RenaissanceRe (RNR) 8-K Full Year 2024 Highlights

RenaissanceRe Holdings Ltd.

Contents

		Page
Basis of Presentation		i
Financial Highlights		1
Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	3
b.	Consolidated Balance Sheets	4
Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Consolidated and Segment Underwriting Results - Five Quarter Trend	7
c.	Property Segment - Catastrophe and Other Property Underwriting Results	10
d.	Gross Premiums Written	12
e.	Net Premiums Written	13
f.	Net Premiums Earned	14
g.	Reserves for Claims and Claim Expenses	15
h.	Paid to Incurred Analysis	16
Managed Joint Ventures and Fee Income
a.	Fee Income	17
b.	Fee income - Five Quarter Trend	18
c.	Noncontrolling Interests	19
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	21
Investments
a.	Total Investment Result	22
b.	Investments Composition	24
c.	Managed Investments - Credit Rating	25
d.	Retained Investments - Credit Rating	26
Other Items
a.	Earnings per Share	27
Comments on Non-GAAP Financial Measures		28

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

On November 1, 2023, the Company completed its acquisition (the “Validus Acquisition”) of Validus Holdings, Ltd. (“Validus Holdings”), Validus Specialty, LLC (“Validus Specialty”) and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as “Validus.” The operating activities of Validus are included in the Company’s consolidated statements of operations starting from the acquisition date, November 1, 2023. As such, the results of operations and comparisons to prior periods should be viewed in that context.

This financial supplement 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,” “adjusted combined ratio,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures is presented in the attached supplemental financial data. See pages 28 through 38 for “Comments on Non-GAAP Financial Measures.”

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.

i

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Financial Supplement 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, competition in the industry, and estimates of net negative impact and insured losses from loss events, and government initiatives and regulatory matters affecting the (re)insurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such 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 between Russia and Ukraine, and in the Middle East; 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 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.

ii

RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended			Year ended
	December 31, 2024				December 31, 2023			December 31, 2024			December 31, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(198,503)			$	1,576,682		$	1,834,985		$	2,525,757
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)	$	406,877			$	623,110		$	2,234,426		$	1,824,910
Underwriting income
Gross premiums written	$	1,916,751			$	1,802,041		$	11,733,066		$	8,862,366
Net premiums written	1,751,628				1,587,047			9,952,216			7,467,813
Net premiums earned	2,527,566				2,249,445			10,095,760			7,471,133
Underwriting income (loss)	208,550				540,970			1,622,324			1,647,408
Net claims and claim expense ratio:
Current accident year	72.7		%		50.5		%	61.3		%	53.9		%
Prior accident years	(14.0)		%		(7.0)		%	(8.5)		%	(6.1)		%
Calendar year	58.7		%		43.5		%	52.8		%	47.8		%
Acquisition expense ratio	26.8		%		26.5		%	26.2		%	25.1		%
Operating expense ratio	6.2		%		6.0		%	4.9		%	5.0		%
Combined ratio	91.7		%		76.0		%	83.9		%	77.9		%
Adjusted combined ratio (1)	89.4		%		73.6		%	81.5		%	77.1		%
Fee income
Management fee income	$	53,536			$	47,769		$	219,860		$	176,599
Performance fee income	23,568				23,014			106,936			60,195
Total fee income	$	77,104			$	70,783		$	326,796		$	236,794
Investment results - managed
Net investment income	$	428,810			$	376,962		$	1,654,289		$	1,253,110
Net realized and unrealized gains (losses) on investments	(630,347)				585,939			(27,840)			414,522
Total investment result	$	(201,537)			$	962,901		$	1,626,449		$	1,667,632
Total investment return - annualized	(2.4)		%		15.2		%	5.4		%	6.9		%
Investment results - retained (1)
Net investment income	$	295,237			$	256,445		$	1,138,028		$	830,533
Net realized and unrealized gains (losses) on investments	(552,332)				490,387			(41,863)			285,765
Total investment result	$	(257,095)			$	746,832		$	1,096,165		$	1,116,298
Total investment return - annualized	(4.3)		%		16.5		%	4.9		%	6.5		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

1

Financial Highlights - Per Share Data & ROE
	Three months ended						Year ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	(3.95)		$	30.51		$	35.31		$	52.40
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(3.95)		$	30.43		$	35.21		$	52.27
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)	$	8.06		$	11.77		$	42.99		$	37.54
Average shares outstanding - basic	50,429			50,937			51,186			47,493
Average shares outstanding - diluted	50,429			51,072			51,339			47,607
Return on average common equity - annualized	(7.8)		%	83.5		%	19.3		%	40.5		%
Operating return on average common equity - annualized (1)	16.0		%	33.0		%	23.5		%	29.3		%
	December 31, 2024			December 31, 2023
Book value per common share	$	195.77		$	165.20
Tangible book value per common share (1)	$	177.18		$	141.87
Tangible book value per common share plus accumulated dividends (1)	$	205.26		$	168.39
Year to date change in book value per common share plus change in accumulated dividends	19.4		%	59.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends (1)	26.0		%	47.6		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

2

Summary Consolidated Financial Statements
Consolidated Statements of Operations
	Three months ended		Year ended
	December 31, 2024			December 31, 2023		December 31, 2024		December 31, 2023
Revenues
Gross premiums written	$	1,916,751		$	1,802,041	$	11,733,066	$	8,862,366
Net premiums written	$	1,751,628		$	1,587,047	$	9,952,216	$	7,467,813
Decrease (increase) in unearned premiums	775,938			662,398		143,544		3,320
Net premiums earned	2,527,566			2,249,445		10,095,760		7,471,133
Net investment income	428,810			376,962		1,654,289		1,253,110
Net foreign exchange gains (losses)	(48,382)			12,398		(76,076)		(41,479)
Equity in earnings (losses) of other ventures	14,652			15,402		47,087		43,474
Other income (loss)	1,129			144		1,928		(6,152)
Net realized and unrealized gains (losses) on investments	(630,347)			585,939		(27,840)		414,522
Total revenues	2,293,428			3,240,290		11,695,148		9,134,608
Expenses
Net claims and claim expenses incurred	1,483,742			979,522		5,332,981		3,573,509
Acquisition expenses	678,170			594,487		2,643,867		1,875,034
Operational expenses	157,104			134,466		496,588		375,182
Corporate expenses	34,295			74,285		134,784		127,642
Interest expense	23,246			23,201		93,768		73,181
Total expenses	2,376,557			1,805,961		8,701,988		6,024,548
Income (loss) before taxes	(83,129)			1,434,329		2,993,160		3,110,060
Income tax benefit (expense)	63,908			554,206		(32,628)		510,067
Net income (loss)	(19,221)			1,988,535		2,960,532		3,620,127
Net (income) loss attributable to redeemable noncontrolling interests	(170,438)			(403,009)		(1,090,172)		(1,058,995)
Net income (loss) attributable to RenaissanceRe	(189,659)			1,585,526		1,870,360		2,561,132
Dividends on preference shares	(8,844)			(8,844)		(35,375)		(35,375)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(198,503)		$	1,576,682	$	1,834,985	$	2,525,757

3

Summary Consolidated Financial Statements
Consolidated Balance Sheets
	December 31, 2024		December 31, 2023
Assets
Fixed maturity investments trading, at fair value – amortized cost $23,750,540 at December 31, 2024 (December 31, 2023 – $20,872,450)	$	23,562,514	$	20,877,108
Short term investments, at fair value – amortized cost $4,532,166 at December 31, 2024 (December 31, 2023 – $4,603,340)	4,531,655		4,604,079
Equity investments, at fair value	117,756		106,766
Other investments, at fair value	4,324,761		3,515,566
Investments in other ventures, under equity method	102,770		112,624
Total investments	32,639,456		29,216,143
Cash and cash equivalents	1,676,604		1,877,518
Premiums receivable	7,290,228		7,280,682
Prepaid reinsurance premiums	888,332		924,777
Reinsurance recoverable	4,481,390		5,344,286
Accrued investment income	238,290		205,713
Deferred acquisition costs and value of business acquired	1,552,359		1,751,437
Deferred tax asset	701,053		685,040
Receivable for investments sold	91,669		622,197
Other assets	444,037		323,960
Goodwill and other intangibles	704,132		775,352
Total assets	$	50,707,550	$	49,007,105
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	21,303,491	$	20,486,869
Unearned premiums	5,950,415		6,136,135
Debt	1,886,689		1,958,655
Reinsurance balances payable	2,804,344		3,186,174
Payable for investments purchased	150,721		661,611
Other liabilities	1,060,129		1,021,872
Total liabilities	33,155,789		33,451,316
Redeemable noncontrolling interests	6,977,749		6,100,831
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2024 (December 31, 2023 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 50,180,987 shares issued and outstanding at December 31, 2024 (December 31, 2023 – 52,693,887)	50,181		52,694
Additional paid-in capital	1,512,435		2,144,459
Accumulated other comprehensive loss	(14,756)		(14,211)
Retained earnings	8,276,152		6,522,016
Total shareholders’ equity attributable to RenaissanceRe	10,574,012		9,454,958
Total liabilities, noncontrolling interests and shareholders’ equity	$	50,707,550	$	49,007,105
Book value per common share	$	195.77	$	165.20

