VARIABLE INTEREST ENTITIES	9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 9. VARIABLE INTEREST ENTITIES Managed Joint Ventures and Managed Funds The Company has interests in various managed joint ventures and managed funds that are considered VIEs. The Company consolidates the results of DaVinci, Fontana, Medici and Vermeer, as the Company is deemed to be the primary beneficiary of each of those entities. Refer to “Note 8. Noncontrolling Interests” for additional information on those entities. The Company also consolidates Upsilon RFO Diversified I, II and III, which are segregated accounts of Upsilon RFO Re Ltd. (“Upsilon RFO”), as the Company is deemed to be the primary beneficiary, as detailed below. The assets of DaVinci, Fontana, Medici, Vermeer, and Upsilon RFO Diversified I, II and III can only be used to settle their respective obligations. The liabilities of each of those entities are non‑recourse to the Company, and creditors do not have recourse to the general credit of the Company. The Company’s consolidated VIEs affect its cash flows primarily through underwriting results, investment-related activities, fee income and capital transactions relating to its redeemable noncontrolling interests. The assets, liabilities, revenues, and expenses of these VIEs are included in the Company’s consolidated financial statements, however, a significant portion of the cash flows generated by the VIEs are attributable to third‑party investors and recorded as redeemable noncontrolling interests. As a result, the Company’s consolidated cash flows reflect the gross cash flows of the VIEs rather than the net cash flows economically retained by the Company. Upsilon RFO Upsilon RFO is an exempted company incorporated in Bermuda. It is registered as a segregated accounts company and as a collateralized insurer, Upsilon RFO currently has four segregated accounts (Upsilon RFO Diversified I, II, III and IV). RenaissanceRe indirectly owns a portion of the participating non-voting preference shares of three of the existing segregated accounts of Upsilon RFO (Upsilon RFO Diversified I, II and III) and all of Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholders) participate in all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting Class A shareholders) indemnify Upsilon RFO against losses relating to insurance risk, and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance. Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO Diversified I, II and III as it has the power to direct the activities of those segregated accounts that most significantly impact their economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to those segregated accounts. Accordingly, the Company consolidates Upsilon RFO Diversified I, II and III and all significant intercompany transactions have been eliminated. The Company is not the primary beneficiary of Upsilon RFO Diversified IV, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to that segregated account. Accordingly, the Company does not consolidate the financial position or results of operations of Upsilon RFO Diversified IV. The Company does not have, and does not expect to have, a material investment in Upsilon RFO Diversified IV. In addition, the Company expects its absolute and relative ownership in Upsilon RFO Diversified IV to remain minimal. Other than its equity investments in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide. 2026 During the nine months ended September 30, 2026, and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $234.9 million of capital to investors of Upsilon RFO Diversified I, II and III, including $30.5 million to the Company and returned $23.6 million to investors of Upsilon RFO Diversified IV. At September 30, 2026, Upsilon RFO’s balance sheet included total assets and total liabilities of Diversified I, II and III of $462.2 million and $461.3 million, respectively (December 31, 2025 - $653.0 million and $652.1 million, respectively). The total assets included $391.0 million of investments and $71.2 million of all other aggregated assets (December 31, 2025 - $526.8 million and $126.2 million, respectively). The total liabilities included $239.5 million of reserve for claims and claim expenses and $221.9 million of all other aggregated liabilities (December 31, 2025 - $305.8 million and $346.3 million, respectively). Of the total assets and liabilities of Upsilon RFO Diversified I, II and III, a net amount of $7.1 million (December 31, 2025 - $32.7 million) is attributable to the Company, and $115.4 million (December 31, 2025 - $264.8 million) is attributable to third-party investors. Of the total assets and liabilities of Upsilon RFO Diversified IV, a net amount of $101.0 million (December 31, 2025 - $101.8 million) is attributable to third-party investors. At September 30, 2026, the Company’s participation in the risks assumed by Upsilon RFO Diversified I, II and III was 12.3% (December 31, 2025 - 12.7%). 2025 During the nine months ended September 30, 2025, and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $230.5 million of capital to investors of Upsilon RFO Diversified I, II and III, including $27.9 million to the Company, and returned $29.5 million of capital to investors of Upsilon RFO Diversified IV. Upsilon Diversified RenaissanceRe Upsilon Diversified Fund (“Upsilon Diversified”) is a segregated account of RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted company incorporated in Bermuda which is registered as a segregated accounts company and a Class A Professional Fund. Upsilon Diversified provides a fund structure through which investors can invest in reinsurance risk managed by the Company, which includes investment in Upsilon RFO. Upsilon Diversified 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 not the primary beneficiary of Upsilon Diversified, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to Upsilon Diversified. Accordingly, the Company does not consolidate the financial position or results of operations of Upsilon Diversified. Upsilon Diversified meets the definition of an investment company, and accordingly, is required to account for all of its investments, including its investment in Upsilon RFO, at fair value. The Company does not have, has not previously had, and does not expect to have, a material investment in Upsilon Diversified. In addition, the Company expects its absolute and relative ownership in Upsilon Diversified to remain minimal. Other than its current equity investment in Upsilon Diversified, the Company has not provided financial or other support to Upsilon Diversified that it was not contractually required to provide. The total assets of Upsilon Diversified principally reflect its investment in Upsilon RFO. 2026 During the nine months ended September 30, 2026, and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $186.0 million of capital to investors, including $0.3 million to the Company. The fair value of the Company’s indirect equity ownership in Upsilon Diversified is included in investments in other ventures and was $0.1 million at September 30, 2026 (December 31, 2025 - $0.4 million). At September 30, 2026, the total assets and total liabilities of Upsilon Diversified were $185.8 million and $105.1 million, respectively (December 31, 2025 - $278.4 million and $42.6 million, respectively). Upsilon Diversified’s investment in Upsilon RFO was valued at $85.5 million at September 30, 2026 (December 31, 2025 - $254.7 million). 