Core Insights - RenaissanceRe Holdings reported one of the strongest quarters in its history, with an operating return on equity of 24% and earnings per share (EPS) of $17.25, marking their third-best quarter ever [1] - The company's underwriting income saw a significant increase, indicating strong performance in its core business operations [1] Financial Performance - Operating return on equity reached 24%, showcasing the company's effective management and profitability [1] - EPS of $17.25 represents a notable achievement, being the third-highest quarterly result in the company's history [1] - The increase in underwriting income suggests robust growth in the company's insurance and reinsurance segments [1]

[GLOSSARY OF DEFINED TERMS](index=3&type=section&id=GLOSSARY%20OF%20DEFINED%20TERMS) This section defines key terms and abbreviations used throughout the financial report [NOTE ON FORWARD-LOOKING STATEMENTS](index=5&type=section&id=NOTE%20ON%20FORWARD-LOOKING%20STATEMENTS) This section provides cautionary statements regarding forward-looking information and associated risks [PART I FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This part presents the company's unaudited consolidated financial statements and management's discussion and analysis [ITEM 1. FINANCIAL STATEMENTS](index=7&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements of RenaissanceRe Holdings Ltd. and its subsidiaries for the periods ended June 30, 2025, and December 31, 2024 (balance sheets), and for the three and six months ended June 30, 2025 and 2024 (statements of operations, comprehensive income, changes in shareholders' equity, and cash flows), along with accompanying notes detailing organization, significant accounting policies, investments, fair value measurements, reinsurance, claims reserves, debt, noncontrolling interests, variable interest entities, shareholders' equity, earnings per share, segment reporting, derivative instruments, commitments, contingencies, and subsequent events - The financial statements are unaudited and prepared in accordance with GAAP for interim financial information, conforming to Form 10-Q and Article 10 of Regulation S-X[35](index=35&type=chunk) - Management believes all necessary adjustments (normal recurring accruals) for a fair statement of financial position and results of operations are included[35](index=35&type=chunk) - Due to business seasonality, interim results are not necessarily indicative of full fiscal year or subsequent quarter results[36](index=36&type=chunk) [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's assets, liabilities, and equity at specific dates Consolidated Balance Sheet Highlights (June 30, 2025 vs. December 31, 2024) (in thousands) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total investments | $34,496,383 | $32,639,456 | +$1,856,927 | | Cash and cash equivalents | $1,428,681 | $1,676,604 | -$247,923 | | Premiums receivable | $9,105,612 | $7,290,228 | +$1,815,384 | | Reinsurance recoverable | $4,300,973 | $4,481,390 | -$180,417 | | Total assets | $54,727,523 | $50,707,550 | +$4,019,973 | | Reserve for claims and claim expenses | $22,913,763 | $21,303,491 | +$1,610,272 | | Unearned premiums | $7,561,155 | $5,950,415 | +$1,610,740 | | Debt | $2,263,379 | $1,886,689 | +$376,690 | | Total liabilities | $36,884,722 | $33,155,789 | +$3,728,933 | | Redeemable noncontrolling interests | $7,043,107 | $6,977,749 | +$65,358 | | Total shareholders' equity attributable to RenaissanceRe | $10,799,694 | $10,574,012 | +$225,682 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) This section details the company's revenues, expenses, and net income over specific periods Consolidated Statements of Operations Highlights (Three and Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gross premiums written | $3,421,180 | $3,425,495 | $7,576,683 | $7,416,179 | | Net premiums earned | $2,412,154 | $2,541,315 | $5,132,935 | $4,985,225 | | Net investment income | $413,108 | $410,845 | $818,461 | $801,620 | | Net realized and unrealized gains (losses) on investments | $349,720 | $(127,584) | $682,660 | $(341,238) | | Total revenues | $3,206,599 | $2,828,520 | $6,677,087 | $5,427,945 | | Net claims and claim expenses incurred | $1,042,123 | $1,309,502 | $3,785,881 | $2,475,625 | | Total expenses | $1,866,040 | $2,120,747 | $5,407,314 | $4,086,331 | | Net income (loss) | $1,163,690 | $728,621 | $1,138,429 | $1,347,090 | | Net income (loss) attributable to RenaissanceRe common shareholders | $826,507 | $495,046 | $987,654 | $859,844 | | Diluted EPS | $17.20 | $9.41 | $20.30 | $16.35 | [Consolidated Statements of Comprehensive Income (Loss)](index=10&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This section presents the company's net income and other comprehensive income components Consolidated Statements of Comprehensive Income (Loss) Highlights (Three and Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) | $1,163,690 | $728,621 | $1,138,429 | $1,347,090 | | Change in net unrealized gains (losses) on investments, net of tax | $163 | $(183) | $(136) | $166 | | Foreign currency translation adjustments, net of tax | $915 | $552 | $1,126 | $636 | | Comprehensive income (loss) | $1,164,768 | $728,990 | $1,139,419 | $1,347,892 | | Comprehensive income (loss) attributable to RenaissanceRe | $836,429 | $504,259 | $1,006,332 | $878,334 | [Consolidated Statements of Changes in Shareholders' Equity](index=11&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) This section outlines the changes in the company's shareholders' equity over specific periods Consolidated Statements of Changes in Shareholders' Equity Highlights (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :--------------------------- | :--------------------------- | | Total shareholders' equity attributable to RenaissanceRe (Beginning Balance) | $10,574,012 | $10,178,895 | | Net income (loss) | $1,138,429 | $1,347,090 | | Repurchase of shares | $(734,623) | $(108,049) | | Dividends on common shares | $(38,720) | $(40,898) | | Dividends on preference shares | $(17,688) | $(17,688) | | Total shareholders' equity attributable to RenaissanceRe (Ending Balance) | $10,799,694 | $10,178,895 | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section reports the cash generated and used by operating, investing, and financing activities Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------- | :--------------------------- | | Net cash provided by (used in) operating activities | $1,627,334 | $1,895,765 | | Net cash provided by (used in) investing activities | $(1,250,554) | $(1,283,608) | | Net cash provided by (used in) financing activities | $(627,127) | $(853,740) | | Net increase (decrease) in cash and cash equivalents | $(247,923) | $(250,371) | | Cash and cash equivalents, end of period | $1,428,681 | $1,627,147 | [Note 1. Organization](index=13&type=section&id=Note%201.%20Organization) This note describes the company's formation, business activities, and consolidation principles - RenaissanceRe Holdings Ltd. (RenaissanceRe) was formed in Bermuda on June 7, 1993, providing **property, casualty, and specialty reinsurance and insurance solutions** through its subsidiaries, joint ventures, and managed funds[32](index=32&type=chunk) - Consolidated financial statements include the Company, its subsidiaries, and all variable interest entities where the Company is the primary beneficiary[33](index=33&type=chunk) [Note 2. Significant Accounting Policies](index=13&type=section&id=Note%202.%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and critical estimates used in preparing the financial statements - No material changes to significant accounting policies from the Form 10-K for the year ended December 31, 2024, except as described in the note[34](index=34&type=chunk) - Financial statements are prepared under GAAP for interim information, and management's estimates and assumptions are crucial, with actual results potentially differing materially[35](index=35&type=chunk)[37](index=37&type=chunk) - Major estimates include claims and claim expense reserves, reinsurance recoverable, premiums receivable, fair value measurements, impairment charges, deferred acquisition costs, and deferred tax valuation allowance[37](index=37&type=chunk) [Note 3. Investments](index=14&type=section&id=Note%203.