Document


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.	Segment Underwriting Results	5
b.	Underwriting Results - Five Quarter Trend	7
c.	Property Segment - Catastrophe and Other Property Underwriting Results	10
d.	Gross Premiums Written	12
e.	Net Premiums Written	13
f.	Net Premiums Earned	14
g.	Reserves for Claims and Claim Expenses	15
h.	Paid to Incurred Analysis	16

Managed Joint Ventures and Fee Income
a.	Fee Income	17
b.	Fee Income - Five Quarter Trend	18
c.	Noncontrolling Interests	19
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	21

Investments
a.	Total Investment Result	22
b.	Investments Composition	24
c.	Managed Investments - Credit Rating	25
d.	Retained Investments - Credit Rating	26



Other Items
a.	Earnings per Share	27


Comments on Non-GAAP Financial Measures		28


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, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.

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 return on 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 28 through 38 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.com for further information about RenaissanceRe.


			i



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 and government initiatives and regulatory matters affecting the (re)insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by the Company that its current objectives or plans will be achieved. Numerous factors could cause the Company’s actual results to differ materially from those addressed by the 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 globally; 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 operating 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.


			ii


RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended						Six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	654,234		$	826,507		$	938,769		$	987,654
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	547,761		$	594,583		$	1,138,298		$	524,829

Underwriting income
Gross premiums written	$	2,994,424		$	3,421,180		$	6,473,297		$	7,576,683
Net premiums written	2,276,960			2,770,270			4,955,256			6,213,799
Net premiums earned	2,199,521			2,412,154			4,383,135			5,132,935
Underwriting income (loss)	599,117			601,688			1,187,875			(168,909)

Net claims and claim expense ratio:
Current accident year	51.9		%	54.4		%	52.2		%	82.8		%
Prior accident years	(9.1)		%	(11.2)		%	(8.3)		%	(9.0)		%
Calendar year	42.8		%	43.2		%	43.9		%	73.8		%

Acquisition expense ratio	25.7		%	26.7		%	24.8		%	25.1		%
Operating expense ratio	4.3		%	5.2		%	4.2		%	4.4		%
Combined ratio	72.8		%	75.1		%	72.9		%	103.3		%
Adjusted combined ratio (1)	71.7		%	73.0		%	71.9		%	101.3		%

Fee income
Management fee income	$	48,138		$	56,407		$	96,065		$	102,468
Performance fee income	34,889			38,550			81,088			22,946
Total fee income	$	83,027		$	94,957		$	177,153		$	125,414

Investment results - managed
Net investment income	$	432,489		$	413,108		$	852,991		$	818,461
Equity in earnings (losses) of other ventures (2)	17,829			20,333			38,314			38,161
Net realized and unrealized gains (losses) on investments	121,628			349,720			(300,285)			682,660
Total investment result (2)	$	571,946		$	783,161		$	591,020		$	1,539,282


Investment results - retained (1)
Net investment income	$	314,342		$	286,072		$	618,486		$	565,178
Equity in earnings (losses) of other ventures (2)	17,829			20,333			38,314			38,161
Net realized and unrealized gains (losses) on investments	153,531			343,022			(203,223)			671,334
Total investment result (2)	$	485,702		$	649,427		$	453,577		$	1,274,673

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(2)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.


			1


Financial Highlights - Per Share Data & ROE

	Three months ended						Six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	15.54		$	17.25		$	22.03		$	20.37
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	15.48		$	17.20		$	21.94		$	20.30
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	12.92		$	12.29		$	26.68		$	10.64

Average shares outstanding - basic	41,379			47,140			41,906			47,737
Average shares outstanding - diluted	41,545			47,286			42,086			47,900

Return on average common equity - annualized	24.0		%	33.7		%	17.2		%	20.1		%
Operating return on average common equity - annualized (1)	20.1		%	24.2		%	20.9		%	10.7		%

	June 30, 2026			December 31, 2025
Book value per common share	$	264.77		$	247.00
Tangible book value per common share (1)	$	247.66		$	230.10
Tangible book value per common share plus accumulated dividends (1)	$	278.16		$	259.78

Year to date change in book value per common share plus change in accumulated dividends	7.5		%	27.0		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	8.0		%	30.8		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			2


Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues
Gross premiums written	$	2,994,424	$	3,421,180	$	6,473,297	$	7,576,683
Net premiums written	$	2,276,960	$	2,770,270	$	4,955,256	$	6,213,799
Decrease (increase) in unearned premiums	(77,439)		(358,116)		(572,121)		(1,080,864)
Net premiums earned	2,199,521		2,412,154		4,383,135		5,132,935
Net investment income	432,489		413,108		852,991		818,461
Net foreign exchange gains (losses)	(7,345)		8,660		(16,364)		1,332
Equity in earnings (losses) of other ventures	17,829		20,333		38,314		38,161
Other income (loss)	4,479		2,624		5,726		3,538
Net realized and unrealized gains (losses) on investments	121,628		349,720		(300,285)		682,660
Total revenues	2,768,601		3,206,599		4,963,517		6,677,087
Expenses
Net claims and claim expenses incurred	942,378		1,042,123		1,926,349		3,785,881
Acquisition expenses	563,279		642,605		1,085,129		1,290,040
Operational expenses	94,747		125,738		183,782		225,923
Corporate expenses	18,681		23,781		38,141		46,591
Interest expense	31,778		31,793		63,564		58,879
Total expenses	1,650,863		1,866,040		3,296,965		5,407,314
Income (loss) before taxes	1,117,738		1,340,559		1,666,552		1,269,773
Income tax benefit (expense)	(139,400)		(176,869)		(172,384)		(131,344)
Net income (loss)	978,338		1,163,690		1,494,168		1,138,429
Net (income) loss attributable to redeemable noncontrolling interests	(315,260)		(328,339)		(537,711)		(133,087)
Net income (loss) attributable to RenaissanceRe	663,078		835,351		956,457		1,005,342
Dividends on preference shares	(8,844)		(8,844)		(17,688)		(17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	654,234	$	826,507	$	938,769	$	987,654


			3


Summary Consolidated Financial Statements
Consolidated Balance Sheets

	June 30, 2026		December 31, 2025
Assets
Fixed maturity investments trading, at fair value – amortized cost $25,281,536 at June 30, 2026 (December 31, 2025 – $24,658,351)	$	25,185,430	$	24,884,323
Short term investments, at fair value – amortized cost $3,952,780 at June 30, 2026 (December 31, 2025 – $4,760,027)	3,949,012		4,759,811
Equity investments, at fair value	1,846,152		1,732,990
Other investments, at fair value	5,083,169		4,574,214
Investments in other ventures, under equity method	149,337		121,871
Total investments	36,213,100		36,073,209
Cash and cash equivalents	1,302,160		1,731,181
Premiums receivable	8,269,415		7,252,454
Prepaid reinsurance premiums	1,567,745		993,781
Reinsurance recoverable	3,863,486		3,899,913
Accrued investment income	250,610		233,688
Deferred acquisition costs and value of business acquired	1,706,129		1,538,540
Deferred tax asset	693,186		701,927
Receivable for investments sold	305,237		414,523
Other assets	422,106		328,087
Goodwill and other intangibles	602,439		633,087
Total assets	$	55,195,613	$	53,800,390
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	22,269,134	$	22,302,345
Unearned premiums	7,176,037		6,028,174
Debt	2,330,907		2,329,201
Reinsurance balances payable	3,056,013		2,540,518
Payable for investments purchased	550,409		533,101
Other liabilities	649,551		856,302
Total liabilities	36,032,051		34,589,641
Redeemable noncontrolling interests	7,343,353		7,602,092
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at June 30, 2026 (December 31, 2025 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 41,811,353 shares issued and outstanding at June 30, 2026 (December 31, 2025 – 43,961,539)	41,811		43,962
Additional paid-in capital	—		—
Accumulated other comprehensive loss	(13,045)		(12,626)
Retained earnings	11,041,443		10,827,321
Total shareholders’ equity attributable to RenaissanceRe	11,820,209		11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity	$	55,195,613	$	53,800,390

