,984,396						(1,654,924)						329,472
Fund investments:
Private credit funds			1,268,388						—						1,268,388						1,181,146						—						1,181,146
Private equity funds			630,765						—						630,765						609,105						—						609,105
Hedge funds			338,891						—						338,891						338,248						—						338,248
Insurance-linked securities funds			141,084						—						141,084						—						—						—
Direct private equity investments			207,676						—						207,676						211,866						—						211,866
Total other investments, at fair value			4,239,952						(1,417,763)						2,822,189						4,324,761						(1,654,924)						2,669,837
Investments in other ventures, under equity method			101,227						—						101,227						102,770						—						102,770
Total investments			$	33,593,149					$	(9,391,016)					$	24,202,133					$	32,639,456					$	(9,249,241)					$	23,390,215

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

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Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”

			March 31, 2025																		December 31, 2024
			Unrealized Gain (Loss) - Managed (1)						Adjustment (2)						Unrealized Gain (Loss) - Retained (3)						Unrealized Gain (Loss) - Managed (1)						Adjustment (2)						Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries			$	89,412					$	(26,376)					$	63,036					$	(60,748)					$	(5,242)					$	(65,990)
Corporate (4)			(6,969)						(8,470)						(15,439)						(57,047)						(65)						(57,112)
Other (5)			(38,563)						8,761						(29,802)						(70,231)						15,055						(55,176)
Total fixed maturity investments trading, at fair value			43,880						(26,085)						17,795						(188,026)						9,748						(178,278)
Short term investments, at fair value			(555)						434						(121)						(511)						414						(97)
Equity investments, at fair value
Fixed income exchange traded funds			(2,000)						—						(2,000)						—						—						—
Other equity investments			78,228						(91)						78,137						73,270						41						73,311
Total equity investments, at fair value			76,228						(91)						76,137						73,270						41						73,311
Other investments, at fair value
Catastrophe bonds			(55,223)						21,352						(33,871)						(16,861)						(11,663)						(28,524)
Fund investments			242,098						—						242,098						256,379						—						256,379
Direct private equity investments			95,283						—						95,283						99,473						—						99,473
Total other investments, at fair value			282,158						21,352						303,510						338,991						(11,663)						327,328
Investments in other ventures, under equity method			—						—						—						—						—						—
Total investments			$	401,711					$	(4,390)					$	397,321					$	223,724					$	(1,460)					$	222,264
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)															$	0.36																	$	(3.55)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $17.8 million at March 31, 2025 (December 31, 2024 - $(178.3) million). Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.

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Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”

			Three months ended
			March 31, 2025									March 31, 2024
Net (income) loss attributable to redeemable noncontrolling interests (1)			$	195,252								$	(244,827)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests			(36,921)									36,448
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests			(3,804)									20,379
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)			(40,725)									56,827
Operating (income) loss attributable to redeemable noncontrolling interests			$	235,977								$	(301,654)

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.

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