Newswires

January 28, 2025 Reinsurance

Financial Supplement FY 2024

U.S. Markets via PUBT

	RenaissanceRe Holdings Ltd.
	Contents
		Page
Basis of Presentation	i
Financial Highlights	1
Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	3
b.	Consolidated Balance Sheets	4
Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Consolidated and Segment Underwriting Results - Five Quarter Trend	7
c.	Property Segment - Catastrophe and Other Property Underwriting Results	10
d.	Gross Premiums Written	12
e.	Net Premiums Written	13
f.	Net Premiums Earned	14
g.	Reserves for Claims and Claim Expenses	15
h.	Paid to Incurred Analysis	16
Managed Joint Ventures and Fee Income
a. Fee Income	17
b.	Fee income - Five Quarter Trend	18
c.	Noncontrolling Interests	19
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	21
Investments
a.	Total Investment Result	22
b.	Investments Composition	24
c.	Managed Investments - Credit Rating	25
d.	Retained Investments - Credit Rating	26
Other Items
a.	Earnings per Share	27
Comments on Non-GAAP Financial Measures	28

RenaissanceRe Holdings Ltd.

Basis of Presentation

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

On November 1, 2023, the Company completed its acquisition (the "Validus Acquisition") of Validus Holdings, Ltd. ("Validus Holdings"), Validus Specialty, LLC ("Validus Specialty") and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as "Validus." The operating activities of Validus are included in the Company's consolidated statements of operations starting from the acquisition date, November 1, 2023. As such, the results of operations and comparisons to prior periods should be viewed in that context.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP") including "operating income (loss) available (attributable) to RenaissanceRe common shareholders," "operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted," "operating retuon average common equity - annualized," "tangible book value per common share," "tangible book value per common share plus accumulated dividends," "adjusted combined ratio," "retained total investment result," "retained investments, at fair value," "retained investments, unrealized gain (loss)" and "operating (income) loss attributable to redeemable noncontrolling interests." A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 38 for "Comments on Non-GAAP Financial Measures."

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

Cautionary Statement Regarding Forward-Looking Statements

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

RenaissanceRe Holdings Ltd.

Financial Highlights

		Three months ended		Year ended
	December 31,		December 31,		December 31,		December 31,
		2024			2023	2024	2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(198,503)		$	1,576,682		$ 1,834,985	$ 2,525,757
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	406,877	$	623,110	$ 2,234,426	$ 1,824,910
Underwriting income
Gross premiums written	$	1,916,751	$	1,802,041	$11,733,066	$ 8,862,366
Net premiums written		1,751,628			1,587,047	9,952,216	7,467,813
Net premiums earned		2,527,566			2,249,445	10,095,760	7,471,133
Underwriting income (loss)		208,550			540,970	1,622,324	1,647,408

Net claims and claim expense ratio:
Current accident year	72.7 %	50.5 %	61.3 %	53.9 %
Prior accident years	(14.0)%	(7.0)%	(8.5)%	(6.1)%
Calendar year	58.7 %		43.5 %		52.8 %	47.8 %
Acquisition expense ratio	26.8 %	26.5 %	26.2 %	25.1 %
Operating expense ratio	6.2 %	6.0 %	4.9 %	5.0 %
Combined ratio	91.7 %		76.0 %		83.9 %	77.9 %
Adjusted combined ratio (1)	89.4 %	73.6 %	81.5 %	77.1 %

Fee income
Management fee income	$	53,536	$	47,769	$	219,860	$	176,599
Performance fee income		23,568			23,014			106,936		60,195
Total fee income	$	77,104		$	70,783		$	326,796	$	236,794
Investment results - managed
Net investment income	$	428,810	$	376,962	$	1,654,289	$	1,253,110
Net realized and unrealized gains (losses) on investments		(630,347)			585,939			(27,840)		414,522
Total investment result	$	(201,537)		$	962,901		$	1,626,449	$	1,667,632
Total investment retu- annualized
	(2.4)%			15.2 %			5.4 %		6.9 %
Investment results - retained (1)
Net investment income	$	295,237	$	256,445	$	1,138,028	$	830,533
Net realized and unrealized gains (losses) on investments		(552,332)			490,387			(41,863)		285,765
Total investment result	$	(257,095)		$	746,832		$	1,096,165	$	1,116,298
Total investment retu- annualized
	(4.3)%			16.5 %			4.9 %		6.5 %

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Financial Highlights - Per Share Data & ROE