%20Investments) This note provides details on the company's investment portfolio, including fair values and income components Fair Value of Fixed Maturity Investments Trading (June 30, 2025 vs. December 31, 2024) (in thousands) | Type | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | U.S. treasuries | $10,823,622 | $11,001,893 | | Corporate | $8,101,393 | $7,862,423 | | Asset-backed | $1,454,458 | $1,422,393 | | Residential mortgage-backed | $1,378,022 | $1,707,056 | | Non-U.S. government | $698,646 | $618,809 | | Agencies | $581,653 | $623,489 | | Commercial mortgage-backed | $294,269 | $326,451 | | **Total** | **$23,332,063** | **$23,562,514** | Net Investment Income Components (Three and Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Fixed maturity investments trading | $282,173 | $273,900 | $566,896 | $531,189 | | Short term investments | $48,415 | $48,386 | $89,444 | $95,177 | | Equity investments | $7,143 | $589 | $9,053 | $1,149 | | Other investments | $69,640 | $79,099 | $143,117 | $155,273 | | Cash and cash equivalents | $12,333 | $15,399 | $23,443 | $30,121 | | Investment expenses | $(6,596) | $(6,528) | $(13,492) | $(11,289) | | **Net investment income** | **$413,108** | **$410,845** | **$818,461** | **$801,620** | Net Realized and Unrealized Gains (Losses) on Investments (Three and Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net realized and unrealized gains (losses) on fixed maturity investments trading | $94,579 | $(90,661) | $330,854 | $(292,861) | | Net realized and unrealized gains (losses) on investment-related derivatives | $175,431 | $10,374 | $317,077 | $(47,432) | | Net realized and unrealized gains (losses) on equity investments | $23,871 | $(5,492) | $26,829 | $7,605 | | Net realized and unrealized gains (losses) on other investments | $55,839 | $(41,805) | $7,900 | $(8,550) | | **Total** | **$349,720** | **$(127,584)** | **$682,660** | **$(341,238)** | [Note 4. Fair Value Measurements](index=17&type=section&id=Note%204.%20Fair%20Value%20Measurements) This note explains the methodology and hierarchy used for measuring the fair value of assets and liabilities - Fair value is defined as the price received for an asset or paid to transfer a liability in an orderly transaction between market participants[47](index=47&type=chunk) - The Company uses a three-level fair value hierarchy (Level 1: quoted prices in active markets; Level 2: observable inputs other than Level 1; Level 3: significant unobservable inputs)[48](index=48&type=chunk)[49](index=49&type=chunk) - No material changes in valuation techniques or transfers between Level 1, Level 2, or Level 3 during the period[51](index=51&type=chunk) Assets and Liabilities Measured at Fair Value (June 30, 2025) (in thousands) | Item | Total Fair Value | Level 1 | Level 2 | Level 3 | | :--------------------------------------- | :--------------- | :------ | :-------- | :-------- | | Fixed maturity investments trading | $23,332,063 | $10,823,622 | $12,467,505 | $40,936 | | Short term investments | $5,663,239 | $25,475 | $5,637,764 | $— | | Equity investments | $912,445 | $912,445 | $— | $— | | Other investments (excluding Fund investments) | $1,913,103 | $— | $1,877,795 | $35,308 | | Other assets and (liabilities) | $20,793 | $4,106 | $16,837 | $(150) | | **Total (excluding Fund investments)** | **$31,841,643** | **$11,765,648** | **$19,999,901** | **$76,094** | | Fund investments (NAV as practical expedient) | $2,562,953 | N/A | N/A | N/A | Other Investments Measured Using Net Asset Valuations (June 30, 2025 vs. December 31, 2024) (in thousands) | Fund Type | June 30, 2025 Fair Value | December 31, 2024 Fair Value | Unfunded Commitments (June 30, 2025) | | :--------------------------------------- | :----------------------- | :----------------------- | :----------------------------------- | | Private credit funds | $1,337,818 | $1,181,146 | $1,433,962 | | Private equity funds | $702,066 | $609,105 | $677,191 | | Hedge funds | $379,615 | $338,248 | $— | | Insurance-linked securities funds | $143,454 | $— | $— | | **Total** | **$2,562,953** | **$2,128,499** | **$2,111,153** | - Launched Medici UCITS in March 2025, an Irish-domiciled property catastrophe bond fund, with **$348.7 million** in total capital, including a **$140.0 million** co-investment from the Company[97](index=97&type=chunk)[254](index=254&type=chunk) [Note 5. Reinsurance](index=29&type=section&id=Note%205.%20Reinsurance) This note describes the company's reinsurance activities and their impact on premiums and claims - The Company purchases reinsurance to manage risk and reduce exposure to large losses, remaining liable if reinsurers fail to meet obligations[101](index=101&type=chunk) Effect of Reinsurance on Premiums and Claims (Three and Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gross premiums written | $3,421,180 | $3,425,495 | $7,576,683 | $7,416,179 | | Ceded premiums written | $(650,910) | $(586,984) | $(1,362,884) | $(1,378,095) | | Net premiums written | $2,770,270 | $2,838,511 | $6,213,799 | $6,038,084 | | Net premiums earned | $2,412,154 | $2,541,315 | $5,132,935 | $4,985,225 | | Gross claims and claim expenses incurred | $1,067,108 | $1,459,511 | $4,171,950 | $2,619,134 | | Claims and claim expenses recovered | $(24,985) | $(150,009) | $(386,069) | $(143,509) | | Net claims and claim expenses incurred | $1,042,123 | $1,309,502 | $3,785,881 | $2,475,625 | - Premiums receivable increased to **$9.1 billion** at June 30, 2025, from **$7.3 billion** at December 31, 2024, with the majority from highly rated counterparties[104](index=104&type=chunk) - Reinsurance recoverable decreased to **$4.3 billion** at June 30, 2025, from **$4.5 billion** at December 31, 2024; **49.7%** is fully collateralized, and **49.4%** is from reinsurers rated A- or higher[106](index=106&type=chunk) [Note 6. Reserve for Claims and Claim Expenses](index=31&type=section&id=Note%206.%20Reserve%20for%20Claims%20and%20Claim%20Expenses) This note details the company's estimates for future claims and claim expenses, categorized by segment - Claims and claim expense reserves are management's most significant accounting judgment, representing estimates of ultimate settlement and administration costs for unpaid claims[107](index=107&type=chunk) - Reserves include case reserves, additional case reserves (ACR), and incurred but not reported (IBNR) losses, reviewed by the Company's reserving committee[107](index=107&type=chunk) Reserve for Claims and Claim Expenses by Segment (June 30, 2025 vs. December 31, 2024) (in thousands) | Segment | June 30, 2025 Total | December 31, 2024 Total | | :-------------------- | :-------------------- | :---------------------- | | Property | $6,980,380 | $6,572,739 | | Casualty and Specialty | $15,933,383 | $14,730,752 | | **Total** | **$22,913,763** | **$21,303,491** | - Net favorable development of prior accident years net claims and claim expenses increased net income by **$465.6 million** for the six months ended June 30, 2025, compared to **$205.4 million** in 2024[112](index=112&type=chunk) [Note 7. Debt and Credit Facilities](index=34&type=section&id=Note%207.%20Debt%20and%20Credit%20Facilities) This note provides information on the company's outstanding debt obligations and credit arrangements - The Company believes it was in compliance with its debt covenants at June 30, 2025[124](index=124&type=chunk) Debt Obligations (June 30, 2025 vs. December 31, 2024) (in thousands) | Debt Obligation | June 30, 2025 Carrying Value | December 31, 2024 Carrying Value | Change | | :--------------------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | 5.950% Senior Notes due 2035 (DaVinci) | $296,859 | $— | +$296,859 | | 5.800% Senior Notes due 2035 | $493,466 | $— | +$493,466 | | 5.750% Senior Notes due 2033 | $742,535 | $742,068 | +$467 | | 3.600% Senior Notes due 2029 | $396,508 | $396,051 | +$457 | | 3.450% Senior Notes due 2027 | $299,011 | $298,765 | +$246 | | 3.700% Senior Notes due 2025 | $— | $299,908 | -$299,908 | | 4.750% Senior Notes due 2025 (DaVinci) | $— | $149,897 | -$149,897 | | **Total senior notes** | **$2,228,379** | **$1,886,689** | **+$341,690** | | Medici Revolving Credit Facility | $35,000 | $— | +$35,000 | | **Total debt** | **$2,263,379** | **$1,886,689** | **+$376,690** | - DaVinci issued **$300.0 million** of 5.950% Senior Notes due 2035, using proceeds to repay **$150.0 million** of 4.750% Senior Notes due 2025 at maturity and for general corporate purposes[128](index=128&type=chunk) - The Company issued **$500.0 million** of 5.800% Senior Notes due 2035, receiving net proceeds of approximately **$493.5 million**[129](index=129&type=chunk)[130](index=130&type=chunk) [Note 8. Noncontrolling Interests](index=36&type=section&id=Note%208.