EX-99.2 3 rnrfinancialsupplement2024.htm EX-99.2 Document

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RenaissanceRe Holdings Ltd.
Contents
Page
Basis of Presentation
Financial Highlights
Summary Consolidated Financial Statements
a.Consolidated Statements of Operations
b.Consolidated Balance Sheets
Underwriting and Reserves
a.Consolidated Segment Underwriting Results
b.Consolidated and Segment Underwriting Results - Five Quarter Trend
c.Property Segment - Catastrophe and Other Property Underwriting Results
d.Gross Premiums Written
e.Net Premiums Written
f.Net Premiums Earned
g.Reserves for Claims and Claim Expenses
h.Paid to Incurred Analysis
Managed Joint Ventures and Fee Income
a.Fee Income
b.Fee income - Five Quarter Trend
c.Noncontrolling Interests
d.DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Investments
a.Total Investment Result
b.Investments Composition
c.Managed Investments - Credit Rating
d.Retained Investments - Credit Rating
Other Items
a.Earnings per Share
Comments on Non-GAAP Financial Measures
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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, estimates of net negative impact and insured losses from loss events, and the Validus Acquisition and its impact on the Company’s business, 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 it 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 ability of the Company’s ceding companies and delegated authority counterparties to accurately assess 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 on acceptable terms or at all; 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 in joint ventures or other entities it manages; 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 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 impact of cybersecurity risks, including technology breaches or failure; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of new or possible future tax reform legislation and regulations in the jurisdictions in which the Company operates, including recent changes in Bermuda tax law; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in the Company’s joint ventures and managed fund partners; 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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders$1,173,644 $193,988 $2,033,488 $949,075 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$540,322 $426,320 $1,827,549 $1,201,800 
Underwriting income
Gross premiums written$2,400,136 $1,618,443 $9,816,315 $7,060,325 
Net premiums written2,162,504 1,421,260 8,200,588 5,880,766 
Net premiums earned
2,582,969 1,755,876 7,568,194 5,221,688 
Underwriting income (loss) 393,756 385,804 1,413,774 1,106,438 
Net claims and claim expense ratio:
Current accident year64.5 %58.1 %57.4 %55.3 %
Prior accident years(11.3)%(9.0)%(6.5)%(5.6)%
Calendar year53.2 %49.1 %50.9 %49.7 %
Acquisition expense ratio26.8 %24.2 %25.9 %24.5 %
Operating expense ratio4.8 %4.7 %4.5 %4.6 %
Combined ratio84.8 %78.0 %81.3 %78.8 %
Adjusted combined ratio (1)
82.4 %77.8 %78.9 %78.6 %
Fee income
Management fee income$54,945 $44,486 $166,325 $128,830 
Performance fee income27,120 20,072 83,367 37,181 
Total fee income$82,065 $64,558 $249,692 $166,011 
Investment results - managed
Net investment income$423,859 $329,108 $1,225,479 $876,148 
Net realized and unrealized gains (losses) on investments943,745 (228,087)602,507 (171,417)
Total investment result$1,367,604 $101,021 $1,827,986 $704,731 
Total investment return - annualized18.3 %2.0 %8.2 %4.2 %
Investment results - retained (1)
Net investment income$291,899 $216,764 $842,791 $574,088 
Net realized and unrealized gains (losses) on investments786,067 (220,486)510,469 (204,622)
Total investment result$1,077,966 $(3,722)$1,353,260 $369,466 
Total investment return - annualized
20.2 %— %8.4 %3.1 %
(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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$22.68 $3.81 $38.95 $20.17 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$22.62 $3.80 $38.84 $20.13 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$10.23 $8.41 $34.86 $25.58 
Average shares outstanding - basic50,959 50,261 51,439 46,345 
Average shares outstanding - diluted51,104 50,358 51,582 46,451 
Return on average common equity - annualized47.1 %11.5 %28.8 %22.1 %
Operating return on average common equity - annualized (1)
21.7 %25.3 %26.0 %28.0 %
September 30,
2024		December 31,
2023
Book value per common share$202.01 $165.20 
Tangible book value per common share (1)
$182.76 $141.87 
Tangible book value per common share plus accumulated dividends (1)
$210.45 $168.39 
Year to date change in book value per common share plus change in accumulated dividends23.0 %59.3 %
Year to date change in tangible book value per common share plus change in accumulated dividends (1)
29.6 %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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Revenues
Gross premiums written$2,400,136 $1,618,443 $9,816,315 $7,060,325 
Net premiums written$2,162,504 $1,421,260 $8,200,588 $5,880,766 
Decrease (increase) in unearned premiums420,465 334,616 (632,394)(659,078)
Net premiums earned2,582,969 1,755,876 7,568,194 5,221,688 
Net investment income423,859 329,108 1,225,479 876,148 
Net foreign exchange gains (losses) 16,804 (25,886)(27,694)(53,877)
Equity in earnings (losses) of other ventures5,718 10,842 32,435 28,072 
Other income (loss) 680 (5,866)799 (6,296)
Net realized and unrealized gains (losses) on investments943,745 (228,087)602,507 (171,417)
Total revenues3,973,775 1,835,987 9,401,720 5,894,318 
Expenses
Net claims and claim expenses incurred1,373,614 861,576 3,849,239 2,593,987 
Acquisition expenses690,338 425,745 1,965,697 1,280,547 
Operational expenses125,261 82,751 339,484 240,716 
Corporate expenses26,078 17,143 100,489 53,357 
Interest expense23,809 22,951 70,522 49,980 
Total expenses2,239,100 1,410,166 6,325,431 4,218,587 
Income (loss) before taxes1,734,675 425,821 3,076,289 1,675,731 
Income tax benefit (expense)(102,012)(9,295)(96,536)(44,139)
Net income (loss) 1,632,663 416,526 2,979,753 1,631,592 