Book value per common share	$	264.77	$	247.00


			4


Underwriting and Reserves
Segment Underwriting Results

	Three months ended June 30, 2026									Three months ended June 30, 2025
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	1,551,685		$	1,442,739		$	2,994,424		$	1,731,935		$	1,689,245		$	3,421,180
Net premiums written	$	1,203,424		$	1,073,536		$	2,276,960		$	1,325,557		$	1,444,713		$	2,770,270
Net premiums earned	$	881,611		$	1,317,910		$	2,199,521		$	868,010		$	1,544,144		$	2,412,154
Net claims and claim expenses incurred	(7,079)			949,457			942,378			(7,930)			1,050,053			1,042,123
Acquisition expenses	175,436			387,843			563,279			174,200			468,405			642,605
Operational expenses	70,579			24,168			94,747			71,569			54,169			125,738
Underwriting income (loss)	$	642,675		$	(43,558)		$	599,117		$	630,171		$	(28,483)		$	601,688

Net claims and claim expenses incurred:
Current accident year	$	250,393		$	891,410		$	1,141,803		$	258,646		$	1,053,187		$	1,311,833
Prior accident years	(257,472)			58,047			(199,425)			(266,576)			(3,134)			(269,710)
Total	$	(7,079)		$	949,457		$	942,378		$	(7,930)		$	1,050,053		$	1,042,123

Net claims and claim expense ratio:
Current accident year	28.4		%	67.6		%	51.9		%	29.8		%	68.2		%	54.4		%
Prior accident years	(29.2)		%	4.4		%	(9.1)		%	(30.7)		%	(0.2)		%	(11.2)		%
Calendar year	(0.8)		%	72.0		%	42.8		%	(0.9)		%	68.0		%	43.2		%
Acquisition expense ratio	19.9		%	29.5		%	25.7		%	20.1		%	30.3		%	26.7		%
Operating expense ratio	8.0		%	1.8		%	4.3		%	8.2		%	3.5		%	5.2		%
Combined ratio	27.1		%	103.3		%	72.8		%	27.4		%	101.8		%	75.1		%
Adjusted combined ratio (1)	26.0		%	102.3		%	71.7		%	25.8		%	99.5		%	73.0		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			5



Underwriting and Reserves
Segment Underwriting Results

	Six months ended June 30, 2026									Six months ended June 30, 2025
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	3,259,105		$	3,214,192		$	6,473,297		$	3,862,768		$	3,713,915		$	7,576,683
Net premiums written	$	2,458,617		$	2,496,639		$	4,955,256		$	3,016,551		$	3,197,248		$	6,213,799
Net premiums earned	$	1,782,349		$	2,600,786		$	4,383,135		$	2,115,960		$	3,016,975		$	5,132,935
Net claims and claim expenses incurred	77,029			1,849,320			1,926,349			1,615,327			2,170,554			3,785,881
Acquisition expenses	332,467			752,662			1,085,129			341,845			948,195			1,290,040
Operational expenses	136,315			47,467			183,782			135,835			90,088			225,923
Underwriting income (loss)	$	1,236,538		$	(48,663)		$	1,187,875		$	22,953		$	(191,862)		$	(168,909)

Net claims and claim expenses incurred:
Current accident year	$	495,242		$	1,792,547		$	2,287,789		$	2,068,961		$	2,182,504		$	4,251,465
Prior accident years	(418,213)			56,773			(361,440)			(453,634)			(11,950)			(465,584)
Total	$	77,029		$	1,849,320		$	1,926,349		$	1,615,327		$	2,170,554		$	3,785,881

Net claims and claim expense ratio:
Current accident year	27.8		%	68.9		%	52.2		%	97.8		%	72.3		%	82.8		%
Prior accident years	(23.5)		%	2.2		%	(8.3)		%	(21.5)		%	(0.4)		%	(9.0)		%
Calendar year	4.3		%	71.1		%	43.9		%	76.3		%	71.9		%	73.8		%
Acquisition expense ratio	18.7		%	29.0		%	24.8		%	16.2		%	31.4		%	25.1		%
Operating expense ratio	7.6		%	1.8		%	4.2		%	6.4		%	3.1		%	4.4		%
Combined ratio	30.6		%	101.9		%	72.9		%	98.9		%	106.4		%	103.3		%
Adjusted combined ratio (1)	29.6		%	100.8		%	71.9		%	97.3		%	104.0		%	101.3		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			6


Underwriting and Reserves
Total Underwriting Results - Five Quarter Trend

	Total
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Gross premiums written	$	2,994,424		$	3,478,873		$	1,838,111		$	2,323,626		$	3,421,180
Net premiums written	$	2,276,960		$	2,678,296		$	1,598,599		$	2,057,802		$	2,770,270
Net premiums earned	$	2,199,521		$	2,183,614		$	2,334,442		$	2,433,805		$	2,412,154
Net claims and claim expenses incurred	942,378			983,971			951,138			878,820			1,042,123
Acquisition expenses	563,279			521,850			601,060			659,723			642,605
Operational expenses	94,747			89,035			113,481			125,073			125,738
Underwriting income (loss)	$	599,117		$	588,758		$	668,763		$	770,189		$	601,688

Net claims and claim expenses incurred:
Current accident year	$	1,141,803		$	1,145,986		$	1,196,436		$	1,258,871		$	1,311,833
Prior accident years	(199,425)			(162,015)			(245,298)			(380,051)			(269,710)
Total	$	942,378		$	983,971		$	951,138		$	878,820		$	1,042,123

Net claims and claim expense ratio:
Current accident year	51.9		%	52.5		%	51.3		%	51.7		%	54.4		%
Prior accident years	(9.1)		%	(7.4)		%	(10.6)		%	(15.6)		%	(11.2)		%
Calendar year	42.8		%	45.1		%	40.7		%	36.1		%	43.2		%
Acquisition expense ratio	25.7		%	23.8		%	25.8		%	27.2		%	26.7		%
Operating expense ratio	4.3		%	4.1		%	4.9		%	5.1		%	5.2		%
Combined ratio	72.8		%	73.0		%	71.4		%	68.4		%	75.1		%
Adjusted combined ratio (1)	71.7		%	72.0		%	70.0		%	66.6		%	73.0		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			7


Underwriting and Reserves
Property Segment Underwriting Results - Five Quarter Trend

	Property
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Gross premiums written	$	1,551,685		$	1,707,420		$	346,099		$	733,274		$	1,731,935
Net premiums written	$	1,203,424		$	1,255,193		$	333,320		$	694,125		$	1,325,557
Net premiums earned	$	881,611		$	900,738		$	918,776		$	936,933		$	868,010
Net claims and claim expenses incurred	(7,079)			84,108			(55,808)			(133,504)			(7,930)
Acquisition expenses	175,436			157,031			180,660			192,347			174,200
Operational expenses	70,579			65,736			75,067			86,579			71,569
Underwriting income (loss)	$	642,675		$	593,863		$	718,857		$	791,511		$	630,171

Net claims and claim expenses incurred:
Current accident year	$	250,393		$	244,849		$	196,081		$	250,169		$	258,646
Prior accident years	(257,472)			(160,741)			(251,889)			(383,673)			(266,576)
Total	$	(7,079)		$	84,108		$	(55,808)		$	(133,504)		$	(7,930)

Net claims and claim expense ratio:
Current accident year	28.4		%	27.2		%	21.3		%	26.7		%	29.8		%
Prior accident years	(29.2)		%	(17.9)		%	(27.4)		%	(40.9)		%	(30.7)		%
Calendar year	(0.8)		%	9.3		%	(6.1)		%	(14.2)		%	(0.9)		%
Acquisition expense ratio	19.9		%	17.5		%	19.7		%	20.5		%	20.1		%
Operating expense ratio	8.0		%	7.3		%	8.2		%	9.2		%	8.2		%
Combined ratio	27.1		%	34.1		%	21.8		%	15.5		%	27.4		%
Adjusted combined ratio (1)	26.0		%	33.0		%	20.4		%	14.2		%	25.8		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			8


Underwriting and Reserves
Casualty and Specialty Segment Underwriting Results - Five Quarter Trend

	Casualty and Specialty
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Gross premiums written	$	1,442,739		$	1,771,453		$	1,492,012		$	1,590,352		$	1,689,245
Net premiums written	$	1,073,536		$	1,423,103		$	1,265,279		$	1,363,677		$	1,444,713
Net premiums earned	$	1,317,910		$	1,282,876		$	1,415,666		$	1,496,872		$	1,544,144
Net claims and claim expenses incurred	949,457			899,863			1,006,946			1,012,324			1,050,053
Acquisition expenses	387,843			364,819			420,400			467,376			468,405
Operational expenses	24,168			23,299			38,414			38,494			54,169
Underwriting income (loss)	$	(43,558)		$	(5,105)		$	(50,094)		$	(21,322)		$	(28,483)

