v3.26.1
NONCONTROLLING INTERESTS
 6 Months Ended
Jun. 30, 2026
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS
A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:
At June 30, 2026At December 31, 2025
Redeemable noncontrolling interest - DaVinci
$3,496,477 $3,701,637 
Redeemable noncontrolling interest - Medici
1,444,350 1,398,166 
Redeemable noncontrolling interest - Vermeer
1,888,913 1,922,431 
Redeemable noncontrolling interest - Fontana
513,613 579,858 
Redeemable noncontrolling interests
$7,343,353 $7,602,092 
A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Redeemable noncontrolling interest - DaVinci
$205,117 $218,453 $362,017 $106,012 
Redeemable noncontrolling interest - Medici
26,313 38,993 46,120 54,156 
Redeemable noncontrolling interest - Vermeer64,783 57,425 116,482 (49,655)
Redeemable noncontrolling interest - 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 
Redeemable Noncontrolling Interest – DaVinci
DaVinciRe Holdings Ltd. (“DaVinci”) is a managed joint venture formed by RenaissanceRe principally to write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis through its wholly-owned subsidiary, DaVinci Reinsurance Ltd. (“DaVinci Reinsurance”). DaVinci is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of DaVinci, as it has the power to direct the activities of DaVinci that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to DaVinci. Accordingly, the Company consolidates DaVinci and all significant intercompany transactions have been eliminated. The portion of DaVinci’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests.
DaVinci shareholders are party to a shareholders’ agreement which provides DaVinci shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinci of such shareholder’s desire for DaVinci to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinci’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinci’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinci before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of December 31 of that year. The repurchase price can be subject to a holdback and true-up for potential development on loss reserves. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value and can be subject to a true-up for potential development on loss reserves. The Company has not provided any financial or other support to DaVinci that it was not contractually required to provide.
2026
During the six months ended June 30, 2026, DaVinci repurchased $750.0 million of its shares, including $182.5 million from the Company. In addition, RenaissanceRe purchased an aggregate of $81.3 million of shares from third-party investors.
The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the six months ended June 30, 2026, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $660.4 million as a result of distributions to and redemptions of shares from third-party investors.
At June 30, 2026, DaVinci’s standalone consolidated balance sheet included total assets and total liabilities of $7.5 billion and $2.9 billion, respectively (December 31, 2025 - $7.2 billion and $2.3 billion, respectively). The total assets included $5.9 billion of investments and $1.6 billion of all other aggregated assets (December 31, 2025 - $6.2 billion and $978.5 million, respectively). The total liabilities included $1.3 billion of reserve for claims and claim expenses, $297.1 million of debt and $1.4 billion of all other aggregated liabilities (December 31, 2025 - $1.5 billion, $297.0 million and $554.8 million, respectively). The Company’s noncontrolling economic ownership in DaVinci was 26.3% at June 30, 2026 (December 31, 2025 - 24.3%).
2025
During the six months ended June 30, 2025, RenaissanceRe sold an aggregate of $69.7 million of its shares in DaVinci to third-party investors and purchased an aggregate of $26.9 million of shares from third-party investors.
During the six months ended June 30, 2025, RenaissanceRe received no cash inflows from subscriptions of shares in DaVinci by third-party investors, and paid $26.9 million as a result of redemptions of shares from third-party investors.
The Company expects its noncontrolling economic ownership in DaVinci to fluctuate over time.
