Core Insights - RenaissanceRe (NYSE: RNR) shares have performed well over the past year, increasing by approximately 10% [1] - However, the stock has declined over 10% from its peak due to heightened loss expectations following the California wildfires [1] - Q1 results highlighted the financial impact of the wildfires on the company's performance [1] Company Performance - The stock's performance over the last year shows resilience with a 10% increase [1] - The recent decline of over 10% from its highs indicates market sensitivity to external events, particularly natural disasters [1] - The Q1 results reflect the financial repercussions of the California wildfires, suggesting a need for investors to monitor such events closely [1]

Core Viewpoint - RenaissanceRe Holdings Ltd. reported a challenging first quarter for 2025, with significant losses attributed to elevated expenses from the California Wildfires, despite strong premium growth in the property segment and an increase in net investment income [1][5]. Financial Performance - The company reported an operating loss of $1.49 per share, missing the Zacks Consensus Estimate by 365.6%, and a decline from the previous year's figure of $12.18 [2]. - Total operating revenues reached $3.13 billion, reflecting a 10.3% year-over-year increase and surpassing the consensus mark by 7.8% [2]. - Gross premiums written amounted to $4.16 billion, up 4.1% year over year, exceeding estimates [3]. Segment Analysis - **Property Segment**: - Gross premiums written increased by 12.7% year over year to $2.1 billion, benefiting from reinstatement premiums related to California Wildfires [7]. - Net premiums earned rose 33.3% year over year to $1.2 billion, beating estimates [7]. - The segment reported an underwriting loss of $607.2 million, a significant drop from an income of $534.4 million a year ago, with a combined ratio of 148.7% [8]. - **Casualty & Specialty Segment**: - Gross premiums written decreased by 3.6% year over year to $2 billion, falling short of estimates [9]. - Net premiums earned were $1.5 billion, down 2.3% year over year, missing the consensus estimate [9]. - The segment incurred an underwriting loss of $163.4 million, contrasting with an underwriting income of $6.3 million in the prior year, with a combined ratio of 111.1% [9]. Investment Income and Expenses - Net investment income was reported at $405.4 million, a 3.7% year-over-year increase, but below the consensus estimate of $428.8 million [4]. - Total expenses surged by 80.2% year over year to $3.5 billion, driven by increased net claims and acquisition costs, exceeding estimates [5]. Financial Position - As of March 31, 2025, cash and cash equivalents stood at $1.6 billion, down from $1.7 billion at the end of 2024 [10]. - Total assets increased by 5.8% to $53.6 billion, while total shareholders' equity declined to $10.3 billion from $10.6 billion at the end of 2024 [10]. Capital Deployment - The company repurchased common shares worth $361.1 million in the first quarter, with additional repurchases of $65.3 million from April 1 to April 21, 2025 [11].

Financial Data and Key Metrics Changes - The company reported a modest operating loss for Q1 2025, but a profit on a net GAAP basis due to diversification and favorable mark-to-market gains in the investment portfolio [18][19] - Tangible book value per share plus accumulated dividends increased quarter over quarter despite catastrophe losses and $380 million returned to shareholders through dividends and share repurchases [19][31] - The annualized return on average common equity was reported at 7% despite significant insured losses [30] Business Line Data and Key Metrics Changes - Underwriting income was significantly impacted, reporting a loss of $771 million, while net investment income remained strong at $45 million [32][33] - Property catastrophe gross premiums written increased by 24% to $1.7 billion, and net premiums written rose by 33% to $1.4 billion, driven by reinstatement premiums from the California wildfires [37] - The casualty and specialty combined ratio was reported at 111%, with an adjusted combined ratio of 109%, reflecting the impact of large events [45] Market Data and Key Metrics Changes - The company noted that the property market is in exceptional shape, with rates increasing by 10% since 2023, and favorable trading conditions expected to continue [96][99] - Demand for reinsurance in Florida is growing, with strong pricing expected due to increased risk moving back into the private market [100] Company Strategy and Development Direction - The company aims to preserve margins while continuing to grow tangible book value per share in the current environment [27] - The focus remains on underwriting profitability and capital management, with a strategy to repurchase shares at attractive valuations [52][53] - The company is positioned to benefit from increased risk aversion in a volatile macroeconomic environment [92] Management's Comments on Operating Environment and Future Outlook - Management acknowledged unprecedented uncertainty in the economic environment but expressed confidence in the company's anti-correlation to macroeconomic shocks [7][10] - The company expects to navigate the current environment effectively and continue delivering value to shareholders [57][92] Other Important Information - The company repurchased $360 million of shares during the first quarter and continued to repurchase shares at attractive prices during the