v3.25.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
At December 31.20252024
U.S. treasuries$10,641,503 $11,001,893 
Corporate
8,528,828 7,862,423 
Residential mortgage-backed2,606,882 1,707,056 
Asset-backed1,606,790 1,422,393 
Non-U.S. government691,912 618,809 
Agencies486,817 623,489 
Commercial mortgage-backed321,591 326,451 
Total fixed maturity investments trading$24,884,323 $23,562,514 
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
At December 31, 2025At December 31, 2024
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$2,072,111 $2,081,003 $1,374,089 $1,373,838 
Due after one through five years
12,450,807 12,606,212 12,139,153 12,131,114 
Due after five through ten years
5,039,803 5,109,842 6,339,563 6,246,506 
Due after ten years
573,271 552,003 387,413 355,156 
Mortgage-backed
2,920,644 2,928,473 2,094,190 2,033,507 
Asset-backed1,601,715 1,606,790 1,416,132 1,422,393 
Total
$24,658,351 $24,884,323 $23,750,540 $23,562,514 
Equity Investments
The following table summarizes the fair value of equity investments:
At December 31.20252024
Fixed income exchange traded funds$1,582,811 $— 
Common stock (1)
Financials147,996 116,400 
Other
2,183 1,356 
Total common stock
150,179 117,756 
Total equity investments
$1,732,990 $117,756 
(1)In 2025, the Company revised its presentation of equity investments to present all individual equity holdings as common stock. Comparative information for the prior periods presented have been updated to conform to the current presentation.
Pledged Investments
At December 31, 2025, $8.6 billion (2024 - $10.3 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $2.5 billion (2024 - $3.1 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
Reverse Repurchase Agreements
At December 31, 2025, the Company held $59.2 million (2024 - $169.4 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.
Other Investments
The table below shows the fair value of the Company’s portfolio of other investments:
At December 31,20252024
Fund investments
Private credit funds
$1,445,158 $1,181,146 
Private equity funds
701,837 609,105 
Hedge funds
473,990 338,248 
Insurance-linked securities funds
154,514 — 
Total fund investments
2,775,499 2,128,499 
Catastrophe bonds1,613,710 1,984,396 
Direct private equity investments185,005 211,866 
Total other investments$4,574,214 $4,324,761 
Fund Investments
Fund investments are limited partnership or similar interests in private equity funds, private credit funds, hedge funds and insurance-linked securities funds managed by unrelated third parties.
Private Credit Funds
The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including U.S. direct lending funds, secondaries, mezzanine investments, distressed securities and senior secured bank loan funds. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.
Private Equity Funds
The Company’s investments in private equity funds include limited partnership or similar interests that invest in certain private equity asset classes, including U.S. and global leveraged buyouts. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.
Hedge Funds
The Company’s investments in hedge funds are primarily focused on global multi-strategy opportunities. These investments are generally redeemable at the option of the Company, at less than a month’s notice. Certain restrictions on redemptions, including initial lock-up periods or redemption gates, may also apply to the Company, as defined by each fund’s governing documents. Redemption gates allow the investment manager of a fund to defer part or all of a redemption request so as to not negatively impact the value of the redemption or the value of any interests that remain in the fund.
Insurance-Linked Securities Funds
Effective March 3, 2025, the Company made an investment in RenaissanceRe Medici UCITS Fund (“Medici UCITS”), a sub-fund of RenaissanceRe Medici ICAV, whose primary investment objective is to invest substantially all of its assets in global insurance-linked securities, specifically catastrophe bonds. Medici UCITS is considered a related party and the Company has elected to account for its investment at fair value, for consistency in reporting with its other fund investments. The Company can redeem from Medici
UCITS fortnightly with a minimum of four business days’ prior written notice, subject to certain redemption gates. The Company has no outstanding commitment to Medici UCITS.
During 2025, investors subscribed for $399.0 million of the participating shares of Medici UCITS, including $140.0 million from the Company. Of this amount, $316.5 million represented a transfer in kind from existing investors in RenaissanceRe Medici Fund Ltd. (“Medici”), including the Company. Net income from Medici UCITS attributable to the Company was $14.5 million in 2025. At December 31, 2025, the total net asset value of Medici UCITS was $449.9 million, of which $154.5 million was attributable to the Company, and the Company’s ownership in Medici UCITS was 34.3%.
