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April 23, 2025 Reinsurance

Financial Supplement Q1 2025

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	6
c.	Property Segment - Catastrophe and Other Property Underwriting Results	9
d.	Gross Premiums Written	10
e.	Net Premiums Written	11
f.	Net Premiums Earned	12
g.	Reserves for Claims and Claim Expenses	13
h.	Paid to Incurred Analysis	14
Managed Joint Ventures and Fee Income
a. Fee Income	15
b.	Fee income - Five Quarter Trend	16
c.	Noncontrolling Interests	17
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	19
Investments
a.	Total Investment Result	20
b.	Investments Composition	21
c.	Managed Investments - Credit Rating	22
d.	Retained Investments - Credit Rating	23
Other Items
a.	Earnings per Share	24
Comments on Non-GAAP Financial Measures	25

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.

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 25 through 33 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, estimates of net negative impact and insured losses from loss events, competition in the industry, industry capital, 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
		March 31,			March 31,
		2025			2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	161,147		$	364,798
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	(69,754)	$	636,379
Underwriting income
Gross premiums written	$	4,155,503	$	3,990,684
Net premiums written		3,443,529			3,199,573
Net premiums earned		2,720,781			2,443,910
Underwriting income (loss)		(770,597)			540,682

Net claims and claim expense ratio:
Current accident year	108.0 %	51.7 %
Prior accident years	(7.2)%	(4.0)%
Calendar year	100.8 %		47.7 %
Acquisition expense ratio	23.8 %	25.9 %
Operating expense ratio	3.7 %	4.3 %
Combined ratio	128.3 %		77.9 %
Adjusted combined ratio (1)	126.4 %	75.4 %

Fee income
Management fee income	$	46,061	$	56,053
Performance fee income		(15,604)			27,497
Total fee income	$	30,457		$	83,550
Investment results - managed
Net investment income	$	405,353	$	390,775
Net realized and unrealized gains (losses) on investments		332,940			(213,654)
Total investment result	$	738,293		$	177,121
Total investment retu- annualized
	9.3 %			2.8 %
Investment results - retained (1)
Net investment income	$	279,106	$	267,477
Net realized and unrealized gains (losses) on investments		328,312			(193,839)
Total investment result	$	607,418		$	73,638
Total investment retu- annualized
	10.6 %			1.6 %

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

Financial Highlights - Per Share Data & ROE

		Three months ended
		March 31,			March 31,
		2025			2024
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	3.29		$	6.96
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	3.27	$	6.94
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	(1.49)	$	12.18
Average shares outstanding - basic		48,334			51,678
Average shares outstanding - diluted		48,514			51,828
Retuon average common equity - annualized		6.6 %			16.4 %
Operating retuon average common equity - annualized (1)		(2.9)%			28.7 %
		March 31,		December 31,
		2025			2024
Book value per common share	$	196.18		$	195.77
Tangible book value per common share (1)	$	178.31	$	177.18
Tangible book value per common share plus accumulated dividends (1)	$	206.79	$	205.26
Year to date change in book value per common share plus change in accumulated dividends		0.4 %			19.4 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)		0.9 %			26.0 %

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
		March 31,			March 31,
Revenues		2025			2024

Gross premiums written	$	4,155,503	$	3,990,684
Net premiums written
$	3,443,529	$	3,199,573
Decrease (increase) in unearned premiums		(722,748)			(755,663)
Net premiums earned		2,720,781			2,443,910
Net investment income		405,353			390,775
Net foreign exchange gains (losses)		(7,328)			(35,683)
Equity in earnings (losses) of other ventures		17,828			14,127
Other income (loss)		914			(50)
Net realized and unrealized gains (losses) on investments		332,940			(213,654)
Total revenues		3,470,488			2,599,425
Expenses
Net claims and claim expenses incurred		2,743,758			1,166,123
Acquisition expenses		647,435			630,921
Operational expenses		100,185			106,184
Corporate expenses		22,810			39,252
Interest expense		27,086			23,104
Total expenses		3,541,274			1,965,584
Income (loss) before taxes		(70,786)			633,841
Income tax benefit (expense)		45,525			(15,372)
Net income (loss)		(25,261)			618,469
Net (income) loss attributable to redeemable noncontrolling interests		195,252			(244,827)
Net income (loss) attributable to RenaissanceRe		169,991			373,642
Dividends on preference shares		(8,844)			(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	161,147		$	364,798

Summary Consolidated Financial Statements

Consolidated Balance Sheets

		March 31,		December 31,
Assets		2025			2024

Fixed maturity investments trading, at fair value - amortized cost $23,266,328 at March 31, 2025 (December 31, 2024 - $23,750,540)	$	23,310,208	$	23,562,514
Short term investments, at fair value - amortized cost $5,054,809 at March 31, 2025 (December 31, 2024 - $4,532,166)		5,054,254			4,531,655
Equity investments, at fair value		887,508			117,756
Other investments, at fair value		4,239,952			4,324,761
Investments in other ventures, under equity method		101,227			102,770
Total investments		33,593,149			32,639,456
Cash and cash equivalents		1,632,797			1,676,604
Premiums receivable		8,437,901			7,290,228
Prepaid reinsurance premiums		1,213,867			888,332
Reinsurance recoverable		4,577,895			4,481,390
Accrued investment income		216,780			238,290
Deferred acquisition costs and value of business acquired		1,684,843			1,552,359
Deferred tax asset		764,711			701,053
Receivable for investments sold		160,587			91,669
Other assets		664,706			444,037
Goodwill and other intangibles		686,147			704,132
Total assets	$	53,633,383		$	50,707,550
Liabilities, Noncontrolling Interests and Shareholders' Equity