recent market sell-off [28][52] - The Bermuda corporate income tax of 15% was implemented, resulting in a tax expense but overall reported an income tax benefit of $45 million [35] Q&A Session Summary Question: Impact of California fires on midyear renewals - Management indicated that the property market is in exceptional shape, with increased rates and retentions, and expressed confidence in trading conditions for midyear renewals [96][99] Question: Changes in casualty and specialty combined ratio guidance - Management noted improvements in the casualty market and stable trends, leading to a cautious approach in recognizing improvements [103][106] Question: Proportion of third-party ownership of catastrophe volume - Management stated that the allocation to Da Vinci remains stable, with no material shifts expected going forward [110][111] Question: Reserve releases and management of the casualty book - Management confirmed that reserves are managed conservatively, with a balanced portfolio and sustained favorable development [120][124] Question: Market conditions and pricing trends - Management emphasized that the current market is more stable and sustainable compared to previous years, with no indication of a downward trend in pricing [132][134]

Financial Data and Key Metrics Changes - The company reported a modest operating loss for Q1 2025, but a profit on a net GAAP basis due to diversification and favorable mark-to-market gains in the investment portfolio [18][19] - Tangible book value per share plus accumulated dividends increased quarter over quarter despite catastrophe losses and $380 million returned to shareholders through dividends and share repurchases [19][31] - The annualized return on average common equity was reported at 7% despite significant insured losses [30] Business Line Data and Key Metrics Changes - Underwriting income was significantly impacted, reporting a loss of $771 million, while net investment income remained strong at $45 million [32][33] - Property catastrophe gross premiums written increased by 24% to $1.7 billion, and net premiums written rose by 33% to $1.4 billion, driven by reinstatement premiums from the California wildfires [37] - The casualty and specialty combined ratio was reported at 111%, with an adjusted combined ratio of 109%, reflecting the impact of large events [45] Market Data and Key Metrics Changes - The company noted that the property market is in exceptional shape compared to historical standards, with increased rates and retentions since 2023 [96] - Demand for reinsurance in Florida is growing, with strong pricing expected due to increased risk moving back into the private market [100] - The casualty market is showing signs of improvement, with rates increasing and better claims management being observed [104][106] Company Strategy and Development Direction - The company aims to preserve margins while continuing to grow tangible book value per share in the current environment [27] - The focus remains on underwriting profitability and capital management, with a strategy to repurchase shares at attractive valuations [28][53] - The company is positioned to benefit from increased risk aversion in a volatile macroeconomic environment [92] Management's Comments on Operating Environment and Future Outlook - Management acknowledged unprecedented uncertainty in the economic environment but expressed confidence in the company's ability to outperform due to its anti-correlated business model [7][10] - The company expects to continue delivering value to shareholders and is well-positioned for midyear renewals [92] - Management highlighted the resilience of the investment portfolio and the potential for increased demand for reinsurance as volatility rises [16][92] Other Important Information - The company repurchased $360 million of shares during the first quarter and continued to repurchase shares at attractive prices during the recent market sell-off [28][52] - The Bermuda corporate income tax of 15% was implemented, resulting in a corresponding tax expense, but the company reported an overall income tax benefit of $45 million [35] Q&A Session Summary Question: Impact of California fires on midyear renewals - Management indicated that the property market is in exceptional shape, with increased rates and retentions since 2023, and expressed confidence in the upcoming renewals [96][100] Question: Changes in casualty specialty combined ratio guidance - Management noted that the casualty market is improving, with stable trends and strong rates, leading to a cautious but optimistic outlook for the combined ratio [103][106] Question: Proportion of third-party ownership of catastrophe volume - Management stated that the allocation to Da Vinci remains stable, with no significant changes expected in the near future [110][111] Question: Reserve releases and management of the other property segment - Management clarified that favorable development in reserves was a byproduct of their annual review process and not a targeted focus [115][116] Question: Confidence in casualty reserves amidst adverse developments - Management expressed confidence in their underwriting and reserving processes, highlighting a well-balanced portfolio despite some adverse developments in certain lines [120][122]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14428 RENAISSANCERE HOLDINGS LTD. (Exact Name Of Registrant As Specified In Its Charter) (State or Other Jurisdiction of Incorporation or ...