4

Underwriting and Reserves
Consolidated Segment Underwriting Results
	Three months ended December 31, 2024						Three months ended December 31, 2023
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	390,043		$	1,526,708		$	1,916,751		$	344,597		$	1,457,444		$	1,802,041
Net premiums written	$	376,136		$	1,375,492		$	1,751,628		$	357,953		$	1,229,094		$	1,587,047
Net premiums earned	$	938,658		$	1,588,908		$	2,527,566		$	884,321		$	1,365,124		$	2,249,445
Net claims and claim expenses incurred	384,156			1,099,586			1,483,742			123,942			855,580			979,522
Acquisition expenses	191,988			486,182			678,170			170,854			423,633			594,487
Operational expenses	95,623			61,481			157,104			85,919			48,547			134,466
Underwriting income (loss)	$	266,891		$	(58,341)		$	208,550		$	503,606		$	37,364		$	540,970
Net claims and claim expenses incurred:
Current accident year	$	732,207		$	1,105,011		$	1,837,218		$	275,638		$	859,694		$	1,135,332
Prior accident years	(348,051)			(5,425)			(353,476)			(151,696)			(4,114)			(155,810)
Total	$	384,156		$	1,099,586		$	1,483,742		$	123,942		$	855,580		$	979,522
Net claims and claim expense ratio:
Current accident year	78.0		%	69.5		%	72.7		%	31.2		%	63.0		%	50.5		%
Prior accident years	(37.1)		%	(0.3)		%	(14.0)		%	(17.2)		%	(0.3)		%	(7.0)		%
Calendar year	40.9		%	69.2		%	58.7		%	14.0		%	62.7		%	43.5		%
Acquisition expense ratio	20.5		%	30.6		%	26.8		%	19.4		%	31.0		%	26.5		%
Operating expense ratio	10.2		%	3.9		%	6.2		%	9.7		%	3.6		%	6.0		%
Combined ratio	71.6		%	103.7		%	91.7		%	43.1		%	97.3		%	76.0		%
Adjusted combined ratio (1)	69.2		%	101.3		%	89.4		%	41.7		%	94.3		%	73.6		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

5

Underwriting and Reserves
Consolidated Segment Underwriting Results
	Year ended December 31, 2024						Year ended December 31, 2023
	Property			Casualty and Specialty			Total			Property			Casualty and Specialty			Total
Gross premiums written	$	4,823,731		$	6,909,335		$	11,733,066		$	3,562,414		$	5,299,952		$	8,862,366
Net premiums written	$	3,833,636		$	6,118,580		$	9,952,216		$	2,967,309		$	4,500,504		$	7,467,813
Net premiums earned	$	3,850,352		$	6,245,408		$	10,095,760		$	3,090,792		$	4,380,341		$	7,471,133
Net claims and claim expenses incurred	1,141,726			4,191,255			5,332,981			799,905			2,773,604			3,573,509
Acquisition expenses	758,554			1,885,313			2,643,867			600,127			1,274,907			1,875,034
Operational expenses	302,360			194,228			496,588			251,433			123,749			375,182
Underwriting income (loss)	$	1,647,712		$	(25,388)		$	1,622,324		$	1,439,327		$	208,081		$	1,647,408
Net claims and claim expenses incurred:
Current accident year	$	1,960,578		$	4,223,737		$	6,184,315		$	1,208,810		$	2,815,306		$	4,024,116
Prior accident years	(818,852)			(32,482)			(851,334)			(408,905)			(41,702)			(450,607)
Total	$	1,141,726		$	4,191,255		$	5,332,981		$	799,905		$	2,773,604		$	3,573,509
Net claims and claim expense ratio:
Current accident year	50.9		%	67.6		%	61.3		%	39.1		%	64.3		%	53.9		%
Prior accident years	(21.2)		%	(0.5)		%	(8.5)		%	(13.2)		%	(1.0)		%	(6.1)		%
Calendar year	29.7		%	67.1		%	52.8		%	25.9		%	63.3		%	47.8		%
Acquisition expense ratio	19.6		%	30.2		%	26.2		%	19.4		%	29.1		%	25.1		%
Operating expense ratio	7.9		%	3.1		%	4.9		%	8.1		%	2.8		%	5.0		%
Combined ratio	57.2		%	100.4		%	83.9		%	53.4		%	95.2		%	77.9		%
Adjusted combined ratio (1)	54.9		%	98.0		%	81.5		%	52.9		%	94.2		%	77.1		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

6

Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
	Total
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Gross premiums written	$	1,916,751		$	2,400,136		$	3,425,495		$	3,990,684		$	1,802,041
Net premiums written	$	1,751,628		$	2,162,504		$	2,838,511		$	3,199,573		$	1,587,047
Net premiums earned	$	2,527,566		$	2,582,969		$	2,541,315		$	2,443,910		$	2,249,445
Net claims and claim expenses incurred	1,483,742			1,373,614			1,309,502			1,166,123			979,522
Acquisition expenses	678,170			690,338			644,438			630,921			594,487
Operational expenses	157,104			125,261			108,039			106,184			134,466
Underwriting income (loss)	$	208,550		$	393,756		$	479,336		$	540,682		$	540,970
Net claims and claim expenses incurred:
Current accident year	$	1,837,218		$	1,666,120		$	1,417,773		$	1,263,204		$	1,135,332
Prior accident years	(353,476)			(292,506)			(108,271)			(97,081)			(155,810)
Total	$	1,483,742		$	1,373,614		$	1,309,502		$	1,166,123		$	979,522
Net claims and claim expense ratio:
Current accident year	72.7		%	64.5		%	55.8		%	51.7		%	50.5		%
Prior accident years	(14.0)		%	(11.3)		%	(4.3)		%	(4.0)		%	(7.0)		%
Calendar year	58.7		%	53.2		%	51.5		%	47.7		%	43.5		%
Acquisition expense ratio	26.8		%	26.8		%	25.3		%	25.9		%	26.5		%
Operating expense ratio	6.2		%	4.8		%	4.3		%	4.3		%	6.0		%
Combined ratio	91.7		%	84.8		%	81.1		%	77.9		%	76.0		%
Adjusted combined ratio (1)	89.4		%	82.4		%	78.6		%	75.4		%	73.6		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

7

Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
	Property
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Gross premiums written	$	390,043		$	790,709		$	1,753,098		$	1,889,881		$	344,597
Net premiums written	$	376,136		$	701,222		$	1,358,660		$	1,397,618		$	357,953
Net premiums earned	$	938,658		$	994,777		$	980,834		$	936,083		$	884,321
Net claims and claim expenses incurred	384,156			329,967			273,354			154,249			123,942
Acquisition expenses	191,988			192,439			188,345			185,782			170,854
Operational expenses	95,623			77,688			67,425			61,624			85,919
Underwriting income (loss)	$	266,891		$	394,683		$	451,710		$	534,428		$	503,606
Net claims and claim expenses incurred:
Current accident year	$	732,207		$	621,710		$	357,745		$	248,916		$	275,638
Prior accident years	(348,051)			(291,743)			(84,391)			(94,667)			(151,696)
Total	$	384,156		$	329,967		$	273,354		$	154,249		$	123,942
Net claims and claim expense ratio:
Current accident year	78.0		%	62.5		%	36.5		%	26.6		%	31.2		%
Prior accident years	(37.1)		%	(29.3)		%	(8.6)		%	(10.1)		%	(17.2)		%
Calendar year	40.9		%	33.2		%	27.9		%	16.5		%	14.0		%
Acquisition expense ratio	20.5		%	19.3		%	19.1		%	19.9		%	19.4		%
Operating expense ratio	10.2		%	7.8		%	6.9		%	6.5		%	9.7		%
Combined ratio	71.6		%	60.3		%	53.9		%	42.9		%	43.1		%
Adjusted combined ratio (1)	69.2		%	58.1		%	51.7		%	40.5		%	41.7		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