%20Noncontrolling%20Interests) This note details the company's noncontrolling interests in joint ventures and their attributable net income Redeemable Noncontrolling Interests (June 30, 2025 vs. December 31, 2024) (in thousands) | Entity | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :-------------- | :---------------- | | DaVinci | $3,210,791 | $3,061,708 | | Medici | $1,532,990 | $1,646,745 | | Vermeer | $1,750,202 | $1,799,857 | | Fontana | $549,124 | $469,439 | | **Total** | **$7,043,107** | **$6,977,749** | Net Income (Loss) Attributable to Redeemable Noncontrolling Interests (Three and Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Entity | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | DaVinci | $218,453 | $152,511 | $106,012 | $300,524 | | Medici | $38,993 | $13,249 | $54,156 | $59,518 | | Vermeer | $57,425 | $56,624 | $(49,655) | $109,595 | | Fontana | $13,468 | $2,347 | $22,574 | $(79) | | **Total** | **$328,339** | **$224,731** | **$133,087** | **$469,558** | - RenaissanceRe's noncontrolling economic ownership in DaVinci was **24.3%** at June 30, 2025 (down from **25.4%** at December 31, 2024), and **9.7%** in Medici (down from **12.4%** at June 30, 2024)[137](index=137&type=chunk)[139](index=139&type=chunk)[144](index=144&type=chunk)[147](index=147&type=chunk) [Note 9. Variable Interest Entities](index=42&type=section&id=Note%209.%20Variable%20Interest%20Entities) This note discusses the company's involvement with variable interest entities and consolidation decisions - The Company consolidates Upsilon RFO Diversified I, II, and III as it is deemed the primary beneficiary due to power over activities and obligation to absorb losses/right to receive benefits[160](index=160&type=chunk) - Upsilon RFO returned **$191.7 million** of capital to investors, including **$23.6 million** to the Company, during the six months ended June 30, 2025[163](index=163&type=chunk) - The Company does not consolidate Upsilon Diversified, NOC1, Mona Lisa Re, Tailwind Re, or AlphaCat Funds as it is not the primary beneficiary, limiting its exposure to its investments and unfunded commitments[167](index=167&type=chunk)[170](index=170&type=chunk)[180](index=180&type=chunk)[186](index=186&type=chunk)[192](index=192&type=chunk) [Note 10. Shareholders' Equity](index=46&type=section&id=Note%2010.%20Shareholders'%20Equity) This note outlines changes in shareholders' equity, including dividends and share repurchase programs - The Board declared quarterly dividends of **$0.40 per common share** and specific amounts for Series F and G Preference Shares[195](index=195&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) - During the six months ended June 30, 2025, the Company paid **$17.7 million** in preference share dividends and **$38.7 million** in common share dividends[199](index=199&type=chunk) - The Board approved a renewal of the share repurchase program for up to **$750.0 million** on May 7, 2025[200](index=200&type=chunk) - The Company repurchased **3,046,222 common shares** for **$737.6 million** (average **$242.13**) during the six months ended June 30, 2025, with **$520.2 million** remaining available[200](index=200&type=chunk) [Note 11. Earnings per Share](index=48&type=section&id=Note%2011.%20Earnings%20per%20Share) This note presents the basic and diluted earnings per share calculations for common shareholders Earnings Per Share (Three and Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) available (attributable) to RenaissanceRe common shareholders | $826,507 | $495,046 | $987,654 | $859,844 | | Basic EPS | $17.25 | $9.44 | $20.37 | $16.39 | | Diluted EPS | $17.20 | $9.41 | $20.30 | $16.35 | [Note 12. Segment Reporting](index=49&type=section&id=Note%2012.%20Segment%20Reporting) This note provides financial information for the company's Property and Casualty and Specialty segments - The Company has two reportable segments: **Property** (catastrophe and other property reinsurance) and **Casualty and Specialty** (general casualty, professional liability, credit, and other specialty reinsurance)[204](index=204&type=chunk) - An "Other" category includes investments, strategic investments, corporate expenses, capital servicing costs, noncontrolling interests, and acquisition/disposition expenses[204](index=204&type=chunk) - Net investment income and total assets are not allocated to segments as the Company does not manage its assets by segment[206](index=206&type=chunk) Segment Underwriting Results (Three Months Ended June 30, 2025) (in thousands) | Item (in thousands) | Property | Casualty and Specialty | Total | | :--------------------------------------- | :------- | :--------------------- | :------ | | Gross premiums written | $1,731,935 | $1,689,245 | $3,421,180 | | Net premiums earned | $868,010 | $1,544,144 | $2,412,154 | | Underwriting income (loss) | $630,171 | $(28,483) | $601,688 | | Combined ratio | 27.4% | 101.8% | 75.1% | Segment Underwriting Results (Six Months Ended June 30, 2025) (in thousands) | Item (in thousands) | Property | Casualty and Specialty | Total | | :--------------------------------------- | :------- | :--------------------- | :------ | | Gross premiums written | $3,862,768 | $3,713,915 | $7,576,683 | | Net premiums earned | $2,115,960 | $3,016,975 | $5,132,935 | | Underwriting income (loss) | $22,953 | $(191,862) | $(168,909) | | Combined ratio | 98.9% | 106.4% | 103.3% | [Note 13. Derivative Instruments](index=52&type=section&id=Note%2013.%20Derivative%20Instruments) This note describes the company's use of derivative instruments for risk management and trading purposes - The Company uses derivative instruments (futures, options, foreign currency forward contracts, swap agreements) to manage foreign currency exposure, gain market exposure, or for trading/hedging risk[210](index=210&type=chunk) - Derivatives are primarily exchange-traded futures, centrally cleared credit default swaps, or over-the-counter foreign currency forward contracts[210](index=210&type=chunk) Derivative Assets and Liabilities (June 30, 2025) (in thousands) | Item | Gross Assets | Gross Liabilities | Net Assets | Net Liabilities | | :--------------------------------------- | :----------- | :---------------- | :--------- | :-------------- | | Interest rate futures | $8,818 | $14,888 | $8,818 | $1,054 | | Foreign currency forward contracts (underwriting/non-investment) | $20,006 | $4,912 | $20,006 | $468 | | Foreign currency forward contracts (investment) | $654 | $5,119 | $654 | $5,119 | | Credit default swaps | $7,210 | $139 | $7,210 | $— | | Equity futures | $4,914 | $205 | $4,914 | $— | | Commodity futures | $5,467 | $— | $5,467 | $— | | Foreign currency forward contracts (hedges) | $— | $863 | $— | $863 | | **Total** | **$47,069** | **$26,126** | **$47,069** | **$7,504** | - The Company had **$7.2 billion** notional long and **$3.3 billion** notional short positions in interest rate futures at June 30, 2025[222](index=222&type=chunk) - The Company had **$343.0 million** notional positions in credit default swaps to protect against increasing credit risk at June 30, 2025[227](index=227&type=chunk) [Note 14. Commitments, Contingencies and Other Items](index=59&type=section&id=Note%2014.%20Commitments,%20Contingencies%20and%20Other%20Items) This note discloses the company's commitments, contingencies, and other legal or regulatory matters - No material changes from commitments, contingencies, and other items previously disclosed in the Form 10-K for the year ended December 31, 2024[235](index=235&type=chunk) - The Company is subject to lawsuits and regulatory actions in the normal course of business, which are considered in loss and loss expense reserves[236](index=236&type=chunk) - Management believes no individual litigation or arbitration is likely to have a material adverse effect on its financial condition, business, or operations[236](index=236&type=chunk) [Note 15. Subsequent Events](index=59&type=section&id=Note%2015.