Core Viewpoint - RenaissanceRe Holdings Ltd. reported a modest operating loss in Q1 2025 due to significant catastrophe events, including California wildfires, but demonstrated resilience with a 7% annualized return on average common equity and strong investment performance [7][14][20]. Financial Performance - The company experienced a $771 million underwriting loss and a combined ratio of 128%, with a 52.6 percentage point impact from large losses [3][14]. - Fee income was suppressed at $30 million, down 64% from Q1 2024, with negative performance fees of $16 million [3][14]. - Retained net investment income was $279 million, supported by $328 million in retained mark-to-market gains [5][14]. Catastrophe Impact - The net negative impact from large losses was $703 million after-tax, primarily from California wildfires, which accounted for $633 million of the losses [3][14][17]. - The property catastrophe combined ratio was reported at 176%, reflecting a current accident year loss ratio of 170% [4][14]. Underwriting and Market Conditions - Management expects property catastrophe market conditions to remain attractive, with growing demand and strong pricing, particularly in Florida [7][20]. - The casualty market is showing signs of improvement, with rates continuing to increase and enhanced claims management strategies being implemented [8][20]. Capital Management - The company repurchased 1.5 million shares for $361 million at an average price of $242 per share during the quarter [5][14]. - An $800 million debt issuance was completed, including $500 million of RenaissanceRe senior notes and $300 million of Da Vinci senior notes [6][14]. Strategic Outlook - RenaissanceRe is positioned to benefit from increased risk aversion in a volatile macroeconomic environment, with a focus on margin preservation and growth opportunities in property catastrophe [12][20]. - The company updated its wildfire models to enhance quoting confidence for wildfire-exposed deals in Q2 2025 renewals [8][20].

Core Insights - RenaissanceRe reported $3.13 billion in revenue for Q1 2025, a 10.3% year-over-year increase, exceeding the Zacks Consensus Estimate by 7.79% [1] - The company experienced an EPS of -$1.49, a significant decline from $12.18 a year ago, with a surprise of -365.63% compared to the consensus estimate of -$0.32 [1] Financial Performance Metrics - The combined ratio was reported at 128.3%, higher than the estimated 113.5% by analysts [4] - The underwriting expense ratio was 27.5%, better than the average estimate of 30.2% [4] - The net claims and claim expense ratio for the calendar year was 100.8%, exceeding the estimated 83.4% [4] - Net investment income was $405.35 million, slightly below the average estimate of $428.77 million, but a 3.7% increase year-over-year [4] - Net premiums earned totaled $2.72 billion, surpassing the estimate of $2.47 billion, reflecting an 11.3% year-over-year increase [4] - Equity in earnings of other ventures was $17.83 million, exceeding the estimate of $9.43 million, marking a 26.2% year-over-year increase [4] - Net premiums earned in the property segment were $1.25 billion, significantly higher than the estimated $956.47 million, representing a 33.3% year-over-year increase [4] - Net premiums earned in the casualty and specialty segment were $1.47 billion, slightly below the estimate of $1.52 billion, showing a -2.3% year-over-year change [4] - Other income was reported at $0.91 million, significantly lower than the estimated $2 million, indicating a -1928% year-over-year change [4] Stock Performance - RenaissanceRe shares returned +1.8% over the past month, contrasting with the Zacks S&P 500 composite's -6.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - RenaissanceRe reported a quarterly loss of $1.49 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.32, and down from earnings of $12.18 per share a year ago, resulting in an earnings surprise of -365.63% [1] - The company posted revenues of $3.13 billion for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 7.79%, and up from $2.83 billion in the same quarter last year [2] - RenaissanceRe has surpassed consensus EPS estimates three times over the last four quarters, indicating a positive trend in revenue performance [2] 分组2 - The stock has lost about 2.1% since the beginning of the year, while the S&P 500 has declined by 10.1%, suggesting relative outperformance [3] - The current consensus EPS estimate for the upcoming quarter is $11.30 on revenues of $2.94 billion, and for the current fiscal year, it is $23.43 on revenues of $11.81 billion [7] - The Insurance - Property and Casualty industry is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Financial Performance - Net income available to RenaissanceRe common shareholders for Q1 2025 was $161,147, a decrease of 56% from $364,798 in Q1 2024[13]. - Operating income available to RenaissanceRe common shareholders for Q1 2025 was $(69,754), compared to $636,379 in Q1 2024[13]. - Total revenues for Q1 2025 reached $3,470,488, an increase from $2,599,425 in Q1 2024[17]. - Net income attributable to RenaissanceRe common shareholders