v3.26.3
INVESTMENTS
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
NOTE 3. INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
At September 30, 2026At December 31, 2025
Corporate$9,807,924 $8,528,828 
U.S. Treasuries9,037,223 10,641,503 
Residential mortgage-backed3,449,802 2,606,882 
Asset-backed1,357,970 1,606,790 
Agencies641,239 486,817 
Non-U.S. government580,896 691,912 
Commercial mortgage-backed328,193 321,591 
Total fixed maturity investments trading$25,203,247 $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 September 30, 2026At December 31, 2025
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$1,425,623 $1,424,835 $2,072,111 $2,081,003 
Due after one through five years
10,525,646 10,348,304 12,450,807 12,606,212 
Due after five through ten years
7,677,750 7,330,702 5,039,803 5,109,842 
Due after ten years
1,034,332 963,441 573,271 552,003 
Mortgage-backed
3,966,349 3,777,995 2,920,644 2,928,473 
Asset-backed1,368,179 1,357,970 1,601,715 1,606,790 
Total
$25,997,879 $25,203,247 $24,658,351 $24,884,323 
Equity Investments
The following table summarizes the fair value of equity investments:
At September 30, 2026At December 31, 2025
Fixed income exchange traded funds$1,547,207 $1,582,811 
Equity exchange traded funds90,613 — 
Common stock
Financials128,721 147,996 
Other688 2,183 
Total common stock
129,409 150,179 
Total equity investments
$1,767,229 $1,732,990 
Pledged Investments
At September 30, 2026, $7.8 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, $2.1 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 September 30, 2026, the Company held $44.6 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 September 30, 2026At December 31, 2025
Fund investments
Private credit funds
$1,597,821 $1,445,158 
Private equity funds
788,907 701,837 
Multi-strategy funds (1)
633,225 473,990 
Insurance-linked securities funds
167,984 154,514 
Equity funds
79,181 — 
Total fund investments
3,267,118 2,775,499 
Catastrophe bonds1,625,250 1,613,710 
Direct private equity investments155,594 185,005 
Total other investments$5,047,962 $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 nine months ended September 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 nine months ended September 30, 2025, investors subscribed for $356.5 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 nine months ended September 30, 2026, net income of $7.0 million and $12.5 million from Medici UCITS was attributable to the Company (2025 - $7.5 million and $11.0 million). At September 30, 2026, the total net asset value (“NAV”) of Medici UCITS was $475.8 million, of which $167.0 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 35.1% (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 September 30, 2026$3,212,156 $3,859,248 $7,071,404 
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 endedNine months ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Fixed maturity investments trading$307,844 $287,139 $899,560 $854,035 
Short term investments30,851 51,855 98,114 141,299 
Equity investments
Fixed income exchange traded funds
27,031 15,876 74,842 23,588 
Common stock (1)
681 610 2,034 1,951 
Other investments
Catastrophe bonds44,403 50,503 124,430 153,205 
Fund and direct private equity investments (2)
29,729 27,036 88,273 67,451 
Cash and cash equivalents8,407 12,045 28,990 35,488 
448,946 445,064 1,316,243 1,277,017 
Investment expenses(8,093)(6,710)(22,399)(20,202)
Net investment income$440,853 $438,354 $1,293,844 $1,256,815 
(1)In the fourth quarter of 2025, the Company revised the description of its “other equity investments” to “common stock.”
(2)In the fourth quarter of 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedNine months ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Fixed maturity investments trading$(831,471)$86,089 (1,188,115)416,943 
Equity investments(78,966)7,150 (131,951)33,979 
Investment-related derivatives (1)
(51,004)181,012 31,381 498,089 
Other investments
Catastrophe bonds34,971 44,592 22,017 (9,837)
Fund and direct private equity investments (2)
46,627 (6,953)86,540 55,376 
Net realized and unrealized gains (losses) on investments$(879,843)$311,890 $(1,180,128)$994,550 
(1)Included in investment-related derivatives for the three and nine months ended September 30, 2026 are gains (losses) related to fixed maturity investment-related derivatives of $(68.1) million and $(94.8) million (2025 - $(40.5) million and $91.0 million), equity investment-related derivatives of $16.8 million and $139.7 million (2025 - $78.0 million and $112.7 million) and commodity-related derivatives of $0.3 million and $(13.5) million (2025 - $143.6 million and $294.4 million). Refer to “Note 13. Derivative Instruments” for additional information on investment-related derivatives.
(2)In the fourth quarter of 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”
Net realized and unrealized gains (losses) on fixed maturity investments trading and equity investments are split between realized and unrealized gains (losses) as follows:
Three months endedNine months ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Fixed maturity investments trading
Net realized gains (losses)$(137,500)$19,293 $(175,836)$27,561 
Net unrealized gains (losses)(693,971)66,796 (1,012,279)389,382 
Net realized and unrealized gains (losses)$(831,471)$86,089 $(1,188,115)$416,943 
Equity investments
Net realized gains (losses)$(721)$541 8,346 $613 
Net unrealized gains (losses)(78,245)6,609 (140,297)33,366 
Net realized and unrealized gains (losses)$(78,966)$7,150 $(131,951)$33,979