

At December 31,	2025		2024
Redeemable noncontrolling interest - DaVinci	$	3,701,637	$	3,061,708
Redeemable noncontrolling interest - Medici	1,398,166		1,646,745
Redeemable noncontrolling interest - Vermeer	1,922,431		1,799,857
Redeemable noncontrolling interest - Fontana	579,858		469,439
Redeemable noncontrolling interests	$	7,602,092	$	6,977,749



Year ended December 31,	2025		2024		2023
Redeemable noncontrolling interest - DaVinci	$	596,851	$	627,055	$	545,812
Redeemable noncontrolling interest - Medici	162,676		202,941		239,250
Redeemable noncontrolling interest - Vermeer	122,574		244,560		239,457
Redeemable noncontrolling interest - Fontana	53,308		15,616		34,476
Net income (loss) attributable to redeemable noncontrolling interests	$	935,409	$	1,090,172	$	1,058,995

DaVinci is a managed joint venture formed by RenaissanceRe principally to write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis through its wholly-owned subsidiary, DaVinci Reinsurance. DaVinci is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of DaVinci, as it has the power to direct the activities of DaVinci that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to DaVinci. Accordingly, the Company consolidates DaVinci and all significant intercompany transactions have been eliminated. The portion of DaVinci’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests.

DaVinci shareholders are party to a shareholders’ agreement which provides DaVinci shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinci of such shareholder’s desire for DaVinci to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinci’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinci’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinci before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of December 31 of that year. The repurchase price can be subject to a holdback and true-up for potential development on loss reserves. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value and can be subject to a true-up for potential development on loss reserves. The Company has not provided any financial or other support to DaVinci that it was not contractually required to provide.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During 2025, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $26.9 million as a result of redemptions of shares from and distributions to third-party investors.

At December 31, 2025, DaVinci’s standalone consolidated balance sheet included total assets and total liabilities of $7.2 billion and $2.3 billion, respectively (2024 - $6.1 billion and $2.0 billion, respectively). The total assets included $6.2 billion of investments and $978.5 million of all other aggregated assets (2024 - $5.3 billion and $805.4 million, respectively). The total liabilities included $1.5 billion of reserve for claims and claim expenses, $297.0 million of debt and $554.8 million of all other aggregated liabilities (2024 - $1.4 billion, $149.9 million and $440.7 million, respectively). The Company’s noncontrolling economic ownership in DaVinci was 24.3% at December 31, 2025 (2024 - 25.4%).

During 2024, RenaissanceRe sold an aggregate of $300.0 million of its shares in DaVinci to third-party investors and purchased an aggregate of $225.9 million of shares from other third-party investors. In addition, DaVinci distributed $180.6 million to third-party investors and $69.4 million to the Company.



Year ended December 31,	2025		2024
Beginning balance	$	3,061,708	$	2,541,482
Redemption of shares from redeemable noncontrolling interests	(26,929)		(406,849)
Sale of shares to redeemable noncontrolling interests, net of adjustments	70,007		300,020

Net income (loss) attributable to redeemable noncontrolling interest	596,851		627,055

Ending balance	$	3,701,637	$	3,061,708

Medici is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk. Medici is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Medici, as it has the power to direct the activities of Medici that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Medici. Accordingly, the Company consolidates Medici and all significant intercompany transactions have been eliminated. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. RenaissanceRe, Medici and RFM are parties to a revolving credit facility pursuant to which RenaissanceRe provides for a revolving commitment to Medici of up to $75.0 million. The Company has not provided any financial or other support to Medici that it was not contractually required to provide.

During 2025, investors subscribed for $258.5 million of the participating, non-voting common shares of Medici, including $50.2 million from the Company. In addition, investors redeemed $804.4 million of the participating, non-voting common shares of Medici, including $200.0 million from the Company. Of the total redemption of $804.4 million, $316.5 million was immediately reinvested in Medici UCITS, including $140.0 million from the Company, and $260.4 million was immediately reinvested in Stratos. Third party investors also received $15.3 million in dividends. Refer to “Note 5. Investments” for additional information related to the Company’s investment in Medici UCITS and “Note 11. Variable Interest Entities” for additional information related to Stratos.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During 2025, RenaissanceRe received cash inflows of $212.2 million from subscriptions of shares in Medici by third-party investors and paid $639.9 million as a result of redemptions of shares from and dividends to third-party investors.

included $1.7 billion of investments and $23.3 million of all other aggregated assets (2024 - $2.1 billion and $26.7 million, respectively). The total liabilities included $133.2 million of all other aggregated liabilities (2024 - $151.1 million). The Company’s noncontrolling economic ownership in Medici was 11.3% at December 31, 2025 (2024 - 15.8%).

