v3.26.1
INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
At June 30, 2026At December 31, 2025
Corporate$9,916,723 $8,528,828 
U.S. treasuries9,308,212 10,641,503 
Residential mortgage-backed2,690,648 2,606,882 
Asset-backed1,688,500 1,606,790 
Non-U.S. government683,983 691,912 
Agencies560,030 486,817 
Commercial mortgage-backed337,334 321,591 
Total fixed maturity investments trading$25,185,430 $24,884,323 
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
At June 30, 2026At December 31, 2025
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$1,700,129 $1,704,698 $2,072,111 $2,081,003 
Due after one through five years
12,039,742 12,026,964 12,450,807 12,606,212 
Due after five through ten years
6,046,968 6,008,867 5,039,803 5,109,842 
Due after ten years
753,004 728,419 573,271 552,003 
Mortgage-backed
3,051,964 3,027,982 2,920,644 2,928,473 
Asset-backed1,689,729 1,688,500 1,601,715 1,606,790 
Total
$25,281,536 $25,185,430 $24,658,351 $24,884,323 
Equity Investments
The following table summarizes the fair value of equity investments:
At June 30, 2026At December 31, 2025
Fixed income exchange traded funds$1,603,299 $1,582,811 
Equity exchange traded funds102,273 — 
Common stock
Financials139,961 147,996 
Other619 2,183 
Total common stock
140,580 150,179 
Total equity investments
$1,846,152 $1,732,990 
Pledged Investments
At June 30, 2026, $8.2 billion (December 31, 2025 - $8.6 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $2.2 billion (December 31, 2025 - $2.5 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
Reverse Repurchase Agreements
At June 30, 2026, the Company held $120.6 million (December 31, 2025 - $59.2 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.
Other Investments
The table below shows the fair value of the Company’s portfolio of other investments:
At June 30, 2026At December 31, 2025
Fund investments
Private credit funds
$1,531,757 $1,445,158 
Private equity funds
793,136 701,837 
Multi-strategy funds (1)
593,071 473,990 
Insurance-linked securities funds
162,192 154,514 
Equity funds
76,093 — 
Total fund investments
3,156,249 2,775,499 
Catastrophe bonds1,772,044 1,613,710 
Direct private equity investments154,876 185,005 
Total other investments$5,083,169 $4,574,214 
(1)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.”
Fund Investments
Fund investments are limited partnership or similar interests in private equity funds, private credit funds, multi-strategy funds and insurance-linked securities funds primarily managed by unrelated third parties.
Private Credit Funds
The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including U.S. direct lending funds, secondaries, mezzanine investments, distressed securities and senior secured bank loan funds. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.
Private Equity Funds
The Company’s investments in private equity funds include limited partnership or similar interests that invest in certain private equity asset classes, including U.S. and global leveraged buyouts. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.
Multi-Strategy Funds and Equity Funds
The Company’s investments in multi-strategy funds, which include hedge funds, are primarily focused on diversified investment strategies across multiple asset classes. Equity funds are primarily focused on global public equities. These investments are generally redeemable at the option of the Company, at less than a
month’s notice. Certain restrictions on redemptions, including initial lock-up periods or redemption gates, may also apply to the Company, as defined by each fund’s governing documents. Redemption gates allow the investment manager of a fund to defer part or all of a redemption request so as to not negatively impact the value of the redemption or the value of any interests that remain in the fund.
Insurance-Linked Securities Funds
The Company’s investments in insurance-linked securities funds primarily relate to the Company’s investment in RenaissanceRe Medici UCITS Fund (“Medici UCITS”), a sub-fund of RenaissanceRe Medici ICAV, whose primary investment objective is to invest substantially all of its assets in global insurance-linked securities, specifically catastrophe bonds. Medici UCITS was launched effective March 3, 2025, and is considered a related party. The Company has elected to account for its investment at fair value. The Company can redeem from Medici UCITS fortnightly with a minimum of four business days’ prior written notice, subject to certain redemption gates. The Company has no outstanding commitment to Medici UCITS with respect to its investment.
During the six months ended June 30, 2026, investors subscribed for $20.5 million of the participating shares of Medici UCITS. In addition, investors redeemed $23.4 million of the participating shares of Medici UCITS.