Net (income) loss attributable to redeemable noncontrolling interests(450,176)(213,695)(919,734)(655,986)
Net income (loss) attributable to RenaissanceRe1,182,487 202,831 2,060,019 975,606 
Dividends on preference shares(8,843)(8,843)(26,531)(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$1,173,644 $193,988 $2,033,488 $949,075 
3

Summary Consolidated Financial Statements
Consolidated Balance Sheets
September 30,
2024		December 31,
2023
Assets
Fixed maturity investments trading, at fair value – amortized cost $23,927,291 at September 30, 2024 (December 31, 2023 – $20,872,450)
$24,287,185 $20,877,108 
Short term investments, at fair value – amortized cost $4,302,346 at September 30, 2024 (December 31, 2023 – $4,603,340)
4,302,991 4,604,079 
Equity investments, at fair value133,091 106,766 
Other investments, at fair value4,172,451 3,515,566 
Investments in other ventures, under equity method137,959 112,624 
Total investments33,033,677 29,216,143 
Cash and cash equivalents1,572,911 1,877,518 
Premiums receivable8,226,928 7,280,682 
Prepaid reinsurance premiums1,197,533 924,777 
Reinsurance recoverable4,738,637 5,344,286 
Accrued investment income223,003 205,713 
Deferred acquisition costs and value of business acquired
1,719,100 1,751,437 
Deferred tax asset
650,712 685,040 
Receivable for investments sold332,048 622,197 
Other assets344,383 323,960 
Goodwill and other intangibles717,478 775,352 
Total assets$52,756,410 $49,007,105 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$21,221,194 $20,486,869 
Unearned premiums7,041,149 6,136,135 
Debt1,935,928 1,958,655 
Reinsurance balances payable3,179,282 3,186,174 
Payable for investments purchased606,601 661,611 
Other liabilities668,673 1,021,872 
Total liabilities34,652,827 33,451,316 
Redeemable noncontrolling interests6,860,999 6,100,831 
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2024 (December 31, 2023 – 30,000)
750,000 750,000 
Common shares: $1.00 par value – 51,940,355 shares issued and outstanding at September 30, 2024 (December 31, 2023 – 52,693,887)
51,940 52,694 
Additional paid-in capital1,959,061 2,144,459 
Accumulated other comprehensive loss(13,027)(14,211)
Retained earnings8,494,610 6,522,016 
Total shareholders’ equity attributable to RenaissanceRe
11,242,584 9,454,958 
Total liabilities, noncontrolling interests and shareholders’ equity
$52,756,410 $49,007,105 
Book value per common share$202.01 $165.20 
4

Underwriting and Reserves
Consolidated Segment Underwriting Results
Three months ended September 30, 2024Three months ended September 30, 2023
PropertyCasualty and SpecialtyTotalPropertyCasualty and SpecialtyTotal
Gross premiums written$790,709 $1,609,427 $2,400,136 $511,012 $1,107,431 $1,618,443 
Net premiums written$701,222 $1,461,282 $2,162,504 $444,872 $976,388 $1,421,260 
Net premiums earned$994,777 $1,588,192 $2,582,969 $760,365 $995,511 $1,755,876 
Net claims and claim expenses incurred329,967 1,043,647 1,373,614 206,361 655,215 861,576 
Acquisition expenses192,439 497,899 690,338 143,348 282,397 425,745 
Operational expenses77,688 47,573 125,261 54,624 28,127 82,751 
Underwriting income (loss) $394,683 $(927)$393,756 $356,032 $29,772 $385,804 
Net claims and claim expenses incurred:
Current accident year$621,710 $1,044,410 $1,666,120 $350,238 $669,285 $1,019,523 
Prior accident years(291,743)(763)(292,506)(143,877)(14,070)(157,947)
Total$329,967 $1,043,647 $1,373,614 $206,361 $655,215 $861,576 
Net claims and claim expense ratio:
Current accident year62.5 %65.8 %64.5 %46.1 %67.2 %58.1 %
Prior accident years(29.3)%(0.1)%(11.3)%(19.0)%(1.4)%(9.0)%
Calendar year33.2 %65.7 %53.2 %27.1 %65.8 %49.1 %
Acquisition expense ratio19.3 %31.4 %26.8 %18.9 %28.4 %24.2 %
Operating expense ratio7.8 %3.0 %4.8 %7.2 %2.8 %4.7 %
Combined ratio60.3 %100.1 %84.8 %53.2 %97.0 %78.0 %
Adjusted combined ratio (1)
58.1 %97.7 %82.4 %53.0 %96.7 %77.8 %
(1)See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures.

5

Underwriting and Reserves
Consolidated Segment Underwriting Results
Nine months ended September 30, 2024Nine months ended September 30, 2023
PropertyCasualty and SpecialtyTotalPropertyCasualty and SpecialtyTotal
Gross premiums written$4,433,688 $5,382,627 $9,816,315 $3,217,817 $3,842,508 $7,060,325 
Net premiums written$3,457,500 $4,743,088 $8,200,588 $2,609,356 $3,271,410 $5,880,766 
Net premiums earned$2,911,694 $4,656,500 $7,568,194 $2,206,471 $3,015,217 $5,221,688 
Net claims and claim expenses incurred757,570 3,091,669 3,849,239 675,963 1,918,024 2,593,987 
Acquisition expenses566,566 1,399,131 1,965,697 429,273 851,274 1,280,547 
Operational expenses206,737 132,747 339,484 165,514 75,202 240,716 
Underwriting income (loss)$1,380,821 $32,953 $1,413,774 $935,721 $170,717 $1,106,438 
Net claims and claim expenses incurred:
Current accident year$1,228,371 $3,118,726 $4,347,097 $933,172 $1,955,612 $2,888,784 
Prior accident years(470,801)(27,057)(497,858)(257,209)(37,588)(294,797)
Total$757,570 $3,091,669 $3,849,239 $675,963 $1,918,024 $2,593,987 
Net claims and claim expense ratio:
Current accident year42.2 %67.0 %57.4 %42.3 %64.9 %55.3 %
Prior accident years(16.2)%(0.6)%(6.5)%(11.7)%(1.3)%(5.6)%
Calendar year26.0 %66.4 %50.9 %30.6 %63.6 %49.7 %
Acquisition expense ratio19.5 %30.0 %25.9 %19.5 %28.2 %24.5 %
Operating expense ratio7.1 %2.9 %4.5 %7.5 %2.5 %4.6 %
Combined ratio52.6 %99.3 %81.3 %57.6 %94.3 %78.8 %
Adjusted combined ratio (1)
50.2 %96.8 %78.9 %57.4 %94.1 %78.6 %
(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
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Gross premiums written$2,400,136 $3,425,495 $3,990,684 $1,802,041 $1,618,443 
Net premiums written$2,162,504 $2,838,511 $3,199,573 $1,587,047 $1,421,260 
Net premiums earned$2,582,969 $2,541,315 $2,443,910 $2,249,445 $1,755,876 
Net claims and claim expenses incurred1,373,614 1,309,502 1,166,123 979,522 861,576 
Acquisition expenses690,338 644,438 630,921 594,487 425,745 
Operational expenses125,261 108,039 106,184 134,466 82,751 
Underwriting income (loss)$393,756 $479,336 $540,682 $540,970 $385,804 
Net claims and claim expenses incurred:
Current accident year$1,666,120 $1,417,773 $1,263,204 $1,135,332 $1,019,523 