The activity in redeemable noncontrolling interest – DaVinci is detailed in the table below:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Beginning balance$3,291,360 $2,992,338 $3,701,637 $3,061,708 
Redemption of shares from redeemable noncontrolling interests, net of adjustments— — (649,164)(26,929)
Sale of shares to redeemable noncontrolling interests, net of adjustments— — — 70,000 
Net income (loss) attributable to redeemable noncontrolling interest, net of consolidation adjustments
205,117 218,453 444,004 106,012 
Ending balance$3,496,477 $3,210,791 $3,496,477 $3,210,791 
Redeemable Noncontrolling Interest - Medici
Medici is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk. Medici is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Medici, as it has the power to direct the activities of Medici that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Medici. Accordingly, the Company consolidates Medici and all significant intercompany transactions have been eliminated. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. RenaissanceRe, Medici and RenaissanceRe Fund Management Ltd. (“RFM”) are parties to a revolving
credit facility pursuant to which RenaissanceRe provides for a revolving commitment to Medici of up to $75.0 million. The Company has not provided any other financial or other support to Medici that it was not contractually required to provide.
2026
During the six months ended June 30, 2026, investors subscribed for $196.0 million of the participating, non-voting common shares of Medici, including $150.0 million from the Company. In addition, investors redeemed $45.9 million of the participating, non-voting common shares of Medici.
The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the six months ended June 30, 2026, RenaissanceRe received cash inflows of $4.5 million from subscriptions of shares in Medici by third-party investors and paid $75.7 million as a result of redemptions of shares from third-party investors.
At June 30, 2026, Medici’s standalone balance sheet included total assets and total liabilities of $1.9 billion and $88.6 million, respectively (December 31, 2025 - $1.7 billion and $133.2 million, respectively). The total assets included $1.8 billion of investments and $16.9 million of all other aggregated assets (December 31, 2025 - $1.7 billion and $23.3 million, respectively). The total liabilities included $88.6 million of all other aggregated liabilities (December 31, 2025 - $133.2 million). The Company’s noncontrolling economic ownership in Medici was 18.9% at June 30, 2026 (December 31, 2025 - 11.3%).
2025
During the six months ended June 30, 2025, investors subscribed for $192.9 million of the participating, non-voting common shares of Medici, including $50.1 million from the Company. In addition, investors redeemed $495.5 million of the participating, non-voting common shares of Medici, including $200.0 million from the Company. Of the total redemption of $495.5 million, $316.5 million was immediately reinvested in Medici UCITS, including $140.0 million from the Company. Third party investors also received $15.3 million in dividends.
During the six months ended June 30, 2025, RenaissanceRe received cash inflows of $103.8 million from subscriptions of shares in Medici by third-party investors, and paid $359.6 million as a result of redemptions of shares from and dividends to third-party investors.
The Company expects its noncontrolling economic ownership in Medici to fluctuate over time.
The activity in redeemable noncontrolling interest – Medici is detailed in the table below:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Beginning balance$1,433,068 $1,469,402 $1,398,166 $1,646,745 
Redemption of shares from redeemable noncontrolling interests, net of adjustments(15,031)(56,734)(45,936)(295,529)
Sale of shares to redeemable noncontrolling interests
— 81,329 46,000 142,932 
Net income (loss) attributable to redeemable noncontrolling interest26,313 38,993 46,120 54,156 
Dividends on common shares
— — — (15,314)
Ending balance$1,444,350 $1,532,990 $1,444,350 $1,532,990 
Redeemable Noncontrolling Interest – Vermeer
Vermeer Reinsurance Ltd. (“Vermeer”) is a managed joint venture formed by RenaissanceRe to provide capacity focused on risk remote layers in the U.S. property catastrophe market. RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, owns 100% of the non-voting participating shares of Vermeer. Vermeer is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb
losses and rights to receive residual returns. The Company is the primary beneficiary of Vermeer, as it has power to direct the activities of Vermeer that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Vermeer. Accordingly, the Company consolidates Vermeer and all significant intercompany transactions have been eliminated. As PFZW owns all of the participating shares of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.
2026
During the six months ended June 30, 2026, there were no subscriptions for participating, non-voting common shares of Vermeer. In addition, there were $150.0 million dividends declared and paid to PFZW.