8

Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
	Casualty and Specialty
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Gross premiums written	$	1,526,708		$	1,609,427		$	1,672,397		$	2,100,803		$	1,457,444
Net premiums written	$	1,375,492		$	1,461,282		$	1,479,851		$	1,801,955		$	1,229,094
Net premiums earned	$	1,588,908		$	1,588,192		$	1,560,481		$	1,507,827		$	1,365,124
Net claims and claim expenses incurred	1,099,586			1,043,647			1,036,148			1,011,874			855,580
Acquisition expenses	486,182			497,899			456,093			445,139			423,633
Operational expenses	61,481			47,573			40,614			44,560			48,547
Underwriting income (loss)	$	(58,341)		$	(927)		$	27,626		$	6,254		$	37,364
Net claims and claim expenses incurred:
Current accident year	$	1,105,011		$	1,044,410		$	1,060,028		$	1,014,288		$	859,694
Prior accident years	(5,425)			(763)			(23,880)			(2,414)			(4,114)
Total	$	1,099,586		$	1,043,647		$	1,036,148		$	1,011,874		$	855,580
Net claims and claim expense ratio:
Current accident year	69.5		%	65.8		%	67.9		%	67.3		%	63.0		%
Prior accident years	(0.3)		%	(0.1)		%	(1.5)		%	(0.2)		%	(0.3)		%
Calendar year	69.2		%	65.7		%	66.4		%	67.1		%	62.7		%
Acquisition expense ratio	30.6		%	31.4		%	29.2		%	29.5		%	31.0		%
Operating expense ratio	3.9		%	3.0		%	2.6		%	3.0		%	3.6		%
Combined ratio	103.7		%	100.1		%	98.2		%	99.6		%	97.3		%
Adjusted combined ratio (1)	101.3		%	97.7		%	95.6		%	97.1		%	94.3		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

9

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
	Three months ended December 31, 2024									Three months ended December 31, 2023
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	47,159		$	342,884		$	390,043		$	55,068		$	289,529		$	344,597
Net premiums written	$	43,422		$	332,714		$	376,136		$	58,451		$	299,502		$	357,953
Net premiums earned	$	581,113		$	357,545		$	938,658		$	525,028		$	359,293		$	884,321
Net claims and claim expenses incurred	125,669			258,487			384,156			(49,500)			173,442			123,942
Acquisition expenses	86,832			105,156			191,988			72,605			98,249			170,854
Operational expenses	79,035			16,588			95,623			70,463			15,456			85,919
Underwriting income (loss)	$	289,577		$	(22,686)		$	266,891		$	431,460		$	72,146		$	503,606
Net claims and claim expenses incurred:
Current accident year	$	425,545		$	306,662		$	732,207		$	87,008		$	188,630		$	275,638
Prior accident years	(299,876)			(48,175)			(348,051)			(136,508)			(15,188)			(151,696)
Total	$	125,669		$	258,487		$	384,156		$	(49,500)		$	173,442		$	123,942
Net claims and claim expense ratio:
Current accident year	73.2		%	85.8		%	78.0		%	16.6		%	52.5		%	31.2		%
Prior accident years	(51.6)		%	(13.5)		%	(37.1)		%	(26.0)		%	(4.2)		%	(17.2)		%
Calendar year	21.6		%	72.3		%	40.9		%	(9.4)		%	48.3		%	14.0		%
Acquisition expense ratio	15.0		%	29.4		%	20.5		%	13.8		%	27.3		%	19.4		%
Operating expense ratio	13.6		%	4.6		%	10.2		%	13.4		%	4.3		%	9.7		%
Combined ratio	50.2		%	106.3		%	71.6		%	17.8		%	79.9		%	43.1		%
Adjusted combined ratio (1)	47.4		%	104.5		%	69.2		%	15.8		%	79.4		%	41.7		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

10

Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
	Year ended December 31, 2024									Year ended December 31, 2023
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	2,996,890		$	1,826,841		$	4,823,731		$	2,146,323		$	1,416,091		$	3,562,414
Net premiums written	$	2,267,426		$	1,566,210		$	3,833,636		$	1,742,357		$	1,224,952		$	2,967,309
Net premiums earned	$	2,298,252		$	1,552,100		$	3,850,352		$	1,709,252		$	1,381,540		$	3,090,792
Net claims and claim expenses incurred	245,085			896,641			1,141,726			89,257			710,648			799,905
Acquisition expenses	324,745			433,809			758,554			216,071			384,056			600,127
Operational expenses	247,960			54,400			302,360			204,767			46,666			251,433
Underwriting income (loss)	$	1,480,462		$	167,250		$	1,647,712		$	1,199,157		$	240,170		$	1,439,327
Net claims and claim expenses incurred:
Current accident year	$	890,403		$	1,070,175		$	1,960,578		$	410,180		$	798,630		$	1,208,810
Prior accident years	(645,318)			(173,534)			(818,852)			(320,923)			(87,982)			(408,905)
Total	$	245,085		$	896,641		$	1,141,726		$	89,257		$	710,648		$	799,905
Net claims and claim expense ratio:
Current accident year	38.7		%	69.0		%	50.9		%	24.0		%	57.8		%	39.1		%
Prior accident years	(28.0)		%	(11.2)		%	(21.2)		%	(18.8)		%	(6.4)		%	(13.2)		%
Calendar year	10.7		%	57.8		%	29.7		%	5.2		%	51.4		%	25.9		%
Acquisition expense ratio	14.1		%	27.9		%	19.6		%	12.6		%	27.8		%	19.4		%
Operating expense ratio	10.8		%	3.5		%	7.9		%	12.0		%	3.4		%	8.1		%
Combined ratio	35.6		%	89.2		%	57.2		%	29.8		%	82.6		%	53.4		%
Adjusted combined ratio (1)	32.5		%	88.1		%	54.9		%	29.1		%	82.4		%	52.9		%

(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

11

Underwriting and Reserves
Gross Premiums Written
	Three months ended				Q/Q $ Change		Q/Q % Change		Year ended				Y/Y $ Change		Y/Y % Change
	December 31, 2024		December 31, 2023						December 31, 2024		December 31, 2023
Property Segment
Catastrophe	$	14,737	$	28,322	$	(13,585)	(48.0)	%	$	2,905,086	$	2,124,852	$	780,234	36.7	%
Catastrophe - gross reinstatement premiums	32,422		26,746		5,676		21.2	%	91,804		21,471		70,333		327.6	%
Total catastrophe gross premiums written	47,159		55,068		(7,909)		(14.4)	%	2,996,890		2,146,323		850,567		39.6	%
Other property	339,711		295,344		44,367		15.0	%	1,803,874		1,420,842		383,032		27.0	%
Other property - gross reinstatement premiums	3,173		(5,815)		8,988		(154.6)	%	22,967		(4,751)		27,718		(583.4)	%
Total other property gross premiums written	342,884		289,529		53,355		18.4	%	1,826,841		1,416,091		410,750		29.0	%
Property segment gross premiums written	$	390,043	$	344,597	$	45,446	13.2	%	$	4,823,731	$	3,562,414	$	1,261,317	35.4	%
Casualty and Specialty Segment
General casualty (1)	$	541,354	$	535,311	$	6,043	1.1	%	$	2,280,818	$	1,730,102	$	550,716	31.8	%
Professional liability (2)	295,938		240,597		55,341		23.0	%	1,212,134		1,212,393		(259)		—	%
Credit (3)	136,412		206,476		(70,064)		(33.9)	%	901,716		769,321		132,395		17.2	%
Other specialty (4)	553,004		475,060		77,944		16.4	%	2,514,667		1,588,136		926,531		58.3	%
Casualty and Specialty segment gross premiums written	$	1,526,708	$	1,457,444	$	69,264	4.8	%	$	6,909,335	$	5,299,952	$	1,609,383	30.4	%

(1)	Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)	Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)	Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

12

Underwriting and Reserves
Net Premiums Written
	Three months ended				Q/Q $ Change		Q/Q % Change		Year ended				Y/Y $ Change		Y/Y % Change
	December 31, 2024		December 31, 2023						December 31, 2024		December 31, 2023
Property Segment
Catastrophe	$	5,302	$	27,990	$	(22,688)	(81.1)	%	$	2,193,103	$	1,710,326	$	482,777	28.2	%
Catastrophe - net reinstatement premiums	38,120		30,461		7,659		25.1	%	74,323		32,031		42,292		132.0	%
Total catastrophe net premiums written	43,422		58,451		(15,029)		(25.7)	%	2,267,426		1,742,357		525,069		30.1	%
Other property	329,495		303,037		26,458		8.7	%	1,549,838		1,220,807		329,031		27.0	%
Other property - net reinstatement premiums	3,219		(3,535)		6,754		(191.1)	%	16,372		4,145		12,227		295.0	%
Total other property net premiums written	332,714		299,502		33,212		11.1	%	1,566,210		1,224,952		341,258		27.9	%
Property segment net premiums written	$	376,136	$	357,953	$	18,183	5.1	%	$	3,833,636	$	2,967,309	$	866,327	29.2	%
Casualty and Specialty Segment
General casualty (1)	$	524,530	$	505,411	$	19,119	3.8	%	$	2,196,827	$	1,588,596	$	608,231	38.3	%
Professional liability (2)	283,191		215,486		67,705		31.4	%	1,157,692		1,045,262		112,430		10.8	%
Credit (3)	105,126		80,817		24,309		30.1	%	661,430		484,782		176,648		36.4	%
Other specialty (4)	462,645		427,380		35,265		8.3	%	2,102,631		1,381,864		720,767		52.2	%
Casualty and Specialty segment net premiums written	$	1,375,492	$	1,229,094	$	146,398	11.9	%	$	6,118,580	4,500,504		$	1,618,076	36.0	%