Prior accident years(292,506)(108,271)(97,081)(155,810)(157,947)
Total$1,373,614 $1,309,502 $1,166,123 $979,522 $861,576 
Net claims and claim expense ratio:
Current accident year64.5 %55.8 %51.7 %50.5 %58.1 %
Prior accident years(11.3)%(4.3)%(4.0)%(7.0)%(9.0)%
Calendar year53.2 %51.5 %47.7 %43.5 %49.1 %
Acquisition expense ratio26.8 %25.3 %25.9 %26.5 %24.2 %
Operating expense ratio4.8 %4.3 %4.3 %6.0 %4.7 %
Combined ratio84.8 %81.1 %77.9 %76.0 %78.0 %
Adjusted combined ratio (1)
82.4 %78.6 %75.4 %73.6 %77.8 %
(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
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Gross premiums written$790,709 $1,753,098 $1,889,881 $344,597 $511,012 
Net premiums written$701,222 $1,358,660 $1,397,618 $357,953 $444,872 
Net premiums earned$994,777 $980,834 $936,083 $884,321 $760,365 
Net claims and claim expenses incurred329,967 273,354 154,249 123,942 206,361 
Acquisition expenses192,439 188,345 185,782 170,854 143,348 
Operational expenses77,688 67,425 61,624 85,919 54,624 
Underwriting income (loss) $394,683 $451,710 $534,428 $503,606 $356,032 
Net claims and claim expenses incurred:
Current accident year$621,710 $357,745 $248,916 $275,638 $350,238 
Prior accident years(291,743)(84,391)(94,667)(151,696)(143,877)
Total$329,967 $273,354 $154,249 $123,942 $206,361 
Net claims and claim expense ratio:
Current accident year62.5 %36.5 %26.6 %31.2 %46.1 %
Prior accident years(29.3)%(8.6)%(10.1)%(17.2)%(19.0)%
Calendar year33.2 %27.9 %16.5 %14.0 %27.1 %
Acquisition expense ratio19.3 %19.1 %19.9 %19.4 %18.9 %
Operating expense ratio7.8 %6.9 %6.5 %9.7 %7.2 %
Combined ratio60.3 %53.9 %42.9 %43.1 %53.2 %
Adjusted combined ratio (1)
58.1 %51.7 %40.5 %41.7 %53.0 %
(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
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Gross premiums written$1,609,427 $1,672,397 $2,100,803 $1,457,444 $1,107,431 
Net premiums written$1,461,282 $1,479,851 $1,801,955 $1,229,094 $976,388 
Net premiums earned$1,588,192 $1,560,481 $1,507,827 $1,365,124 $995,511 
Net claims and claim expenses incurred1,043,647 1,036,148 1,011,874 855,580 655,215 
Acquisition expenses497,899 456,093 445,139 423,633 282,397 
Operational expenses47,573 40,614 44,560 48,547 28,127 
Underwriting income (loss)$(927)$27,626 $6,254 $37,364 $29,772 
Net claims and claim expenses incurred:
Current accident year$1,044,410 $1,060,028 $1,014,288 $859,694 $669,285 
Prior accident years(763)(23,880)(2,414)(4,114)(14,070)
Total$1,043,647 $1,036,148 $1,011,874 $855,580 $655,215 
Net claims and claim expense ratio:
Current accident year65.8 %67.9 %67.3 %63.0 %67.2 %
Prior accident years(0.1)%(1.5)%(0.2)%(0.3)%(1.4)%
Calendar year65.7 %66.4 %67.1 %62.7 %65.8 %
Acquisition expense ratio31.4 %29.2 %29.5 %31.0 %28.4 %
Operating expense ratio3.0 %2.6 %3.0 %3.6 %2.8 %
Combined ratio100.1 %98.2 %99.6 %97.3 %97.0 %
Adjusted combined ratio (1)
97.7 %95.6 %97.1 %94.3 %96.7 %
(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 September 30, 2024Three months ended September 30, 2023
CatastropheOther PropertyTotalCatastropheOther PropertyTotal
Gross premiums written$344,005 $446,704 $790,709 $160,821 $350,191 $511,012 
Net premiums written$262,133 $439,089 $701,222 $95,483 $349,389 $444,872 
Net premiums earned$592,156 $402,621 $994,777 $407,738 $352,627 $760,365 
Net claims and claim expenses incurred117,096 212,871 329,967 33,476 172,885 206,361 
Acquisition expenses74,934 117,505 192,439 50,779 92,569 143,348 
Operational expenses63,591 14,097 77,688 44,343 10,281 54,624 
Underwriting income (loss)$336,535 $58,148 $394,683 $279,140 $76,892 $356,032 
Net claims and claim expenses incurred:
Current accident year$330,056 $291,654 $621,710 $116,377 $233,861 $350,238 
Prior accident years(212,960)(78,783)(291,743)(82,901)(60,976)(143,877)
Total$117,096 $212,871 $329,967 $33,476 $172,885 $206,361 
Net claims and claim expense ratio:
Current accident year55.7 %72.4 %62.5 %28.5 %66.3 %46.1 %
Prior accident years(35.9)%(19.5)%(29.3)%(20.3)%(17.3)%(19.0)%
Calendar year19.8 %52.9 %33.2 %8.2 %49.0 %27.1 %
Acquisition expense ratio12.7 %29.2 %19.3 %12.4 %26.3 %18.9 %
Operating expense ratio10.7 %3.5 %7.8 %10.9 %2.9 %7.2 %
Combined ratio43.2 %85.6 %60.3 %31.5 %78.2 %53.2 %
Adjusted combined ratio (1)
40.3 %84.3 %58.1 %31.3 %78.1 %53.0 %
(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
Nine months ended September 30, 2024Nine months ended September 30, 2023
CatastropheOther PropertyTotalCatastropheOther PropertyTotal
Gross premiums written$2,949,731 $1,483,957 $4,433,688 $2,091,255 $1,126,562 $3,217,817 
Net premiums written$2,224,004 $1,233,496 $3,457,500 $1,683,906 $925,450 $2,609,356 
Net premiums earned$1,717,139 $1,194,555 $2,911,694 $1,184,224 $1,022,247 $2,206,471 
Net claims and claim expenses incurred119,416 638,154 757,570 138,757 537,206 675,963 
Acquisition expenses237,913 328,653 566,566 143,466 285,807 429,273 
Operational expenses168,925 37,812 206,737 134,304 31,210 165,514 
Underwriting income (loss)$1,190,885 $189,936 $1,380,821 $767,697 $168,024 $935,721 
Net claims and claim expenses incurred:
Current accident year$464,858 $763,513 $1,228,371 $323,172 $610,000 $933,172 
Prior accident years(345,442)(125,359)(470,801)(184,415)(72,794)(257,209)
Total$119,416 $638,154 $757,570 $138,757 $537,206 $675,963 
Net claims and claim expense ratio:
Current accident year27.1 %63.9 %42.2 %27.3 %59.7 %42.3 %
Prior accident years(20.1)%(10.5)%(16.2)%(15.6)%(7.1)%(11.7)%
Calendar year7.0 %53.4 %26.0 %11.7 %52.6 %30.6 %
Acquisition expense ratio13.8 %27.5 %19.5 %12.2 %27.9 %19.5 %
Operating expense ratio9.8 %3.2 %7.1 %11.3 %3.1 %7.5 %
Combined ratio30.6 %84.1 %52.6 %35.2 %83.6 %57.6 %
Adjusted combined ratio (1)
27.4 %83.2 %50.2 %35.0 %83.5 %57.4 %
(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 endedQ/Q $ ChangeQ/Q % ChangeNine months endedY/Y $ ChangeY/Y % Change
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Property Segment
Catastrophe$277,788 $168,896 $108,892 64.5 %$2,890,349 $2,096,530 $793,819 37.9 %
Catastrophe - gross reinstatement premiums66,217 (8,075)74,292 (920.0)%59,382 (5,275)64,657 (1225.7)%