		Three months ended			Year ended
	December 31,		December 31,		December 31,		December 31,
		2024			2023			2024	2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	(3.95)	$	30.51	$	35.31	$	52.40
basic
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share -	$	(3.95)	$	30.43	$	35.21	$	52.27
diluted
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common	$	8.06	$	11.77	$	42.99	$	37.54
share - diluted (1)
Average shares outstanding - basic		50,429			50,937			51,186	47,493
Average shares outstanding - diluted		50,429			51,072			51,339	47,607
Retuon average common equity - annualized		(7.8)%			83.5 %			19.3 %	40.5 %
Operating retuon average common equity - annualized (1)		16.0 %			33.0 %			23.5 %	29.3 %
	December 31,		December 31,
		2024			2023
Book value per common share	$	195.77		$	165.20
Tangible book value per common share (1)	$	177.18	$	141.87
Tangible book value per common share plus accumulated dividends (1)	$	205.26	$	168.39
Year to date change in book value per common share plus change in accumulated dividends		19.4 %			59.3 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)		26.0 %			47.6 %

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Summary Consolidated Financial Statements

Consolidated Statements of Operations

		Three months ended		Year ended
	December 31,		December 31,		December 31,		December 31,
Revenues		2024	2023	2024	2023

Gross premiums written	$	1,916,751	$1,802,041	$11,733,066	$8,862,366
Net premiums written
$	1,751,628	$1,587,047	$9,952,216	$7,467,813
Decrease (increase) in unearned premiums		775,938	662,398	143,544	3,320
Net premiums earned		2,527,566		2,249,445		10,095,760		7,471,133
Net investment income		428,810	376,962	1,654,289	1,253,110
Net foreign exchange gains (losses)		(48,382)	12,398	(76,076)	(41,479)
Equity in earnings (losses) of other ventures		14,652	15,402	47,087	43,474
Other income (loss)		1,129	144	1,928	(6,152)
Net realized and unrealized gains (losses) on investments		(630,347)	585,939	(27,840)	414,522
Total revenues		2,293,428		3,240,290		11,695,148		9,134,608
Expenses
Net claims and claim expenses incurred		1,483,742	979,522	5,332,981	3,573,509
Acquisition expenses		678,170	594,487	2,643,867	1,875,034
Operational expenses		157,104	134,466	496,588	375,182
Corporate expenses		34,295	74,285	134,784	127,642
Interest expense		23,246	23,201	93,768	73,181
Total expenses		2,376,557		1,805,961		8,701,988		6,024,548
Income (loss) before taxes		(83,129)		1,434,329		2,993,160		3,110,060
Income tax benefit (expense)		63,908	554,206	(32,628)	510,067
Net income (loss)		(19,221)		1,988,535		2,960,532		3,620,127
Net (income) loss attributable to redeemable noncontrolling interests		(170,438)	(403,009)	(1,090,172)	(1,058,995)
Net income (loss) attributable to RenaissanceRe		(189,659)		1,585,526		1,870,360		2,561,132
Dividends on preference shares		(8,844)	(8,844)	(35,375)	(35,375)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(198,503)		$1,576,682		$1,834,985		$2,525,757

Summary Consolidated Financial Statements

Consolidated Balance Sheets

	December 31,		December 31,
Assets		2024			2023

Fixed maturity investments trading, at fair value - amortized cost $23,750,540 at December 31, 2024 (December 31, 2023 - $20,872,450)	$	23,562,514	$	20,877,108
Short term investments, at fair value - amortized cost $4,532,166 at December 31, 2024 (December 31, 2023 - $4,603,340)		4,531,655			4,604,079
Equity investments, at fair value		117,756			106,766
Other investments, at fair value		4,324,761			3,515,566
Investments in other ventures, under equity method		102,770			112,624
Total investments		32,639,456			29,216,143
Cash and cash equivalents		1,676,604			1,877,518
Premiums receivable		7,290,228			7,280,682
Prepaid reinsurance premiums		888,332			924,777
Reinsurance recoverable		4,481,390			5,344,286
Accrued investment income		238,290			205,713
Deferred acquisition costs and value of business acquired		1,552,359			1,751,437
Deferred tax asset		701,053			685,040
Receivable for investments sold		91,669			622,197
Other assets		444,037			323,960
Goodwill and other intangibles		704,132			775,352
Total assets	$	50,707,550		$	49,007,105
Liabilities, Noncontrolling Interests and Shareholders' Equity

Liabilities
Reserve for claims and claim expenses	$	21,303,491	$	20,486,869
Unearned premiums		5,950,415			6,136,135
Debt		1,886,689			1,958,655
Reinsurance balances payable		2,804,344			3,186,174
Payable for investments purchased		150,721			661,611
Other liabilities		1,060,129			1,021,872
Total liabilities		33,155,789			33,451,316
Redeemable noncontrolling interests		6,977,749			6,100,831
Shareholders' Equity
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at December 31, 2024 (December 31, 2023 - 30,000)		750,000			750,000
Common shares: $1.00 par value - 50,180,987 shares issued and outstanding at December 31, 2024 (December 31, 2023 - 52,693,887)		50,181			52,694
Additional paid-in capital		1,512,435			2,144,459
Accumulated other comprehensive loss		(14,756)			(14,211)
Retained earnings		8,276,152			6,522,016
Total shareholders' equity attributable to RenaissanceRe		10,574,012			9,454,958
Total liabilities, noncontrolling interests and shareholders' equity	$	50,707,550		$	49,007,105