Liabilities
Reserve for claims and claim expenses	$	22,857,131	$	21,303,491
Unearned premiums		6,999,119			5,950,415
Debt		2,753,738			1,886,689
Reinsurance balances payable		2,857,122			2,804,344
Payable for investments purchased		551,871			150,721
Other liabilities		575,726			1,060,129
Total liabilities		36,594,707			33,155,789
Redeemable noncontrolling interests		6,690,173			6,977,749
Shareholders' Equity
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at March 31, 2025 (December 31, 2024 - 30,000)		750,000			750,000
Common shares: $1.00 par value - 48,928,318 shares issued and outstanding at March 31, 2025 (December 31, 2024 - 50,180,987)		48,928			50,181
Additional paid-in capital		1,146,653			1,512,435
Accumulated other comprehensive loss		(14,844)			(14,756)
Retained earnings		8,417,766			8,276,152
Total shareholders' equity attributable to RenaissanceRe		10,348,503			10,574,012
Total liabilities, noncontrolling interests and shareholders' equity	$	53,633,383		$	50,707,550

Book value per common share	$	196.18	$	195.77

Underwriting and Reserves

Consolidated Segment Underwriting Results

		Three months ended March 31, 2025			Three months ended March 31, 2024
		Property		Casualty and			Total			Property		Casualty and			Total
				Specialty							Specialty
Gross premiums written	$	2,130,833		$	2,024,670		$	4,155,503		$	1,889,881		$	2,100,803		$	3,990,684
Net premiums written
$	1,690,994	$	1,752,535	$	3,443,529	$	1,397,618	$	1,801,955	$	3,199,573
Net premiums earned
$	1,247,950	$	1,472,831	$	2,720,781	$	936,083	$	1,507,827	$	2,443,910
Net claims and claim expenses incurred		1,623,257			1,120,501			2,743,758			154,249			1,011,874			1,166,123
Acquisition expenses		167,645			479,790			647,435			185,782			445,139			630,921
Operational expenses		64,266			35,919			100,185			61,624			44,560			106,184
Underwriting income (loss)	$	(607,218)		$	(163,379)		$	(770,597)		$	534,428		$	6,254		$	540,682
Net claims and claim expenses incurred:

Current accident year	$	1,810,315	$	1,129,317	$	2,939,632	$	248,916	$	1,014,288	$	1,263,204
Prior accident years		(187,058)			(8,816)			(195,874)			(94,667)			(2,414)			(97,081)
Total	$	1,623,257		$	1,120,501		$	2,743,758		$	154,249		$	1,011,874		$	1,166,123
Net claims and claim expense ratio:

Current accident year		145.1 %			76.7 %			108.0 %			26.6 %			67.3 %			51.7 %
Prior accident years		(15.0)%			(0.6)%			(7.2)%			(10.1)%			(0.2)%			(4.0)%
Calendar year		130.1 %			76.1 %			100.8 %			16.5 %			67.1 %			47.7 %
Acquisition expense ratio		13.5 %			32.5 %			23.8 %			19.9 %			29.5 %			25.9 %
Operating expense ratio		5.1 %			2.5 %			3.7 %			6.5 %			3.0 %			4.3 %
Combined ratio		148.7 %			111.1 %			128.3 %			42.9 %			99.6 %			77.9 %
Adjusted combined ratio (1)
	147.1 %			108.8 %			126.4 %			40.5 %			97.1 %			75.4 %

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

Underwriting and Reserves

Consolidated Underwriting Results - Five Quarter Trend

								Total
		March 31,		December 31,		September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Gross premiums written	$	4,155,503		$	1,916,751		$	2,400,136		$	3,425,495		$	3,990,684
Net premiums written
$	3,443,529	$	1,751,628	$	2,162,504	$	2,838,511	$	3,199,573
Net premiums earned
$	2,720,781	$	2,527,566	$	2,582,969	$	2,541,315	$	2,443,910
Net claims and claim expenses incurred		2,743,758			1,483,742			1,373,614			1,309,502			1,166,123
Acquisition expenses		647,435			678,170			690,338			644,438			630,921
Operational expenses		100,185			157,104			125,261			108,039			106,184
Underwriting income (loss)	$	(770,597)		$	208,550		$	393,756		$	479,336		$	540,682
Net claims and claim expenses incurred:

Current accident year	$	2,939,632	$	1,837,218	$	1,666,120	$	1,417,773	$	1,263,204
Prior accident years		(195,874)			(353,476)			(292,506)			(108,271)			(97,081)
Total	$	2,743,758		$	1,483,742		$	1,373,614		$	1,309,502		$	1,166,123
Net claims and claim expense ratio:

Current accident year		108.0 %			72.7 %			64.5 %			55.8 %			51.7 %
Prior accident years		(7.2)%			(14.0)%			(11.3)%			(4.3)%			(4.0)%
Calendar year		100.8 %			58.7 %			53.2 %			51.5 %			47.7 %
Acquisition expense ratio		23.8 %			26.8 %			26.8 %			25.3 %			25.9 %
Operating expense ratio		3.7 %			6.2 %			4.8 %			4.3 %			4.3 %
Combined ratio		128.3 %			91.7 %			84.8 %			81.1 %			77.9 %
Adjusted combined ratio (1)
	126.4 %			89.4 %			82.4 %			78.6 %			75.4 %

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

Attachments

Disclaimer

RenaissanceRe Holdings Ltd. published this content on April 23, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2025 at 21:04 UTC.

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