Net claims and claim expenses incurred:


Current accident year	$	891,410		$	901,137		$	1,000,355		$	1,008,702		$	1,053,187
Prior accident years	58,047			(1,274)			6,591			3,622			(3,134)
Total	$	949,457		$	899,863		$	1,006,946		$	1,012,324		$	1,050,053

Net claims and claim expense ratio:


Current accident year	67.6		%	70.2		%	70.7		%	67.4		%	68.2		%
Prior accident years	4.4		%	(0.1)		%	0.4		%	0.2		%	(0.2)		%
Calendar year	72.0		%	70.1		%	71.1		%	67.6		%	68.0		%
Acquisition expense ratio	29.5		%	28.5		%	29.7		%	31.2		%	30.3		%
Operating expense ratio	1.8		%	1.8		%	2.7		%	2.6		%	3.5		%
Combined ratio	103.3		%	100.4		%	103.5		%	101.4		%	101.8		%
Adjusted combined ratio (1)	102.3		%	99.4		%	102.3		%	99.3		%	99.5		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			9



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results

	Three months ended June 30, 2026									Three months ended June 30, 2025
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	1,147,430		$	404,255		$	1,551,685		$	1,362,681		$	369,254		$	1,731,935
Net premiums written	$	828,277		$	375,147		$	1,203,424		$	980,478		$	345,079		$	1,325,557
Net premiums earned	$	526,334		$	355,277		$	881,611		$	554,275		$	313,735		$	868,010
Net claims and claim expenses incurred	(71,041)			63,962			(7,079)			(40,642)			32,712			(7,930)
Acquisition expenses	64,539			110,897			175,436			82,232			91,968			174,200
Operational expenses	59,987			10,592			70,579			59,176			12,393			71,569
Underwriting income (loss)	$	472,849		$	169,826		$	642,675		$	453,509		$	176,662		$	630,171

Net claims and claim expenses incurred:


Current accident year	$	61,689		$	188,704		$	250,393		$	90,827		$	167,819		$	258,646
Prior accident years	(132,730)			(124,742)			(257,472)			(131,469)			(135,107)			(266,576)
Total	$	(71,041)		$	63,962		$	(7,079)		$	(40,642)		$	32,712		$	(7,930)

Net claims and claim expense ratio:


Current accident year	11.7		%	53.1		%	28.4		%	16.4		%	53.5		%	29.8		%
Prior accident years	(25.2)		%	(35.1)		%	(29.2)		%	(23.7)		%	(43.1)		%	(30.7)		%
Calendar year	(13.5)		%	18.0		%	(0.8)		%	(7.3)		%	10.4		%	(0.9)		%
Acquisition expense ratio	12.3		%	31.2		%	19.9		%	14.8		%	29.3		%	20.1		%
Operating expense ratio	11.4		%	3.0		%	8.0		%	10.7		%	4.0		%	8.2		%

Combined ratio	10.2		%	52.2		%	27.1		%	18.2		%	43.7		%	27.4		%
Adjusted combined ratio (1)	8.8		%	51.5		%	26.0		%	16.4		%	42.5		%	25.8		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			10



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results





















	Six months ended June 30, 2026									Six months ended June 30, 2025
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	2,427,037		$	832,068		$	3,259,105		$	3,029,322		$	833,446		$	3,862,768
Net premiums written	$	1,826,399		$	632,218		$	2,458,617		$	2,391,528		$	625,023		$	3,016,551
Net premiums earned	$	1,089,055		$	693,294		$	1,782,349		$	1,437,094		$	678,866		$	2,115,960
Net claims and claim expenses incurred	(76,484)			153,513			77,029			1,390,752			224,575			1,615,327
Acquisition expenses	129,180			203,287			332,467			148,813			193,032			341,845
Operational expenses	115,554			20,761			136,315			111,013			24,822			135,835
Underwriting income (loss)	$	920,805		$	315,733		$	1,236,538		$	(213,484)		$	236,437		$	22,953

Net claims and claim expenses incurred:


Current accident year	$	118,890		$	376,352		$	495,242		$	1,589,600		$	479,361		$	2,068,961
Prior accident years	(195,374)			(222,839)			(418,213)			(198,848)			(254,786)			(453,634)
Total	$	(76,484)		$	153,513		$	77,029		$	1,390,752		$	224,575		$	1,615,327

Net claims and claim expense ratio:


Current accident year	10.9		%	54.3		%	27.8		%	110.6		%	70.6		%	97.8		%
Prior accident years	(17.9)		%	(32.2)		%	(23.5)		%	(13.8)		%	(37.5)		%	(21.5)		%
Calendar year	(7.0)		%	22.1		%	4.3		%	96.8		%	33.1		%	76.3		%
Acquisition expense ratio	11.8		%	29.4		%	18.7		%	10.4		%	28.4		%	16.2		%
Operating expense ratio	10.6		%	3.0		%	7.6		%	7.7		%	3.7		%	6.4		%

Combined ratio	15.4		%	54.5		%	30.6		%	114.9		%	65.2		%	98.9		%
Adjusted combined ratio (1)	14.2		%	53.8		%	29.6		%	113.2		%	63.8		%	97.3		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			11



Underwriting and Reserves
Gross Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Six months ended				Y/Y $ Change		Y/Y % Change
	June 30, 2026		June 30, 2025						June 30, 2026		June 30, 2025
Property Segment
Catastrophe	$	1,164,911	$	1,352,658	$	(187,747)	(13.9)	%	$	2,450,353	$	2,680,919	$	(230,566)	(8.6)	%
Catastrophe - gross reinstatement premiums	(17,481)		10,023		(27,504)		(274.4)	%	(23,316)		348,403		(371,719)		(106.7)	%
Total catastrophe gross premiums written	1,147,430		1,362,681		(215,251)		(15.8)	%	2,427,037		3,029,322		(602,285)		(19.9)	%
Other property	400,948		367,195		33,753		9.2	%	829,560		829,912		(352)		—	%
Other property - gross reinstatement premiums	3,307		2,059		1,248		60.6	%	2,508		3,534		(1,026)		(29.0)	%
Total other property gross premiums written	404,255		369,254		35,001		9.5	%	832,068		833,446		(1,378)		(0.2)	%
Property segment gross premiums written	$	1,551,685	$	1,731,935	$	(180,250)	(10.4)	%	$	3,259,105	$	3,862,768	$	(603,663)	(15.6)	%

Casualty and Specialty Segment
General casualty (1)	$	423,977	$	513,078	$	(89,101)	(17.4)	%	$	924,935	$	1,193,527	$	(268,592)	(22.5)	%
Professional liability (2)	260,105		266,380		(6,275)		(2.4)	%	559,801		503,341		56,460		11.2	%
Credit (3)	216,408		267,540		(51,132)		(19.1)	%	575,712		668,293		(92,581)		(13.9)	%
Other specialty (4)	542,249		642,247		(99,998)		(15.6)	%	1,153,744		1,348,754		(195,010)		(14.5)	%
Casualty and Specialty segment gross premiums written	$	1,442,739	$	1,689,245	$	(246,506)	(14.6)	%	$	3,214,192	$	3,713,915	$	(499,723)	(13.5)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.