(1)	Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)	Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)	Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

13

Underwriting and Reserves
Net Premiums Earned
	Three months ended				Q/Q $ Change		Q/Q % Change		Year ended				Y/Y $ Change		Y/Y % Change
	December 31, 2024		December 31, 2023						December 31, 2024		December 31, 2023
Property Segment
Catastrophe	$	542,993	$	494,567	$	48,426	9.8	%	$	2,223,929	$	1,677,221	$	546,708	32.6	%
Catastrophe - net reinstatement premiums	38,120		30,461		7,659		25.1	%	74,323		32,031		42,292		132.0	%
Total catastrophe net premiums earned	581,113		525,028		56,085		10.7	%	2,298,252		1,709,252		589,000		34.5	%
Other property	354,326		362,828		(8,502)		(2.3)	%	1,535,728		1,377,395		158,333		11.5	%
Other property - net reinstatement premiums	3,219		(3,535)		6,754		(191.1)	%	16,372		4,145		12,227		295.0	%
Total other property net premiums earned	357,545		359,293		(1,748)		(0.5)	%	1,552,100		1,381,540		170,560		12.3	%
Property segment net premiums earned	$	938,658	$	884,321	$	54,337	6.1	%	$	3,850,352	$	3,090,792	$	759,560	24.6	%
Casualty and Specialty Segment
General casualty (1)	$	578,024	$	496,681	$	81,343	16.4	%	$	2,270,229	$	1,510,179	$	760,050	50.3	%
Professional liability (2)	301,947		266,674		35,273		13.2	%	1,160,995		1,107,941		53,054		4.8	%
Credit (3)	179,745		168,029		11,716		7.0	%	761,718		532,646		229,072		43.0	%
Other specialty (4)	529,192		433,740		95,452		22.0	%	2,052,466		1,229,575		822,891		66.9	%
Casualty and Specialty segment net premiums earned	$	1,588,908	$	1,365,124	$	223,784	16.4	%	$	6,245,408	$	4,380,341	$	1,865,067	42.6	%

(1)	Includes automobile liability, casualty clash, employers’ liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)	Includes directors and officers, medical malpractice, professional indemnity and transactional liability.
(3)	Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)	Includes accident and health, agriculture, aviation, construction, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other lines of business, and are allocated accordingly.

14

Underwriting and Reserves
Reserves for Claims and Claim Expenses
	Case Reserves		Additional Case Reserves		IBNR		Total
December 31, 2024
Property	$	1,845,228	$	1,905,553	$	2,821,958	$	6,572,739
Casualty and Specialty	3,081,081		295,074		11,354,597		14,730,752
Total	$	4,926,309	$	2,200,627	$	14,176,555	$	21,303,491
December 31, 2023
Property (1)	$	2,461,580	$	2,401,911	$	2,970,129	$	7,833,620
Casualty and Specialty (1)	2,801,016		331,345		9,520,888		12,653,249
Total (1)	$	5,262,596	$	2,733,256	$	12,491,017	$	20,486,869

(1)The previously reported amount has been adjusted to reclassify certain reserves from IBNR to additional case reserves.

15

RenaissanceRe Holdings Ltd.
Underwriting and Reserves
Paid to Incurred Analysis
	Three months ended December 31, 2024						Three months ended December 31, 2023
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	21,221,194	$	4,738,637	$	16,482,557	$	15,955,165	$	4,253,259	$	11,701,906
Incurred claims and claim expenses
Current year	2,076,717		239,499		1,837,218		1,298,905		163,573		1,135,332
Prior years	(516,213)		(162,737)		(353,476)		(191,772)		(35,962)		(155,810)
Total incurred claims and claim expenses	1,560,504		76,762		1,483,742		1,107,133		127,611		979,522
Paid claims and claim expenses
Current year	270,496		34,149		236,347		202,466		18,828		183,638
Prior years	1,016,922		243,564		773,358		961,761		211,576		750,185
Total paid claims and claim expenses	1,287,418		277,713		1,009,705		1,164,227		230,404		933,823
Foreign exchange and other (1)	(190,789)		(56,296)		(134,493)		133,578		58,802		74,776
Amounts acquired (2)	—		—		—		4,455,220		1,135,018		3,320,202
Reserve for claims and claim expenses, end of period	$	21,303,491	$	4,481,390	$	16,822,101	$	20,486,869	$	5,344,286	$	15,142,583
	Year ended December 31, 2024						Year ended December 31, 2023
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	20,486,869	$	5,344,286	$	15,142,583	$	15,892,573	$	4,710,925	$	11,181,648
Incurred claims and claim expenses
Current year	6,944,379		760,064		6,184,315		4,633,626		609,510		4,024,116
Prior years	(1,314,623)		(463,289)		(851,334)		(683,264)		(232,657)		(450,607)
Total incurred claims and claim expenses	5,629,756		296,775		5,332,981		3,950,362		376,853		3,573,509
Paid claims and claim expenses
Current year	572,068		83,618		488,450		412,404		47,611		364,793
Prior years	4,170,400		1,061,040		3,109,360		3,532,307		901,422		2,630,885
Total paid claims and claim expenses	4,742,468		1,144,658		3,597,810		3,944,711		949,033		2,995,678
Foreign exchange and other (1)	(70,666)		(15,013)		(55,653)		133,425		70,523		62,902
Amounts acquired (2)	—		—		—		4,455,220		1,135,018		3,320,202
Reserve for claims and claim expenses, end of period	$	21,303,491	$	4,481,390	$	16,822,101	$	20,486,869	$	5,344,286	$	15,142,583

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.

(2)    Represents the fair value of Validus’ reserves for claims and claim expenses, net of reinsurance recoverables, acquired on November 1, 2023.

16

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.

	Three months ended		Year ended
	December 31, 2024			December 31, 2023		December 31, 2024		December 31, 2023
Management fee income	$	53,536		$	47,769	$	219,860	$	176,599
Performance fee income (loss) (1)	23,568			23,014		106,936		60,195
Total fee income	$	77,104		$	70,783	$	326,796	$	236,794

(1)Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

	Three months ended		Year ended
	December 31, 2024			December 31, 2023		December 31, 2024		December 31, 2023
Fee income contributing to:
Underwriting income (loss) (1)	$	2,893		$	6,234	$	42,923	$	34,432
Equity in earnings (losses) of other ventures	697			(419)		—		(1,423)
Net income (loss) attributable to redeemable noncontrolling interests	73,514			64,968		283,873		203,785
Total fee income	$	77,104		$	70,783	$	326,796	$	236,794

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.

17

Managed Joint Ventures and Fee Income

Fee Income - Five Quarter Trend

The table below reflects the total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which the Company is a party.

	Three months ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Management fee income	$	53,536	$	54,945	$	55,327	$	56,053	$	47,769
Performance fee income (loss) (1)	23,568		27,120		28,750		27,497		23,014
Total fee income	$	77,104	$	82,065	$	84,077	$	83,550	$	70,783

(1)Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company’s consolidated results of operations.

	Three months ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Fee income contributing to:
Underwriting income (loss) (1)	$	2,893	$	12,345	$	12,992	$	14,694	$	6,234
Equity in earnings (losses) of other ventures	697		—		(343)		(355)		(419)
Net income (loss) attributable to redeemable noncontrolling interests	73,514		69,720		71,428		69,211		64,968
Total fee income	$	77,104	$	82,065	$	84,077	$	83,550	$	70,783

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operational expenses or acquisition expenses.

