Core Insights - TCW Relative Value Mid Cap Fund reported a return of 7.37% in Q2 2025, outperforming the Russell Midcap® Value Index which returned 5.35% [1] - The fund's performance was bolstered by a recovery in U.S. equities following a 90-day pause on certain tariffs, alongside better-than-expected corporate results and positive job reports [1] Company Analysis: RenaissanceRe Holdings Ltd. (NYSE:RNR) - RenaissanceRe Holdings Ltd. is a property & casualty reinsurer with nearly $10 billion in net written premiums for 2024 and a market capitalization of $12.037 billion as of October 2, 2025 [2][3] - The stock has shown a one-month return of 6.27% but has lost 8.56% over the past 52 weeks, closing at $255.75 per share [2] - The company has a strong track record with a compounded book value growth of 13.5% CAGR since its IPO in 1995 and a history of conservative underwriting practices [3] - The acquisition of Validus Re from AIG, which closed in late 2023, is expected to be a primary catalyst for growth, as the new parent company will re-underwrite policies to improve margins and profitability [3] - Current reinsurance premium pricing remains flat to modestly down but still offers attractive margins, with potential redundancy in reserves estimated at $12 per share, which could enhance book value over time [3]

Core Viewpoint - AM Best has revised the outlooks of Renaissance Reinsurance Ltd. and its subsidiaries to positive from stable, affirming strong financial ratings, indicating improved operating performance and favorable market conditions [1][3][4]. Group 1: Rating Changes - AM Best revised the outlook of Renaissance Reinsurance Ltd. and its subsidiaries to positive from stable for the Long-Term Issuer Credit Ratings, while affirming the Financial Strength Rating of A+ [1]. - The outlook of the Financial Strength Rating for the subsidiaries remains stable [2]. - RenaissanceRe Holdings Ltd. also received a positive outlook revision, with affirmed Long-Term ICR ratings of "a-" and A for DaVinci Reinsurance Ltd. [3]. Group 2: Financial Performance - RenaissanceRe's balance sheet strength is assessed as strongest, with adequate operating performance and a very favorable business profile [4]. - Despite elevated global catastrophes, RenaissanceRe has shown substantial improvement in operating performance, particularly in specialty and casualty lines [5][6]. - Investment returns have significantly increased due to higher yields from a relatively short-duration, fixed-income portfolio [6]. Group 3: Market Position and Risks - RenaissanceRe is well-positioned to benefit from favorable market conditions in the global reinsurance space [6]. - The growth in casualty lines may expose the company to potential reserve volatility, but it has reinsurance protection to mitigate adverse developments [6]. - The ability to attract and deploy capital during various market cycles is a key factor in assessing the overall balance sheet strength [7].

Core Insights - Understanding the performance of leading European stocks reveals differences compared to American firms, with Europe excelling in fashion and having notable successes in tech and defense [4][8] - Long-term value creation is essential for sustained performance, with firms that consistently excel in customer value, autonomous networks, and adaptive mindsets outperforming others [4][8] Consistently Poor Performers - Diageo PLC: Overall score 8.2/15.0, TSR/S&P500 at 7%/243% [5] - Bayer: Overall score 8.2/15.0, TSR/S&P500 at 20%/243% [5] - Sanofi S.A.: Overall score 8.5/15.0, TSR/S&P500 at 50%/243% [5] - National Grid: Overall score 8.8/15.0, TSR/S&P500 at 67%/243% [5] - Adidas: Overall score 8.5/15.0, TSR/S&P500 at 173%/243% [5] - Anheuser-Busch InBev: Overall score 8.7/15.0, TSR/S&P500 at 50%/243% [5] Mixed Performers - Nestlé S.A.: Overall score 8.9/15.0, TSR/S&P500 at 55%/243% [6] - British American Tobacco: Overall score 8.9/15.0, TSR/S&P500 at 74%/243% [6] - Unilever PLC: Overall score 8.5/15.0, TSR/S&P500 at 94%/243% [6] - Allianz: Overall score 9.3/15.0, TSR/S&P500 at 133%/243% [6] - L'Oréal: Overall score 10.2/15.0, TSR/S&P500 at 168%/243% [6] - HSBC Holdings: Overall score 8.7/15.0, TSR/S&P500 at 203%/243% [6] Consistently Successful Firms - EssilorLuxottica: Overall score 10.5/15.0, TSR/S&P500 at 204%/243% [7] - AXA: Overall score 9.0/15.0, TSR/S&P500 at 218%/243% [7] - Novo Nordisk: Overall score 11.2/15.0, TSR/S&P500 at 103%/243% [7] - Enel: Overall score 9.0/15.0, TSR/S&P500 at 246%/243% [7] - LVMH: Overall score 10.8/15.0, TSR/S&P500 at 291%/243% [7] - Relx: Overall score 9.8/15.0, TSR/S&P500 at 296%/243% [7] - AstraZeneca: Overall score 10.0/15.0, TSR/S&P500 at 300%/243% [7] High Performers - Iberdrola: Overall score 9.2/15.0, TSR/S&P500 at 307%/243% [9] - Siemens: Overall score 10.2/15.0, TSR/S&P500 at 309%/243% [9] - Airbus: Overall score 10.2/15.0, TSR/S&P500 at 312%/243% [9] - SAP: Overall score 11.0/15.0, TSR/S&P500 at 357%/243% [9] - Zurich Insurance Group: Overall score 9.2/15.0, TSR/S&P500 at 370%/243% [9] - Münchener Rück: Overall score 9.4/15.0, TSR/S&P500 at 402%/243% [9] - Linde PLC: Overall score 10.0/15.0, TSR/S&P500 at 424%/243% [9] - ABB: Overall score 10.2/15.0, TSR/S&P500 at 444%/243% [9] - Schneider Electric: Overall score 10.5/15.0, TSR/S&P500 at 486%/243% [9] - Hermes: Overall score 11.0/15.0, TSR/S&P500 at 546%/243% [9] - Rheinmetall: Overall score 9.5/15.0, TSR/S&P500 at +1000%/243% [9] - ASML: Overall score 11.5/15.0, TSR/S&P500 at 1070%/243% [9]