During 2024, investors subscribed for $250.2 million of the participating, non-voting common shares of Medici, including $50.6 million from the Company. In addition, investors redeemed $382.0 million of the participating, non-voting common shares of Medici, including $0.3 million from the Company. Investors also received $24.6 million in dividends.



Year ended December 31,	2025		2024
Beginning balance	$	1,646,745	$	1,650,229
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(604,392)		(406,644)
Sale of shares to redeemable noncontrolling interests	208,451		200,219
Net income (loss) attributable to redeemable noncontrolling interest	162,676		202,941
Dividends on common shares	(15,314)		—

Ending balance	$	1,398,166	$	1,646,745

Vermeer is a managed joint venture formed by RenaissanceRe to provide capacity focused on risk remote layers in the U.S. property catastrophe market. RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, owns 100% of the non-voting participating shares of Vermeer. Vermeer is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Vermeer, as it has power to direct the activities of Vermeer that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Vermeer. Accordingly, the Company consolidates Vermeer and all significant intercompany transactions have been eliminated. As PFZW owns all of the participating shares of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.

At December 31, 2025, Vermeer’s standalone balance sheet included total assets and total liabilities of $2.3 billion and $411.4 million, respectively (2024 - $1.9 billion and $93.0 million, respectively). The total assets included $2.0 billion of investments and $332.7 million of all other aggregated assets (2024 - $1.8 billion and $68.5 million, respectively). The total liabilities included $91.2 million of reserve for claims and claim



Year ended December 31,	2025		2024
Beginning balance	$	1,799,857	$	1,555,297
Dividends on common shares	—		(175,000)
Sale of shares to redeemable noncontrolling interest	—		175,000

Net income (loss) attributable to redeemable noncontrolling interest	122,574		244,560

Ending balance	$	1,922,431	$	1,799,857

Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to assume casualty and specialty risks in line with the Company’s book of business. Fontana is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Fontana, as it has power to direct the activities of Fontana that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Fontana. Accordingly, the Company consolidates Fontana and all significant intercompany transactions have been eliminated. The portion of Fontana’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company may be obligated to repurchase all or a portion of the limited partner interest held by limited partners of Fontana upon request, subject to certain restrictions. The Company has not provided any financial or other support to Fontana that it was not contractually required to provide.

During 2025, investors subscribed for $100.0 million of the limited partner interest of Fontana, including $70.8 million from the Company. In addition, RenaissanceRe sold an aggregate of $100.0 million of its limited partner interest in Fontana to other third-party investors and purchased an aggregate of $72.0 million of its limited partner interest in Fontana from other third-party investors.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During 2025, RenaissanceRe received no cash inflows from subscriptions for the limited partner interest of Fontana by third-party investors, and paid $72.0 million as a result of redemptions of the limited partner interest from third-party investors.

At December 31, 2025, Fontana’s standalone consolidated balance sheet included total assets and total liabilities of $2.9 billion and $2.1 billion, respectively (2024 - $2.2 billion and $1.6 billion, respectively). The total assets included $2.0 billion of investments and $889.0 million of all other aggregated assets (2024 - $1.3 billion and $943.0 million, respectively). The total liabilities included $1.4 billion of reserve for claims and claim expenses, $99.2 million of debt and $620.6 million of all other aggregated liabilities (2024 - $913.1 million, $Nil and $679.6 million, respectively). The Company’s noncontrolling economic ownership in Fontana was 28.7% at December 31, 2025 (2024 - 26.5%).



Year ended December 31,	2025		2024
Beginning balance	$	469,439	$	353,823
Redemption of shares from redeemable noncontrolling interest	(72,044)		—
Sale of limited partner interest to redeemable noncontrolling interest	129,155		100,000

Net income (loss) attributable to redeemable noncontrolling interest	53,308		15,616

Ending balance	$	579,858	$	469,439