18

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe Holdings Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), Vermeer Reinsurance Ltd. (“Vermeer”) and Fontana Holdings L.P. and its subsidiaries (“Fontana”) (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company’s consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company’s consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company’s consolidated statements of operations that is allocated to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company’s consolidated statements of operations is set forth below:

	Three months ended		Year ended
	December 31, 2024			December 31, 2023		December 31, 2024		December 31, 2023
Redeemable noncontrolling interests - DaVinci	$	(103,243)		$	(212,322)	$	(627,055)	$	(545,812)
Redeemable noncontrolling interests - Medici	(19,926)			(71,969)		(202,941)		(239,250)
Redeemable noncontrolling interests - Vermeer	(61,431)			(87,930)		(244,560)		(239,457)
Redeemable noncontrolling interests - Fontana	14,162			(30,788)		(15,616)		(34,476)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(170,438)		$	(403,009)	$	(1,090,172)	$	(1,058,995)

	Three months ended				Year ended
	December 31, 2024		December 31, 2023			December 31, 2024		December 31, 2023
Operating (income) loss attributable to redeemable noncontrolling interests (2)	$	(297,303)	$	(298,318)		$	(1,175,832)	$	(1,039,466)
Non-operating (income) loss attributable to redeemable noncontrolling interests	126,865		(104,691)			85,660		(19,529)
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(170,438)	$	(403,009)		$	(1,090,172)	$	(1,058,995)

(1)A negative number in the tables above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

19

Managed Joint Ventures and Fee Income

Noncontrolling Interests

A summary of the redeemable noncontrolling interests on the Company’s consolidated balance sheet is set forth below:

	December 31, 2024		December 31, 2023
Redeemable noncontrolling interests - DaVinci	$	3,061,708	$	2,541,482
Redeemable noncontrolling interests - Medici	1,646,745		1,650,229
Redeemable noncontrolling interests - Vermeer	1,799,857		1,555,297
Redeemable noncontrolling interests - Fontana	469,439		353,823
Redeemable noncontrolling interests	$	6,977,749	$	6,100,831

A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:

	December 31, 2024		December 31, 2023
DaVinci	74.6	%	72.2	%
Medici	84.2	%	88.3	%
Vermeer	100.0	%	100.0	%
Fontana	73.5	%	68.4	%

20

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
	Three months ended			Year ended
	December 31, 2024				December 31, 2023			December 31, 2024			December 31, 2023
Revenues
Gross premiums written	$	26,116			$	35,895		$	1,350,633		$	1,127,745
Net premiums written	$	22,457			$	39,438		$	1,237,358		$	1,051,900
Decrease (increase) in unearned premiums	292,628				234,572			(15,352)			(64,495)
Net premiums earned	315,085				274,010			1,222,006			987,405
Net investment income	65,012				58,219			245,859			205,459
Net foreign exchange gains (losses)	(2,022)				(1,355)			(6,357)			(4,277)
Net realized and unrealized gains (losses) on investments	(87,045)				95,875			(38,897)			38,051
Total revenues	291,030				426,749			1,422,611			1,226,638
Expenses
Net claims and claim expenses incurred	38,131				29,398			149,132			147,243
Acquisition expenses	78,904				67,406			285,423			201,643
Operational and corporate expenses	33,365				31,309			141,933			117,965
Interest expense	1,859				1,859			7,435			7,434
Total expenses	152,259				129,972			583,923			474,285
Income (loss) before taxes	138,771				296,777			838,688			752,353
Income tax benefit (expense)	(505)				(3,031)			(4,519)			(6,280)
Net income (loss) available (attributable) to DaVinci common shareholders	$	138,266			$	293,746		$	834,169		$	746,073
Net claims and claim expenses incurred - current accident year	$	231,169			$	52,758		$	528,730		$	261,861
Net claims and claim expenses incurred - prior accident years	(193,038)				(23,360)			(379,598)			(114,618)
Net claims and claim expenses incurred - total	$	38,131			$	29,398		$	149,132		$	147,243
Net claims and claim expense ratio - current accident year	73.4		%		19.3		%	43.3		%	26.5		%
Net claims and claim expense ratio - prior accident years	(61.3)		%		(8.6)		%	(31.1)		%	(11.6)		%
Net claims and claim expense ratio - calendar year	12.1		%		10.7		%	12.2		%	14.9		%
Underwriting expense ratio	35.6		%		36.1		%	35.0		%	32.4		%
Combined ratio	47.7		%		46.8		%	47.2		%	47.3		%

21

Investments
Total Investment Result
	Managed (1)			Retained (2)
	Three months ended			Three months ended
	December 31, 2024				December 31, 2023			December 31, 2024			December 31, 2023
Fixed maturity investments trading	$	295,773			$	230,437		$	239,438		$	187,760
Short term investments	41,230				63,400			14,925			35,113
Equity investments	641				586			639			586
Other investments
Catastrophe bonds	60,984				57,636			9,442			7,021
Other	22,932				21,874			22,932			21,874
Cash and cash equivalents	13,894				10,114			13,111			9,833
	435,454				384,047			300,487			262,187
Investment expenses	(6,644)				(7,085)			(5,250)			(5,742)
Net investment income	$	428,810			$	376,962		$	295,237		$	256,445
Net investment income return - annualized	5.3		%		5.7		%	5.3		%	5.3		%
Net realized gains (losses) on fixed maturity investments trading	$	(29,964)			$	(92,952)		$	(29,416)		$	(87,840)
Net unrealized gains (losses) on fixed maturity investments trading	(535,959)				671,088			(449,621)			570,440
Net realized and unrealized gains (losses) on investment-related derivatives	(107,381)				(45,977)			(106,661)			(39,745)
Net realized gains (losses) on equity investments	—				11			—			11
Net unrealized gains (losses) on equity investments	(15,747)				11,204			(15,765)			11,229
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	11,262				7,111			1,689			838
Net realized and unrealized gains (losses) on other investments - other	47,442				35,454			47,442			35,454
Net realized and unrealized gains (losses) on investments	(630,347)				585,939			(552,332)			490,387
Total investment result	$	(201,537)			$	962,901		$	(257,095)		$	746,832
Average invested assets	$	32,836,567			$	27,591,391		$	23,593,213		$	19,205,096
Total investment return - annualized	(2.4)		%		15.2		%	(4.3)		%	16.5		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

22

Investments
Total Investment Result
	Managed (1)			Retained (2)
	Year ended			Year ended
	December 31, 2024				December 31, 2023			December 31, 2024			December 31, 2023
Fixed maturity investments trading	$	1,116,649			$	744,457		$	904,895		$	593,886
Short term investments	183,153				213,303			81,141			111,977
Equity investments	2,460				7,261			2,458			7,261
Other investments
Catastrophe bonds	238,844				200,572			33,493			26,202
Other	82,457				87,296			82,457			87,296
Cash and cash equivalents	54,241				23,123			51,681			22,077
	1,677,804				1,276,012			1,156,125			848,699
Investment expenses	(23,515)				(22,902)			(18,097)			(18,166)
Net investment income	$	1,654,289			$	1,253,110		$	1,138,028		$	830,533
Net investment income return - annualized	5.5		%		5.3		%	5.1		%	4.9		%
Net realized gains (losses) on fixed maturity investments trading	$	(63,929)			$	(393,041)		$	(48,977)		$	(337,981)
Net unrealized gains (losses) on fixed maturity investments trading	(182,494)				685,095			(157,348)			588,764
Net realized and unrealized gains (losses) on investment-related derivatives	(57,279)				(68,272)			(59,540)			(66,118)
Net realized gains (losses) on equity investments	355				(27,492)			213			(27,492)
Net unrealized gains (losses) on equity investments	10,621				73,243			10,644			73,271
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	62,353				101,897			10,612			12,229
Net realized and unrealized gains (losses) on other investments - other	202,533				43,092			202,533			43,092
Net realized and unrealized gains (losses) on investments	(27,840)				414,522			(41,863)			285,765
Total investment result	$	1,626,449			$	1,667,632		$	1,096,165		$	1,116,298
Average invested assets	$	31,010,883			$	25,229,892		$	22,190,803		$	17,120,684
Total investment return - annualized	5.4		%		6.9		%	4.9		%	6.5		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