			12


Underwriting and Reserves
Net Premiums Written

	Three months ended				Q/Q $ Change		Q/Q % Change		Six months ended				Y/Y $ Change		Y/Y % Change
	June 30, 2026		June 30, 2025						June 30, 2026		June 30, 2025
Property Segment
Catastrophe	$	845,441	$	966,645	$	(121,204)	(12.5)	%	$	1,845,996	$	2,043,980	$	(197,984)	(9.7)	%
Catastrophe - net reinstatement premiums	(17,164)		13,833		(30,997)		(224.1)	%	(19,597)		347,548		(367,145)		(105.6)	%
Total catastrophe net premiums written	828,277		980,478		(152,201)		(15.5)	%	1,826,399		2,391,528		(565,129)		(23.6)	%
Other property	369,930		341,955		27,975		8.2	%	628,271		620,350		7,921		1.3	%
Other property - net reinstatement premiums	5,217		3,124		2,093		67.0	%	3,947		4,673		(726)		(15.5)	%
Total other property net premiums written	375,147		345,079		30,068		8.7	%	632,218		625,023		7,195		1.2	%
Property segment net premiums written	$	1,203,424	$	1,325,557	$	(122,133)	(9.2)	%	$	2,458,617	$	3,016,551	$	(557,934)	(18.5)	%

Casualty and Specialty Segment
General casualty (1)	$	316,411	$	487,630	$	(171,219)	(35.1)	%	$	750,508	$	1,120,797	$	(370,289)	(33.0)	%
Professional liability (2)	187,077		245,979		(58,902)		(23.9)	%	437,323		467,700		(30,377)		(6.5)	%
Credit (3)	166,882		204,354		(37,472)		(18.3)	%	458,173		550,175		(92,002)		(16.7)	%
Other specialty (4)	403,166		506,750		(103,584)		(20.4)	%	850,635		1,058,576		(207,941)		(19.6)	%
Casualty and Specialty segment net premiums written	$	1,073,536	$	1,444,713	$	(371,177)	(25.7)	%	$	2,496,639	3,197,248		$	(700,609)	(21.9)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.


			13


Underwriting and Reserves
Net Premiums Earned

	Three months ended				Q/Q $ Change		Q/Q % Change		Six months ended				Y/Y $ Change		Y/Y % Change
	June 30, 2026		June 30, 2025						June 30, 2026		June 30, 2025
Property Segment
Catastrophe	$	543,498	$	540,442	$	3,056	0.6	%	$	1,108,652	$	1,089,546	$	19,106	1.8	%
Catastrophe - net reinstatement premiums	(17,164)		13,833		(30,997)		(224.1)	%	(19,597)		347,548		(367,145)		(105.6)	%
Total catastrophe net premiums earned	526,334		554,275		(27,941)		(5.0)	%	1,089,055		1,437,094		(348,039)		(24.2)	%
Other property	350,060		310,611		39,449		12.7	%	689,347		674,193		15,154		2.2	%
Other property - net reinstatement premiums	5,217		3,124		2,093		67.0	%	3,947		4,673		(726)		(15.5)	%
Total other property net premiums earned	355,277		313,735		41,542		13.2	%	693,294		678,866		14,428		2.1	%
Property segment net premiums earned	$	881,611	$	868,010	$	13,601	1.6	%	$	1,782,349	$	2,115,960	$	(333,611)	(15.8)	%

Casualty and Specialty Segment
General casualty (1)	$	420,028	$	550,882	$	(130,854)	(23.8)	%	$	856,794	$	1,159,479	$	(302,685)	(26.1)	%
Professional liability (2)	240,711		274,807		(34,096)		(12.4)	%	514,841		477,536		37,305		7.8	%
Credit (3)	218,917		228,484		(9,567)		(4.2)	%	403,220		440,098		(36,878)		(8.4)	%
Other specialty (4)	438,254		489,971		(51,717)		(10.6)	%	825,931		939,862		(113,931)		(12.1)	%
Casualty and Specialty segment net premiums earned	$	1,317,910	$	1,544,144	$	(226,234)	(14.7)	%	$	2,600,786	$	3,016,975	$	(416,189)	(13.8)	%

(1)Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)Includes directors and officers, medical malpractice, professional indemnity and transactional liability.

(3)Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.


			14



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2026
Property	$	1,618,503	$	1,436,824	$	1,972,558	$	5,027,885
Casualty and Specialty	3,769,361		451,036		13,020,852		17,241,249
Total	$	5,387,864	$	1,887,860	$	14,993,410	$	22,269,134

December 31, 2025
Property	$	1,797,427	$	1,679,848	$	2,208,709	$	5,685,984
Casualty and Specialty	3,393,451		327,941		12,894,969		16,616,361
Total	$	5,190,878	$	2,007,789	$	15,103,678	$	22,302,345


			15


RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended June 30, 2026						Three months ended June 30, 2025
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	22,291,058	$	3,730,957	$	18,560,101	$	22,857,131	$	4,577,895	$	18,279,236
Incurred claims and claim expenses
Current year	1,318,655		176,852		1,141,803		1,454,999		143,166		1,311,833
Prior years	(72,541)		126,884		(199,425)		(387,891)		(118,181)		(269,710)
Total incurred claims and claim expenses	1,246,114		303,736		942,378		1,067,108		24,985		1,042,123
Paid claims and claim expenses
Current year	78,535		10,652		67,883		214,570		28,327		186,243
Prior years	1,166,092		157,799		1,008,293		1,017,230		306,558		710,672
Total paid claims and claim expenses	1,244,627		168,451		1,076,176		1,231,800		334,885		896,915
Foreign exchange and other (1)	(23,411)		(2,756)		(20,655)		221,324		32,978		188,346
Reserve for claims and claim expenses, end of period	$	22,269,134	$	3,863,486	$	18,405,648	$	22,913,763	$	4,300,973	$	18,612,790

	Six months ended June 30, 2026						Six months ended June 30, 2025
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	22,302,345	$	3,899,913	$	18,402,432	$	21,303,491	$	4,481,390	$	16,822,101
Incurred claims and claim expenses
Current year	2,605,233		317,444		2,287,789		4,910,424		658,959		4,251,465
Prior years	(326,089)		35,351		(361,440)		(738,474)		(272,890)		(465,584)
Total incurred claims and claim expenses	2,279,144		352,795		1,926,349		4,171,950		386,069		3,785,881
Paid claims and claim expenses
Current year	130,678		20,213		110,465		751,322		72,965		678,357
Prior years	2,130,937		346,643		1,784,294		2,101,319		502,615		1,598,704
Total paid claims and claim expenses	2,261,615		366,856		1,894,759		2,852,641		575,580		2,277,061
Foreign exchange and other (1)	(50,740)		(22,366)		(28,374)		290,963		9,094		281,869
Reserve for claims and claim expenses, end of period	$	22,269,134	$	3,863,486	$	18,405,648	$	22,913,763	$	4,300,973	$	18,612,790

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.


			16

Managed Joint Ventures and Fee Income

Fee Income

The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.


	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Management fee income	$	48,138	$	56,407	$	96,065	$	102,468
Performance fee income (loss) (1)	34,889		38,550		81,088		22,946
Total fee income	$	83,027	$	94,957	$	177,153	$	125,414

(1)Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.


	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests	$	59,390	$	82,465	$	131,561	$	73,523
Underwriting income (loss) (1)	23,637		12,492		45,592		51,891

Total fee income	$	83,027	$	94,957	$	177,153	$	125,414

(1)Reflects total fee income earned from third-party capital management activities and certain structured reinsurance products recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.


			17

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

The table below shows the total fee income earned from third-party capital management activities, including various joint ventures and managed funds, and certain structured reinsurance products.


	Three months ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Management fee income	$	48,138	$	47,927	$	52,002	$	53,014	$	56,407
Performance fee income (loss) (1)	34,889		46,199		49,626		48,796		38,550
Total fee income	$	83,027	$	94,126	$	101,628	$	101,810	$	94,957

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.


	Three months ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Fee income contributing to:
Net income (loss) attributable to redeemable noncontrolling interests	$	59,390	$	72,171	$	87,877	$	88,689	$	82,465
Underwriting income (loss) (1)	23,637		21,955		13,751		13,121		12,492

Total fee income	$	83,027	$	94,126	$	101,628	$	101,810	$	94,957


			18

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana Holdings L.P. and its subsidiaries (“Fontana”) (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:


	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Redeemable noncontrolling interests - DaVinci	$	(205,117)	$	(218,453)	$	(362,017)	$	(106,012)
Redeemable noncontrolling interests - Medici	(26,313)		(38,993)		(46,120)		(54,156)
Redeemable noncontrolling interests - Vermeer	(64,783)		(57,425)		(116,482)		49,655
Redeemable noncontrolling interests - Fontana	(19,047)		(13,468)		(13,092)		(22,574)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(315,260)	$	(328,339)	$	(537,711)	$	(133,087)


	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	(349,016)	$	(297,139)	$	(627,534)	$	(61,162)
Non-operating (income) loss attributable to redeemable noncontrolling interests	33,756		(31,200)		89,823		(71,925)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(315,260)	$	(328,339)	$	(537,711)	$	(133,087)

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.