for the three months ended March 31, 2025, was $158,782, a decrease of 56% compared to $359,525 for the same period in 2024[88]. - Basic earnings per share for the three months ended March 31, 2025, was $3.29, down from $6.96 in the same period of the previous year[88]. - The company reported a net claims and claim expense ratio of 100.8% for the calendar year, indicating that claims exceeded premiums earned[21]. Premiums and Underwriting - Gross premiums written increased to $4,155,503 in Q1 2025, up 4.1% from $3,990,684 in Q1 2024[13]. - Net premiums written rose to $3,443,529, a 7.6% increase from $3,199,573 in the same period last year[13]. - The combined ratio for Q1 2025 was 128.3%, significantly higher than 77.9% in Q1 2024[13]. - The underwriting loss for the three months ended March 31, 2025, was $770.6 million, compared to an underwriting income of $540.7 million in the same period last year[21]. - The combined ratio for the first quarter of 2025 was 128.3%, significantly higher than 77.9% in the first quarter of 2024, indicating a deterioration in underwriting performance[21]. - Gross premiums written for the property segment increased by 12.7% to $2,130,833 compared to $1,889,881 in the same quarter last year[34]. Claims and Expenses - Net claims and claim expenses incurred surged to $2,743,758 in Q1 2025, compared to $1,166,123 in Q1 2024[17]. - The net claims and claim expenses incurred reached $1,623,257, a substantial increase from $154,249 in the previous year, resulting in a net claims and claim expense ratio of 130.1%[30]. - The company reported incurred claims and claim expenses of $3,104,842 for the current quarter, compared to $1,159,623 in the same quarter last year[48]. - Total reserves for claims and claim expenses increased to $22,857,131 from $21,303,491 at the end of the previous quarter[48]. Investment Performance - Total investment result for Q1 2025 was $738,293, compared to $177,121 in Q1 2024, reflecting a substantial increase[13]. - The annualized total investment return for managed investments was 9.3% in Q1 2025, up from 2.8% in Q1 2024[13]. - Net investment income for Q1 2025 was $405,353, compared to $390,775 in Q1 2024, showing a slight increase of 3.5%[70]. - The company reported net realized and unrealized losses on investments of $(373.4) million for Q1 2025, contrasting with gains of $232.6 million in Q1 2024[98]. - The company reported a net investment income return annualized of 4.8% for Q1 2025, down from 5.3% in Q1 2024, a decrease of 0.5%[112]. Assets and Equity - Total assets increased to $53.63 billion as of March 31, 2025, up from $50.71 billion at December 31, 2024, representing a growth of 5.7%[19]. - Shareholders' equity attributable to RenaissanceRe decreased to $10.35 billion as of March 31, 2025, down from $10.57 billion at the end of 2024[19]. - The tangible book value per common share increased to $178.31 as of March 31, 2025, from $177.18 at the end of 2024[106]. Segment Performance - The casualty and specialty segment gross premiums written decreased by 3.6% to $2,024,670 from $2,100,803 year-over-year[34]. - Total catastrophe net premiums written rose by 32.7% to $1,411,050 from $1,063,723 year-over-year[38]. - Casualty and Specialty segment net premiums written decreased by 2.7% to $1,752,535 from $1,801,955 in the prior year[38]. Future Outlook - The company is focusing on improving underwriting performance and managing claims expenses to enhance profitability in future quarters[30].

Core Viewpoint - RenaissanceRe Holdings Ltd. has launched a new property catastrophe bond fund, the RenaissanceRe Medici UCITS Fund, aimed at providing European and global investors access to its catastrophe bond investment strategy within a regulated UCITS structure in Ireland [1][2][3]. Group 1: Fund Details - The RenaissanceRe Medici UCITS Fund is an extension of the existing RenaissanceRe Medici Fund Ltd., maintaining similar investment principles [2]. - The fund commenced with $340 million in capital, which includes $140 million co-invested by RenaissanceRe [2]. - RenaissanceRe holds a 15.8% non-controlling economic ownership in the Medici entity as of the end of 2024 [2]. Group 2: Strategic Alignment - This initiative aligns with RenaissanceRe's strategy to expand globally, diversify capital sources, and enhance its investment platform [3]. - The new fund aims to attract more third-party capital and broaden the investor base beyond traditional markets [3]. Group 3: Management and Revenue Generation - The Capital Partners team of RenaissanceRe will manage the fund, leveraging 25 years of experience in managing third-party capital and building investor relationships [4]. - The fund is expected to strengthen RenaissanceRe's catastrophe bonds business, efficiently matching capital with risk and creating a stable revenue stream [4]. - RenaissanceRe is positioned to generate consistent returns by utilizing its risk expertise and experience in alternative capital management [4]. Group 4: Market Performance - RenaissanceRe's shares have increased by 7% over the past year, compared to a 15.7% rise in the industry [5].