23

Investments

Investments Composition

	December 31, 2024								December 31, 2023
	Managed (1)				Retained (2)				Managed (1)				Retained (2)
Type of Investment	Fair value		Unrealized gain (loss)		Fair value		Unrealized gain (loss)		Fair value		Unrealized gain (loss)		Fair value		Unrealized gain (loss)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	11,001,893	$	(60,748)	$	8,434,097	$	(65,990)	$	10,060,203	$	66,743	$	8,013,451	$	49,476
Corporate (3)	7,862,423		(57,047)		6,474,619		(57,112)		6,499,075		(41,016)		5,340,330		(54,622)
Other (4)	4,698,198		(70,231)		4,063,827		(55,176)		4,317,830		(21,069)		3,738,758		(4,321)
Total fixed maturity investments trading, at fair value	23,562,514		(188,026)		18,972,543		(178,278)		20,877,108		4,658		17,092,539		(9,467)
Short term investments, at fair value	4,531,655		(511)		1,527,469		(97)		4,604,079		739		1,624,407		718
Equity investments, at fair value	117,756		73,270		117,596		73,311		106,766		62,660		106,562		62,673
Other investments, at fair value
Catastrophe bonds	1,984,396		(16,861)		329,472		(28,524)		1,942,199		(76,684)		250,384		(36,995)
Fund investments	2,128,499		256,379		2,128,499		256,379		1,415,804		184,744		1,415,804		184,744
Term loans	—		—		—		—		97,658		—		97,658		—
Direct private equity investments	211,866		99,473		211,866		99,473		59,905		(38,359)		59,905		(38,359)
Total other investments, at fair value	4,324,761		338,991		2,669,837		327,328		3,515,566		69,701		1,823,751		109,390
Investments in other ventures, under equity method	102,770		—		102,770		—		112,624		—		112,624		—
Total investments	$	32,639,456	$	223,724	$	23,390,215	$	222,264	$	29,216,143	$	137,758	$	20,759,883	$	163,314

	December 31, 2024					December 31, 2023
	Managed (1)		Retained (2)			Managed (1)		Retained (2)
Weighted average yield to maturity of investments (5)	5.4	%	5.3		%	5.8	%	5.4		%
Average duration of investments, in years (5)	2.9		3.4			2.6		3.2
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)			$	(3.55)				$	(0.18)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(5)Excludes equity investments, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See “Comments on Non-GAAP Financial Measures” for reconciliation of non-GAAP financial measures.

24

Investments
Managed Investments - Credit Rating (1)
				Credit Rating (2)																Investments not subject to credit ratings
December 31, 2024	Fair value				AAA			AA			A			BBB			Non- Investment grade						Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	11,001,893			$	—		$	11,001,893		$	—		$	—		$	—		$	—			$	—
Corporate (3)	7,862,423				299,758			391,900			2,902,013			2,902,395			1,348,823			17,534				—
Residential mortgage-backed	1,707,056				136,306			1,432,615			516			7,179			73,349			57,091				—
Asset-backed	1,422,393				1,204,062			155,254			44,893			17,282			—			902				—
Agencies	623,489				—			623,489			—			—			—			—				—
Non-U.S. government	618,809				397,403			197,924			20,973			2,509			—			—				—
Commercial mortgage-backed	326,451				264,052			58,592			1,654			—			829			1,324				—
Total fixed maturity investments trading, at fair value	23,562,514				2,301,581			13,861,667			2,970,049			2,929,365			1,423,001			76,851				—
Short term investments, at fair value	4,531,655				2,661,135			1,862,362			100			3,247			4,257			554				—
Equity investments, at fair value	117,756				—			—			—			—			—			—				117,756
Other investments, at fair value
Catastrophe bonds	1,984,396				—			—			—			—			1,984,396			—				—
Fund investments:
Private credit funds	1,181,146				—			—			—			—			—			—				1,181,146
Private equity funds	609,105				—			—			—			—			—			—				609,105
Hedge funds	338,248				—			—			—			—			—			—				338,248
Direct private equity investments	211,866				—			—			—			—			—			—				211,866
Total other investments, at fair value	4,324,761				—			—			—			—			1,984,396			—				2,340,365
Investments in other ventures, under equity method	102,770				—			—			—			—			—			—				102,770
Total investments	$	32,639,456			$	4,962,716		$	15,724,029		$	2,970,149		$	2,932,612		$	3,411,654		$	77,405			$	2,560,891
	100.0		%		15.2		%	48.2		%	9.1		%	9.0		%	10.5		%	0.2		%		7.8		%

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

25

Investments
Retained Investments - Credit Rating (1)
				Credit Rating (2)																Investments not subject to credit ratings
December 31, 2024	Fair value				AAA			AA			A			BBB			Non- Investment grade						Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries	$	8,434,097			$	—		$	8,434,097		$	—		$	—		$	—		$	—			$	—
Corporate (3)	6,474,619				233,016			316,797			2,480,071			2,315,193			1,115,383			14,159				—
Residential mortgage-backed	1,450,673				111,810			1,200,728			516			7,179			73,349			57,091				—
Asset-backed	1,338,281				1,119,951			155,254			44,892			17,282			—			902				—
Agencies	491,483				—			491,483			—			—			—			—				—
Non-U.S. government	513,913				321,171			172,220			18,013			2,509			—			—				—
Commercial mortgage-backed	269,477				218,768			46,902			1,654			—			829			1,324				—
Total fixed maturity investments trading, at fair value	18,972,543				2,004,716			10,817,481			2,545,146			2,342,163			1,189,561			73,476				—
Short term investments, at fair value	1,527,469				544,932			977,136			100			1,066			3,681			554				—
Equity investments, at fair value	117,596				—			—			—			—			—			—				117,596
Other investments, at fair value
Catastrophe bonds	329,472				—			—			—			—			329,472			—				—
Fund investments:
Private credit funds	1,181,146				—			—			—			—			—			—				1,181,146
Private equity funds	609,105				—			—			—			—			—			—				609,105
Hedge funds	338,248				—			—			—			—			—			—				338,248
Direct private equity investments	211,866				—			—			—			—			—			—				211,866
Total other investments, at fair value	2,669,837				—			—			—			—			329,472			—				2,340,365
Investments in other ventures, under equity method	102,770				—			—			—			—			—			—				102,770
Total investments	$	23,390,215			$	2,549,648		$	11,794,617		$	2,545,246		$	2,343,229		$	1,522,714		$	74,030			$	2,560,731
	100.0		%		11.0		%	50.4		%	10.9		%	10.0		%	6.5		%	0.3		%		10.9		%

(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

(2)The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

26

Other Items
Earnings per Share
	Three months ended		Year ended
(common shares in thousands)	December 31, 2024			December 31, 2023		December 31, 2024		December 31, 2023
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(198,503)		$	1,576,682	$	1,834,985	$	2,525,757
Amount allocated to participating common shareholders (1)	(512)			(22,580)		(27,472)		(37,308)
Net income (loss) allocated to RenaissanceRe common shareholders	$	(199,015)		$	1,554,102	$	1,807,513	$	2,488,449
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	50,429			50,937		51,186		47,493
Per common share equivalents of non-vested shares (2)	—			135		153		114
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	50,429			51,072		51,339		47,607
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic	$	(3.95)		$	30.51	$	35.31	$	52.40
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(3.95)		$	30.43	$	35.21	$	52.27

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted. For the three months ended December 31, 2024, per common share equivalents of non-vested shares of 183.0 thousand could potentially be dilutive in future periods if the Company reports net income allocated to RenaissanceRe common shareholders.

27

Comments on Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided certain of these financial measures in previous investor communications and the Company’s management believes that such measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.

28

Comments on Non-GAAP Financial Measures

Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders, Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders per Common Share – Diluted and Operating Return on Average Common Equity - Annualized

The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) expenses or revenues associated with acquisitions, dispositions and impairments, (4) acquisition related purchase accounting adjustments, (5) the Bermuda net deferred tax asset, (6) the income tax expense or benefit associated with these adjustments, and (7) the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.”

The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized” are useful to management and investors because they provide for better comparability and more accurately measure the Company’s results of operations and remove variability.

The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

29

Comments on Non-GAAP Financial Measures

	Three months ended						Year ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(198,503)		$	1,576,682		$	1,834,985		$	2,525,757
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	641,609			(578,828)			90,193			(312,625)
Net foreign exchange losses (gains)	48,382			(12,398)			76,076			41,479
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)	15,975			61,666			70,943			76,380
Acquisition related purchase accounting adjustments (2)	59,763			52,812			242,938			64,866
Bermuda net deferred tax asset (3)	(449)			(593,765)			(8,339)			(593,765)
Income tax expense (benefit) (4)	(33,035)			12,250			13,290			3,289
Net income (loss) attributable to redeemable noncontrolling interests (5)	(126,865)			104,691			(85,660)			19,529
Operating income (loss) available (attributable) to RenaissanceRe common shareholders	$	406,877		$	623,110		$	2,234,426		$	1,824,910
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	(3.95)		$	30.43		$	35.21		$	52.27
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	12.72			(11.33)			1.76			(6.57)
Net foreign exchange losses (gains)	0.96			(0.24)			1.48			0.87
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)	0.33			1.21			1.38			1.60
Acquisition related purchase accounting adjustments (2)	1.19			1.04			4.73			1.36
Bermuda net deferred tax asset (3)	(0.01)			(11.63)			(0.16)			(12.47)
Income tax expense (benefit) (4)	(0.66)			0.24			0.26			0.07
Net income (loss) attributable to redeemable noncontrolling interests (5)	(2.52)			2.05			(1.67)			0.41
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted	$	8.06		$	11.77		$	42.99		$	37.54
Return on average common equity - annualized	(7.8)		%	83.5		%	19.3		%	40.5		%
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	25.3		%	(30.6)		%	0.9		%	(5.0)		%
Net foreign exchange losses (gains)	1.9		%	(0.7)		%	0.8		%	0.7		%
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)	0.5		%	3.3		%	0.8		%	1.2		%
Acquisition related purchase accounting adjustments (2)	2.4		%	2.8		%	2.6		%	1.0		%
Bermuda net deferred tax asset (3)	—		%	(31.4)		%	(0.1)		%	(9.5)		%
Income tax expense (benefit) (4)	(1.3)		%	0.6		%	0.1		%	0.1		%
Net income (loss) attributable to redeemable noncontrolling interests (5)	(5.0)		%	5.5		%	(0.9)		%	0.3		%
Operating return on average common equity - annualized	16.0		%	33.0		%	23.5		%	29.3		%