			19

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheets is set forth below:


	June 30, 2026		December 31, 2025
Redeemable noncontrolling interests - DaVinci	$	3,496,477	$	3,701,637
Redeemable noncontrolling interests - Medici	1,444,350		1,398,166
Redeemable noncontrolling interests - Vermeer	1,888,913		1,922,431
Redeemable noncontrolling interests - Fontana	513,613		579,858
Redeemable noncontrolling interests	$	7,343,353	$	7,602,092

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:


	June 30, 2026		December 31, 2025
DaVinci	73.7	%	75.7	%
Medici	81.1	%	88.7	%
Vermeer	100.0	%	100.0	%
Fontana	61.6	%	71.3	%


			20


Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations and Balance Sheet Data

	Three months ended						Six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Revenues
Gross premiums written	$	540,267		$	606,642		$	1,197,045		$	1,461,507
Net premiums written	$	467,486		$	527,741		$	1,067,675		$	1,329,979
Decrease (increase) in unearned premiums	(173,561)			(219,320)			(464,494)			(561,782)
Net premiums earned	293,925			308,421			603,181			768,197
Net investment income	66,834			68,155			131,951			131,567
Net foreign exchange gains (losses)	(723)			(547)			(2,381)			(2,931)
Net realized and unrealized gains (losses) on investments	(36,581)			13,723			(86,494)			50,211
Total revenues	323,455			389,752			646,257			947,044
Expenses
Net claims and claim expenses incurred	(53,847)			(28,991)			(63,511)			668,280
Acquisition expenses	88,911			88,194			173,453			69,802
Operational expenses	29,511			35,758			61,343			58,251
Corporate expenses	117			205			220			243
Interest expense	4,445			5,185			8,988			8,383
Total expenses	69,137			100,351			180,493			804,959
Income (loss) before taxes	254,318			289,401			465,764			142,085
Income tax benefit (expense)	(707)			(902)			(1,348)			(2,080)
Net income (loss) available (attributable) to DaVinci common shareholders	$	253,611		$	288,499		$	464,416		$	140,005





Net claims and claim expense ratio - current accident year	12.9		%	18.8		%	12.5		%	102.6		%
Net claims and claim expense ratio - prior accident years	(31.2)		%	(28.2)		%	(23.0)		%	(15.6)		%
Net claims and claim expense ratio - calendar year	(18.3)		%	(9.4)		%	(10.5)		%	87.0		%
Underwriting expense ratio	40.3		%	40.2		%	38.9		%	16.7		%
Combined ratio	22.0		%	30.8		%	28.4		%	103.7		%

Balance Sheet Data:	June 30, 2026			December 31, 2025
Total investments	$	5,940,496		$	6,246,947
Total assets	7,540,155			7,225,478
Reserve for claims and claim expenses	1,280,665			1,485,378
Debt	297,134			296,972
Total shareholders’ equity	4,602,785			4,888,369


			21


Investments
Total Investment Result
	Managed (1)						Retained (2)
	Three months ended						Three months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net investment income
Fixed maturity investments trading	$	297,222		$	282,173		$	235,395		$	219,737
Short term investments	32,957			48,415			12,138			24,672
Equity investments
Fixed income exchange traded funds	26,119			6,528			23,197			6,528

Common stock (3)	676			615			676			615
Other investments
Catastrophe bonds	40,095			47,948			6,205			6,988
Fund and direct private equity investments (3)	33,333			21,692			33,636			21,692
Cash and cash equivalents	9,420			12,333			8,879			11,045
	439,822			419,704			320,126			291,277
Investment expenses	(7,333)			(6,596)			(5,784)			(5,205)
Net investment income	$	432,489		$	413,108		$	314,342		$	286,072

Equity in earnings (losses) of other ventures (4)	$	17,829		$	20,333		$	17,829		$	20,333

Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)	$	(115,341)		$	149,510		$	(85,392)		$	130,497
Equity-related investments (7)	217,292			111,118			217,908			111,146
Commodity-related investments (8)	(79,131)			33,253			(79,131)			33,254
Other investments
Catastrophe bonds	(1,125)			(14,016)			829			(1,730)
Fund and direct private equity investments (3)	99,933			69,855			99,317			69,855
Net realized and unrealized gains (losses) on investments	$	121,628		$	349,720		$	153,531		$	343,022
Total investment result (4)	$	571,946		$	783,161		$	485,702		$	649,427

Average invested assets	$	35,692,318		$	34,044,766		$	26,224,468		$	24,554,890

Net investment income return - annualized	5.0		%	5.0		%	4.9		%	4.7		%
Total investment return - annualized (4)	6.6		%	9.6		%	7.6		%	11.0		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income, equity in earnings (losses) of other ventures and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”

(4)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.

(5)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.

(6)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

(7)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

(8)Includes commodity-related derivatives, which includes commodity futures and commodity options.


			22


Investments
Total Investment Result
	Managed (1)						Retained (2)
	Six months ended						Six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net investment income
Fixed maturity investments trading	$	591,716		$	566,896		$	468,036		$	446,565
Short term investments	67,263			89,444			25,822			42,585
Equity investments
Fixed income exchange traded funds	47,811			7,712			44,889			7,712
Common stock (3)	1,353			1,341			1,353			1,337
Other investments
Catastrophe bonds	80,027			102,702			11,493			15,885
Fund and direct private equity investments (3)	58,544			40,415			58,755			40,415
Cash and cash equivalents	20,583			23,443			19,269			21,315
	867,297			831,953			629,617			575,814
Investment expenses	(14,306)			(13,492)			(11,131)			(10,636)
Net investment income	$	852,991		$	818,461		$	618,486		$	565,178

Equity in earnings (losses) of other ventures (4)	$	38,314		$	38,161		$	38,314		$	38,161

Net realized and unrealized gains (losses) on investments (5)
Fixed maturity-related investments (6)	$	(383,289)		$	462,387		$	(301,155)		$	405,251
Equity-related investments (7)	69,866			61,529			71,486			61,430
Commodity-related investments (8)	(13,821)			150,844			(13,821)			150,845
Other investments
Catastrophe bonds	(12,954)			(54,429)			361			(8,521)
Fund and direct private equity investments (3)	39,913			62,329			39,906			62,329
Net realized and unrealized gains (losses) on investments	$	(300,285)		$	682,660		$	(203,223)		$	671,334
Total investment result (4)	$	591,020		$	1,539,282		$	453,577		$	1,274,673

Average invested assets	$	35,819,281		$	33,576,329		$	26,134,807		$	24,166,665

Net investment income return - annualized	4.9		%	5.0		%	4.8		%	4.7		%
Total investment return - annualized (4)	3.4		%	9.5		%	3.5		%	10.8		%

(6)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

(7)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

(8)Includes commodity-related derivatives, which includes commodity futures and commodity options.


			23



Investments
Investments Composition


	June 30, 2026								December 31, 2025
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
	Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)		Fair Value		Unrealized Gain (Loss)
Fixed maturity investments trading, at fair value
Corporate	$	9,916,723	$	(35,129)	$	8,092,112	$	(39,093)	$	8,528,828	$	75,453	$	6,654,252	$	49,673
U.S. treasuries	9,308,212		(22,850)		6,659,009		(16,892)		10,641,503		134,072		7,651,734		101,770
Other (3)	5,960,495		(38,127)		5,072,627		(28,963)		5,713,992		16,447		4,787,279		18,137
Total fixed maturity investments trading, at fair value	25,185,430		(96,106)		19,823,748		(84,948)		24,884,323		225,972		19,093,265		169,580
Short term investments, at fair value	3,949,012		(3,768)		1,306,844		(3,697)		4,759,811		(216)		1,831,823		(10)
Equity investments, at fair value
Fixed income exchange traded funds	1,603,299		(20,791)		1,433,543		(19,316)		1,582,811		26,827		1,582,811		26,827
Equity exchange traded funds	102,273		(12,747)		102,273		(12,747)		—		—		—		—
Common stock	140,580		93,534		140,119		93,773		150,179		95,243		146,514		95,056
Total equity investments, at fair value	1,846,152		59,996		1,675,935		61,710		1,732,990		122,070		1,729,325		121,883
Other investments, at fair value
Catastrophe bonds	1,772,044		6,906		331,529		1,292		1,613,710		25,617		231,893		1,445
Fund investments	3,156,249		462,703		3,133,115		463,129		2,775,499		381,941		2,762,301		382,200
Direct private equity investments	154,876		41,481		154,876		41,481		185,005		71,612		185,005		71,612
Total other investments, at fair value	5,083,169		511,090		3,619,520		505,902		4,574,214		479,170		3,179,199		455,257
Investments in other ventures, under equity method	149,337		—		149,337		—		121,871		—		121,871		—
Total investments	$	36,213,100	$	471,212	$	26,575,384	$	478,967	$	36,073,209	$	826,996	$	25,955,483	$	746,710


	June 30, 2026					December 31, 2025
	Managed (1)		Retained (2)			Managed (1)		Retained (2)
Weighted average yield to maturity of investments (4)	5.3	%	5.3		%	4.8	%	4.8		%
Average duration of investments, in years (4)	3.0		3.5			2.6		3.0
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)			$	(2.03)				$	3.86

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(4)Excludes equity exchange traded funds, common stock, direct private equity investments, private equity funds, multi-strategy funds, equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.