Core Points - SCOR SE announced the redemption of €63.6 million in outstanding undated subordinated notes issued on October 1, 2014 [1] - The early redemption has received prior approval from the French regulatory authority [2] - All redeemed notes will be cancelled in accordance with the terms and conditions [2] Company Overview - SCOR is a leading global reinsurer offering a diversified range of reinsurance and insurance solutions to manage risk [3] - The company generated premiums of €20.1 billion in 2024 and serves clients in over 150 countries from 37 offices worldwide [3] - The redemption of the notes follows a tender offer in December 2024, which allowed the company to redeem €186.4 million of subordinated notes from the same series [6]

Core Insights - Oxbridge Re Holdings Limited, a leader in digitizing reinsurance securities, will participate in TOKEN2049 Singapore on October 1-2, 2025 [1] - TOKEN2049 Singapore is a major event in the digital assets and Web3 space, attracting participants from over 160 countries, with more than 60% in senior leadership roles [2] - The event features over 1,000 side events, making it one of the largest gatherings in the blockchain and crypto industry [2] Company Overview - Oxbridge Re Holdings Limited is headquartered in the Cayman Islands and offers tokenized Real-World Assets (RWAs) as reinsurance securities and business solutions to property and casualty insurers through its subsidiaries [3] - The company’s licensed reinsurers, Oxbridge Reinsurance Limited and Oxbridge Re NS, provide property and casualty reinsurance to businesses in the Gulf Coast region of the United States [4] - SurancePlus Inc., a Web3-focused subsidiary, has developed the first "on chain" reinsurance RWA sponsored by a publicly traded company, democratizing access to reinsurance as an alternative investment [5] Leadership Perspective - Jay Madhu, Chairman and CEO of Oxbridge and SurancePlus, emphasized the importance of TOKEN2049 Singapore for engaging with leaders in the digital assets ecosystem and building new industry connections [3]

Core Insights - Everest Reinsurance has established a new office in Gujarat International Finance Tec-City (GIFT City), India, following approval from the International Financial Services Centres Authority (IFSCA) [1] - The new office will enhance Everest's regional footprint and strengthen partnerships with local and multinational insurers, focusing on casualty, property, and specialty reinsurance activities [2] - The launch in India is seen as a significant opportunity due to the dynamic reinsurance market driven by strong economic growth and increasing demand for advanced reinsurance solutions [3] Company Developments - Kevin Bogardus will oversee the new office as the head of Reinsurance Asia and Pacific [1] - Jill Beggs, the executive vice-president and CEO, emphasized the potential for long-term value delivery to clients across Asia and globally [3] - Jim Williamson was appointed as president and CEO of Everest Group in January 2023, bringing over 20 years of experience in the property and casualty insurance sector [4]

Core Viewpoint - Swiss Re indicates that the widespread use of GLP-1 drugs for obesity treatment could lead to a reduction in the annual death rate by up to 6.4% in the United States by 2045 [1] Group 1 - The potential impact of GLP-1 drugs on public health is significant, suggesting a proactive approach to obesity management could yield substantial benefits [1]