%20Subsequent%20Events) This note reports significant events that occurred after the balance sheet date - Subsequent to June 30, 2025, and through July 21, 2025, the Company repurchased **293.8 thousand common shares** at an aggregate cost of **$70.2 million** (average **$239.03** per share)[237](index=237&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=61&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides a discussion and analysis of RenaissanceRe's results of operations for the three and six months ended June 30, 2025 and 2024, along with its financial condition, liquidity, and capital resources. It highlights the company's strategy as a global provider of reinsurance and insurance, focusing on superior risk selection, customer relationships, and capital management, driven by underwriting, fee, and investment income. The discussion also covers critical accounting estimates, the impact of the Bermuda Corporate Income Tax, and the launch of Medici UCITS - RenaissanceRe is a global provider of **property, casualty, and specialty reinsurance and insurance solutions**, operating with a mission to match desirable risk with efficient capital[242](index=242&type=chunk)[243](index=243&type=chunk) - The Company's three principal drivers of profit are **underwriting income, fee income** (from Capital Partners unit), and **investment income**, which generate diversified earnings streams[246](index=246&type=chunk) - The Bermuda Corporate Income Tax (CIT) became effective **January 1, 2025**, subjecting profits generated in Bermuda to a **15% tax**, significantly impacting the consolidated effective tax rate[250](index=250&type=chunk)[295](index=295&type=chunk)[300](index=300&type=chunk) [OVERVIEW](index=63&type=section&id=OVERVIEW) This section outlines the company's business strategy, reportable segments, and recent strategic initiatives - RenaissanceRe's business strategy focuses predominantly on writing reinsurance, applying a portfolio approach to insurance business, primarily through delegated authority arrangements[244](index=244&type=chunk) - The Company's reportable segments are **Property** (catastrophe and other property reinsurance) and **Casualty and Specialty** (general casualty, professional liability, credit, and other specialty reinsurance)[245](index=245&type=chunk) - Medici UCITS, a new Irish-domiciled property catastrophe bond fund, was launched in March 2025 with **$348.7 million** in capital, including a **$140.0 million** co-investment from the Company[254](index=254&type=chunk) [SUMMARY OF CRITICAL ACCOUNTING ESTIMATES](index=66&type=section&id=SUMMARY%20OF%20CRITICAL%20ACCOUNTING%20ESTIMATES) This section summarizes the key accounting estimates that require significant management judgment - No material changes to critical accounting estimates (Claims and Claim Expense Reserves, Premiums and Related Expenses, Reinsurance Recoverables, Fair Value Measurements and Impairments, Income Taxes) as disclosed in the Form 10-K for the year ended December 31, 2024[255](index=255&type=chunk) [SUMMARY RESULTS OF OPERATIONS](index=67&type=section&id=SUMMARY%20RESULTS%20OF%20OPERATIONS) This section provides an overview of the company's financial performance for the reported periods Summary of Results of Operations (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) available (attributable) to RenaissanceRe common shareholders | $826,507 | $495,046 | +$331,461 | | Diluted EPS | $17.20 | $9.41 | +$7.79 | | Underwriting income (loss) | $601,688 | $479,336 | +$122,352 | | Combined ratio | 75.1% | 81.1% | -6.0 pts | | Total investment result | $762,828 | $283,261 | +$479,567 | | Net realized and unrealized gains (losses) on investments | $349,720 | $(127,584) | +$477,304 | | Income tax benefit (expense) | $(176,869) | $20,848 | -$197,717 | | Net income (loss) attributable to redeemable noncontrolling interests | $328,339 | $224,731 | +$103,608 | Summary of Results of Operations (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) available (attributable) to RenaissanceRe common shareholders | $987,654 | $859,844 | +$127,810 | | Diluted EPS | $20.30 | $16.35 | +$3.95 | | Underwriting income (loss) | $(168,909) | $1,020,018 | -$1,188,927 | | Combined ratio | 103.3% | 79.5% | +23.8 pts | | Total investment result | $1,501,121 | $460,382 | +$1,040,739 | | Net realized and unrealized gains (losses) on investments | $682,660 | $(341,238) | +$1,023,898 | | Income tax benefit (expense) | $(131,344) | $5,476 | -$136,820 | | Net income (loss) attributable to redeemable noncontrolling interests | $133,087 | $469,558 | -$336,471 | - The six months ended June 30, 2025, included a **$717.4 million** net negative impact on net income from the 2025 Large Loss Events, compared to **$105.2 million** from the 2024 Large Loss Events in the prior year[300](index=300&type=chunk)[306](index=306&type=chunk)[310](index=310&type=chunk) [Net Negative Impact](index=81&type=section&id=Net%20Negative%20Impact) This section details the financial impact of large loss events on the company's underwriting results and net income - Net negative impact includes net claims and claim expenses, assumed/ceded reinstatement premiums, and earned/lost profit commissions. For 2025, it also includes redeemable noncontrolling interest and income tax benefit/expense[301](index=301&type=chunk) 2025 Large Loss Events Net Negative Impact (Six Months Ended June 30, 2025) (in thousands) | Item (in thousands) | California Wildfires | Other 2025 Large Loss Events | 2025 Large Loss Events Total | | :------------------------------------------------ | :------------------- | :--------------------------- | :--------------------------- | | Net negative impact on Property segment underwriting result | $(1,219,941) | $— | $(1,219,941) | | Net negative impact on Casualty and Specialty segment underwriting result | $(40,293) | $(108,591) | $(148,884) | | **Net negative impact on underwriting result** | **$(1,260,234)** | **$(108,591)** | **$(1,368,825)** | | Percentage point impact on consolidated combined ratio | 25.9 | 2.3 | 28.2 | | Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders | $(640,635) | $(76,750) | $(717,385) | - Meaningful uncertainty remains regarding the estimates and nature of losses from catastrophe events due to their magnitude, recent occurrence, limited claims data, and other inherent factors[303](index=303&type=chunk) [Underwriting Results by Segment - Property](index=70&type=section&id=Underwriting%20Results%20by%20Segment%20-%20Property) This section analyzes the underwriting performance of the Property segment, including premiums and combined ratio Property Segment Underwriting Results (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | Gross premiums written | $1,731,935 | $1,753,098 | -$21,163 (-1.2%) | | Net premiums earned | $868,010 | $980,834 | -$112,824 (-11.5%) | | Underwriting income (loss) | $630,171 | $451,710 | +$178,461 | | Combined ratio | 27.4% | 53.9% | -26.5 pts | | Net claims and claim expense ratio – current accident year | 29.8% | 36.5% | -6.7 pts | | Net claims and claim expense ratio – prior accident years | (30.7)% | (8.6)% | -22.1 pts | - Gross premiums written decreased by **1.2%** due to a **$98.1 million** increase in catastrophe class (strong mid-year renewals) offset by a **$119.3 million** decrease in other property class (premium adjustments, rate decreases)[264](index=264&type=chunk) - Combined ratio improved by **26.5 percentage points**, driven by lower catastrophe losses and higher prior accident year net favorable development[267](index=267&type=chunk) Property Segment Underwriting Results (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | Gross premiums written | $3,862,768 | $3,642,979 | +$219,789 (+6.0%) | | Net premiums earned | $2,115,960 | $1,916,917 | +$199,043 (+10.4%) | | Underwriting income (loss) | $22,953 | $986,138 | -$963,185 | | Combined ratio | 98.9% | 48.6% | +50.3 pts | | Net claims and claim expense ratio – current accident year | 97.8% | 31.6% | +66.2 pts | | Net claims and claim expense ratio – prior accident years | (21.5)% | (9.3)% | -12.2 pts | - Six-month gross premiums written increased by **6.0%**, primarily from a **$423.6 million** increase in catastrophe class (including **$322.7 million** from California Wildfires reinstatement premiums), partially offset by a **$203.8 million** decrease in other property[315](index=315&type=chunk) - Six-month combined ratio increased by **50.3 