(1)Revised from previously reported “corporate expenses associated with acquisitions and dispositions” to “expenses (revenues) associated with acquisitions, dispositions and impairments” to clarify inclusion of impairments on strategic investments related to acquisitions and dispositions.

(2)Represents the purchase accounting adjustments related to the amortization of acquisition related intangible assets, amortization (accretion) of value of business acquired (“VOBA”) and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three months and year ended December 31, 2024 for the acquisitions of Validus $56.0 million and $227.9 million, respectively (2023 - $48.8 million and $48.8 million, respectively); and TMR and Platinum $3.8 million and $15.0 million respectively (2023 - $4.0 million and $16.1 million, respectively).

(3)Represents a net deferred tax benefit recorded during the period in connection with the enactment of the 15% Bermuda corporate income tax on December 27, 2023.

(4)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(5)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.

30

Comments on Non-GAAP Financial Measures

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding per share amounts for (1) acquisition related goodwill and other intangible assets, (2) acquisition related purchase accounting adjustments, and (3) other goodwill and intangible assets, plus accumulated dividends.

The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets and acquisition related purchase accounting adjustments. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.

	December 31, 2024			December 31, 2023
Book value per common share	$	195.77		$	165.20
Adjustment for:
Acquisition related goodwill and other intangible assets (1)	(14.03)			(14.71)
Other goodwill and intangible assets (2)	(0.18)			(0.35)
Acquisition related purchase accounting adjustments (3)	(4.38)			(8.27)
Tangible book value per common share	177.18			141.87
Adjustment for accumulated dividends	28.08			26.52
Tangible book value per common share plus accumulated dividends	$	205.26		$	168.39
Year to date change in book value per common share	18.5		%	57.9		%
Year to date change in book value per common share plus change in accumulated dividends	19.4		%	59.3		%
Year to date change in tangible book value per common share plus change in accumulated dividends	26.0		%	47.6		%

(1)Represents the acquired goodwill and other intangible assets at December 31, 2024 for the acquisitions of Validus $476.3 million (2023 - $542.7 million), TMR $26.0 million (2023 - $27.2 million) and Platinum $201.8 million (2023 - $205.5 million).

(2)At December 31, 2024, the adjustment for other goodwill and intangible assets included $8.9 million (2023 - $18.1 million) of goodwill and other intangibles included in investments in other ventures, under equity method. Previously reported “adjustment for goodwill and other intangibles” has been bifurcated into “acquisition related goodwill and other intangible assets” and “other goodwill and intangible assets.”

(3)Represents the purchase accounting adjustments related to the unamortized VOBA and acquisition costs, and the fair value adjustments to reserves at December 31, 2024 for the acquisitions of Validus $168.6 million (2023 - $374.4 million), TMR $51.6 million (2023 - $62.2 million) and Platinum $(0.6) million (2023 - $(0.8) million).

31

Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

The Company has included in this Financial Supplement “adjusted combined ratio” for the company, its segments and certain classes of business. “Adjusted combined ratio” is defined as the combined ratio adjusted for the impact of acquisition related purchase accounting, which includes the amortization of acquisition related intangible assets, purchase accounting adjustments related to the amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum. The combined ratio is calculated as the sum of (1) net claims and claim expenses incurred, (2) acquisition expenses, and (3) operational expenses; divided by net premiums earned. The acquisition related purchase accounting adjustments impact net claims and claim expenses incurred and acquisition expenses. The Company’s management believes “adjusted combined ratio” is useful to management and investors because it provides for better comparability and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of combined ratio to “adjusted combined ratio.”

	Three months ended December 31, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	50.2	%	106.3	%	71.6	%	103.7	%	91.7	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.8)	%	(1.8)	%	(2.4)	%	(2.4)	%	(2.3)	%
Adjusted combined ratio	47.4	%	104.5	%	69.2	%	101.3	%	89.4	%
	Three months ended September 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	43.2	%	85.6	%	60.3	%	100.1	%	84.8	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.9)	%	(1.3)	%	(2.2)	%	(2.4)	%	(2.4)	%
Adjusted combined ratio	40.3	%	84.3	%	58.1	%	97.7	%	82.4	%
	Three months ended June 30, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	28.1	%	91.2	%	53.9	%	98.2	%	81.1	%
Adjustment for acquisition related purchase accounting adjustments (1)	(3.2)	%	(0.9)	%	(2.2)	%	(2.6)	%	(2.5)	%
Adjusted combined ratio	24.9	%	90.3	%	51.7	%	95.6	%	78.6	%
	Three months ended March 31, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	19.8	%	75.3	%	42.9	%	99.6	%	77.9	%
Adjustment for acquisition related purchase accounting adjustments (1)	(3.6)	%	(0.7)	%	(2.4)	%	(2.5)	%	(2.5)	%
Adjusted combined ratio	16.2	%	74.6	%	40.5	%	97.1	%	75.4	%
	Three months ended December 31, 2023
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	17.8	%	79.9	%	43.1	%	97.3	%	76.0	%
Adjustment for acquisition related purchase accounting adjustments (1)	(2.0)	%	(0.5)	%	(1.4)	%	(3.0)	%	(2.4)	%
Adjusted combined ratio	15.8	%	79.4	%	41.7	%	94.3	%	73.6	%

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.

32

Comments on Non-GAAP Financial Measures

Adjusted Combined Ratio

	Year ended December 31, 2024
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	35.6	%	89.2	%	57.2	%	100.4	%	83.9	%
Adjustment for acquisition related purchase accounting adjustments (1)	(3.1)	%	(1.1)	%	(2.3)	%	(2.4)	%	(2.4)	%
Adjusted combined ratio	32.5	%	88.1	%	54.9	%	98.0	%	81.5	%
	Year ended December 31, 2023
	Catastrophe		Other Property		Property		Casualty and Specialty		Total
Combined ratio	29.8	%	82.6	%	53.4	%	95.2	%	77.9	%
Adjustment for acquisition related purchase accounting adjustments (1)	(0.7)	%	(0.2)	%	(0.5)	%	(1.0)	%	(0.8)	%
Adjusted combined ratio	29.1	%	82.4	%	52.9	%	94.2	%	77.1	%

(1)Adjustment for acquisition related purchase accounting includes the amortization of the acquisition related intangible assets and purchase accounting adjustments related to the net amortization (accretion) of VOBA and acquisition costs, and the fair value adjustments to the net reserve for claims and claim expenses for the acquisitions of Validus, TMR and Platinum.