			24


Investments
Managed Investments - Credit Rating (1)

				Credit Rating (2)																		Investments Not Subject to Credit Ratings
June 30, 2026	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
Corporate	$	9,916,723		$	81,588		$	393,526		$	4,098,024		$	4,488,306		$	847,153		$	8,126		$	—
U.S. treasuries	9,308,212			—			9,308,212			—			—			—			—			—
Residential mortgage-backed	2,690,648			146,373			2,415,568			360			2,993			59,412			65,942			—
Asset-backed	1,688,500			1,130,514			206,871			228,261			112,185			—			10,669			—
Non-U.S. government	683,983			405,955			158,479			106,555			11,558			1,436			—			—
Agencies	560,030			—			560,030			—			—			—			—			—
Commercial mortgage-backed	337,334			275,237			60,344			1,678			—			—			75			—
Total fixed maturity investments trading, at fair value	25,185,430			2,039,667			13,103,030			4,434,878			4,615,042			908,001			84,812			—

Short term investments, at fair value	3,949,012			2,806,516			1,139,584			682			313			1,851			66			—

Equity investments, at fair value
Fixed income exchange traded funds (3)	1,603,299			—			—			224,365			—			1,378,934			—			—
Common stock and equity exchange traded funds	242,853			—			—			—			—			—			—			242,853
Total equity investments, at fair value	1,846,152			—			—			224,365			—			1,378,934			—			242,853

Other investments, at fair value
Catastrophe bonds	1,772,044			—			—			—			—			1,772,044			—			—
Fund investments
Private credit funds	1,531,757			—			—			—			—			—			—			1,531,757
Private equity funds	793,136			—			—			—			—			—			—			793,136
Multi-strategy funds (4)	593,071			—			—			—			—			—			—			593,071
Insurance-linked securities funds	162,192			—			—			—			—			—			—			162,192
Equity funds	76,093			—			—			—			—			—			—			76,093
Direct private equity investments	154,876			—			—			—			—			—			—			154,876
Total other investments, at fair value	5,083,169			—			—			—			—			1,772,044			—			3,311,125

Investments in other ventures, under equity method	149,337			—			—			—			—			—			—			149,337

Total investments	$	36,213,100		$	4,846,183		$	14,242,614		$	4,659,925		$	4,615,355		$	4,060,830		$	84,878		$	3,703,315
	100.0		%	13.5		%	39.3		%	12.9		%	12.7		%	11.2		%	0.2		%	10.2		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.

(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”


			25


Investments
Retained Investments - Credit Rating (1)

				Credit Rating (2)																		Investments Not Subject to Credit Ratings
June 30, 2026	Fair Value			AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Fixed maturity investments trading, at fair value
Corporate	$	8,092,112		$	62,939		$	341,022		$	3,413,242		$	3,644,696		$	622,633		$	7,580		$	—
U.S. treasuries	6,659,009			—			6,659,009			—			—			—			—			—
Residential mortgage-backed	2,221,657			123,720			1,969,230			360			2,993			59,412			65,942			—
Asset-backed	1,552,233			1,061,203			203,158			176,820			101,543			—			9,509			—
Non-U.S. government	569,635			334,972			133,772			87,897			11,558			1,436			—			—
Agencies	447,466			—			447,466			—			—			—			—			—
Commercial mortgage-backed	281,636			242,945			37,859			757			—			—			75			—
Total fixed maturity investments trading, at fair value	19,823,748			1,825,779			9,791,516			3,679,076			3,760,790			683,481			83,106			—

Short term investments, at fair value	1,306,844			743,789			560,376			682			241			1,706			50			—

Equity investments, at fair value
Fixed income exchange traded funds (3)	1,433,543			—			—			224,365			—			1,209,178			—			—
Common stock and equity exchange traded funds	242,392			—			—			—			—			—			—			242,392
Total equity investments, at fair value	1,675,935			—			—			224,365			—			1,209,178			—			242,392

Other investments, at fair value
Catastrophe bonds	331,529			—			—			—			—			331,529			—			—
Fund investments
Private credit funds	1,508,623			—			—			—			—			—			—			1,508,623
Private equity funds	793,136			—			—			—			—			—			—			793,136
Multi-strategy funds (4)	593,071			—			—			—			—			—			—			593,071
Insurance-linked securities funds	162,192			—			—			—			—			—			—			162,192
Equity funds	76,093			—			—			—			—			—			—			76,093
Direct private equity investments	154,876			—			—			—			—			—			—			154,876
Total other investments, at fair value	3,619,520			—			—			—			—			331,529			—			3,287,991

Investments in other ventures, under equity method	149,337			—			—			—			—			—			—			149,337

Total investments	$	26,575,384		$	2,569,568		$	10,351,892		$	3,904,123		$	3,761,031		$	2,225,894		$	83,156		$	3,679,720
	100.0		%	9.6		%	39.0		%	14.7		%	14.2		%	8.4		%	0.3		%	13.8		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)The fixed income exchange traded funds credit ratings included in this table are based on the weighted average credit rating of the underlying investments held by the exchange traded fund.

(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”


			26


Other Items
Earnings per Share

	Three months ended				Six months ended
(common shares in thousands)	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	654,234	$	826,507	$	938,769	$	987,654
Amount allocated to participating common shareholders (1)	(11,065)		(13,344)		(15,411)		(15,269)
Net income (loss) allocated to RenaissanceRe common shareholders	$	643,169	$	813,163	$	923,358	$	972,385
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	41,379		47,140		41,906		47,737
Per common share equivalents of non-vested shares (2)	166		146		180		163
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	41,545		47,286		42,086		47,900
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	15.54	$	17.25	$	22.03	$	20.37
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	15.48	$	17.20	$	21.94	$	20.30

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.


			27



Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.


			28



Comments on Non-GAAP Financial Measures

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax benefit recorded prior to the January 1, 2025 effective date of the Bermuda corporate income tax and the Bermuda deferred tax benefit resulting from Bermuda law changes enacted in 2025, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”

The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability. Additionally, management believes that these measures provide a view of the Company’s underlying business that allows for better comparisons of the Company’s performance over time by focusing on the Company’s core business operations.

The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.”