percentage points**, largely due to a **69.1 percentage point** impact from the California Wildfires on the current accident year net claims and claim expense ratio[317](index=317&type=chunk) [Underwriting Results by Segment - Casualty and Specialty](index=72&type=section&id=Underwriting%20Results%20by%20Segment%20-%20Casualty%20and%20Specialty) This section analyzes the underwriting performance of the Casualty and Specialty segment, including premiums and combined ratio Casualty and Specialty Segment Underwriting Results (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | Gross premiums written | $1,689,245 | $1,672,397 | +$16,848 (+1.0%) | | Net premiums earned | $1,544,144 | $1,560,481 | -$16,337 (-1.0%) | | Underwriting income (loss) | $(28,483) | $27,626 | -$56,109 | | Combined ratio | 101.8% | 98.2% | +3.6 pts | | Net claims and claim expense ratio – current accident year | 68.2% | 67.9% | +0.3 pts | | Net claims and claim expense ratio – prior accident years | (0.2)% | (1.5)% | +1.3 pts | - Gross premiums written increased by **1.0%**, driven by increases in credit, professional liability, and other specialty classes, partially offset by a decrease in general casualty[270](index=270&type=chunk) - Combined ratio increased by **3.6 percentage points** to **101.8%**, including a **1.6 percentage point** impact from large losses related to the Air India crash[277](index=277&type=chunk) Casualty and Specialty Segment Underwriting Results (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | Gross premiums written | $3,713,915 | $3,773,200 | -$59,285 (-1.6%) | | Net premiums earned | $3,016,975 | $3,068,308 | -$51,333 (-1.7%) | | Underwriting income (loss) | $(191,862) | $33,880 | -$225,742 | | Combined ratio | 106.4% | 98.9% | +7.5 pts | | Net claims and claim expense ratio – current accident year | 72.3% | 67.6% | +4.7 pts | | Net claims and claim expense ratio – prior accident years | (0.4)% | (0.9)% | +0.5 pts | - Six-month gross premiums written decreased by **1.6%**, mainly due to reductions in professional liability, other specialty, and general casualty, partially offset by growth in the credit class[321](index=321&type=chunk) - Six-month combined ratio increased by **7.5 percentage points** to **106.4%**, including a **5.0 percentage point** impact from the 2025 Large Loss Events[326](index=326&type=chunk) [Fee Income](index=73&type=section&id=Fee%20Income) This section reviews the company's management and performance fee income from its Capital Partners unit Total Fee Income (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Management Fee Income | $56,407 | $55,327 | +$1,080 | | Performance Fee Income (Loss) | $38,550 | $28,750 | +$9,800 | | **Total fee income** | **$94,957** | **$84,077** | **+$10,880** | - Total fee income increased by **$10.9 million**, driven by a **$1.1 million** increase in management fees (from Fontana and Upsilon) and a **$9.8 million** increase in performance fees (from DaVinci and Upsilon)[281](index=281&type=chunk) Total Fee Income (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Management fee income | $102,468 | $111,380 | -$8,912 | | Performance fee income | $22,946 | $56,247 | -$33,301 | | **Total fee income** | **$125,414** | **$167,627** | **-$42,213** | - Six-month total fee income decreased by **$42.2 million**, primarily due to an **$8.9 million** decrease in management fees (from DaVinci recapture in prior year) and a **$33.3 million** decrease in performance fees (due to 2025 Large Loss Events)[331](index=331&type=chunk) [Investment Results](index=75&type=section&id=Investment%20Results) This section discusses the company's net investment income and realized/unrealized gains or losses on investments Net Investment Income (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Net investment income** | **$413,108** | **$410,845** | **+$2,263** | - Net investment income increased by **$2.3 million**, primarily due to higher average invested assets in fixed maturity investments, partially offset by decreases in market yields[284](index=284&type=chunk) Net Realized and Unrealized Gains (Losses) on Investments (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | **Net realized and unrealized gains (losses) on investments** | **$349,720** | **$(127,584)** | **+$477,304** | - Net realized and unrealized gains on investments increased by **$477.3 million**, driven by decreases in market yields and tightening credit spreads, favorable equity market movements, and increased direct private equity valuations[287](index=287&type=chunk) Net Investment Income (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Net investment income** | **$818,461** | **$801,620** | **+$16,841** | - Six-month net investment income increased by **$16.8 million**, primarily due to higher average invested assets in fixed maturity investments, partially offset by decreases in market yields[334](index=334&type=chunk) Net Realized and Unrealized Gains (Losses) on Investments (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | **Net realized and unrealized gains (losses) on investments** | **$682,660** | **$(341,238)** | **+$1,023,898** | - Six-month net realized and unrealized gains on investments increased by **$1.0 billion**, driven by decreases in market yields, favorable commodity price movements (gold futures), and increased fund/direct private equity valuations[338](index=338&type=chunk) [Net Foreign Exchange Gains (Losses)](index=77&type=section&id=Net%20Foreign%20Exchange%20Gains%20(Losses)) This section analyzes the company's foreign exchange gains and losses for the reporting periods Net Foreign Exchange Gains (Losses) (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Net foreign exchange gains (losses)** | **$8,660** | **$(8,815)** | **+$17,475** | - Net foreign exchange gains increased by **$17.5 million**, driven by gains attributable to third-party investors in Medici, partially offset by losses on underwriting-related foreign exchange exposures[292](index=292&type=chunk) Net Foreign Exchange Gains (Losses) (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Net foreign exchange gains (losses)** | **$1,332** | **$(44,498)** | **+$45,830** | - Six-month net foreign exchange gains increased by **$45.8 million**, driven by gains attributable to third-party investors in Medici in the current period, compared to losses in the prior period[338](index=338&type=chunk) [Equity in Earnings (Losses) of Other Ventures](index=77&type=section&id=Equity%20in%20Earnings%20(Losses)%20of%20Other%20Ventures) This section reports the company's share of earnings or losses from its equity method investments Equity in Earnings (Losses) of Other Ventures (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Equity in earnings (losses) of other ventures** | **$20,333** | **$12,590** | **+$7,743** | - Equity in earnings of other ventures increased by **$7.7 million**, driven by increased profitability of equity investments as certain insurance and insurance-related companies reported higher net income[293](index=293&type=chunk) Equity in Earnings (Losses) of Other Ventures (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Equity in earnings (losses) of other ventures** | **$38,161** | **$26,717** | **+$11,444** | - Six-month equity in earnings of other ventures increased by **$11.4 million**, driven by increased profitability of equity investments[339](index=339&type=chunk) [Corporate Expenses](index=77&type=section&id=Corporate%20Expenses) This section details the company's corporate operating expenses, including acquisition-related costs Corporate Expenses (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Corporate expenses** | **$23,781** | **$35,159** | **-$11,378** | - Corporate expenses decreased by **$11.4 million**, primarily due to lower expenses associated with the Validus Acquisition (**$2.0 million** in Q2 2025 vs. **$17.3 million** in Q2 2024), partially offset by increased compensation expenses[294](index=294&type=chunk) Corporate Expenses (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Corporate expenses** | **$46,591** | **$74,411** | **-$27,820** | - Six-month corporate expenses decreased by **$27.8 million**, primarily due to lower Validus Acquisition expenses (**$3.4 million** in H1 2025 vs. **$37.6 million** in H1 2024), partially offset by increased compensation[342](index=342&type=chunk) [Income