Core Viewpoint - Munich Re has appointed Walter Voigts-von Forster as the new CEO of its Africa Branch, effective from February 1, 2026, pending regulatory approval [1][2]. Group 1: Leadership Transition - Walter Voigts-von Forster brings over 18 years of experience in the reinsurance sector and has been with Munich Re since 2007, holding various positions including head of aviation treaty and head of non-life business for Munich Re Africa [2]. - Voigts-von Forster succeeds Nico Conradie, who will retire at the end of January 2026 after 23 years with the company, including a decade as CEO of the Africa Branch [3]. - Roland Eckl, the chief executive for Munich Re Australasia, Greater China, MENA, and Africa, acknowledged Nico's significant contributions to establishing Munich Re as a leading player in the African market [3]. Group 2: Future Outlook - Voigts-von Forster expressed confidence in continuing the success of Munich Re in Africa, emphasizing the company's long-term commitment to the region and its clients [4]. - He aims to ensure that Munich Re remains a stable reinsurer, dedicated to providing optimal reinsurance solutions across sub-Saharan Africa [5]. - In June, Munich Re Specialty-North America established a new life sciences division to broaden its insurance offerings, indicating the company's strategic expansion into various sectors [5].

Acquisition Overview - Third Point Investors has completed the acquisition of a 100% equity stake in Malibu Life Reinsurance SPC from Malibu Life Holdings, with financial terms undisclosed [1] - Malibu Life Re operates as a licensed life and annuity reinsurer in the Cayman Islands and was established by Third Point Investors in May 2024 [1] Strategic Intent - The acquisition aims to create a fully capitalized reinsurance company listed in London, as proposed by Third Point Investors in May [2] - Third Point Investors chair Dimitri Goulandris emphasized the significance of this milestone for establishing a reinsurance operating company [2] Market Opportunity - The board expressed optimism about bringing Malibu Life to the London market, highlighting the opportunity to access the growing $1 trillion fixed annuity market in the US through an established reinsurance platform [3] - The management team is described as experienced and capable, which is expected to enhance the company's market position [3] Share Issuance and Trading - As part of the transaction, Third Point Investors announced the admission of 21,426,808 ordinary shares to the ESCC category, available for trading on the London Stock Exchange since September 12 [3] - Third Point Investors issued 1,868,805 ordinary shares to Malibu Life Holdings, representing approximately 95% of the total consideration shares for the acquisition [4] Growth Projections - The company targets approximately $5 billion in annual premium income and aims for annual returns in the mid-teens by the end of 2027 [5] - A redemption offer is planned for 4,376,750 ordinary shares on September 19, 2025, which will adjust the number of ordinary shares available for trading to 17,050,058 [5]

Core Viewpoint - The composite of seven reinsurance groups in the US and Bermuda has shown favorable performance in 2024, achieving its fourth consecutive year of underwriting profitability despite a slight increase in the combined ratio compared to 2023 [1][3]. Group 1: Financial Performance - The composite achieved a combined ratio of 89.5 in 2024, reflecting a 4.4-point increase from 2023 but still showing strong improvement compared to years prior to 2023 [3][4]. - Overall profitability in 2024 was lower than the exceptional outcomes of 2023, which included historically strong underwriting margins and significant investment gains [5]. - Total net premiums written (NPW) rose by 13.2% in 2024, up from 5.3% in 2023, with growth in 2023 previously constrained by increased reinsurance cessions [6]. Group 2: Premium Growth - Property and casualty (P/C) gross written premiums increased by 12.3% in 2024, compared to 10.5% in 2023, primarily driven by RenaissanceRe following the Validus transaction [7]. - Excluding RenaissanceRe, P/C premium growth moderated to 9.5% in 2024 from 12.9% in 2023 [7]. - A broader trend of slowing top-line growth is noted, particularly in property exposures where pricing began to soften in 2025 [8]. Group 3: Catastrophe and Losses - Natural catastrophe activity remained high in 2024, with estimated global insured losses reaching approximately USD 140 billion, the third-highest on record [10]. - Catastrophe events added 6.7 points to the composite's combined ratio, compared to 4.0 points in 2023 [10]. - Loss reserve development was less favorable in 2024, contributing only 0.3 points of favorable development versus 3.7 points in 2023 [11]. Group 4: Investment Performance - Strong investment performance continued to support earnings, with net investment income more than doubling over two years to reach USD 8.8 billion in 2024 [12]. - The composite posted a return on equity (ROE) of 16.8% in 2024, down from 23.0% in 2023 due to one-time accounting gains [12]. Group 5: Market Dynamics - The composite's GAAP equity grew by 9.6% in 2024, slightly lagging behind NPW and loss reserve increases [13]. - New company formation in the US and Bermuda reinsurance market has remained limited due to an abundance of capital and investor caution [14]. - Future capital flows are expected to favor established reinsurers with proven track records, while opportunities for new entrants are likely to remain constrained [14].