Book value per common share	$	195.77	$	165.20

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Three months ended December 31, 2024			Three months ended December 31, 2023
		Property		Casualty and			Total			Property		Casualty and			Total
				Specialty							Specialty
Gross premiums written	$	390,043		$	1,526,708		$	1,916,751		$	344,597		$	1,457,444		$	1,802,041
Net premiums written
$	376,136	$	1,375,492	$	1,751,628	$	357,953	$	1,229,094	$	1,587,047
Net premiums earned
$	938,658	$	1,588,908	$	2,527,566	$	884,321	$	1,365,124	$	2,249,445
Net claims and claim expenses incurred		384,156			1,099,586			1,483,742			123,942			855,580			979,522
Acquisition expenses		191,988			486,182			678,170			170,854			423,633			594,487
Operational expenses		95,623			61,481			157,104			85,919			48,547			134,466
Underwriting income (loss)	$	266,891		$	(58,341)		$	208,550		$	503,606		$	37,364		$	540,970
Net claims and claim expenses incurred:

Current accident year	$	732,207	$	1,105,011	$	1,837,218	$	275,638	$	859,694	$	1,135,332
Prior accident years		(348,051)			(5,425)			(353,476)			(151,696)			(4,114)			(155,810)
Total	$	384,156		$	1,099,586		$	1,483,742		$	123,942		$	855,580		$	979,522
Net claims and claim expense ratio:

Current accident year		78.0 %			69.5 %			72.7 %			31.2 %			63.0 %			50.5 %
Prior accident years		(37.1)%			(0.3)%			(14.0)%			(17.2)%			(0.3)%			(7.0)%
Calendar year		40.9 %			69.2 %			58.7 %			14.0 %			62.7 %			43.5 %
Acquisition expense ratio		20.5 %			30.6 %			26.8 %			19.4 %			31.0 %			26.5 %
Operating expense ratio		10.2 %			3.9 %			6.2 %			9.7 %			3.6 %			6.0 %
Combined ratio		71.6 %			103.7 %			91.7 %			43.1 %			97.3 %			76.0 %
Adjusted combined ratio (1)
	69.2 %			101.3 %			89.4 %			41.7 %			94.3 %			73.6 %

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Underwriting and Reserves

Consolidated Segment Underwriting Results

	Year ended December 31, 2024			Year ended December 31, 2023
	Property		Casualty and		Total			Property		Casualty and		Total
			Specialty						Specialty
Gross premiums written	$4,823,731		$	6,909,335		$11,733,066		$	3,562,414		$	5,299,952	$8,862,366
Net premiums written
$3,833,636	$	6,118,580	$9,952,216	$	2,967,309	$	4,500,504	$7,467,813
Net premiums earned
$3,850,352	$	6,245,408	$10,095,760	$	3,090,792	$	4,380,341	$7,471,133
Net claims and claim expenses incurred	1,141,726			4,191,255	5,332,981			799,905			2,773,604	3,573,509
Acquisition expenses	758,554			1,885,313	2,643,867			600,127			1,274,907	1,875,034
Operational expenses	302,360			194,228	496,588			251,433			123,749	375,182
Underwriting income (loss)	$1,647,712		$	(25,388)		$1,622,324		$	1,439,327		$	208,081	$1,647,408
Net claims and claim expenses incurred:

Current accident year	$1,960,578	$	4,223,737	$6,184,315	$	1,208,810	$	2,815,306	$4,024,116
Prior accident years	(818,852)			(32,482)	(851,334)			(408,905)			(41,702)	(450,607)
Total	$1,141,726		$	4,191,255		$5,332,981		$	799,905		$	2,773,604	$3,573,509
Net claims and claim expense ratio:

Current accident year	50.9 %			67.6 %	61.3 %			39.1 %			64.3 %	53.9 %
Prior accident years	(21.2)%			(0.5)%	(8.5)%			(13.2)%			(1.0)%	(6.1)%
Calendar year	29.7 %			67.1 %		52.8 %			25.9 %			63.3 %	47.8 %
Acquisition expense ratio	19.6 %			30.2 %	26.2 %			19.4 %			29.1 %	25.1 %
Operating expense ratio	7.9 %			3.1 %	4.9 %			8.1 %			2.8 %	5.0 %
Combined ratio	57.2 %			100.4 %		83.9 %			53.4 %			95.2 %	77.9 %
Adjusted combined ratio (1)
54.9 %			98.0 %	81.5 %			52.9 %			94.2 %	77.1 %

See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.

Attachments

Disclaimer

RenaissanceRe Holdings Ltd. published this content on January 28, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on January 28, 2025 at 21:25:32.680.

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