2025 During the nine months ended September 30, 2025, and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $207.8 million of capital to investors, including $0.3 million to the Company. In addition, third-party investors subscribed for $17.5 million of non-voting preference shares. Separately Managed Accounts of Upsilon Fund NOC1, Stratos and Lighthouse Cat Bond Fund are segregated accounts of Upsilon Fund (collectively, the “Separately Managed Accounts”) that each provide a fund structure through which investors can invest in a portfolio of insurance-linked securities, principally catastrophe bonds. NOC1 was formed in 2023 and, during the second quarter of 2026, it was fully redeemed following the distribution of capital to investors. Stratos and Lighthouse Cat Bond Fund were formed in 2025 and 2026, respectively. The Separately Managed Accounts are considered VIEs as the voting rights of their equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of any Separately Managed Account, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to any Separately Managed Account. Accordingly, the Company does not consolidate the financial position or results of operations of the Separately Managed Accounts. The Company does not have, and does not expect to have, a material investment in any Separately Managed Account. In addition, the Company expects its absolute and relative ownership in each Separately Managed Account to remain minimal. Other than its prior equity investment in NOC1, the Company has not provided financial or other support to any Separately Managed Account that it was not contractually required to provide. During the nine months ended September 30, 2026, third-party investors subscribed for $150.0 million of non-voting preference shares issued by Upsilon Fund and linked to Lighthouse Cat Bond Fund. In addition, the Separately Managed Accounts returned $196.6 million of capital to investors, including $2.0 million to the Company. Third-party investors also received $10.8 million in dividends. The fair value of the Company’s indirect equity ownership in the Separately Managed Accounts is included in investments in other ventures and was $Nil at September 30, 2026 (December 31, 2025 - $1.9 million). At September 30, 2026, the Separately Managed Accounts had combined total assets and total liabilities of $425.5 million and $1.1 million, respectively (December 31, 2025 - $454.6 million and $0.7 million, respectively). Mona Lisa Re Ltd. Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled special purpose insurer (“SPI”), provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors. Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with certain subsidiaries of RenaissanceRe underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. Mona Lisa Re is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is not the primary beneficiary of Mona Lisa Re as it does not have the power to direct the activities of Mona Lisa Re that most significantly impact its economic performance. Accordingly, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by certain subsidiaries of RenaissanceRe, which are accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance, and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide. The Company recognized ceded premiums written related to the ceded reinsurance contracts with Mona Lisa Re of $83.7 million during the nine months ended September 30, 2026 (2025 - $70.2 million). In addition, the Company recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $62.4 million during the nine months ended September 30, 2026 (2025 - $61.7 million). At September 30, 2026, the total assets and total liabilities of Mona Lisa Re were $920.8 million and $920.8 million, respectively (December 31, 2025 - $1.1 billion and $1.1 billion, respectively). The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $3.0 million at September 30, 2026 (December 31, 2025 - $3.4 million). AlphaCat In connection with the Validus Acquisition, the Company acquired AlphaCat Managers Ltd. (“AlphaCat Managers”), which manages third-party capital in various forms, including through closed-end and open-end Bermuda mutual funds and one managed account (collectively, the “AlphaCat Funds”), which currently generates fee income. The AlphaCat Funds are primarily funded by third-party capital investors. The AlphaCat Funds are invested in various risk-linked instruments through variable funding notes issued by AlphaCat Reinsurance Ltd. (“AlphaCat Re”), AlphaCat Master Fund Ltd. and OmegaCat Reinsurance Ltd. (“OmegaCat Re”), which give investors access to a range of property catastrophe risks. Prior to the Validus Acquisition, substantially all of the AlphaCat Funds had received full redemption requests from their investors and capital was being released accordingly, subject to certain constraints. The Company expects to run off the business over a period of time. The AlphaCat Funds, AlphaCat Re and OmegaCat Re are considered VIEs as the voting rights of their equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of the AlphaCat Funds, AlphaCat Re and OmegaCat Re as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to the AlphaCat Funds, AlphaCat Re and OmegaCat Re. Accordingly, the Company does not consolidate the financial position or results of operations of the AlphaCat Funds, AlphaCat Re and OmegaCat Re. The Company has not provided financial or other support to the AlphaCat Funds, AlphaCat Re and OmegaCat Re that it was not contractually required to provide. The fair value of the Company’s direct equity ownership in the AlphaCat Funds and AlphaCat Re is included in other investments and was $1.0 million at September 30, 2026 (December 31, 2025 - $2.2 million). At September 30, 2026, AlphaCat Funds, AlphaCat Re and OmegaCat Re had combined total assets and total liabilities of $331.1 million and $107.0 million, respectively (December 31, 2025 - $1.1 billion and $496.1 million, respectively). Fund Investments The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. Refer to “Note 3. Investments” for additional information.