Tax Benefit (Expense)](index=78&type=section&id=Income%20Tax%20Benefit%20(Expense)) This section discusses the company's income tax benefit or expense, including the impact of the Bermuda Corporate Income Tax Income Tax Benefit (Expense) (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Income tax benefit (expense)** | **$(176,869)** | **$20,848** | **-$197,717** | - Income tax expense of **$176.9 million** was primarily driven by the newly effective Bermuda Corporate Income Tax (CIT) as of January 1, 2025[295](index=295&type=chunk) Income Tax Benefit (Expense) (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **Income tax benefit (expense)** | **$(131,344)** | **$5,476** | **-$136,820** | - Six-month income tax expense of **$131.3 million** was primarily driven by the newly effective Bermuda CIT[340](index=340&type=chunk) [Net Income (Loss) Attributable to Redeemable Noncontrolling Interests](index=78&type=section&id=Net%20Income%20(Loss)%20Attributable%20to%20Redeemable%20Noncontrolling%20Interests) This section reports the portion of net income or loss allocated to redeemable noncontrolling interests in joint ventures Net Income (Loss) Attributable to Redeemable Noncontrolling Interests (Three Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | **Net income (loss) attributable to redeemable noncontrolling interests** | **$328,339** | **$224,731** | **+$103,608** | - Net income attributable to redeemable noncontrolling interests increased by **$103.6 million**, primarily due to strong underwriting results and net investment income in joint ventures[296](index=296&type=chunk) Net Income (Loss) Attributable to Redeemable Noncontrolling Interests (Six Months Ended June 30, 2025 vs. 2024) (in thousands) | Item (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :------------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | | **Net income (loss) attributable to redeemable noncontrolling interests** | **$133,087** | **$469,558** | **-$336,471** | - Six-month net income attributable to redeemable noncontrolling interests decreased by **$336.5 million**, primarily due to underwriting losses from the 2025 Large Loss Events impacting DaVinci and Vermeer[343](index=343&type=chunk) [FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES](index=91&type=section&id=FINANCIAL%20CONDITION,%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) This section analyzes the company's financial position, cash flow management, and capital adequacy - RenaissanceRe relies on dividends and distributions from subsidiaries, investment income, and fee income to meet liquidity requirements, including debt and dividend payments[344](index=344&type=chunk) - Each insurance subsidiary and branch exceeded minimum solvency, capital, and surplus requirements in their applicable jurisdictions at June 30, 2025[345](index=345&type=chunk) - The Company maintains a "shelf" registration statement on Form S-3 for public offerings of various securities, providing a source of liquidity, and recently completed a **$500.0 million** senior notes offering in February 2025[354](index=354&type=chunk) [Financial Condition](index=91&type=section&id=Financial%20Condition) This section describes the company's asset composition and limitations on subsidiary dividend payments - As a Bermuda-domiciled holding company, RenaissanceRe's assets primarily consist of investments in subsidiaries, cash, and securities[344](index=344&type=chunk) - The payment of dividends by subsidiaries is limited by applicable laws and regulations, and insurance laws require solvency and liquidity maintenance[345](index=345&type=chunk) [Liquidity and Cash Flows](index=91&type=section&id=Liquidity%20and%20Cash%20Flows) This section details the company's sources and uses of cash, including operating, investing, and financing activities - Principal uses of liquidity include common and preference share transactions (dividends, repurchases, redemptions), debt payments, capital investments in subsidiaries, acquisitions, and corporate expenses[346](index=346&type=chunk) - Cash flows provided by operating activities for the six months ended June 30, 2025, were **$1.6 billion**, down from **$1.9 billion** in 2024[368](index=368&type=chunk) - Cash flows used in investing activities for the six months ended June 30, 2025, were **$1.3 billion**, primarily reflecting net purchases of equity investments (**$766.0 million**) and short-term investments (**$1.1 billion**)[370](index=370&type=chunk) - Cash flows used in financing activities for the six months ended June 30, 2025, were **$627.1 million**, mainly due to common share repurchases (**$731.4 million**) and debt repayment (**$450.0 million**), partially offset by new debt issuance (**$790.0 million**)[371](index=371&type=chunk) [Capital Resources](index=96&type=section&id=Capital%20Resources) This section discusses the company's capital management strategies, including equity and debt - The Company monitors capital adequacy to meet rating agency ratios, regulatory tests, and credit facility requirements, and may raise or return capital through share repurchases and dividends[375](index=375&type=chunk) Total Shareholders' Equity and Debt (June 30, 2025 vs. December 31, 2024) (in thousands) | Item (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------------- | :-------------- | :---------------- | :---------------- | | Common shareholders' equity | $10,049,694 | $9,824,012 | +$225,682 | | Preference shares | $750,000 | $750,000 | $— | | **Total shareholders' equity attributable to RenaissanceRe** | **$10,799,694** | **$10,574,012** | **+$225,682** | | Total senior notes | $2,228,379 | $1,886,689 | +$341,690 | | Medici Revolving Credit Facility | $35,000 | $— | +$35,000 | | **Total debt** | **$2,263,379** | **$1,886,689** | **+$376,690** | - Total shareholders' equity attributable to RenaissanceRe increased by **$225.7 million**, primarily due to comprehensive income of **$1.0 billion**, partially offset by common share repurchases of **$737.6 million**[381](index=381&type=chunk)[383](index=383&type=chunk) [Reserve for Claims and Claim Expenses](index=97&type=section&id=Reserve%20for%20Claims%20and%20Claim%20Expenses) This section reiterates the significance of claims and claim expense reserves as a critical accounting judgment - Claims and claim expense reserves are management's most significant accounting judgment, representing estimates of ultimate settlement and administration costs for unpaid claims[382](index=382&type=chunk) - Actual net claims and claim expenses paid may differ materially from estimates, potentially impacting financial condition, liquidity, and capital resources[382](index=382&type=chunk) [Investments](index=99&type=section&id=Investments) This section provides an overview of the company's investment portfolio and unfunded commitments Invested Assets (June 30, 2025 vs. December 31, 2024) (in thousands) | Item | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------------- | :-------------- | :---------------- | :---------------- | | Total fixed maturity investments trading, at fair value | $23,332,063 | $23,562,514 | -$230,451 | | Short term investments, at fair value | $5,663,239 | $4,531,655 | +$1,131,584 | | Total equity investments, at fair value | $912,445 | $117,756 | +$794,689 | | Total other investments, at fair value | $4,476,056 | $4,324,761 | +$151,295 | | Investments in other ventures, under equity method | $112,580 | $102,770 | +$9,810 | | **Total investments** | **$34,496,383** | **$32,639,456** | **+$1,856,927** | - The investment portfolio emphasizes capital preservation and liquidity, with a large majority in highly rated fixed income securities, complemented by publicly traded equities and other investments[386](index=386&type=chunk) - Total commitments to asset-backed fixed maturity investments, direct private equity, fund investments, term loans, and other ventures were **$5.2 billion**, with **$2.4 billion** remaining unfunded at June 30, 2025[391](index=391&type=chunk) [Ratings](index=100&type=section&id=Ratings) This section highlights the company's financial strength ratings from major rating agencies - Financial strength ratings are crucial for competitive positioning, and RenaissanceRe has high ratings from A.M. Best, S&P, Moody's, and Fitch[392](index=392&type=chunk) - RenaissanceRe has been assigned the