Total catastrophe gross premiums written344,005 160,821 183,184 113.9 %2,949,731 2,091,255 858,476 41.1 %
Other property440,018 346,703 93,315 26.9 %1,464,163 1,125,498 338,665 30.1 %
Other property - gross reinstatement premiums6,686 3,488 3,198 91.7 %19,794 1,064 18,730 1760.3 %
Total other property gross premiums written446,704 350,191 96,513 27.6 %1,483,957 1,126,562 357,395 31.7 %
Property segment gross premiums written$790,709 $511,012 $279,697 54.7 %$4,433,688 $3,217,817 $1,215,871 37.8 %
Casualty and Specialty Segment
General casualty (1)
$519,555 $350,954 $168,601 48.0 %$1,739,464 $1,194,791 $544,673 45.6 %
Professional liability (2)
331,610 281,259 50,351 17.9 %916,196 971,796 (55,600)(5.7)%
Credit (3)
213,826 139,184 74,642 53.6 %765,304 562,845 202,459 36.0 %
Other specialty (4)
544,436 336,034 208,402 62.0 %1,961,663 1,113,076 848,587 76.2 %
Casualty and Specialty segment gross premiums written$1,609,427 $1,107,431 $501,996 45.3 %$5,382,627 $3,842,508 $1,540,119 40.1 %
(1)
Includes automobile liability, casualty clash, employer’s 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 endedQ/Q $ ChangeQ/Q % ChangeNine months endedY/Y $ ChangeY/Y % Change
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Property Segment
Catastrophe$214,383 $100,381 $114,002 113.6 %$2,187,801 $1,682,336 $505,465 30.0 %
Catastrophe - net reinstatement premiums47,750 (4,898)52,648 (1074.9)%36,203 1,570 34,633 2205.9 %
Total catastrophe net premiums written262,133 95,483 166,650 174.5 %2,224,004 1,683,906 540,098 32.1 %
Other property434,782 337,944 96,838 28.7 %1,220,343 917,770 302,573 33.0 %
Other property - net reinstatement premiums4,307 11,445 (7,138)(62.4)%13,153 7,680 5,473 71.3 %
Total other property net premiums written439,089 349,389 89,700 25.7 %1,233,496 925,450 308,046 33.3 %
Property segment net premiums written$701,222 $444,872 $256,350 57.6 %$3,457,500 $2,609,356 $848,144 32.5 %
Casualty and Specialty Segment
General casualty (1)
$503,911 $321,685 $182,226 56.6 %$1,672,297 $1,083,185 $589,112 54.4 %
Professional liability (2)
318,691 251,200 67,491 26.9 %874,501 829,776 44,725 5.4 %
Credit (3)
164,233 108,857 55,376 50.9 %556,304 403,965 152,339 37.7 %
Other specialty (4)
474,447 294,646 179,801 61.0 %1,639,986 954,484 685,502 71.8 %
Casualty and Specialty segment net premiums written$1,461,282 $976,388 $484,894 49.7 %$4,743,088 3,271,410 $1,471,678 45.0 %
(1)
Includes automobile liability, casualty clash, employer’s 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 endedQ/Q $ ChangeQ/Q % ChangeNine months endedY/Y $ ChangeY/Y % Change
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Property Segment
Catastrophe$544,406 $412,636 $131,770 31.9 %$1,680,936 $1,182,654 $498,282 42.1 %
Catastrophe - net reinstatement premiums47,750 (4,898)52,648 (1074.9)%36,203 1,570 34,633 2205.9 %
Total catastrophe net premiums earned592,156 407,738 184,418 45.2 %1,717,139 1,184,224 532,915 45.0 %
Other property398,314 341,182 57,132 16.7 %1,181,402 1,014,567 166,835 16.4 %
Other property - net reinstatement premiums4,307 11,445 (7,138)(62.4)%13,153 7,680 5,473 71.3 %
Total other property net premiums earned402,621 352,627 49,994 14.2 %1,194,555 1,022,247 172,308 16.9 %
Property segment net premiums earned$994,777 $760,365 $234,412 30.8 %$2,911,694 $2,206,471 $705,223 32.0 %
Casualty and Specialty Segment
General casualty (1)
$568,044 $334,597 $233,447 69.8 %$1,692,205 $1,013,498 $678,707 67.0 %
Professional liability (2)
311,985 265,471 46,514 17.5 %859,048 841,267 17,781 2.1 %
Credit (3)
195,963 116,524 79,439 68.2 %581,973 364,617 217,356 59.6 %
Other specialty (4)
512,200 278,919 233,281 83.6 %1,523,274 795,835 727,439 91.4 %
Casualty and Specialty segment net premiums earned$1,588,192 $995,511 $592,681 59.5 %$4,656,500 $3,015,217 $1,641,283 54.4 %
(1)
Includes automobile liability, casualty clash, employer’s 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 ReservesAdditional Case ReservesIBNRTotal
September 30, 2024
Property$1,998,266 $1,988,935 $2,952,955 $6,940,156 
Casualty and Specialty2,994,087 285,466 11,001,485 14,281,038 
Total
$4,992,353 $2,274,401 $13,954,440 $21,221,194 
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
$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 September 30, 2024Three months ended September 30, 2023
GrossRecoveriesNetGrossRecoveriesNet
Reserve for claims and claim expenses, beginning of period$20,740,928 $4,854,735 $15,886,193 $16,138,128 $4,689,351 $11,448,777 
Incurred claims and claim expenses
Current year1,846,357 180,237 1,666,120 1,157,972 138,449 1,019,523 
Prior years(396,239)(103,733)(292,506)(364,103)(206,156)(157,947)
Total incurred claims and claim expenses1,450,118 76,504 1,373,614 793,869 (67,707)861,576 
Paid claims and claim expenses
Current year191,780 39,699 152,081 105,457 17,211 88,246 
Prior years941,897 220,466 721,431 823,494 349,478 474,016 
Total paid claims and claim expenses1,133,677 260,165 873,512 928,951 366,689 562,262 
Foreign exchange and other (1)
163,825 67,563 96,262 (47,881)(1,696)(46,185)
Reserve for claims and claim expenses, end of period$21,221,194 $4,738,637 $16,482,557 $15,955,165 $4,253,259 $11,701,906 
Nine months ended September 30, 2024Nine months ended September 30, 2023
GrossRecoveriesNetGrossRecoveriesNet
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 year4,867,662 520,565 4,347,097 3,334,721 445,937 2,888,784 
Prior years(798,410)(300,552)(497,858)(491,492)(196,695)(294,797)
Total incurred claims and claim expenses4,069,252 220,013 3,849,239 2,843,229 249,242 2,593,987 
Paid claims and claim expenses
Current year301,572 49,469 252,103 209,938 28,783 181,155 
Prior years3,153,478 817,476 2,336,002 2,570,546 689,846 1,880,700 
Total paid claims and claim expenses3,455,050 866,945 2,588,105 2,780,484 718,629 2,061,855 
Foreign exchange and other (1)
120,123 41,283 78,840 (153)11,721 (11,874)
Reserve for claims and claim expenses, end of period$21,221,194 $4,738,637 $16,482,557 $15,955,165 $4,253,259 $11,701,906 
(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 deals accounted for under retroactive reinsurance accounting.