During the six months ended June 30, 2025, investors subscribed for $348.7 million of the participating shares of Medici UCITS, including $140.0 million from the Company. Of this amount, $316.5 million represented a transfer in kind from existing investors in RenaissanceRe Medici Fund Ltd. (“Medici”), including the Company.
For the three and six months ended June 30, 2026, net income of $3.2 million and $5.5 million from Medici UCITS was attributable to the Company (June 30, 2025 - $2.4 million and $3.5 million). At June 30, 2026, the total net asset value of Medici UCITS was $457.6 million, of which $160.0 million was attributable to the Company (December 31, 2025 - $449.9 million and $154.5 million), and the Company’s ownership in Medici UCITS was 35.0% (December 31, 2025 - 34.3%).
Limited Partnerships Entities
The Company’s fund investments are primarily variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company has also invested into some of the same limited partnerships through debt investments included within fixed maturities investments trading. The Company determined that certain of these interests represent investments in VIEs and that it is not required to consolidate these investments because it is not the primary beneficiary of these VIEs. The Company’s maximum exposure to loss with respect to these VIEs is limited to the carrying amounts reported in the Company’s consolidated balance sheets and any unfunded commitment.
The following table summarizes the aggregate carrying amount of investments in unconsolidated VIEs on the Company’s consolidated balance sheets, as well as the Company’s maximum exposure to loss associated with these VIEs:
Maximum Exposure to Loss
Carrying Amount
Unfunded CommitmentsTotal
At June 30, 2026$3,084,076 $3,489,165 $6,573,241 
At December 31, 2025$2,665,801 $3,207,923 $5,873,724 
Catastrophe Bonds
Catastrophe bonds are non-investment grade bonds generally issued by unrelated third parties that generally mature within 1 to 5 years.
Direct Private Equity Investments
Direct private equity investments are the Company’s direct equity investments in companies that are not traded on any nationally recognized equity markets.
Net Investment Income
The components of net investment income are as follows:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Fixed maturity investments trading$297,222 $282,173 $591,716 $566,896 
Short term investments32,957 48,415 67,263 89,444 
Equity investments
Fixed income exchange traded funds
26,119 6,528 47,811 7,712 
Common stock (1)
676 615 1,353 1,341 
Other investments
Catastrophe bonds40,095 47,948 80,027 102,702 
Fund and direct private equity investments (2)
33,333 21,692 58,544 40,415 
Cash and cash equivalents9,420 12,333 20,583 23,443 
 439,822 419,704 867,297 831,953 
Investment expenses(7,333)(6,596)(14,306)(13,492)
Net investment income$432,489 $413,108 $852,991 $818,461 
(1)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock.”
(2)In the fourth quarter of 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Fixed maturity investments trading$(119,520)$94,579 (356,644)330,854 
Investment-related derivatives (1)
128,243 175,431 82,385 317,077 
Equity investments14,097 23,871 (52,985)26,829 
Other investments
Catastrophe bonds(1,125)(14,016)(12,954)(54,429)
Fund and direct private equity investments (2)
99,933 69,855 39,913 62,329 
Net realized and unrealized gains (losses) on investments$121,628 $349,720 $(300,285)$682,660 
(1)Included in investment-related derivatives for the three and six months ended June 30, 2026 are gains (losses) related to fixed maturity investment-related derivatives of $4.2 million and $(26.6) million (June 30, 2025 - $54.9 million and $131.5 million), equity investment-related derivatives of $203.2 million and $122.9 million (June 30, 2025 - $87.2 million and $34.7 million) and commodity-related derivatives of $(79.1) million and $(13.8) million (June 30, 2025 - $33.3 million and $150.8 million). Refer to “Note 13. Derivative Instruments” for additional information on investment-related derivatives.
(2)In the fourth quarter of 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”
Net realized and unrealized gains (losses) on fixed maturity investments trading and equity investments, is split between realized and unrealized gains (losses) as follows:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Fixed maturity investments trading
Net realized gains (losses)$(18,225)$(1,767)$(38,336)$8,268 
Net unrealized gains (losses)(101,295)96,346 (318,308)322,586 
Net realized and unrealized gains (losses)$(119,520)$94,579 $(356,644)$330,854 
Equity investments
Net realized gains (losses)$864 $64 9,067 $72 
Net unrealized gains (losses)13,233 23,807 (62,052)26,757 
Net realized and unrealized gains (losses)$14,097 $23,871 $(52,985)$26,829