The Company has interests in various managed joint ventures and managed funds that are considered VIEs. The Company consolidates the results of DaVinci, Fontana, Medici and Vermeer, as the Company is deemed to be the primary beneficiary of each of those entities. Refer to “Note 8. Noncontrolling Interests” for additional information on those entities. The Company also consolidates Upsilon RFO Diversified I, II and III, which are segregated accounts of Upsilon RFO Re Ltd. (“Upsilon RFO”), as the Company is deemed to be the primary beneficiary, as detailed below. The assets of DaVinci, Fontana, Medici, Vermeer, and Upsilon RFO Diversified I, II and III can only be used to settle their respective obligations. The liabilities of each of those entities are non‑recourse to the Company, and creditors do not have recourse to the general credit of the Company.

The Company’s consolidated VIEs affect its cash flows primarily through underwriting results, investment-related activities, fee income and capital transactions relating to its redeemable noncontrolling interests. The assets, liabilities, revenues, and expenses of these VIEs are included in the Company’s consolidated financial statements, however, a significant portion of the cash flows generated by the VIEs are attributable to third‑party investors and recorded as redeemable noncontrolling interests. As a result, the Company’s consolidated cash flows reflect the gross cash flows of the VIEs rather than the net cash flows economically retained by the Company.

Upsilon RFO is an exempted company incorporated in Bermuda. It is registered as a segregated accounts company and as a collateralized insurer, Upsilon RFO currently has four segregated accounts (Upsilon RFO Diversified I, II, III and IV). RenaissanceRe indirectly owns a portion of the participating non-voting preference shares of three of the existing segregated accounts of Upsilon RFO (Upsilon RFO Diversified I,

II and III) and all of Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholders) participate in all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting Class A shareholders) indemnify Upsilon RFO against losses relating to insurance risk, and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance.

Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO Diversified I, II and III as it has the power to direct the activities of those segregated accounts that most significantly impact their economic performance, and has the obligation to absorb losses and the right to receive benefits that could potentially be significant to those segregated accounts. Accordingly, the Company consolidates Upsilon RFO Diversified I, II and III and all significant intercompany transactions have been eliminated.

The Company is not the primary beneficiary of Upsilon RFO Diversified IV, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to that segregated account. Accordingly, the Company does not consolidate the financial position or results of operations of Upsilon RFO Diversified IV. The Company does not have, and does not expect to have, a material investment in Upsilon RFO Diversified IV. In addition, the Company expects its absolute and relative ownership in Upsilon RFO Diversified IV to remain minimal.

During the nine months ended September 30, 2026, and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $234.9 million of capital to investors of Upsilon RFO Diversified I, II and III, including $30.5 million to the Company and returned $23.6 million to investors of Upsilon RFO Diversified IV.

At September 30, 2026, Upsilon RFO’s balance sheet included total assets and total liabilities of Diversified I, II and III of $462.2 million and $461.3 million, respectively (December 31, 2025 - $653.0 million and $652.1 million, respectively). The total assets included $391.0 million of investments and $71.2 million of all other aggregated assets (December 31, 2025 - $526.8 million and $126.2 million, respectively). The total liabilities included $239.5 million of reserve for claims and claim expenses and $221.9 million of all other aggregated liabilities (December 31, 2025 - $305.8 million and $346.3 million, respectively). Of the total assets and liabilities of Upsilon RFO Diversified I, II and III, a net amount of $7.1 million (December 31, 2025 - $32.7 million) is attributable to the Company, and $115.4 million (December 31, 2025 - $264.8 million) is attributable to third-party investors. Of the total assets and liabilities of Upsilon RFO Diversified IV, a net amount of $101.0 million (December 31, 2025 - $101.8 million) is attributable to third-party investors. At September 30, 2026, the Company’s participation in the risks assumed by Upsilon RFO Diversified I, II and III was 12.3% (December 31, 2025 - 12.7%).

During the nine months ended September 30, 2025, and following the release of collateral that was previously held by cedants associated with prior underwriting years’ contracts, Upsilon RFO returned $230.5 million of capital to investors of Upsilon RFO Diversified I, II and III, including $27.9 million to the Company, and returned $29.5 million of capital to investors of Upsilon RFO Diversified IV.

RenaissanceRe Upsilon Diversified Fund (“Upsilon Diversified”) is a segregated account of RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted company incorporated in Bermuda which is registered as a segregated accounts company and a Class A Professional Fund. Upsilon Diversified provides a fund structure through which investors can invest in reinsurance risk managed by the Company, which includes investment in Upsilon RFO. Upsilon Diversified 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 not the primary beneficiary of Upsilon Diversified, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to Upsilon Diversified.

Accordingly, the Company does not consolidate the financial position or results of operations of Upsilon Diversified. Upsilon Diversified meets the definition of an investment company, and accordingly, is required to account for all of its investments, including its investment in Upsilon RFO, at fair value. The Company does not have, has not previously had, and does not expect to have, a material investment in Upsilon Diversified. In addition, the Company expects its absolute and relative ownership in Upsilon Diversified to remain minimal. Other than its current equity investment in Upsilon Diversified, the Company has not provided financial or other support to Upsilon Diversified that it was not contractually required to provide. The total assets of Upsilon Diversified principally reflect its investment in Upsilon RFO.

The fair value of the Company’s indirect equity ownership in Upsilon Diversified is included in investments in other ventures and was $0.1 million at September 30, 2026 (December 31, 2025 - $0.4 million). At September 30, 2026, the total assets and total liabilities of Upsilon Diversified were $185.8 million and $105.1 million, respectively (December 31, 2025 - $278.4 million and $42.6 million, respectively). Upsilon Diversified’s investment in Upsilon RFO was valued at $85.5 million at September 30, 2026 (December 31, 2025 - $254.7 million).

During the nine months ended September 30, 2025, and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $207.8 million of capital to investors, including $0.3 million to the Company. In addition, third-party investors subscribed for $17.5 million of non-voting preference shares.