			29



Comments on Non-GAAP Financial Measures


	Three months ended						Six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	654,234		$	826,507		$	938,769		$	987,654
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(122,753)			(363,736)			287,331			(737,089)
Net foreign exchange losses (gains)	7,345			(8,660)			16,364			(1,332)
Expenses (revenues) associated with acquisitions, dispositions and impairments	—			1,996			3			3,432
Acquisition related purchase accounting adjustments (1)	22,707			50,312			45,413			103,883
Bermuda net deferred tax asset (2)	—			—			—			—
Income tax expense (benefit) (3)	19,984			56,964			(59,759)			96,356
Net income (loss) attributable to redeemable noncontrolling interests (4)	(33,756)			31,200			(89,823)			71,925
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	547,761		$	594,583		$	1,138,298		$	524,829

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	15.48		$	17.20		$	21.94		$	20.30
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(2.95)			(7.69)			6.83			(15.39)
Net foreign exchange losses (gains)	0.18			(0.18)			0.39			(0.03)
Expenses (revenues) associated with acquisitions, dispositions and impairments	—			0.04			—			0.08
Acquisition related purchase accounting adjustments (1)	0.55			1.06			1.08			2.17
Bermuda net deferred tax asset (2)	—			—			—			—
Income tax expense (benefit) (3)	0.47			1.20			(1.43)			2.01
Net income (loss) attributable to redeemable noncontrolling interests (4)	(0.81)			0.66			(2.13)			1.50
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	12.92		$	12.29		$	26.68		$	10.64

Return on average common equity - annualized	24.0		%	33.7		%	17.2		%	20.1		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	(4.5)		%	(14.8)		%	5.3		%	(15.0)		%
Net foreign exchange losses (gains)	0.3		%	(0.4)		%	0.3		%	—		%
Expenses (revenues) associated with acquisitions, dispositions and impairments	—		%	0.1		%	—		%	—		%
Acquisition related purchase accounting adjustments (1)	0.8		%	2.0		%	0.8		%	2.1		%
Bermuda net deferred tax asset (2)	—		%	—		%	—		%	—		%
Income tax expense (benefit) (3)	0.7		%	2.3		%	(1.1)		%	2.0		%
Net income (loss) attributable to redeemable noncontrolling interests (4)	(1.2)		%	1.3		%	(1.6)		%	1.5		%
Operating return on average common equity - annualized	20.1		%	24.2		%	20.9		%	10.7		%

(1)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and six months ended June 30, 2026 for the acquisitions of Validus of $21.0 million and $41.9 million (2025 - $48.0 million and $98.7 million); and TMR and Platinum of $1.8 million and $3.5 million (2025 - $2.4 million and $5.2 million).

(2)Represents the net deferred tax benefit related to the 15% Bermuda corporate income tax recorded prior to the January 1, 2025 effective date and the deferred tax benefit related to Bermuda law changes enacted in 2025.

(3)Represents the income tax expense or benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory income tax rates of applicable jurisdictions, adjusted for relevant factors and other applicable income taxes.

(4)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.


			30



Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) other goodwill and intangible assets, and (3) acquisition related purchase accounting adjustments, plus accumulated dividends.

The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns by excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments to provide for better comparability and a more accurate measure of the Company’s underlying operations. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”


	June 30, 2026			December 31, 2025
Book value per common share	$	264.77		$	247.00
Adjustment for:
Acquisition related goodwill and other intangible assets (1)	(14.41)			(14.40)
Other goodwill and intangible assets (2)	(0.22)			(0.21)
Acquisition related purchase accounting adjustments (3)	(2.48)			(2.29)
Tangible book value per common share	247.66			230.10
Adjustment for accumulated dividends	30.50			29.68
Tangible book value per common share plus accumulated dividends	$	278.16		$	259.78

Year to date change in book value per common share	7.2		%	26.2		%
Year to date change in book value per common share plus change in accumulated dividends	7.5		%	27.0		%
Year to date change in tangible book value per common share plus change in accumulated dividends	8.0		%	30.8		%

(1)Represents the acquired goodwill and other intangible assets at June 30, 2026 of $602.4 million (December 31, 2025 - $633.1 million) for the acquisitions of Validus, TMR and Platinum of $377.9 million, $24.5 million and $200.1 million, respectively (December 31, 2025 - $408.0 million, $25.0 million and $200.1 million, respectively).

(2)At June 30, 2026, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 2025 - $8.9 million) of goodwill and other intangibles included in investments in other ventures, under equity method.

(3)Represents the purchase accounting adjustments related to the fair value adjustments to reserves at June 30, 2026 for the acquisitions of Validus, TMR and Platinum of $63.7 million, $40.7 million and $(0.5) million, respectively (December 31, 2025 - $57.7 million, $43.6 million and $(0.5) million, respectively).


			31



Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

The Company has included in this Financial Supplement “adjusted combined ratio” for the Company, its reportable segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”


	Three months ended June 30, 2026
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	10.2	%	52.2	%	27.1	%	103.3	%	72.8	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.4)	%	(0.7)	%	(1.1)	%	(1.0)	%	(1.1)	%
Adjusted combined ratio	8.8	%	51.5	%	26.0	%	102.3	%	71.7	%

	Three months ended March 31, 2026
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	20.4	%	56.8	%	34.1	%	100.4	%	73.0	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.2)	%	(0.7)	%	(1.1)	%	(1.0)	%	(1.0)	%
Adjusted combined ratio	19.2	%	56.1	%	33.0	%	99.4	%	72.0	%

	Three months ended December 31, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	(9.3)	%	70.6	%	21.8	%	103.5	%	71.4	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.7)	%	(0.9)	%	(1.4)	%	(1.2)	%	(1.4)	%
Adjusted combined ratio	(11.0)	%	69.7	%	20.4	%	102.3	%	70.0	%

	Three months ended September 30, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	(6.0)	%	45.0	%	15.5	%	101.4	%	68.4	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.6)	%	(0.8)	%	(1.3)	%	(2.1)	%	(1.8)	%
Adjusted combined ratio	(7.6)	%	44.2	%	14.2	%	99.3	%	66.6	%

	Three months ended June 30, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	18.2	%	43.7	%	27.4	%	101.8	%	75.1	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.8)	%	(1.2)	%	(1.6)	%	(2.3)	%	(2.1)	%
Adjusted combined ratio	16.4	%	42.5	%	25.8	%	99.5	%	73.0	%

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.


			32



Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio


	Six months ended June 30, 2026
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	15.4	%	54.5	%	30.6	%	101.9	%	72.9	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.2)	%	(0.7)	%	(1.0)	%	(1.1)	%	(1.0)	%
Adjusted combined ratio	14.2	%	53.8	%	29.6	%	100.8	%	71.9	%

	Six months ended June 30, 2025
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	114.9	%	65.2	%	98.9	%	106.4	%	103.3	%
Adjustment for acquisition related purchase accounting adjustments (1)	(1.7)	%	(1.4)	%	(1.6)	%	(2.4)	%	(2.0)	%
Adjusted combined ratio	113.2	%	63.8	%	97.3	%	104.0	%	101.3	%


			33



Comments on Non-GAAP Financial Measures

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”


	Three months ended June 30, 2026									Three months ended June 30, 2025
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Net investment income
Fixed maturity investments trading	$	297,222		$	(61,827)		$	235,395		$	282,173		$	(62,436)		$	219,737
Short term investments	32,957			(20,819)			12,138			48,415			(23,743)			24,672
Equity investments
Fixed income exchange traded funds	26,119			(2,922)			23,197			6,528			—			6,528
Common stock (4)	676			—			676			615			—			615
Other investments
Catastrophe bonds	40,095			(33,890)			6,205			47,948			(40,960)			6,988
Fund and direct private equity investments (4)	33,333			303			33,636			21,692			—			21,692
Cash and cash equivalents	9,420			(541)			8,879			12,333			(1,288)			11,045
	439,822			(119,696)			320,126			419,704			(128,427)			291,277
Investment expenses	(7,333)			1,549			(5,784)			(6,596)			1,391			(5,205)
Net investment income	$	432,489		$	(118,147)		$	314,342		$	413,108		$	(127,036)		$	286,072

Equity in earnings (losses) of other ventures (5)	$	17,829		$	—		$	17,829		$	20,333		$	—		$	20,333

Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)	$	(115,341)		$	29,949		$	(85,392)		$	149,510		$	(19,013)		$	130,497
Equity-related investments (8)	217,292			616			217,908			111,118			28			111,146
Commodity-related investments (9)	(79,131)			—			(79,131)			33,253			1			33,254
Other investments
Catastrophe bonds	(1,125)			1,954			829			(14,016)			12,286			(1,730)
Fund and direct private equity investments (4)	99,933			(616)			99,317			69,855			—			69,855
Net realized and unrealized gains (losses) on investments	$	121,628		$	31,903		$	153,531		$	349,720		$	(6,698)		$	343,022
Total investment result (5)	$	571,946		$	(86,244)		$	485,702		$	783,161		$	(133,734)		$	649,427

Average invested assets	$	35,692,318		$	(9,467,850)		$	26,224,468		$	34,044,766		$	(9,489,876)		$	24,554,890

Net investment income return - annualized	5.0		%	(0.1)		%	4.9		%	5.0		%	(0.3)		%	4.7		%
Total investment return - annualized (5)	6.6		%	1.0		%	7.6		%	9.6		%	1.4		%	11.0		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.