At June 30, 2026, Vermeer’s standalone balance sheet included total assets and total liabilities of $2.2 billion and $349.4 million, respectively (December 31, 2025 - $2.3 billion and $411.4 million, respectively). The total assets included $2.0 billion of investments and $285.0 million of all other aggregated assets (December 31, 2025 - $2.0 billion and $332.7 million, respectively). The total liabilities included $73.6 million of reserve for claims and claim expenses and $275.8 million of all other aggregated liabilities (December 31, 2025 - $91.2 million and $320.2 million, respectively).
2025
During the six months ended June 30, 2025, there were no subscriptions for participating, non-voting common shares of Vermeer. In addition, there were no dividends declared or paid to PFZW.
The Company does not expect its noncontrolling economic ownership in Vermeer to fluctuate over time.
The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Beginning balance$1,824,130 $1,692,777 $1,922,431 $1,799,857 
Dividends on common shares
— — (150,000)— 
Net income (loss) attributable to redeemable noncontrolling interest64,783 57,425 116,482 (49,655)
Ending balance$1,888,913 $1,750,202 $1,888,913 $1,750,202 
Redeemable Noncontrolling Interest – Fontana
Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to assume casualty and specialty risks in line with the Company’s book of business. Fontana is considered a VIE as the voting rights of its equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is the primary beneficiary of Fontana, as it has power to direct the activities of Fontana that most significantly impact its economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to Fontana. Accordingly, the Company consolidates Fontana and all significant intercompany transactions have been eliminated. The portion of Fontana’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company may be obligated to repurchase all or a portion of the limited partner interest held by limited partners of Fontana upon request, subject to certain restrictions. The Company has not provided any financial or other support to Fontana that it was not contractually required to provide.
2026
During the six months ended June 30, 2026, RenaissanceRe purchased an aggregate of $79.3 million of its limited partner interest in Fontana from third-party investors.
The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the six months ended June 30, 2026, RenaissanceRe received no cash inflows from subscriptions for the limited partner interest of Fontana by third-party investors, and paid $79.3 million as a result of redemptions of the limited partner interest from third-party investors.
At June 30, 2026, Fontana’s standalone consolidated balance sheet included total assets and total liabilities of $3.1 billion and $2.3 billion, respectively (December 31, 2025 - $2.9 billion and $2.1 billion, respectively). The total assets included $2.2 billion of investments and $880.0 million of all other aggregated assets (December 31, 2025 - $2.0 billion and $889.0 million, respectively). The total liabilities included $1.5 billion of reserve for claims and claim expenses, $99.3 million of debt and $650.2 million of all other aggregated liabilities (December 31, 2025 - $1.4 billion, $99.2 million and $620.6 million, respectively). As a result of these transactions, the Company’s noncontrolling economic ownership in Fontana was 38.4% at June 30, 2026 (December 31, 2025 - 28.7%).
2025
During the six months ended June 30, 2025, investors subscribed for $100.0 million of the limited partner interest of Fontana, including $70.8 million from the Company. In addition, RenaissanceRe sold an aggregate of $100.0 million of its limited partner interest in Fontana to third-party investors and purchased an aggregate of $72.0 million of its limited partner interest in Fontana from third-party investors.
During the six months ended June 30, 2025, RenaissanceRe received no subscriptions for the limited partner interest of Fontana by third-party investors, and paid $72.0 million as a result of redemptions of the limited partner interest from third-party investors.
The Company’s investment in Fontana may fluctuate, perhaps materially, in future quarters.
The activity in redeemable noncontrolling interest – Fontana is detailed in the table below:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Beginning balance$494,566 $535,656 $579,858 $469,439 
Redemption of limited partner interest from redeemable noncontrolling interest— — (79,337)(72,044)
Sale of limited partner interest to redeemable noncontrolling interest— — — 129,155 
Net income (loss) attributable to redeemable noncontrolling interest19,047 13,468 13,092 22,574 
Ending balance$513,613 $549,124 $513,613 $549,124