
	At December 31,
	2025		2024
Assets
Fixed maturity investments trading, at fair value - amortized cost $47,527 at December 31, 2025 (2024 - $153,742)	$	48,067	$	153,504
Short term investments, at fair value - amortized cost $102,772 at December 31, 2025 (2024 - $131,232)	102,772		131,236
Total investments	150,839		284,740
Cash and cash equivalents	40,290		20,054
Investments in subsidiaries	12,236,448		10,732,129
Due from subsidiaries	16,606		7,919

Accrued investment income	457		1,052
Deferred tax asset	20,555		10,334
Receivable for investments sold	1,061		1,329
Other assets	766,558		681,322
Goodwill and other intangible assets	97,332		98,662
Total assets	$	13,330,146	$	11,837,541
Liabilities and Shareholders’ Equity
Liabilities
Debt	$	1,633,746	$	1,138,119
Due to subsidiaries	21,712		17,051

Other liabilities	66,031		108,359
Total liabilities	1,721,489		1,263,529
Shareholders’ Equity
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at December 31, 2025 (2024 - 30,000)	750,000		750,000
Common shares: $1.00 par value - 43,961,539 shares issued and outstanding at December 31, 2025 (2024 - 50,180,987)	43,962		50,181
Additional paid-in capital	—		1,512,435
Accumulated other comprehensive income (loss)	(12,626)		(14,756)
Retained earnings	10,827,321		8,276,152
Total shareholders’ equity attributable to RenaissanceRe	11,608,657		10,574,012
Total liabilities and shareholders’ equity	$	13,330,146	$	11,837,541


	Year ended December 31,
	2025		2024		2023
Revenues
Net investment income	$	50,683	$	58,166	$	97,395
Net foreign exchange gains (losses)	41,082		(23,916)		1,129
Other income (loss)	—		(95)		(907)
Net realized and unrealized gains (losses) on investments	(2,931)		(4,840)		(73,572)



Total revenues	88,834		29,315		24,045
Expenses
Operational expenses	12,089		15,866		32,066
Corporate expenses	102,574		86,314		98,493
Interest expense	84,439		59,384		40,416
Total expenses	199,102		161,564		170,975
Income (loss) before equity in net income (loss) of subsidiaries	(110,268)		(132,249)		(146,930)
Equity in net income (loss) of subsidiaries	2,789,729		2,017,805		2,708,061
Income (loss) before taxes	2,679,461		1,885,556		2,561,131
Income tax benefit (expense)	2,873		(15,196)		—
Net income (loss)	2,682,334		1,870,360		2,561,131
Dividends on preference shares	(35,375)		(35,375)		(35,375)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	2,646,959	$	1,834,985	$	2,525,756


	Year ended December 31,
	2025		2024		2023
Cash flows provided by (used in) operating activities
Net income (loss)	$	2,682,334	$	1,870,360	$	2,561,131
Less: equity in net income (loss) of subsidiaries	(2,789,729)		(2,017,805)		(2,708,061)
	(107,395)		(147,445)		(146,930)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses on investments	329		334		67,868

Other	42,289		142,051		72,691
Net cash provided by (used in) operating activities	(64,777)		(5,060)		(6,371)
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	528,759		309,490		1,613,740
Purchases of fixed maturity investments trading	(423,624)		(387,276)		(1,505,160)
Net sales (purchases) of short term investments	28,878		147,296		(211,370)

Dividends and return of capital from subsidiaries	1,648,784		1,079,438		1,097,301
Contributions to subsidiaries	(356,936)		(247,147)		(169,204)
Due to (from) subsidiary	(45,504)		(115,041)		(7,088)
Due to (from) subsidiary for the purchase of Validus Specialty	—		—		(45,467)
Purchase of Validus Holdings and Talbot Treaty Renewal Rights	—		—		(2,689,533)
Net cash provided by (used in) investing activities	1,380,357		786,760		(1,916,781)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(74,843)		(80,850)		(75,112)
Dividends paid – preference shares	(35,375)		(35,375)		(35,375)
RenaissanceRe common share repurchases	(1,599,680)		(666,921)		—
RenaissanceRe common share issuance, net of expenses	—		—		1,351,608
Issuance of debt, net of expenses	493,201		—		740,581


Drawdown of Medici Revolving Credit Facility	(55,125)		—		—
Taxes paid on withholding shares	(23,522)		(23,580)		(20,518)
Net cash provided by (used in) financing activities	(1,295,344)		(806,726)		1,961,184
Effect of exchange rate changes on foreign currency cash	—		—		—
Net increase (decrease) in cash and cash equivalents	20,236		(25,026)		38,032
Cash and cash equivalents, beginning of year	20,054		45,080		7,048
Cash and cash equivalents, end of year	$	40,290	$	20,054	$	45,080