highest ERM score of **"Very Strong"** by both S&P and A.M. Best[394](index=394&type=chunk) Financial Strength Ratings (July 21, 2025) | Entity | A.M. Best | S&P | Moody's | Fitch | | :--------------------------------------- | :-------- | :---- | :------ | :---- | | Renaissance Reinsurance Ltd. | A+ | A+ | A1 | A+ | | DaVinci Reinsurance Ltd. | A | A+ | A2 | — | | Fontana Reinsurance Ltd. | A | — | — | — | | Vermeer Reinsurance Ltd. | A | — | — | — | | Lloyd's Overall Market Rating | A+ | AA- | — | AA | [SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION](index=102&type=section&id=SUPPLEMENTAL%20GUARANTOR%20FINANCIAL%20INFORMATION) This section provides financial information for the obligor group and details on senior note guarantees - RenaissanceRe Finance's 3.700% Senior Notes due 2025 were fully repaid at maturity on **April 1, 2025**[399](index=399&type=chunk) - The guarantees on the senior notes are senior unsecured obligations of RenaissanceRe, ranking equally with all other existing and future unsecured and unsubordinated indebtedness[399](index=399&type=chunk) Obligor Group Summarized Balance Sheets (June 30, 2025 vs. December 31, 2024) (in thousands) | Item (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :-------------- | :---------------- | | Total current assets | $1,954,116 | $2,651,742 | | Total noncurrent assets | $814,777 | $760,312 | | Total current liabilities | $99,828 | $136,246 | | Total noncurrent liabilities | $2,642,947 | $2,044,757 | [CURRENT OUTLOOK](index=104&type=section&id=CURRENT%20OUTLOOK) This section discusses the company's strategic positioning, market environment, and future expectations - The Company believes it is "anti-correlated" to the current macroeconomic environment, designed to withstand volatility from catastrophic losses and global socio-political events[405](index=405&type=chunk) - RenaissanceRe's strategy focuses on leadership, expertise, and partnership through superior risk selection, customer relationships, and capital management, leveraging its RenaissanceRe Risk Sciences team for climate change insights[408](index=408&type=chunk)[409](index=409&type=chunk) - The Bermuda CIT, effective **January 1, 2025**, will subject Bermuda profits to a **15%** corporate income tax, increasing the consolidated effective tax rate[414](index=414&type=chunk) - The Company's three drivers of profit (underwriting, fee, investment income) demonstrated resilience despite significant **Q1 2025 catastrophic losses**, reducing the impact of large loss activity on overall results[415](index=415&type=chunk) - The Company successfully achieved its objectives at mid-year renewals, growing in property catastrophe exposure and optimizing its Casualty and Specialty segment portfolio, while taking a conservative approach in general liability due to increasing loss trends[419](index=419&type=chunk)[423](index=423&type=chunk)[425](index=425&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=108&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section states that RenaissanceRe is primarily exposed to five types of market risk: interest rate risk, foreign currency risk, credit risk, equity price risk, and commodity price risk. The Company's investment guidelines allow for the use of derivative instruments to assume or hedge these risks. No material changes to these market risks were reported during the six months ended June 30, 2025, compared to disclosures in the prior Form 10-K - The Company is exposed to interest rate, foreign currency, credit, equity price, and commodity price risks[430](index=430&type=chunk) - Derivative instruments like futures, options, foreign currency forward contracts, and swap agreements may be used for risk assumption or hedging[430](index=430&type=chunk) - No material changes to market risks were disclosed during the six months ended June 30, 2025[431](index=431&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=108&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the effectiveness of the Company's disclosure controls and procedures as of June 30, 2025, concluding they were effective in providing reasonable assurance that required information is recorded, processed, summarized, and reported timely. No changes in internal control over financial reporting materially affected or are reasonably likely to materially affect internal control during the quarter - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025[432](index=432&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[433](index=433&type=chunk) [PART II OTHER INFORMATION](index=109&type=section&id=PART%20II%20OTHER%20INFORMATION) This part contains additional disclosures, including legal proceedings, risk factors, and equity security sales [ITEM 1. LEGAL PROCEEDINGS](index=109&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section states that there have been no material changes to the legal proceedings previously disclosed in the Company's Form 10-K for the year ended December 31, 2024 - No material changes to legal proceedings from the prior Form 10-K[434](index=434&type=chunk) [ITEM 1A. RISK FACTORS](index=109&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section indicates that there have been no material changes to the risk factors previously disclosed in the Company's Form 10-K for the year ended December 31, 2024 - No material changes to risk factors from the prior Form 10-K[435](index=435&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=109&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the Company's share repurchase program, which was renewed for up to $750.0 million on May 7, 2025. It reports that during the three months ended June 30, 2025, the Company repurchased 1.6 million common shares for $376.4 million, with $520.2 million remaining available under the program - Share repurchase program renewed on **May 7, 2025**, for an aggregate amou

Core Viewpoint - RenaissanceRe Holdings Ltd. reported a second-quarter 2025 operating income of $12.29 per share, exceeding estimates by 19.6%, although it represented a 1% decline year over year. Total operating revenues fell 4.2% to $2.8 billion, missing consensus estimates by 4.4% [1][2]. Financial Performance - The quarterly results were bolstered by strong underwriting performance, particularly in the Property segment, which saw improved combined ratios and favorable reserve development. Investment income growth and reduced expenses also contributed positively, though these gains were partially offset by lower net premiums earned and underwriting losses in the Casualty & Specialty segment, along with elevated catastrophe losses [2]. - Gross premiums written totaled $3.42 billion, slightly down year over year but above the estimate of $3.41 billion. Net premiums earned decreased 5.1% to $2.4 billion, missing the consensus estimate of $2.55 billion [3]. - Net investment income rose 0.6% year over year to $413.1 million, surpassing the consensus mark of $408 million [4]. - Total expenses decreased by 12% year over year to $1.9 billion, lower than the estimate of $2.1 billion, attributed to reduced claims and acquisition costs [5]. - Underwriting income increased by 25.5% year over year to $601.7 million, with a combined ratio of 75.1%, improving by 600 basis points [5]. Segment Analysis - **Property Segment**: Gross premiums written fell 1.2% year over year to $1.7 billion, with net premiums earned dropping 11.5% to $868 million, both figures missing estimates [7]. Underwriting income rose 39.5% to $630.2 million, with a combined ratio improving by 2,650 basis points to 27.4% [8]. - **Casualty & Specialty Segment**: Gross premiums written increased by 1% to $1.7 billion, exceeding estimates. However, net premiums earned dipped 1% to $1.54 billion, slightly above consensus estimates. The segment incurred an underwriting loss of $28.5 million, contrasting with prior year's income [9][10]. Financial Position - As of June 30, 2025, cash and cash equivalents stood at $1.4 billion, down 14.8% from the end of 2024. Total assets increased by 7.9% to $54.7 billion, while debt rose by 20% to $2.3 billion. Total shareholders' equity improved by 2.1% to $10.8 billion [11]. Share Repurchase Activity - RenaissanceRe repurchased common shares worth $376.4 million in the second quarter, with additional repurchases of $70.2 million from July 1 to July 21, 2025 [12].

