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RenaissanceRe(RNR) - 2025 Q2 - Quarterly Report

GLOSSARY OF DEFINED TERMS This section defines key terms and abbreviations used throughout the financial report NOTE ON FORWARD-LOOKING STATEMENTS This section provides cautionary statements regarding forward-looking information and associated risks PART I FINANCIAL INFORMATION This part presents the company's unaudited consolidated financial statements and management's discussion and analysis ITEM 1. FINANCIAL STATEMENTS 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-X35 - Management believes all necessary adjustments (normal recurring accruals) for a fair statement of financial position and results of operations are included35 - Due to business seasonality, interim results are not necessarily indicative of full fiscal year or subsequent quarter results36 Consolidated Balance Sheets 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 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) 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 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 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 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 funds32 - Consolidated financial statements include the Company, its subsidiaries, and all variable interest entities where the Company is the primary beneficiary33 Note 2. Significant Accounting Policies 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 note34 - Financial statements are prepared under GAAP for interim information, and management's estimates and assumptions are crucial, with actual results potentially differing materially3537 - Major estimates include claims and claim expense reserves, reinsurance recoverable, premiums receivable, fair value measurements, impairment charges, deferred acquisition costs, and deferred tax valuation allowance37 Note 3. Investments 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 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 participants47 - 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)4849 - No material changes in valuation techniques or transfers between Level 1, Level 2, or Level 3 during the period51 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 Company97254 Note 5. Reinsurance 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 obligations101 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 counterparties104 - 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 higher106 Note 6. Reserve for Claims and Claim Expenses 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 claims107 - Reserves include case reserves, additional case reserves (ACR), and incurred but not reported (IBNR) losses, reviewed by the Company's reserving committee107 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 2024112 Note 7. Debt and Credit Facilities 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, 2025124 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 purposes128 - The Company issued $500.0 million of 5.800% Senior Notes due 2035, receiving net proceeds of approximately $493.5 million129130 Note 8. Noncontrolling Interests 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)137139144147 Note 9. Variable Interest Entities 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 benefits160 - Upsilon RFO returned $191.7 million of capital to investors, including $23.6 million to the Company, during the six months ended June 30, 2025163 - 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 commitments167170180186192 Note 10. Shareholders' Equity 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 Shares195197198 - 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 dividends199 - The Board approved a renewal of the share repurchase program for up to $750.0 million on May 7, 2025200 - 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 available200 Note 11. Earnings per Share 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 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 - An "Other" category includes investments, strategic investments, corporate expenses, capital servicing costs, noncontrolling interests, and acquisition/disposition expenses204 - Net investment income and total assets are not allocated to segments as the Company does not manage its assets by segment206 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 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 risk210 - Derivatives are primarily exchange-traded futures, centrally cleared credit default swaps, or over-the-counter foreign currency forward contracts210 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, 2025222 - The Company had $343.0 million notional positions in credit default swaps to protect against increasing credit risk at June 30, 2025227 Note 14. Commitments, Contingencies and Other Items 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, 2024235 - The Company is subject to lawsuits and regulatory actions in the normal course of business, which are considered in loss and loss expense reserves236 - Management believes no individual litigation or arbitration is likely to have a material adverse effect on its financial condition, business, or operations236 Note 15. Subsequent Events 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 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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 capital242243 - The Company's three principal drivers of profit are underwriting income, fee income (from Capital Partners unit), and investment income, which generate diversified earnings streams246 - 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 rate250295300 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 arrangements244 - 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 - 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 Company254 SUMMARY OF CRITICAL ACCOUNTING ESTIMATES 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, 2024255 SUMMARY RESULTS OF OPERATIONS 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 year300306310 Net Negative Impact 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/expense301 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 factors303 Underwriting Results by Segment - Property 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 - Combined ratio improved by 26.5 percentage points, driven by lower catastrophe losses and higher prior accident year net favorable development267 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 property315 - 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 ratio317 Underwriting Results by Segment - Casualty and Specialty 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 casualty270 - 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 crash277 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 class321 - 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 Events326 Fee Income 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 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 Investment Results 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 yields284 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 valuations287 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 yields334 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 valuations338 Net Foreign Exchange Gains (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 exposures292 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 period338 Equity in Earnings (Losses) of Other Ventures 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 income293 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 investments339 Corporate Expenses 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 expenses294 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 compensation342 Income Tax Benefit (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, 2025295 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 CIT340 Net Income (Loss) Attributable to Redeemable Noncontrolling Interests 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 ventures296 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 Vermeer343 FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES 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 payments344 - Each insurance subsidiary and branch exceeded minimum solvency, capital, and surplus requirements in their applicable jurisdictions at June 30, 2025345 - 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 2025354 Financial Condition 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 securities344 - The payment of dividends by subsidiaries is limited by applicable laws and regulations, and insurance laws require solvency and liquidity maintenance345 Liquidity and Cash Flows 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 expenses346 - Cash flows provided by operating activities for the six months ended June 30, 2025, were $1.6 billion, down from $1.9 billion in 2024368 - 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 - 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 Capital Resources 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 dividends375 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 million381383 Reserve for Claims and Claim Expenses 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 claims382 - Actual net claims and claim expenses paid may differ materially from estimates, potentially impacting financial condition, liquidity, and capital resources382 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 investments386 - 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, 2025391 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 Fitch392 - RenaissanceRe has been assigned the highest ERM score of "Very Strong" by both S&P and A.M. Best394 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 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, 2025399 - The guarantees on the senior notes are senior unsecured obligations of RenaissanceRe, ranking equally with all other existing and future unsecured and unsubordinated indebtedness399 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 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 events405 - 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 insights408409 - The Bermuda CIT, effective January 1, 2025, will subject Bermuda profits to a 15% corporate income tax, increasing the consolidated effective tax rate414 - 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 results415 - 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 trends419423425 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 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 risks430 - Derivative instruments like futures, options, foreign currency forward contracts, and swap agreements may be used for risk assumption or hedging430 - No material changes to market risks were disclosed during the six months ended June 30, 2025431 ITEM 4. CONTROLS AND PROCEDURES 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, 2025432 - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025433 PART II OTHER INFORMATION This part contains additional disclosures, including legal proceedings, risk factors, and equity security sales ITEM 1. LEGAL PROCEEDINGS 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-K434 ITEM 1A. RISK FACTORS 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-K435 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 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