33

Comments on Non-GAAP Financial Measures

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result” is defined as the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”

	Three months ended December 31, 2024									Three months ended December 31, 2023
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	295,773		$	(56,335)		$	239,438		$	230,437		$	(42,677)		$	187,760
Short term investments	41,230			(26,305)			14,925			63,400			(28,287)			35,113
Equity investments	641			(2)			639			586			—			586
Other investments
Catastrophe bonds	60,984			(51,542)			9,442			57,636			(50,615)			7,021
Other	22,932			—			22,932			21,874			—			21,874
Cash and cash equivalents	13,894			(783)			13,111			10,114			(281)			9,833
	435,454			(134,967)			300,487			384,047			(121,860)			262,187
Investment expenses	(6,644)			1,394			(5,250)			(7,085)			1,343			(5,742)
Net investment income	$	428,810		$	(133,573)		$	295,237		$	376,962		$	(120,517)		$	256,445
Net investment income return - annualized	5.3		%	—		%	5.3		%	5.7		%	(0.4)		%	5.3		%
Net realized gains (losses) on fixed maturity investments trading	$	(29,964)		$	548		$	(29,416)		$	(92,952)		$	5,112		$	(87,840)
Net unrealized gains (losses) on fixed maturity investments trading	(535,959)			86,338			(449,621)			671,088			(100,648)			570,440
Net realized and unrealized gains (losses) on investment-related derivatives	(107,381)			720			(106,661)			(45,977)			6,232			(39,745)
Net realized gains (losses) on equity investments	—			—			—			11			—			11
Net unrealized gains (losses) on equity investments	(15,747)			(18)			(15,765)			11,204			25			11,229
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	11,262			(9,573)			1,689			7,111			(6,273)			838
Net realized and unrealized gains (losses) on other investments - other	47,442			—			47,442			35,454			—			35,454
Net realized and unrealized gains (losses) on investments	(630,347)			78,015			(552,332)			585,939			(95,552)			490,387
Total investment result	$	(201,537)		$	(55,558)		$	(257,095)		$	962,901		$	(216,069)		$	746,832
Average invested assets	$	32,836,567		$	(9,243,354)		$	23,593,213		$	27,591,391		$	(8,386,295)		$	19,205,096
Total investment return - annualized	(2.4)		%	(1.9)		%	(4.3)		%	15.2		%	1.3		%	16.5		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

34

Comments on Non-GAAP Financial Measures

Retained Total Investment Result

	Year ended December 31, 2024									Year ended December 31, 2023
	Managed (1)			Adjustment (2)			Retained (3)			Managed (1)			Adjustment (2)			Retained (3)
Fixed maturity investments trading	$	1,116,649		$	(211,754)		$	904,895		$	744,457		$	(150,571)		$	593,886
Short term investments	183,153			(102,012)			81,141			213,303			(101,326)			111,977
Equity investments	2,460			(2)			2,458			7,261			—			7,261
Other investments
Catastrophe bonds	238,844			(205,351)			33,493			200,572			(174,370)			26,202
Other	82,457			—			82,457			87,296			—			87,296
Cash and cash equivalents	54,241			(2,560)			51,681			23,123			(1,046)			22,077
	1,677,804			(521,679)			1,156,125			1,276,012			(427,313)			848,699
Investment expenses	(23,515)			5,418			(18,097)			(22,902)			4,736			(18,166)
Net investment income	$	1,654,289		$	(516,261)		$	1,138,028		$	1,253,110		$	(422,577)		$	830,533
Net investment income return - annualized	5.5		%	(0.4)		%	5.1		%	5.3		%	(0.4)		%	4.9		%
Net realized gains (losses) on fixed maturity investments trading	$	(63,929)		$	14,952		$	(48,977)		$	(393,041)		$	55,060		$	(337,981)
Net unrealized gains (losses) on fixed maturity investments trading	(182,494)			25,146			(157,348)			685,095			(96,331)			588,764
Net realized and unrealized gains (losses) on investment-related derivatives	(57,279)			(2,261)			(59,540)			(68,272)			2,154			(66,118)
Net realized gains (losses) on equity investments	355			(142)			213			(27,492)			—			(27,492)
Net unrealized gains (losses) on equity investments	10,621			23			10,644			73,243			28			73,271
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	62,353			(51,741)			10,612			101,897			(89,668)			12,229
Net realized and unrealized gains (losses) on other investments - other	202,533			—			202,533			43,092			—			43,092
Net realized and unrealized gains (losses) on investments	(27,840)			(14,023)			(41,863)			414,522			(128,757)			285,765
Total investment result	$	1,626,449		$	(530,284)		$	1,096,165		$	1,667,632		$	(551,334)		$	1,116,298
Average invested assets	$	31,010,883		$	(8,820,080)		$	22,190,803		$	25,229,892		$	(8,109,208)		$	17,120,684
Total investment return - annualized	5.4		%	(0.5)		%	4.9		%	6.9		%	(0.4)		%	6.5		%

(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.

(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

35

Comments on Non-GAAP Financial Measures

Retained Total Investments

The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investments to “retained total investments.”

	December 31, 2024						December 31, 2023
	Managed (1)		Adjustment (2)		Retained (3)		Managed (1)		Adjustment (2)		Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries	$	11,001,893	$	(2,567,796)	$	8,434,097	$	10,060,203	$	(2,046,752)	$	8,013,451
Corporate (4)	7,862,423		(1,387,804)		6,474,619		6,499,075		(1,158,745)		5,340,330
Residential mortgage-backed	1,707,056		(256,383)		1,450,673		1,420,362		(246,468)		1,173,894
Asset-backed	1,422,393		(84,112)		1,338,281		1,491,695		(86,622)		1,405,073
Agencies	623,489		(132,006)		491,483		489,117		(119,518)		369,599
Non-U.S. government	618,809		(104,896)		513,913		483,576		(54,100)		429,476
Commercial mortgage-backed	326,451		(56,974)		269,477		433,080		(72,364)		360,716
Total fixed maturity investments trading, at fair value	23,562,514		(4,589,971)		18,972,543		20,877,108		(3,784,569)		17,092,539
Short term investments, at fair value	4,531,655		(3,004,186)		1,527,469		4,604,079		(2,979,672)		1,624,407
Equity investments, at fair value	117,756		(160)		117,596		106,766		(204)		106,562
Other investments, at fair value
Catastrophe bonds	1,984,396		(1,654,924)		329,472		1,942,199		(1,691,815)		250,384
Fund investments:
Private credit funds	1,181,146		—		1,181,146		982,016		—		982,016
Private equity funds	609,105		—		609,105		433,788		—		433,788
Hedge funds	338,248		—		338,248		—		—		—
Term loans	—		—		—		97,658		—		97,658
Direct private equity investments	211,866		—		211,866		59,905		—		59,905
Total other investments, at fair value	4,324,761		(1,654,924)		2,669,837		3,515,566		(1,691,815)		1,823,751
Investments in other ventures, under equity method	102,770		—		102,770		112,624		—		112,624
Total investments	$	32,639,456	$	(9,249,241)	$	23,390,215	$	29,216,143	$	(8,456,260)	$	20,759,883

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

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Comments on Non-GAAP Financial Measures

Retained Total Investments, Unrealized Gain (Loss)

The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss).”

	December 31, 2024						December 31, 2023
	Unrealized gain (loss) - managed (1)		Adjustment (2)		Unrealized gain (loss) - retained (3)		Unrealized gain (loss) - managed (1)		Adjustment (2)		Unrealized gain (loss) - retained (3)
Type of Investment
Fixed maturity investments trading, at fair value
U.S. treasuries	$	(60,748)	$	(5,242)	$	(65,990)	$	66,743	$	(17,267)	$	49,476
Corporate (4)	(57,047)		(65)		(57,112)		(41,016)		(13,606)		(54,622)
Other (5)	(70,231)		15,055		(55,176)		(21,069)		16,748		(4,321)
Total fixed maturity investments trading, at fair value	(188,026)		9,748		(178,278)		4,658		(14,125)		(9,467)
Short term investments, at fair value	(511)		414		(97)		739		(21)		718
Equity investments, at fair value	73,270		41		73,311		62,660		13		62,673
Other investments, at fair value
Catastrophe bonds	(16,861)		(11,663)		(28,524)		(76,684)		39,689		(36,995)
Fund investments	256,379		—		256,379		184,744		—		184,744
Direct private equity investments	99,473		—		99,473		(38,359)		—		(38,359)
Total other investments, at fair value	338,991		(11,663)		327,328		69,701		39,689		109,390
Investments in other ventures, under equity method	—		$	—	—		—		$	—	—
Total investments	$	223,724	$	(1,460)	$	222,264	$	137,758	$	25,556	$	163,314
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)					$	(3.55)					$	(0.18)

(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.

(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.

(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(5)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company’s fixed maturity investments trading portfolio.

(6)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $(178.3) million and $(9.5) million at December 31, 2024 and December 31, 2023, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.

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Comments on Non-GAAP Financial Measures

Operating (income) loss attributable to redeemable noncontrolling interests

The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to “operating (income) loss attributable to redeemable noncontrolling interests.”

	Three months ended				Year ended
	December 31, 2024		December 31, 2023			December 31, 2024		December 31, 2023
Net (income) loss attributable to redeemable noncontrolling interests (1)	$	(170,438)	$	(403,009)		$	(1,090,172)	$	(1,058,995)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests	86,930		(87,882)			37,208		(38,476)
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests	39,935		(16,809)			48,452		18,947
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)	126,865		(104,691)			85,660		(19,529)
Operating (income) loss attributable to redeemable noncontrolling interests	$	(297,303)	$	(298,318)		$	(1,175,832)	$	(1,039,466)

(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.

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