Limited Partnerships Entities
The Company’s fund investments are primarily variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company has also invested into some of the same limited partnerships through debt investments included within fixed maturities investments trading. The Company determined that certain of these interests represent investments in the VIEs and that it is not required to consolidate these investments because it is not the primary beneficiary of these VIEs. The Company’s maximum exposure to loss with respect to these VIEs is limited to the carrying amounts reported in the Company’s consolidated balance sheets and any unfunded commitment.
The following table summarizes the aggregate carrying amount of investments in unconsolidated VIEs on the Company’s consolidated balance sheets, as well as the Company’s maximum exposure to loss associated with these VIEs:
Maximum Exposure to Loss
Carrying Amount
Unfunded CommitmentsTotal
At December 31, 2025$2,665,801 $3,207,923 $5,873,724 
At December 31, 2024$1,993,362 $1,863,142 $3,856,504 
Catastrophe Bonds
Catastrophe bonds are non-investment grade bonds generally issued by unrelated third parties that generally mature within 1 to 5 years.
Direct Private Equity Investments
Direct private equity investments are the Company’s direct equity investments in companies that are not traded on any nationally recognized equity markets.
Investments in Other Ventures, under Equity Method
The table below shows the Company’s portfolio of investments in other ventures, under equity method:
20252024
At December 31,Ownership %
Carrying Value
Ownership %
Carrying Value
Investments in other ventures, under equity method
0.1% - 50.0%
$121,871 
0.1% - 50.0%
$102,770 
Net Investment Income
The components of net investment income are as follows:
Year ended December 31,202520242023
Fixed maturity investments trading
$1,144,271 $1,116,649 $744,457 
Short term investments190,549 183,153 213,303 
Equity investments
Fixed income exchange traded funds
48,897 — 4,306 
Common stock (1)
2,671 2,460 2,955 
Other investments
Catastrophe bonds200,465 238,844 200,572 
Fund and direct private equity investments (2)
96,629 82,457 87,296 
Cash and cash equivalents47,379 54,241 23,123 
 1,730,861 1,677,804 1,276,012 
Investment expenses(27,386)(23,515)(22,902)
Net investment income$1,703,475 $1,654,289 $1,253,110 
(1)In 2025, the Company revised the description of its “other equity investments” to “common stock.”
(2)In 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”
Equity in Earnings (Losses) of Other Ventures
The table below shows the Company’s equity in earnings (losses) of other ventures:
Year ended December 31,202520242023
Equity in earnings (losses) of other ventures
$71,332 $47,087 $43,474 
During 2025, the Company received $53.2 million of distributions from its investments in other ventures, under equity method (2024 - $109.8 million, 2023 - $41.4 million). The equity in earnings (losses) of Top Layer Reinsurance Ltd. (“Top Layer”), a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance, is recorded on a current quarter basis. The equity in earnings (losses) of the Company’s investments in other ventures are reported one quarter in arrears.
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Year ended December 31,202520242023
Fixed maturity investments trading$419,857 $(246,423)$292,054 
Investment-related derivatives (1)
638,534 (57,279)(68,272)
Equity investments49,374 10,976 45,751 
Other investments
Catastrophe bonds(10,978)62,353 101,897 
Fund and direct private equity investments (2)
84,481 202,533 43,092 
Net realized and unrealized gains (losses) on investments$1,181,268 $(27,840)$414,522 
(1)Included in investment-related derivatives in 2025 are gains (losses) related to fixed maturity investment-related derivatives of $84.1 million (2024 - $(136.2) million, 2023 - $(67.0) million), equity investment-related derivatives of $138.9 million (2024 - $2.3 million, 2023 - $(1.9) million and commodity-related derivatives of $415.5 million (2024 - $76.5 million, 2023 - $0.7 million). Refer to “Note 19. Derivative Instruments” for additional information on investment-related derivatives.
(2)In 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”
Net realized and unrealized gains (losses) on fixed maturity investments trading and equity investments, is split between realized and unrealized gains (losses) as follows:
Year ended December 31,202520242023
Fixed maturity investments trading
Net realized gains (losses)$20,764 $(63,929)$(393,041)
Net unrealized gains (losses)399,093 (182,494)685,095 
Net realized and unrealized gains (losses)$419,857 $(246,423)$292,054 
Equity investments
Net realized gains (losses)$598 $355 $(27,492)
Net unrealized gains (losses)48,776 10,621 73,243 
Net realized and unrealized gains (losses)$49,374 $10,976 $45,751