(4)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock” and its “other investments - other” to “other investments - fund and direct private equity investments.”

(5)In the fourth quarter of 2025, the Company revised its presentation of “total investment result” and “total investment return - annualized” to include equity in earnings (losses) of other ventures. Comparative information for the prior periods presented has been updated to conform to the current presentation.

(6)In the fourth quarter of 2025, the Company revised its presentation of “net realized and unrealized gains (losses) on investments” to show amounts based on net investment exposure, which takes into account related derivative impacts. Comparative information for the prior periods has been updated to conform to the current presentation.

(7)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

(8)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

(9)Includes commodity-related derivatives, which includes commodity futures and commodity options.


			34



Comments on Non-GAAP Financial Measures

Retained Total Investment Result


	Six months ended June 30, 2026									Six months ended June 30, 2025
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Net investment income
Fixed maturity investments trading	$	591,716		$	(123,680)		$	468,036		$	566,896		$	(120,331)		$	446,565
Short term investments	67,263			(41,441)			25,822			89,444			(46,859)			42,585
Equity investments
Fixed income exchange traded funds	47,811			(2,922)			44,889			7,712			—			7,712
Common stock (4)	1,353			—			1,353			1,341			(4)			1,337
Other investments
Catastrophe bonds	80,027			(68,534)			11,493			102,702			(86,817)			15,885
Fund and direct private equity investments (4)	58,544			211			58,755			40,415			—			40,415
Cash and cash equivalents	20,583			(1,314)			19,269			23,443			(2,128)			21,315
	867,297			(237,680)			629,617			831,953			(256,139)			575,814
Investment expenses	(14,306)			3,175			(11,131)			(13,492)			2,856			(10,636)
Net investment income	$	852,991		$	(234,505)		$	618,486		$	818,461		$	(253,283)		$	565,178

Equity in earnings (losses) of other ventures (5)	$	38,314		$	—		$	38,314		$	38,161		$	—		$	38,161

Net realized and unrealized gains (losses) on investments (6)
Fixed maturity-related investments (7)	$	(383,289)		$	82,134		$	(301,155)		$	462,387		$	(57,136)		$	405,251
Equity-related investments (8)	69,866			1,620			71,486			61,529			(99)			61,430
Commodity-related investments (9)	(13,821)			—			(13,821)			150,844			1			150,845
Other investments
Catastrophe bonds	(12,954)			13,315			361			(54,429)			45,908			(8,521)
Fund and direct private equity investments (4)	39,913			(7)			39,906			62,329			—			62,329
Net realized and unrealized gains (losses) on investments	$	(300,285)		$	97,062		$	(203,223)		$	682,660		$	(11,326)		$	671,334

Total investment result (5)	$	591,020		$	(137,443)		$	453,577		$	1,539,282		$	(264,609)		$	1,274,673

Average invested assets	$	35,819,281		$	(9,684,474)		$	26,134,807		$	33,576,329		$	(9,409,664)		$	24,166,665

Net investment income return - annualized	4.9		%	(0.1)		%	4.8		%	5.0		%	(0.3)		%	4.7		%
Total investment return - annualized (5)	3.4		%	0.1		%	3.5		%	9.5		%	1.3		%	10.8		%

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.

(7)Includes fixed maturity investments and investment-related derivatives, which includes interest rate futures, credit default swaps and interest rate swaps.

(8)Includes equity investments and investment-related derivatives, which includes equity futures and warrants.

(9)Includes commodity-related derivatives, which includes commodity futures and commodity options.


			35



Comments on Non-GAAP Financial Measures

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of consolidated total investments to “retained total investments.”


	June 30, 2026						December 31, 2025
	Managed (1)		Adjustment (2)		Retained (3)		Managed (1)		Adjustment (2)		Retained (3)
Fixed maturity investments trading, at fair value
Corporate	$	9,916,723	$	(1,824,611)	$	8,092,112	$	8,528,828	$	(1,874,576)	$	6,654,252
U.S. treasuries	9,308,212		(2,649,203)		6,659,009		10,641,503		(2,989,769)		7,651,734
Residential mortgage-backed	2,690,648		(468,991)		2,221,657		2,606,882		(491,472)		2,115,410
Asset-backed	1,688,500		(136,267)		1,552,233		1,606,790		(130,875)		1,475,915
Non-U.S. government	683,983		(114,348)		569,635		691,912		(142,679)		549,233
Agencies	560,030		(112,564)		447,466		486,817		(107,519)		379,298
Commercial mortgage-backed	337,334		(55,698)		281,636		321,591		(54,168)		267,423
Total fixed maturity investments trading, at fair value	25,185,430		(5,361,682)		19,823,748		24,884,323		(5,791,058)		19,093,265

Short term investments, at fair value	3,949,012		(2,642,168)		1,306,844		4,759,811		(2,927,988)		1,831,823

Equity investments, at fair value
Fixed income exchange traded funds	1,603,299		(169,756)		1,433,543		1,582,811		—		1,582,811
Equity exchange traded funds	102,273		—		102,273		—		—		—
Common stock	140,580		(461)		140,119		150,179		(3,665)		146,514
Total equity investments, at fair value	1,846,152		(170,217)		1,675,935		1,732,990		(3,665)		1,729,325

Other investments, at fair value
Catastrophe bonds	1,772,044		(1,440,515)		331,529		1,613,710		(1,381,817)		231,893
Fund investments
Private credit funds	1,531,757		(23,134)		1,508,623		1,445,158		(13,198)		1,431,960
Private equity funds	793,136		—		793,136		701,837		—		701,837
Multi-strategy funds (4)	593,071		—		593,071		473,990		—		473,990
Insurance-linked securities funds	162,192		—		162,192		154,514		—		154,514
Equity funds	76,093		—		76,093		—		—		—
Direct private equity investments	154,876		—		154,876		185,005		—		185,005
Total other investments, at fair value	5,083,169		(1,463,649)		3,619,520		4,574,214		(1,395,015)		3,179,199

Investments in other ventures, under equity method	149,337		—		149,337		121,871		—		121,871

Total investments	$	36,213,100	$	(9,637,716)	$	26,575,384	$	36,073,209	$	(10,117,726)	$	25,955,483

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.

(4)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”


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Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders and provides for a better understanding of the investment risk profile and returns that ultimately affect the Company and influence returns. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”


	June 30, 2026						December 31, 2025
	Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)		Unrealized Gain (Loss) - Managed (1)		Adjustment (2)		Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
Corporate	$	(35,129)	$	(3,964)	$	(39,093)	$	75,453	$	(25,780)	$	49,673
U.S. treasuries	(22,850)		5,958		(16,892)		134,072		(32,302)		101,770
Other (4)	(38,127)		9,164		(28,963)		16,447		1,690		18,137
Total fixed maturity investments trading, at fair value	(96,106)		11,158		(84,948)		225,972		(56,392)		169,580
Short term investments, at fair value	(3,768)		71		(3,697)		(216)		206		(10)
Equity investments, at fair value
Fixed income exchange traded funds	(20,791)		1,475		(19,316)		26,827		—		26,827
Equity exchange traded funds	(12,747)		—		(12,747)		—		—		—
Common stock	93,534		239		93,773		95,243		(187)		95,056
Total equity investments, at fair value	59,996		1,714		61,710		122,070		(187)		121,883
Other investments, at fair value
Catastrophe bonds	6,906		(5,614)		1,292		25,617		(24,172)		1,445
Fund investments	462,703		426		463,129		381,941		259		382,200
Direct private equity investments	41,481		—		41,481		71,612		—		71,612
Total other investments, at fair value	511,090		(5,188)		505,902		479,170		(23,913)		455,257
Investments in other ventures, under equity method	—		—		—		—		—		—
Total investments	$	471,212	$	7,755	$	478,967	$	826,996	$	(80,286)	$	746,710
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)					$	(2.03)					$	3.86

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $(84.9) million at June 30, 2026 (December 31, 2025 - $169.6 million). Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in various joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.


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Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”


	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(315,260)	$	(328,339)	$	(537,711)	$	(133,087)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests	29,910		(18,500)		83,400		(55,421)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests	3,846		(12,700)		6,423		(16,504)
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)	33,756		(31,200)		89,823		(71,925)
Operating (income) loss attributable to redeemable noncontrolling interests	$	(349,016)	$	(297,139)	$	(627,534)	$	(61,162)

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.


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