STATUTORY REQUIREMENTS

12 Months Ended

Dec. 31, 2025

The Company’s (re)insurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, the most significant of which currently include Bermuda, Switzerland, the U.K. and the U.S. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities.

The following table summarizes the statutory capital and surplus and required minimum statutory capital and surplus of the Company’s primary regulated insurance operations in its most significant regulatory jurisdictions:



	Bermuda (1)				Switzerland (2)				U.K. (3)				U.S. (4)
At December 31,	2025		2024		2025		2024		2025		2024		2025		2024
Statutory capital and surplus	$	13,964,117	$	12,241,253	$	1,640,000	$	1,606,000	$	911,990	$	952,309	$	1,301,880	$	1,260,230
Required statutory capital and surplus	$	2,784,207	$	2,669,916	$	987,000	$	862,000	$	911,990	$	952,309	$	965,475	$	965,631

(1)Includes Renaissance Reinsurance, DaVinci Reinsurance, RenaissanceRe Specialty U.S., Vermeer, Fontana and Validus Re (which was acquired in on November 1, 2023). The Company’s primary Bermuda-domiciled insurance subsidiaries’ required statutory capital and surplus is based on the minimum solvency margin. On October 1, 2024, Renaissance Reinsurance and Validus Re were amalgamated.

(2)Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S., and Validus Reinsurance (Switzerland) Ltd (“Validus Switzerland”) (which was acquired on November 1, 2023) and its Bermuda Branch. On June 21, 2024, Validus Switzerland merged into RREAG.

(3)Includes Syndicate 1458. With respect to statutory capital and surplus and required statutory capital and surplus, underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as FAL. Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet.

(4)Includes Renaissance Reinsurance U.S.

The following table summarizes the statutory net income (loss) of the Company’s primary regulated insurance operations in its most significant regulatory jurisdictions:



	Statutory Net Income (Loss)
	Bermuda (1)		Switzerland (2)		U.K. (3)		U.S. (4)
Year ended December 31, 2025	$	2,759,822	$	357,358	$	198,512	$	42,277
Year ended December 31, 2024	$	2,703,081	$	411,526	$	89,169	$	(85,250)
Year ended December 31, 2023	$	2,699,083	$	225,751	$	158,258	$	(17,618)

(1)Includes Renaissance Reinsurance, DaVinci Reinsurance, RenaissanceRe Specialty U.S., Vermeer, Fontana and Validus Re (which was acquired in on November 1, 2023). On October 1, 2024, Renaissance Reinsurance and Validus Re were amalgamated.

(2)Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S., and Validus Switzerland and its Bermuda Branch (which was acquired on November 1, 2023). On June 21, 2024 Validus Switzerland merged into RREAG.

(3)Includes Syndicate 1458.

(4)Includes Renaissance Reinsurance U.S.

The difference between statutory financial statements and financial statements prepared in accordance with GAAP varies by jurisdiction. For the Company’s regulated entities, the primary difference is that statutory financial statements generally do not recognize goodwill and intangible assets. In the U.S., fixed maturity investments are generally recorded at amortized cost, deferred income taxes are charged directly to equity and deferred acquisition costs are generally not recognized in the statutory financial statements. In Switzerland, currency translation adjustment losses are directly charged to net income (loss), while translation gains are not admissible and are recorded as a translation reserve on the statutory balance sheet. In addition, fixed maturity investments are carried at the lower of amortized cost and market value and the recognition of equalization reserves is allowed. The prudence principle standard also allows for valuating certain assets below their nominal value. None of the Company’s insurance subsidiaries used permitted practices that prevented the trigger of a regulatory event during the years ended December 31, 2025, 2024 and 2023.

Dividend Restrictions of RenaissanceRe

As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own. Its assets consist primarily of investments in subsidiaries and cash and securities. As a result, the Company relies primarily on dividends and distributions (and other statutorily permissible payments) from its subsidiaries, investment income and fee income to meet its liquidity requirements, which primarily include making principal and interest payments on its debt, and dividend payments to its preference and common shareholders.

The payment of dividends by the Company’s subsidiaries is, under certain circumstances, limited by the applicable laws and regulations in the various jurisdictions in which the subsidiaries operate, including Bermuda, the U.S., the U.K., Switzerland, Australia, Singapore and Ireland. In addition, insurance laws require the Company’s insurance subsidiaries to maintain certain measures of solvency and liquidity.

Bermuda

Bermuda-registered insurance companies are regulated under the Bermuda Insurance Act 1978, as amended, and related regulations (collectively, the “Insurance Act”), which impose various requirements depending on a company’s classification under the Insurance Act. The Company and certain of its Bermuda-registered insurers are generally required to maintain available statutory economic capital and surplus at a level at least equal to their enhanced capital requirement (“ECR”), which may be adjusted by the BMA. The ECR is established by reference to the Bermuda Solvency Capital Requirement (“BSCR”) model. Renaissance Reinsurance and DaVinci Reinsurance are registered as Class 4 general business insurers, RenaissanceRe Specialty U.S. and Vermeer are registered as Class 3B general business insurers, and Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd. are registered as Class 3A general business insurers under the Insurance Act. Class 4, Class 3B and Class 3A insurers are required to maintain available statutory economic capital and surplus at a target capital level equal to 120% of the ECR. Failure to maintain statutory capital at least equal to the target capital level would likely result in increased BMA regulatory oversight. RenaissanceRe Europe AG, Bermuda Branch, a Class 3B general business insurer, has modified requirements, which are addressed under Switzerland, below. The Company and certain of its Bermuda-registered insurers are generally required to file an annual BSCR with the BMA. The Company’s 2024 group BSCR was filed with the BMA on May 30, 2025 with a BSCR ratio of 242%.