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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Management fee income$54,945 $44,486 $166,325 $128,830 
Performance fee income (loss) (1)
27,120 20,072 83,367 37,181 
Total fee income$82,065 $64,558 $249,692 $166,011 
(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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Fee income contributing to:
Underwriting income (loss) (1)
$12,345 $6,873 $40,030 $28,198 
Equity in earnings (losses) of other ventures
— (446)(698)(1,004)
Net income (loss) attributable to redeemable noncontrolling interests
69,720 58,131 210,360 138,817 
Total fee income$82,065 $64,558 $249,692 $166,011 
(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
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Management fee income$54,945 $55,327 $56,053 $47,769 $44,486 
Performance fee income (loss) (1)
27,120 28,750 27,497 23,014 20,072 
Total fee income$82,065 $84,077 $83,550 $70,783 $64,558 
(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
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Fee income contributing to:
Underwriting income (loss) (1)
$12,345 $12,992 $14,694 $6,234 $6,873 
Equity in earnings (losses) of other ventures
— (343)(355)(419)(446)
Net income (loss) attributable to redeemable noncontrolling interests
69,720 71,428 69,211 64,968 58,131 
Total fee income$82,065 $84,077 $83,550 $70,783 $64,558 
(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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Redeemable noncontrolling interests - DaVinci$(223,288)$(107,881)$(523,812)$(333,490)
Redeemable noncontrolling interests - Medici(123,497)(60,022)(183,015)(167,281)
Redeemable noncontrolling interests - Vermeer(73,534)(51,959)(183,129)(151,527)
Redeemable noncontrolling interests - Fontana(29,857)6,167 (29,778)(3,688)
Net (income) loss attributable to redeemable noncontrolling interests (1)
$(450,176)$(213,695)$(919,734)$(655,986)

Three months endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Operating (income) loss attributable to redeemable noncontrolling interests (2)
$(331,737)$(265,152)$(878,529)$(741,148)
Non-operating (income) loss attributable to redeemable noncontrolling interests(118,439)51,457 (41,205)85,162 
Net (income) loss attributable to redeemable noncontrolling interests (1)
$(450,176)$(213,695)$(919,734)$(655,986)
(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:
September 30,
2024		December 31,
2023
Redeemable noncontrolling interests - DaVinci$2,958,452 $2,541,482 
Redeemable noncontrolling interests - Medici1,680,520 1,650,229 
Redeemable noncontrolling interests - Vermeer1,738,426 1,555,297 
Redeemable noncontrolling interests - Fontana483,601 353,823 
Redeemable noncontrolling interests$6,860,999 $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:
September 30,
2024		December 31,
2023
DaVinci74.6 %72.2 %
Medici84.9 %88.3 %
Vermeer100.0 %100.0 %
Fontana73.5 %68.4 %
20

Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Three months endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Revenues
Gross premiums written$132,088 $71,414 $1,324,517 $1,091,850 
Net premiums written$125,828 $56,810 $1,214,901 $1,012,462 
Decrease (increase) in unearned premiums195,059 196,643 (307,980)(299,067)
Net premiums earned320,887 253,453 906,921 713,395 
Net investment income62,840 54,367 180,847 147,240 
Net foreign exchange gains (losses) (3,036)(2,439)(4,335)(2,922)
Net realized and unrealized gains (losses) on investments104,122 (38,706)48,148 (57,824)
Total revenues484,813 266,675 1,131,581 799,889 
Expenses
Net claims and claim expenses incurred76,302 22,850 111,001 117,845 
Acquisition expenses68,156 60,061 206,519 134,237 
Operational and corporate expenses36,405 31,058 108,568 86,656 
Interest expense1,859 1,859 5,576 5,575 
Total expenses182,722 115,828 431,664 344,313 
Income (loss) before taxes302,091 150,847 699,917 455,576 
Income tax benefit (expense)(3,061)(1,593)(4,014)(3,249)
Net income (loss) available (attributable) to DaVinci common shareholders$299,030 $149,254 $695,903 $452,327 
Net claims and claim expenses incurred - current accident year
$176,040 $74,850 $297,561 $209,103 
Net claims and claim expenses incurred - prior accident years
(99,738)(52,000)(186,560)(91,258)
Net claims and claim expenses incurred - total
$76,302 $22,850 $111,001 $117,845 
Net claims and claim expense ratio - current accident year
54.9 %29.5 %32.8 %29.3 %
Net claims and claim expense ratio - prior accident years
(31.1)%(20.5)%(20.6)%(12.8)%
Net claims and claim expense ratio - calendar year
23.8 %9.0 %12.2 %16.5 %
Underwriting expense ratio
32.6 %36.0 %34.8 %31.0 %
Combined ratio
56.4 %45.0 %47.0 %47.5 %
21

Investments
Total Investment Result
Managed (1)
Retained (2)
Three months endedThree months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Fixed maturity investments trading
$289,687 $188,781 $235,284 $150,871 
Short term investments
46,746 66,722 20,417 39,189 
Equity investments670 510 670 510 
Other investments
Catastrophe bonds61,175 54,583 9,239 6,682 
Other20,937 20,031 20,937 20,031 
Cash and cash equivalents
10,226 4,160 9,677 3,882 
429,441 334,787 296,224 221,165 
Investment expenses
(5,582)(5,679)(4,325)(4,401)
Net investment income$423,859 $329,108 $291,899 $216,764 
Net investment income return - annualized5.7 %5.7 %5.3 %4.9 %
Net realized gains (losses) on fixed maturity investments trading$22,052 $(121,112)$18,496 $(95,934)
Net unrealized gains (losses) on fixed maturity investments trading590,309 (158,226)492,004 (138,664)
Net realized and unrealized gains (losses) on investment-related derivatives
97,534 30,594 97,226 22,227 
Net realized gains (losses) on equity investments340 (10)198 (10)
Net unrealized gains (losses) on equity investments18,778 2,261 18,844 2,256 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds66,291 32,474 10,858 3,707 
Net realized and unrealized gains (losses) on other investments - other148,441 (14,068)148,441 (14,068)
Net realized and unrealized gains (losses) on investments943,745 (228,087)786,067 (220,486)
Total investment result
$1,367,604 $101,021 $1,077,966 $(3,722)
Average invested assets$31,781,118 $25,751,710 $22,867,593 $17,451,582 
Total investment return - annualized
18.3 %2.0 %20.2 %0.0 %
(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)
Nine months endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Fixed maturity investments trading
$820,876 $514,020 $665,457 $406,126 
Short term investments
141,923 149,903 66,216 76,864 
Equity investments1,819 6,675 1,819 6,675 
Other investments
Catastrophe bonds177,860 142,936 24,051 19,181 
Other59,525 65,422 59,525 65,422 
Cash and cash equivalents
40,347 13,009 38,570 12,244 
1,242,350 891,965 855,638 586,512 
Investment expenses
(16,871)(15,817)(12,847)(12,424)