Financial Data and Key Metrics Changes - The company achieved a 10% year-to-date growth in tangible book value per share and over 20% growth over the past twelve months [6] - The annualized return on equity was reported at 34% with an operating return on equity of 24% for the quarter [17] - Operating income per share reached $12.29, marking the second-best result ever [17] - Underwriting income was $600 million, up 26% from the previous year [17] - Retained net investment income was $286 million, consistent and significant for the bottom line [17] Business Line Data and Key Metrics Changes - Gross premiums written were $3.4 billion, flat compared to the previous year, while net premiums written were $2.7 billion, also flat [21] - Property catastrophe gross premiums written increased by $98 million or 8% [21] - Other property gross premiums written decreased by $119 million or 24% due to rate decreases [22] - General casualty premiums decreased by $118 million or 19%, with actions taken to reduce exposure [22] - The adjusted combined ratio for underwriting was reported at 73%, reflecting low catastrophe losses [20] Market Data and Key Metrics Changes - The underwriting market remains attractive with healthy returns across property catastrophe and specialty lines [14] - The company successfully grew its property catastrophe portfolio at midyear renewals, outperforming the market [33] - The pricing environment in Florida has stabilized, allowing the company to write 80% of its Florida premium at private terms above market rates [39] Company Strategy and Development Direction - The company aims to grow tangible book value per share over the long term, focusing on underwriting income, investment income, and fee income [6][7] - The strategy includes optimizing the casualty and specialty portfolio while maintaining a strong property catastrophe exposure [15] - The company is positioned to continue delivering shareholder value, with a focus on capital management and share repurchases [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to preserve margins and find opportunities to deploy capital despite potential market fluctuations [55] - The current underwriting market is viewed as attractive, with expectations for continued strong returns [36] - Management noted that the dynamics driving strong results since 2023 are still in effect, supporting sustainable superior returns [36] Other Important Information - The company repurchased 1.6 million shares for $376 million at an average price of $242 per share [30] - The effective tax rate on GAAP net income was 13% for the quarter, influenced by the new 15% Bermuda corporate income tax [30] Q&A Session Summary Question: Reserve releases in the quarter - The reserve releases came from across all accident periods going back to 2017, with half of the losses shared with a joint venture [51] Question: Thoughts on renewals and planning for 2026 - The company has grown its portfolios and continues to execute its strategy well, with expectations that 2026 will look similar to 2025 [55] Question: Management fees and performance - Management fees bounced back due to favorable developments and quicker recovery of deferred fees [60][62] Question: Confidence in pricing and market conditions - The company believes rates will trade at adequate levels, with no downward trend expected in the near term [70] Question: Buybacks and capital deployment - The company has been active in buybacks due to freed-up capital and sees opportunities to deploy capital at attractive prices [71] Question: Impact of Florida tort reform - The tort reform has a more meaningful impact on domestic carriers, with the company seeing some benefits but also price competition [100]

Financial Data and Key Metrics Changes - The company achieved a 10% growth in tangible book value per share year to date and over 20% in the past twelve months [5] - Operating return on equity was reported at 24% for the quarter, with annualized return on equity at 34% [16] - Underwriting income reached $600 million, up 26% from the previous year, while retained net investment income was $286 million [17][26] - The adjusted combined ratio was 73%, reflecting low catastrophe losses and favorable development [20] Business Line Data and Key Metrics Changes - Gross premiums written were $3.4 billion, flat compared to the previous year, while net premiums written were $2.7 billion, also flat [21] - Property catastrophe gross premiums written increased by $98 million or 8%, with a 13% growth in the U.S. [21] - Other property gross premiums written decreased by $119 million or 24%, primarily due to rate decreases [22] - Casualty and specialty underwriting performance was within expectations, with an adjusted combined ratio of 99.5% [24] Market Data and Key Metrics Changes - The underwriting market remains attractive with healthy returns across property catastrophe and specialty lines [13] - The company successfully grew its property catastrophe portfolio while optimizing its casualty and specialty portfolio [14] - The Florida market showed stability due to pricing environment and tort reform, allowing the company to write 80% of its Florida premium at private terms above market rates [40] Company Strategy and Development Direction - The company aims to grow tangible book value per share over the long term, focusing on income diversification and risk absorption [5] - The integrated operating model and deep risk expertise are highlighted as competitive advantages [33] - The company plans to continue deploying capital into the business while repurchasing shares at attractive valuations [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering superior returns, with a strong capital and liquidity position [50] - The current underwriting market is expected to persist, with rates likely to fluctuate around levels reset in 2023 [37] - The company is optimistic about maintaining margins and finding opportunities to deploy capital [58] Other Important Information - The company repurchased 1.6 million shares for $376 million at an average price of $242 per share [30] - The effective tax rate on GAAP net income was 13% for the quarter, influenced by the new 15% Bermuda corporate income tax [31] Q&A Session Summary Question: Reserve releases in the quarter - The reserve releases of around $132 million came from across all accident periods dating back to 2017, with half of that sticking to the company [54] Question: Future outlook for 2026 - The company believes it can continue to execute its strategy and preserve margins, regardless of the wind season outcomes [56] Question: Management fees recovery - Management fees bounced back due to favorable developments and quicker recovery of deferred fees, with guidance for the next quarter set at $80 million [65] Question: Pricing confidence in the reinsurance market - The company does not foresee a downward trend in rate inadequacy and expects rates to trade at adequate levels [73] Question: Buybacks and capital deployment - The company plans to continue capital deployment and share repurchases at attractive prices, especially as it approaches the wind season [75] Question: Florida renewals and market dynamics - The company experienced growth in Florida due to improved market conditions and demand, with a focus on high-risk return layers [109]

Financial Performance - Gross Premiums Written increased from $8862 million in 2023 to $11733 million in 2024[5] - Net Premiums Written increased from $7468 million in 2023 to $9952 million in 2024[5] - Cash and Investments increased from $31094 million in 2023 to $34316 million in 2024[5] - Common Shareholders' Equity increased from $8705 million in 2023 to $9824 million in 2024[5] - The Combined Ratio was 779% in 2023 and 839% in 2024[5] - Book value per common share plus accumulated dividends increased from $192 in 2023 to $224 in 2024, with a CAGR of 31%[6] Business Segments - In 2024, Catastrophe represented 26%, General Casualty 19%, Other Property 16%, Professional Liability 10%, Other Specialty 21%, and Credit 8% of Gross Premiums Written[17] - In 2024, 51% of Gross Premiums Written came from the U S and Caribbean, 37% from Worldwide, 5% from Europe, 2% from Japan, Australia and New Zealand, 3% from Worldwide (Ex U S ), and 2% from Other regions[20] Capital Partners - Total Managed Capital is approximately $242 billion, including $128 billion of Owned Capital and ~$114 billion of Capital Partner Capital[22,23,25]

Group 1: Earnings Performance - RenaissanceRe reported quarterly earnings of $12.29 per share, exceeding the Zacks Consensus Estimate of $10.28 per share, but down from $12.41 per share a year ago, representing an earnings surprise of +19.55% [1] - The company posted revenues of $2.83 billion for the quarter ended June 2025, missing the Zacks Consensus Estimate by 4.4% and down from $2.95 billion year-over-year [2] Group 2: Stock Performance and Outlook - RenaissanceRe shares have declined approximately 4.7% since the beginning of the year, while the S&P 500 has gained 7.3% [3] - The current consensus EPS estimate for the upcoming quarter is $4.23 on revenues of $3.05 billion, and for the current fiscal year, it is $21.41 on revenues of $12.12 billion [7] Group 3: Industry Context - The Insurance - Property and Casualty industry is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

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 | 7 | | c. Property Segment - Catastrophe and Other Property Underwriting Results | 10 | | d. Gros ...

Core Viewpoint - Analysts project that RenaissanceRe (RNR) will report quarterly earnings of $10.28 per share, reflecting a year-over-year decline of 17.2%, with revenues expected to reach $2.96 billion, a slight increase of 0.2% from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 0.2% in the past 30 days, indicating a reassessment by covering analysts [2]. - Prior to earnings releases, revisions to earnings projections are crucial for predicting investor behavior, as studies show a strong correlation between earnings estimate trends and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Revenues- Net premiums earned' will be $2.55 billion, showing a year-over-year change of +0.2% [5]. - The consensus for 'Revenues- Net investment income' is $408.12 million, indicating a decline of 0.7% from the prior year [6]. Claims and Ratios - The 'Net Claims and Claim Expense Ratio - calendar year' is expected to be 52.1%, up from 51.5% a year ago [7]. - The 'Combined Ratio' is forecasted to reach 81.3%, slightly higher than the previous year's 81.1% [7]. - For 'Net Claims and Claim Expense Ratio - calendar year - Casualty and Specialty', the estimate is 68.9%, compared to 66.4% last year [8]. Performance Comparison - RenaissanceRe shares have returned -3.5% over the past month, contrasting with the Zacks S&P 500 composite's +5.4% change [9]. - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [10].

Company Overview - RenaissanceRe (RNR) is expected to report a year-over-year decline in earnings, with a projected EPS of $9.98, reflecting a decrease of 19.6% compared to the previous year [3] - Revenues are anticipated to be $2.93 billion, down 0.6% from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has been revised 0.18% lower in the last 30 days, indicating a reassessment by analysts [4] - A positive Earnings ESP of +2.76% suggests that analysts have recently become more optimistic about RenaissanceRe's earnings prospects [12] Market Reaction - The stock price may increase if the actual earnings exceed expectations, while a miss could lead to a decline [2] - Historical performance shows that RenaissanceRe has beaten consensus EPS estimates three out of the last four quarters [14] Comparison with Industry Peers - Chubb (CB), another player in the insurance industry, is expected to post earnings of $5.85 per share, indicating a year-over-year increase of 8.7% [18] - Chubb's revenues are projected to be $14.83 billion, up 7.1% from the previous year [18]