Class 4, Class 3B and Class 3A insurers are generally prohibited from declaring or paying any dividends if the declaring or paying such dividend would cause the insurer to fail to meet the required minimum solvency margin or minimum liquidity ratio, or if certain solvency requirements are not met. Additional restrictions apply to any dividend and any reduction in statutory capital over applicable thresholds.

Switzerland

RREAG is a reinsurance company licensed and supervised by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”).The minimum capital requirement for a Swiss reinsurance company under the Insurance Supervisory Act for reinsurance license class C1 is CHF 10 million. RREAG must further maintain adequate solvency and provide for sufficient free and unencumbered capital in relation to its activities in accordance with the Swiss Solvency Test (“SST”). The solvency requirement is met if the available risk-bearing capital exceeds the required target capital. It is then assessed whether the identified available

capital can meet the SST requirements and is sufficient to cover the company’s obligations in less favorable scenarios. RREAG maintains branch operations in Australia, Bermuda, the U.K. and the U.S., each in accordance with applicable local regulations, which may include statutory capital requirements.

RREAG may only distribute dividends out of its retained earnings or distributable reserves based on the audited annual accounts of the company. Any distribution of dividends may be subject to the approval of FINMA (as a change of the regulatory business plan) if they have a bearing on the solvency of the reinsurer and/or the interests of the insured. The solvency and capital requirements must still be met following any distribution.

U.K.

The underwriting capacity of a member of Lloyd’s must be supported by providing a deposit, referred to as “Funds at Lloyd’s” or “FAL,” in the form of cash, securities or letters of credit in an amount determined under the capital adequacy regime of the U.K. Prudential Regulatory Authority. The amount of such deposit is calculated for each member through the completion of a quarterly capital adequacy exercise. Under these requirements, Lloyd’s must demonstrate that each member has sufficient assets to meet its underwriting liabilities plus a required solvency margin. The amount of FAL for RenaissanceRe Syndicate 1458 (“Syndicate 1458”) is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model.

Dividends from a Lloyd’s managing agent and a Lloyd’s corporate member can be declared and paid provided the relevant company has sufficient profits available for distribution.

U.S.

Renaissance Reinsurance U.S. is required to meet certain minimum statutory capital and surplus requirements under Maryland law, including risk-based capital (“RBC”) requirements, and must file an annual report of its RBC levels. If the report shows Renaissance Reinsurance U.S.’s statutory capital and surplus or total adjusted capital is below certain levels, Renaissance Reinsurance U.S. may be required to take certain corrective action or the Maryland Insurance Administration (“MIA”) may be permitted or required to take certain regulatory action.

Maryland law places limitations on the amounts of dividends or distributions payable by Renaissance Reinsurance U.S. At December 31, 2025, Renaissance Reinsurance U.S. had an ordinary dividend capacity of $130.2 million which can be paid in 2026. Payment of ordinary dividends by Renaissance Reinsurance U.S. requires notice to the MIA. Declaration of an extraordinary dividend, which must be paid out of earned surplus, generally requires thirty days’ prior notice to and approval or non-disapproval of the MIA.

Multi-Beneficiary Reinsurance Trusts

Each of Renaissance Reinsurance, DaVinci Reinsurance, and RREAG was approved as a Trusteed Reinsurer and established a multi-beneficiary reinsurance trust (“MBRT”) to collateralize its (re)insurance liabilities. The MBRTs are subject to rules and regulations including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements.

The following table summarizes the assets held under trust and minimum amount required with respect to the MBRTs:



At December 31.	2025				2024
	Assets Held Under Trust		Minimum Amount Required		Assets Held Under Trust		Minimum Amount Required
RREAG (1)	$	1,395,468	$	1,184,741	$	1,463,275	$	1,312,796
Renaissance Reinsurance (2)	$	581,595	$	413,673	$	954,114	$	554,119
DaVinci Reinsurance	$	60,634	$	32,421	$	179,849	$	47,179

(1)RREAG and Validus Switzerland merged on June 21, 2024, with RREAG being the successor to the MBRTs held by Validus Switzerland.

(2)Renaissance Reinsurance and Validus Re amalgamated on October 1, 2024, with Renaissance Reinsurance being the successor to the MBRTs held by Validus Re.

Multi-Beneficiary Reduced Collateral Reinsurance Trusts

Each of Renaissance Reinsurance, RREAG and DaVinci Reinsurance has been approved as a “certified reinsurer” eligible for collateral reduction in certain states, and are authorized to provide reduced collateral equal to 20%, 20% and 50%, respectively, of their net outstanding insurance liabilities to insurers domiciled in each of those states. Each of Renaissance Reinsurance, RREAG and DaVinci Reinsurance has established a multi-beneficiary reduced collateral reinsurance trust to collateralize its (re)insurance liabilities associated with cedants domiciled in those states. The reduced collateral reinsurance trusts are subject to rules and regulations including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements.

The following table summarizes the assets held under trust and minimum amount required with respect to the reduced collateral reinsurance trusts:



At December 31.	2025				2024
	Assets Held Under Trust		Minimum Amount Required		Assets Held Under Trust		Minimum Amount Required
Renaissance Reinsurance	$	88,334	$	62,796	$	187,742	$	83,622
RREAG	$	67,692	$	53,647	$	101,252	$	67,671
DaVinci Reinsurance	$	59,617	$	50,850	$	220,542	$	73,210