Net investment income$1,225,479 $876,148 $842,791 $574,088 
Net investment income return - annualized5.5 %5.1 %5.1 %4.7 %
Net realized gains (losses) on fixed maturity investments trading$(33,965)$(300,089)$(19,561)$(250,141)
Net unrealized gains (losses) on fixed maturity investments trading353,465 14,007 292,273 18,324 
Net realized and unrealized gains (losses) on investment-related derivatives
50,102 (22,295)47,121 (26,373)
Net realized gains (losses) on equity investments355 (27,503)213 (27,503)
Net unrealized gains (losses) on equity investments26,368 62,039 26,409 62,042 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds51,091 94,786 8,923 11,391 
Net realized and unrealized gains (losses) on other investments - other155,091 7,638 155,091 7,638 
Net realized and unrealized gains (losses) on investments602,507 (171,417)510,469 (204,622)
Total investment result
$1,827,986 $704,731 $1,353,260 $369,466 
Average invested assets$30,603,740 $24,233,329 $21,890,949 $16,210,884 
Total investment return - annualized
8.2 %4.2 %8.4 %3.1 %
(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
September 30, 2024December 31, 2023
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Type of InvestmentFair valueUnrealized gain (loss)Fair valueUnrealized gain (loss)Fair valueUnrealized gain (loss)Fair valueUnrealized gain (loss)
Fixed maturity investments trading, at fair value
U.S. treasuries$11,736,158 $236,991 $9,150,229 $187,432 $10,060,203 $66,743 $8,013,451 $49,476 
Corporate (3)
7,790,634 98,503 6,483,226 69,794 6,499,075 (41,016)5,340,330 (54,622)
Other (4)
4,760,393 24,400 4,115,473 26,153 4,317,830 (21,069)3,738,758 (4,321)
Total fixed maturity investments trading, at fair value24,287,185 359,894 19,748,928 283,379 20,877,108 4,658 17,092,539 (9,467)
Short term investments, at fair value4,302,991 645 1,208,526 527 4,604,079 739 1,624,407 718 
Equity investments, at fair value133,091 89,029 132,944 89,083 106,766 62,660 106,562 62,673 
Other investments, at fair value
Catastrophe bonds1,896,075 (19,390)291,476 (28,991)1,942,199 (76,684)250,384 (36,995)
Fund investments1,982,762 229,865 1,982,762 229,865 1,415,804 184,744 1,415,804 184,744 
Term loans94,575 — 94,575 — 97,658 — 97,658 — 
Direct private equity investments199,039 86,646 199,039 86,646 59,905 (38,359)59,905 (38,359)
Total other investments, at fair value4,172,451 297,121 2,567,852 287,520 3,515,566 69,701 1,823,751 109,390 
Investments in other ventures, under equity method137,959 (10,000)137,959 (10,000)112,624 — 112,624 — 
Total investments$33,033,677 $736,689 $23,796,209 $650,509 $29,216,143 $137,758 $20,759,883 $163,314 

September 30, 2024December 31, 2023
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Weighted average yield to maturity of investments (5)
5.1 %4.9 %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)
$5.46 $(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
September 30, 2024Fair valueAAAAAABBBNon-
Investment
grade		Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries$11,736,158 $— $11,736,158 $— $— $— $— $— 
Corporate (3)
7,790,634 207,103 434,567 2,850,909 2,955,625 1,325,420 17,010 — 
Residential mortgage-backed1,753,318 141,663 1,464,976 3,765 7,854 75,755 59,305 — 
Asset-backed1,440,194 1,180,151 169,621 67,940 20,063 — 2,419 — 
Agencies615,627 — 615,627 — — — — — 
Non-U.S. government609,355 402,839 178,276 25,569 2,671 — — — 
Commercial mortgage-backed341,899 283,017 54,767 822 — 1,977 1,316 — 
Total fixed maturity investments trading, at fair value24,287,185 2,214,773 14,653,992 2,949,005 2,986,213 1,403,152 80,050 — 
Short term investments, at fair value4,302,991 2,655,887 1,638,511 638 4,330 3,625 — — 
Equity investments, at fair value133,091 — — — — — — 133,091 
Other investments, at fair value
Catastrophe bonds1,896,075 — — — — 1,896,075 — — 
Fund investments:
Private credit funds1,107,258 — — — — — — 1,107,258 
Private equity funds541,995 — — — — — — 541,995 
Hedge funds
333,509 — — — — — — 333,509 
Term loans94,575 — — 94,575 — — — — 
Direct private equity investments199,039 — — — — — — 199,039 
Total other investments, at fair value4,172,451 — — 94,575 — 1,896,075 — 2,181,801 
Investments in other ventures, under equity method137,959 — — — — — — 137,959 
Total investments$33,033,677 $4,870,660 $16,292,503 $3,044,218 $2,990,543 $3,302,852 $80,050 $2,452,851 
100.0 %14.8 %49.3 %9.2 %9.1 %10.0 %0.2 %7.4 %
(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
September 30, 2024Fair valueAAAAAABBBNon-
Investment
grade		Not rated
Fixed maturity investments trading, at fair value
U.S. treasuries$9,150,229 $— $9,150,229 $— $— $— $— $— 
Corporate (3)
6,483,226 156,179 369,007 2,464,059 2,372,830 1,107,539 13,612 — 
Residential mortgage-backed1,485,523 115,867 1,222,977 3,765 7,854 75,755 59,305 — 
Asset-backed1,353,490 1,093,449 169,621 67,938 20,063 — 2,419 — 
Agencies473,789 — 473,789 — — — — — 
Non-U.S. government517,377 333,040 159,239 22,427 2,671 — — — 
Commercial mortgage-backed285,294 233,579 47,600 822 — 1,977 1,316 — 
Total fixed maturity investments trading, at fair value19,748,928 1,932,114 11,592,462 2,559,011 2,403,418 1,185,271 76,652 — 
Short term investments, at fair value1,208,526 514,363 688,036 638 2,160 3,329 — — 
Equity investments, at fair value132,944 — — — — — — 132,944 
Other investments, at fair value
Catastrophe bonds291,476 — — — — 291,476 — — 
Fund investments:
Private credit funds1,107,258 — — — — — — 1,107,258 
Private equity funds541,995 — — — — — — 541,995 
Hedge funds
333,509 — — — — — — 333,509 
Term loans94,575 — — 94,575 — — — — 
Direct private equity investments199,039 — — — — — — 199,039 
Total other investments, at fair value2,567,852 — — 94,575 — 291,476 — 2,181,801 
Investments in other ventures, under equity method137,959 — — — — — — 137,959 
Total investments$23,796,209 $2,446,477 $12,280,498 $2,654,224 $2,405,578 $1,480,076 $76,652 $2,452,704 
100.0 %10.3 %51.6 %11.2 %10.1 %6.2 %0.3 %10.3 %
(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 endedNine months ended
(common shares in thousands)September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders$1,173,644 $193,988 $2,033,488 $949,075 
Amount allocated to participating common shareholders (1)
(17,850)(2,637)(30,042)(14,108)
Net income (loss) allocated to RenaissanceRe common shareholders$1,155,794 $191,351 $2,003,446 $934,967 
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)
50,959 50,261 51,439 46,345 
Per common share equivalents of non-vested shares (2)
145 97 143 106 
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)
51,104 50,358 51,582 46,451 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$22.68 $3.81 $38.95 $20.17 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$22.62 $3.80 $38.84 $20.13 
(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.