NOC1, Stratos and Lighthouse Cat Bond Fund are segregated accounts of Upsilon Fund (collectively, the “Separately Managed Accounts”) that each provide a fund structure through which investors can invest in a portfolio of insurance-linked securities, principally catastrophe bonds. NOC1 was formed in 2023 and, during the second quarter of 2026, it was fully redeemed following the distribution of capital to investors. Stratos and Lighthouse Cat Bond Fund were formed in 2025 and 2026, respectively.

The Separately Managed Accounts are considered VIEs as the voting rights of their equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of any Separately Managed Account, as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to any Separately Managed Account. Accordingly, the Company does not consolidate the financial position or results of operations of the Separately Managed Accounts. The Company does not have, and does not expect to have, a material investment in any Separately Managed Account. In addition, the Company expects its absolute and relative ownership in each Separately Managed Account to remain minimal. Other than its prior equity investment in NOC1, the Company has not provided financial or other support to any Separately Managed Account that it was not contractually required to provide.

During the nine months ended September 30, 2026, third-party investors subscribed for $150.0 million of non-voting preference shares issued by Upsilon Fund and linked to Lighthouse Cat Bond Fund. In addition, the Separately Managed Accounts returned $196.6 million of capital to investors, including $2.0 million to the Company. Third-party investors also received $10.8 million in dividends.

The fair value of the Company’s indirect equity ownership in the Separately Managed Accounts is included in investments in other ventures and was $Nil at September 30, 2026 (December 31, 2025 - $1.9 million). At September 30, 2026, the Separately Managed Accounts had combined total assets and total liabilities of $425.5 million and $1.1 million, respectively (December 31, 2025 - $454.6 million and $0.7 million, respectively).

Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled special purpose insurer (“SPI”), provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors. Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with certain subsidiaries of RenaissanceRe underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes.

Mona Lisa Re is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is not the primary beneficiary of Mona Lisa Re as it does not have the power to direct the activities of Mona Lisa Re that most significantly impact its economic performance. Accordingly, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company.

The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by certain subsidiaries of RenaissanceRe, which are accounted for as prospective reinsurance under FASB ASC Topic 944, Financial Services - Insurance, and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.

The Company recognized ceded premiums written related to the ceded reinsurance contracts with Mona Lisa Re of $83.7 million during the nine months ended September 30, 2026 (2025 - $70.2 million). In addition, the Company recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $62.4 million during the nine months ended September 30, 2026 (2025 - $61.7 million).

The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $3.0 million at September 30, 2026 (December 31, 2025 - $3.4 million).

In connection with the Validus Acquisition, the Company acquired AlphaCat Managers Ltd. (“AlphaCat Managers”), which manages third-party capital in various forms, including through closed-end and open-end Bermuda mutual funds and one managed account (collectively, the “AlphaCat Funds”), which currently generates fee income. The AlphaCat Funds are primarily funded by third-party capital investors. The AlphaCat Funds are invested in various risk-linked instruments through variable funding notes issued by AlphaCat Reinsurance Ltd. (“AlphaCat Re”), AlphaCat Master Fund Ltd. and OmegaCat Reinsurance Ltd. (“OmegaCat Re”), which give investors access to a range of property catastrophe risks. Prior to the Validus Acquisition, substantially all of the AlphaCat Funds had received full redemption requests from their investors and capital was being released accordingly, subject to certain constraints. The Company expects to run off the business over a period of time.

The AlphaCat Funds, AlphaCat Re and OmegaCat Re are considered VIEs as the voting rights of their equity holders are not proportional to their obligations to absorb losses and rights to receive residual returns. The Company is not the primary beneficiary of the AlphaCat Funds, AlphaCat Re and OmegaCat Re as it does not have the obligation to absorb losses and the right to receive benefits that could potentially be significant to the AlphaCat Funds, AlphaCat Re and OmegaCat Re. Accordingly, the Company does not consolidate the financial position or results of operations of the AlphaCat Funds, AlphaCat Re and

The fair value of the Company’s direct equity ownership in the AlphaCat Funds and AlphaCat Re is included in other investments and was $1.0 million at September 30, 2026 (December 31, 2025 - $2.2 million). At September 30, 2026, AlphaCat Funds, AlphaCat Re and OmegaCat Re had combined total assets and total liabilities of $331.1 million and $107.0 million, respectively (December 31, 2025 - $1.1 billion and $496.1 million, respectively).