RenaissanceRe Reports $654.2 Million of Net Income Available to Common Shareholders and $547.8 Million of Operating Income Available to Common Shareholders in Q2 2026.

Strong Performance Across All Three Drivers of Profit – Underwriting, Fee and Net Investment Income.

• Annualized return on average common equity of 24.0% and annualized operating return on average common equity of 20.1%.

• 72.8% combined ratio driven by strong current year results, low catastrophe losses and favorable prior year development.

• Favorable prior year development of $199.4 million, with $257.5 million of favorable development in Property, partially offset by $58.0 million of adverse development in Casualty and Specialty, which included $54.0 million related to a shift of previously reported loss estimates for the Baltimore Bridge Collapse from Property and $5.5 million from purchase accounting adjustments.

• Fee income of $83.0 million, with strong contributions from management and performance fees.

• Net investment income of $432.5 million, up 4.7% from Q2 2025.

• Repurchased $350.0 million of common shares in Q2 2026.

• 5.7% quarterly growth in book value per common share or 24.8% growth since June 30, 2025.

PEMBROKE, Bermuda--(BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the second quarter of 2026.

Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends and Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

Underwriting Results - Property Segment: Strong combined ratio of 27.1%

• Gross premiums written decreased by $180.3 million, or 10.4%, driven by:

– a decrease of $187.7 million, or 13.9%, in the catastrophe class, not including reinstatement premiums, with rate reductions being partially offset by growth opportunities; partly offset by

– an increase of $35.0 million in the other property class, as premiums in Q2 2025 were impacted by downwards premium adjustments, in part due to rate decreases in the excess and surplus business.

• Net claims and claim expense ratio - current accident year held relatively flat year over year due to the low level of catastrophe losses in both the current and comparative quarter.

• Net claims and claim expense ratio - prior accident years reflected net favorable development of 29.2%, driven by:

– net favorable development of $132.7 million in the catastrophe class, primarily from the large loss events in 2021, 2022, 2024 and 2025; and

– net favorable development of $124.7 million in the other property class, primarily due to favorable attritional loss experience.

• Underwriting expense ratio remained relatively flat quarter over quarter, as expense growth was largely offset by the Bermuda tax credits.
• Combined ratio and adjusted combined ratio benefited from the low current accident year net losses and prior accident years net favorable development.

Underwriting Results - Casualty and Specialty Segment: Lower impact from current accident year large losses compared to Q2 2025

• Gross premiums written decreased by $246.5 million, or 14.6%, principally due to:

– exposure reductions across the general casualty, professional liability and other specialty classes;

– changes in premium estimates on business underwritten in prior years in the other specialty class, largely from rate pressure in cyber; and

– a decrease in the credit class driven by opportunistic deals written during Q2 2025 that were not up for renewal.

• Net premiums written decreased by $371.2 million, or 25.7%, consistent with the drivers for gross premiums written discussed above, in addition to an increase in the Company’s retrocessional purchases.

• Net claims and claim expense ratio - current accident year improved by 0.6 percentage points compared to Q2 2025, principally driven by the lower impact of large loss events within the other specialty class.

• Net claims and claim expense ratio - prior accident years reflected net adverse development of 4.4%, including $54.0 million, or 4.1 percentage points, from a shift of previously reported loss estimates for the Baltimore Bridge Collapse to Casualty and Specialty from the other property class, and $5.5 million, or 0.4 percentage points, related to purchase accounting adjustments.

• Underwriting expense ratio improved by 2.5 percentage points, driven by:

– a 1.7 percentage point improvement in the operating expense ratio, primarily due to the Bermuda tax credits and an increase in override management fees; and

– a 0.8 percentage point improvement in the acquisition expense ratio, primarily due to a decrease in purchase accounting adjustments.

• Combined ratio and adjusted combined ratio each included adverse development related to the Baltimore Bridge Collapse, which was partially offset by the lower underwriting expense ratio.

Fee Income: $83.0 million of fee income, with strong contributions from both management and performance fees

• Management fee income decreased as a result of lower management fees in DaVinci, primarily due to a recapture of previously deferred management fees in Q2 2025 which did not repeat in Q2 2026, combined with lower management fees in DaVinci and Fontana due to lower net premiums earned.

• Performance fee income decreased primarily driven by lower prior accident years net favorable development within Upsilon.

• Total fee income in Q2 2026 included $59.4 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss). 

Investment Results: Net investment income of $432.5 million, up 4.7% from Q2 2025, and net realized and unrealized gains of $121.6 million

• Net investment income increased by $19.4 million, primarily due to higher average invested assets and portfolio reallocation, resulting in increased income from fixed income exchange traded funds.

• Net realized and unrealized gains on investments in Q2 2026 were driven by:

– $217.3 million of net gains on equity-related investments, primarily from equity futures being favorably impacted by equity market movements in the quarter;

– $99.9 million of net gains on fund and direct private equity investments, as a result of favorable equity market movements; partially offset by

– $115.3 million of net losses on fixed maturity-related investments, primarily due to increases in market yields in the quarter; and

– $79.1 million of net losses on commodity-related investments, principally due to decreases in prices for gold futures.

• Total investments were $36.2 billion at June 30, 2026 (December 31, 2025 - $36.1 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.3% and 3.0 years, respectively (December 31, 2025 - 4.8% and 2.6 years, respectively). 

• Net income attributable to redeemable noncontrolling interests of $315.3 million was primarily driven by:

– strong underwriting income in DaVinci and Vermeer;

– $118.1 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by

– $31.9 million of net realized and unrealized losses in the investment portfolios of the Company’s joint ventures and managed funds; and

– $59.4 million of management and performance fee income.

• Income tax expense of $139.4 million in Q2 2026, compared to an expense of $176.9 million in Q2 2025. The income tax expense was primarily driven by strong operating profits.

• Operational and corporate expenses decreased in Q2 2026, primarily driven by Bermuda tax credits and partially offset by an increase in compensation expenses.

• Share repurchases of 1.2 million common shares at an aggregate cost of $350.0 million and an average price of $300.82 per common share. Repurchased an additional $82.9 million from July 1, 2026, through July 20, 2026.

Non-GAAP Financial Measures and Additional Financial Information

This Press Release 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,” and “adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

Please refer to the “Investors - Reports & Filings” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.

Conference Call Information

RenaissanceRe will host a conference call on Thursday, July 23, 2026, at 10:00 a.m. ET to discuss this release. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at investor.renre.com. A replay will be available after the call at the same location.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient 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.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release 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.

INVESTOR CONTACT:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
(441) 239-4830

MEDIA CONTACT:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Senior Vice President, Investor Relations & Communications
(441) 239-4946
or
Kekst CNC
Nicholas Capuano
(917) 842-7859