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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net income (loss) available (attributable) to RenaissanceRe common shareholders$1,173,644 $193,988 $2,033,488 $949,075 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(877,454)260,561 (551,416)266,203 
Net foreign exchange losses (gains)(16,804)25,886 27,694 53,877 
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
17,400 3,373 54,968 14,714 
Acquisition related purchase accounting adjustments (2)
59,812 4,017 183,175 12,054 
Bermuda net deferred tax asset (3)
— — (7,890)— 
Income tax expense (benefit) (4)
65,285 (10,048)46,325 (8,961)
Net income (loss) attributable to redeemable noncontrolling interests (5)
118,439 (51,457)41,205 (85,162)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$540,322 $426,320 $1,827,549 $1,201,800 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$22.62 $3.80 $38.84 $20.13 
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(17.17)5.17 (10.69)5.73 
Net foreign exchange losses (gains)(0.33)0.51 0.54 1.16 
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
0.34 0.07 1.07 0.32 
Acquisition related purchase accounting adjustments (2)
1.17 0.08 3.55 0.26 
Bermuda net deferred tax asset (3)
— — (0.15)— 
Income tax expense (benefit) (4)
1.28 (0.20)0.90 (0.19)
Net income (loss) attributable to redeemable noncontrolling interests (5)
2.32 (1.02)0.80 (1.83)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$10.23 $8.41 $34.86 $25.58 
Return on average common equity - annualized47.1 %11.5 %28.8 %22.1 %
Adjustment for:
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds(35.2)%15.5 %(7.8)%6.2 %
Net foreign exchange losses (gains)(0.7)%1.5 %0.4 %1.3 %
Expenses (revenues) associated with acquisitions, dispositions and impairments (1)
0.7 %0.2 %0.8 %0.3 %
Acquisition related purchase accounting adjustments (2)
2.4 %0.3 %2.6 %0.3 %
Bermuda net deferred tax asset (3)
— %— %(0.1)%— %
Income tax expense (benefit) (4)
2.6 %(0.6)%0.7 %(0.2)%
Net income (loss) attributable to redeemable noncontrolling interests (5)
4.8 %(3.1)%0.6 %(2.0)%
Operating return on average common equity - annualized21.7 %25.3 %26.0 %28.0 %
(1)Previously reported "corporate expenses associated with acquisitions and dispositions" has been amended to "expenses (revenues) associated with acquisitions, dispositions and impairments" to now also include 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 VOBA and acquisition costs, and the fair value adjustments to the net reserves for claims and claim expenses for the three and nine months ended September 30, 2024 for the acquisitions of Validus $56.0 million and $171.9 million, respectively (2023 - $Nil and $Nil, respectively); and TMR and Platinum $3.8 million and $11.3 million respectively (2023 - $4.0 million and $12.1 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.
September 30,
2024		December 31,
2023
Book value per common share$202.01 $165.20 
Adjustment for:
Acquisition related goodwill and other intangible assets (1)
(13.81)(14.71)
Other goodwill and intangible assets (2)
(0.17)(0.35)
Acquisition related purchase accounting adjustments (3)
(5.27)(8.27)
Tangible book value per common share182.76 141.87 
Adjustment for accumulated dividends27.69 26.52 
Tangible book value per common share plus accumulated dividends$210.45 $168.39 
Year to date change in book value per common share22.3 %57.9 %
Year to date change in book value per common share plus change in accumulated dividends23.0 %59.3 %
Year to date change in tangible book value per common share plus change in accumulated dividends29.6 %47.6 %
(1)Represents the acquired goodwill and other intangible assets at September 30, 2024 for the acquisitions of Validus $488.4 million (December 31, 2023 - $542.7 million), TMR $26.4 million (December 31, 2023 - $27.2 million) and Platinum $202.7 million (December 31, 2023 - $205.5 million).
(2)At September 30, 2024, the adjustment for other goodwill and intangible assets included $8.9 million (December 31, 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 September 30, 2024 for the acquisitions of Validus $220.1 million (December 31, 2023 - $374.4 million), TMR $54.4 million (December 31, 2023 - $62.2 million) and Platinum $(0.7) million (December 31, 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 September 30, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio43.2 %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 ratio40.3 %84.3 %58.1 %97.7 %82.4 %
Three months ended June 30, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio28.1 %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 ratio24.9 %90.3 %51.7 %95.6 %78.6 %
Three months ended March 31, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio19.8 %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 ratio16.2 %74.6 %40.5 %97.1 %75.4 %
Three months ended December 31, 2023
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio17.8 %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 ratio15.8 %79.4 %41.7 %94.3 %73.6 %
Three months ended September 30, 2023
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio31.5 %78.2 %53.2 %97.0 %78.0 %
Adjustment for acquisition related purchase accounting adjustments (1)
(0.2)%(0.1)%(0.2)%(0.3)%(0.2)%
Adjusted combined ratio31.3 %78.1 %53.0 %96.7 %77.8 %
(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.
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Comments on Non-GAAP Financial Measures
Adjusted Combined Ratio

Nine months ended September 30, 2024
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio30.6 %84.1 %52.6 %99.3 %81.3 %
Adjustment for acquisition related purchase accounting adjustments (1)
(3.2)%(0.9)%(2.4)%(2.5)%(2.4)%
Adjusted combined ratio27.4 %83.2 %50.2 %96.8 %78.9 %
Nine months ended September 30, 2023
CatastropheOther PropertyPropertyCasualty and SpecialtyTotal
Combined ratio35.2 %83.6 %57.6 %94.3 %78.8 %
Adjustment for acquisition related purchase accounting adjustments (1)
(0.2)%(0.1)%(0.2)%(0.2)%(0.2)%
Adjusted combined ratio35.0 %83.5 %57.4 %94.1 %78.6 %
(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.
