• Annualized return on average common equity of (6.0)% and annualized operating return on average common equity of 18.9%.
• Mark-to-market losses of $879.8 million, primarily driven by $899.6 million of losses from fixed maturity-related investments.
• Combined ratio of 79.7% with strong current and prior year performance.
• Casualty and Specialty combined ratio of 110.6% and adjusted combined ratio of 109.5%, which included a 10.5 percentage point impact from the 2026 Large Loss Events, primarily due to the Middle East War and the Ras Laffan Explosion.
• Fee income of $81.7 million, with strong contributions from management and performance fees.
• Net investment income of $440.9 million. Weighted average yield to maturity of 5.8%, up 1.0 percentage point from December 31, 2025.
• Repurchased $310.1 million of common shares in Q3 2026; repurchased an additional $143.8 million of common shares from October 1, 2026 to October 23, 2026.

RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the third quarter of 2026.

• Gross premiums written decreased by $104.5 million, or 14.3%, driven by rate reductions across both the catastrophe and other property classes. The third quarter generally is not a significant renewal period for the Company.
• Net claims and claim expense ratio - current accident year increased by 9.4 percentage points compared to Q3 2025, primarily driven by the 2026 Large Loss Events, which added 7.2 percentage points to the current accident year ratio.
• Net claims and claim expense ratio - prior accident years reflected net favorable development of 32.0%, driven by:
  • net favorable development of $178.2 million in the catastrophe class, primarily from the large loss events in 2021, 2022 and 2024; and
  • net favorable development of $86.9 million in the other property class, primarily due to favorable attritional loss experience.
• Underwriting expense ratio improved by 1.4 percentage points, as a result of the acquisition expense ratio benefiting from a higher contribution from performance fees, and operating expenses benefiting from the Bermuda tax credits.
• Combined ratio and adjusted combined ratio increased from Q3 2025 due to the higher current accident year net losses and lower net favorable development from prior accident years.

• Gross premiums written decreased by $115.1 million, or 7.2%, principally due to exposure reductions across the general casualty and professional liability classes.
• Net premiums written decreased by $279.2 million, or 20.5%, consistent with the drivers for gross premiums written discussed above, in addition to an increase in the Company’s retrocessional purchases.
• Net claims and claim expense ratio - current accident year increased by 10.8 percentage points compared to Q3 2025, driven by the impact of the 2026 Large Loss Events, which added 10.7 percentage points to the current accident year ratio.
• Net claims and claim expense ratio - prior accident years reflected net favorable development of 0.2 percentage points, and included an adverse impact of 0.4 percentage points related to purchase accounting adjustments.
• Underwriting expense ratio improved by 1.2 percentage points, mainly driven by a 0.9 percentage point improvement in the acquisition expense ratio due to a decrease in purchase accounting adjustments.
• Combined ratio and adjusted combined ratio each increased primarily due to the impact of the 2026 Large Loss Events, which added 10.5 percentage points to each.

• Management fee income decreased as a result of lower management fees in DaVinci and Fontana, primarily due to lower net premiums earned, combined with the recapture of previously deferred management fees in Q3 2025 which did not repeat in Q3 2026.
• Performance fee income decreased primarily driven by higher current accident year net losses in DaVinci and lower net favorable development from prior accident years within DaVinci and Upsilon.
• Total fee income of $81.7 million in Q3 2026 included $56.6 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss).

   

• Net investment income remained consistently strong, with increased income from higher average invested assets and portfolio reallocation into higher yielding investments.
• Net realized and unrealized losses on investments in Q3 2026 were driven by $899.6 million of net losses on fixed maturity-related investments, primarily due to increases in market yields during the quarter.
• Total investments were $36.2 billion at September 30, 2026 (December 31, 2025 - $36.1 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 5.8% and 3.5 years, respectively (December 31, 2025 - 4.8% and 2.6 years, respectively).

• Net income attributable to redeemable noncontrolling interests of $150.7 million was primarily driven by:
  • strong underwriting income in DaVinci and Vermeer, partly offset by an underwriting loss in Fontana; and
  • $125.5 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
  • $117.0 million of net realized and unrealized losses in the investment portfolios of the Company’s joint ventures; and
  • $56.6 million of management and performance fee income.
• Raised third-party capital of $152.6 million, primarily through Lighthouse Cat Bond Fund ($150.0 million), which is a separately managed account of Upsilon focused on investing in catastrophe bonds.
• Returned third-party capital of $249.3 million, including:
  • $171.2 million from Upsilon Diversified as a result of the release of collateral on contracts associated with prior underwriting years; and
  • $61.6 million of excess capital to investors in Fontana driven by retained earnings.
• Income tax benefit of $30.2 million in Q3 2026, compared to an expense of $148.9 million in Q3 2025. The income tax benefit was primarily driven by mark-to-market losses, partially offset by operating income in our wholly-owned entities.
• Operational and corporate expenses decreased compared to Q3 2025, primarily driven by Bermuda tax credits, partially offset by an increase in compensation expenses.
• Share repurchases of 958.7 thousand common shares at an aggregate cost of $310.1 million and an average price of $323.46 per common share. Repurchased an additional $143.8 million from October 1, 2026, through October 23, 2026.

Net negative impact on underwriting result includes the sum of (1) net claims and claim expenses incurred, (2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result, (2) redeemable noncontrolling interest and (3) income tax benefit (expense).

The Company’s estimates of net negative impact are based on a review of the Company’s potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of the events, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.

Non-GAAP Financial Measures and Additional Financial Information

This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” and “adjusted combined ratio.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.

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

Conference Call Information

RenaissanceRe will host a conference call on Wednesday, October 28, 2026, at 11:00 a.m. ET to discuss this release. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at investor.renre.com. A replay will be available after the call at the same location.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, RenaissanceRe has offices across North America, Europe, and the Asia-Pacific region.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements with respect to its business and industry, such as those relating to its strategy and management objectives, plans and expectations regarding its response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of net negative impact and insured losses from loss events, competition in the industry and government initiatives and regulatory matters affecting the (re)insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by the Company that its current objectives or plans will be achieved. Numerous factors could cause the Company’s actual results to differ materially from those addressed by the forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the Company’s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; the highly competitive nature of the Company’s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage and new retrocessional reinsurance being available; the Company’s ability to attract and retain key executives and employees; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s exposure to risks associated with its management of capital on behalf of investors; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts globally; other political, regulatory or industry initiatives adversely impacting the Company; the impact of cybersecurity risks, including technology breaches or failure; the Company’s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which the Company operates; the Company’s ability to determine any impairments taken on its investments; the Company’s ability to raise capital on acceptable terms; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on capital distributions from its operating subsidiaries; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.