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 September 30, 2024Three months ended September 30, 2023
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading$289,687 $(54,403)$235,284 $188,781 $(37,910)$150,871 
Short term investments46,746 (26,329)20,417 66,722 (27,533)39,189 
Equity investments670 — 670 510 — 510 
Other investments
Catastrophe bonds61,175 (51,936)9,239 54,583 (47,901)6,682 
Other20,937 — 20,937 20,031 — 20,031 
Cash and cash equivalents10,226 (549)9,677 4,160 (278)3,882 
429,441 (133,217)296,224 334,787 (113,622)221,165 
Investment expenses(5,582)1,257 (4,325)(5,679)1,278 (4,401)
Net investment income$423,859 $(131,960)$291,899 $329,108 $(112,344)$216,764 
Net investment income return - annualized5.7 %(0.4)%5.3 %5.7 %(0.8)%4.9 %
Net realized gains (losses) on fixed maturity investments trading$22,052 $(3,556)$18,496 $(121,112)$25,178 $(95,934)
Net unrealized gains (losses) on fixed maturity investments trading590,309 (98,305)492,004 (158,226)19,562 (138,664)
Net realized and unrealized gains (losses) on investment-related derivatives
97,534 (308)97,226 30,594 (8,367)22,227 
Net realized gains (losses) on equity investments340 (142)198 (10)— (10)
Net unrealized gains (losses) on equity investments18,778 66 18,844 2,261 (5)2,256 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds66,291 (55,433)10,858 32,474 (28,767)3,707 
Net realized and unrealized gains (losses) on other investments - other148,441 — 148,441 (14,068)— (14,068)
Net realized and unrealized gains (losses) on investments943,745 (157,678)786,067 (228,087)7,601 (220,486)
Total investment result$1,367,604 $(289,638)$1,077,966 $101,021 $(104,743)$(3,722)
Average invested assets$31,781,118 $(8,913,525)$22,867,593 $25,751,710 $(8,300,128)$17,451,582 
Total investment return - annualized18.3 %1.9 %20.2 %2.0 %(2.0)%0.0 %
(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
Nine months ended September 30, 2024Nine months ended September 30, 2023
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading$820,876 $(155,419)$665,457 $514,020 $(107,894)$406,126 
Short term investments141,923 (75,707)66,216 149,903 (73,039)76,864 
Equity investments1,819 — 1,819 6,675 — 6,675 
Other investments
Catastrophe bonds177,860 (153,809)24,051 142,936 (123,755)19,181 
Other59,525 — 59,525 65,422 — 65,422 
Cash and cash equivalents40,347 (1,777)38,570 13,009 (765)12,244 
1,242,350 (386,712)855,638 891,965 (305,453)586,512 
Investment expenses(16,871)4,024 (12,847)(15,817)3,393 (12,424)
Net investment income$1,225,479 $(382,688)$842,791 $876,148 $(302,060)$574,088 
Net investment income return - annualized5.5 %(0.4)%5.1 %5.1 %(0.4)%4.7 %
Net realized gains (losses) on fixed maturity investments trading$(33,965)$14,404 $(19,561)$(300,089)$49,948 $(250,141)
Net unrealized gains (losses) on fixed maturity investments trading353,465 (61,192)292,273 14,007 4,317 18,324 
Net realized and unrealized gains (losses) on investment-related derivatives
50,102 (2,981)47,121 (22,295)(4,078)(26,373)
Net realized gains (losses) on equity investments355 (142)213 (27,503)— (27,503)
Net unrealized gains (losses) on equity investments26,368 41 26,409 62,039 3 62,042 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds51,091 (42,168)8,923 94,786 (83,395)11,391 
Net realized and unrealized gains (losses) on other investments - other155,091 — 155,091 7,638 — 7,638 
Net realized and unrealized gains (losses) on investments602,507 (92,038)510,469 (171,417)(33,205)(204,622)
Total investment result$1,827,986 $(474,726)$1,353,260 $704,731 $(335,265)$369,466 
Average invested assets$30,603,740 $(8,712,791)$21,890,949 $24,233,329 $(8,022,445)$16,210,884 
Total investment return - annualized8.2 %0.2 %8.4 %4.2 %(1.1)%3.1 %
(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.”
September 30, 2024December 31, 2023
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries$11,736,158 $(2,585,929)$9,150,229 $10,060,203 $(2,046,752)$8,013,451 
Corporate (4)
7,790,634 (1,307,408)6,483,226 6,499,075 (1,158,745)5,340,330 
Residential mortgage-backed1,753,318 (267,795)1,485,523 1,420,362 (246,468)1,173,894 
Asset-backed1,440,194 (86,704)1,353,490 1,491,695 (86,622)1,405,073 
Agencies615,627 (141,838)473,789 489,117 (119,518)369,599 
Non-U.S. government609,355 (91,978)517,377 483,576 (54,100)429,476 
Commercial mortgage-backed341,899 (56,605)285,294 433,080 (72,364)360,716 
Total fixed maturity investments trading, at fair value24,287,185 (4,538,257)19,748,928 20,877,108 (3,784,569)17,092,539 
Short term investments, at fair value4,302,991 (3,094,465)1,208,526 4,604,079 (2,979,672)1,624,407 
Equity investments, at fair value133,091 (147)132,944 106,766 (204)106,562 
Other investments, at fair value
Catastrophe bonds1,896,075 (1,604,599)291,476 1,942,199 (1,691,815)250,384 
Fund investments:
Private credit funds1,107,258 — 1,107,258 982,016 — 982,016 
Private equity funds541,995 — 541,995 433,788 — 433,788 
Hedge funds333,509 — 333,509 — — — 
Term loans94,575 — 94,575 97,658 — 97,658 
Direct private equity investments199,039 — 199,039 59,905 — 59,905 
Total other investments, at fair value4,172,451 (1,604,599)2,567,852 3,515,566 (1,691,815)1,823,751 
Investments in other ventures, under equity method137,959 — 137,959 112,624 — 112,624 
Total investments $33,033,677 $(9,237,468)$23,796,209 $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.
36

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).”
September 30, 2024December 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$236,991 $(49,559)$187,432 $66,743 $(17,267)$49,476 
Corporate (4)
98,503 (28,709)69,794 (41,016)(13,606)(54,622)
Other (5)
24,400 1,753 26,153 (21,069)16,748 (4,321)
Total fixed maturity investments trading, at fair value359,894 (76,515)283,379 4,658 (14,125)(9,467)
Short term investments, at fair value645 (118)527 739 (21)718 
Equity investments, at fair value89,029 54 89,083 62,660 13 62,673 
Other investments, at fair value
Catastrophe bonds(19,390)(9,601)(28,991)(76,684)39,689 (36,995)
Fund investments229,865 — 229,865 184,744 — 184,744 
Direct private equity investments86,646 — 86,646 (38,359)— (38,359)
Total other investments, at fair value297,121 (9,601)287,520 69,701 39,689 109,390 
Investments in other ventures, under equity method(10,000)$— (10,000)— $— — 
Total investments$736,689 $(86,180)$650,509 $137,758 $25,556 $163,314 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6)
$5.46 $(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 $283.4 million and $(9.5) million at September 30, 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.
37

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 endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net (income) loss attributable to redeemable noncontrolling interests (1)
$(450,176)$(213,695)$(919,734)$(655,986)
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests (101,588)35,449 (49,723)49,404 
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests(16,851)16,008 8,518 35,758 
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)
(118,439)51,457 (41,205)85,162 
Operating (income) loss attributable to redeemable noncontrolling interests$(331,737)$(265,152)$(878,529)$(741,148)
(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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