# RENAISSANCERE HOLDINGS LTD (RNR) Informational only - not investment advice. CIK: 0000913144 SIC: 6331 Fire, Marine & Casualty Insurance SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6331 Fire, Marine & Casualty Insurance](/industry/6331/) Latest 10-K filed: 2026-02-11 SEC page: https://www.sec.gov/edgar/browse/?CIK=913144 Filing source: https://www.sec.gov/Archives/edgar/data/913144/000091314426000012/rnr-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0000913144-26-000012 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000913144.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 12,848,074,000 USD | 2025 | verified | | Net income | 2,682,334,000 USD | 2025 | verified | | Assets | 53,800,390,000 USD | 2025 | verified | | Net margin | 20.88% | 2025 | computed | | Revenue YoY | +9.86% | 2025 | computed | | ROE | 23.11% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | RNR | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 20.9% | 12.9% | 77 | 53 | | Revenue growth | 9.9% | 9.4% | 54 | 53 | | ROE | 23.1% | 15.9% | 77 | 53 | | ROA | 5.0% | 3.9% | 63 | 53 | | Liabilities / equity | 2.98 | 3.04 | 48 | 53 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6331 Fire, Marine & Casualty Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 12848074000 | USD | 2025 | 2026-02-11 | | Net income | 2682334000 | USD | 2025 | 2026-02-11 | | Assets | 53800390000 | USD | 2025 | 2026-02-11 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000913144.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 1,727,837,000 | 2,103,679,000 | 2,074,941,000 | 4,201,954,000 | 5,172,316,000 | 5,277,709,000 | 5,060,412,000 | 9,134,608,000 | 11,695,148,000 | 12,848,074,000 | | Net income | 502,962,000 | -222,389,000 | 227,364,000 | 748,798,000 | 762,405,000 | -40,155,000 | -1,061,203,000 | 2,561,132,000 | 1,870,360,000 | 2,682,334,000 | | Diluted EPS | 11.43 | -6.15 | 4.91 | 16.29 | 15.31 | -1.57 | -25.50 | 52.27 | 35.21 | 56.03 | | Operating cash flow | 484,772,000 | 1,025,787,000 | 1,221,701,000 | 2,137,195,000 | 1,992,735,000 | 1,234,815,000 | 1,603,683,000 | 1,911,634,000 | 4,164,822,000 | 3,693,107,000 | | Dividends paid | 51,583,000 | 51,370,000 | 52,841,000 | 59,368,000 | 68,490,000 | 67,828,000 | 64,675,000 | 75,112,000 | 80,849,000 | 74,843,000 | | Share buybacks | 309,434,000 | 188,591,000 | 0.00 | 0.00 | 62,621,000 | 1,027,505,000 | 166,664,000 | 0.00 | 666,921,000 | 1,599,680,000 | | Assets | 12,352,082,000 | 15,226,131,000 | 18,676,196,000 | 26,330,094,000 | 30,820,580,000 | 33,959,502,000 | 36,552,878,000 | 49,007,105,000 | 50,707,550,000 | 53,800,390,000 | | Liabilities | 6,309,911,000 | 9,538,250,000 | 11,579,416,000 | 17,287,419,000 | 19,872,013,000 | 23,781,168,000 | 26,692,215,000 | 33,451,316,000 | 33,155,789,000 | 34,589,641,000 | | Stockholders' equity | 4,866,577,000 | 4,391,375,000 | 5,045,080,000 | 5,971,367,000 | 7,560,248,000 | 6,624,281,000 | 5,325,274,000 | 9,454,958,000 | 10,574,012,000 | 11,608,657,000 | | Cash and cash equivalents | 421,157,000 | 1,361,592,000 | 1,107,922,000 | 1,379,068,000 | 1,736,813,000 | 1,859,019,000 | 1,194,339,000 | 1,877,518,000 | 1,676,604,000 | 1,731,181,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 29.11% | -10.57% | 10.96% | 17.82% | 14.74% | -0.76% | -20.97% | 28.04% | 15.99% | 20.88% | | Return on equity | 10.34% | -5.06% | 4.51% | 12.54% | 10.08% | -0.61% | -19.93% | 27.09% | 17.69% | 23.11% | | Return on assets | 4.07% | -1.46% | 1.22% | 2.84% | 2.47% | -0.12% | -2.90% | 5.23% | 3.69% | 4.99% | | Liabilities / equity | 1.30 | 2.17 | 2.30 | 2.90 | 2.63 | 3.59 | 5.01 | 3.54 | 3.14 | 2.98 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/RNR/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000913144.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | -7.53 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | -19.27 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 12.91 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 4.09 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,835,987,000 | 202,831,000 | 3.80 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 3,240,290,000 | 1,585,526,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 2,599,425,000 | 373,642,000 | 6.94 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 2,828,520,000 | 503,890,000 | 9.41 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 3,973,775,000 | 1,182,487,000 | 22.62 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,293,428,000 | -189,659,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 3,470,488,000 | 169,991,000 | 3.27 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 3,206,599,000 | 835,351,000 | 17.20 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 3,198,182,000 | 916,510,000 | 19.40 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 2,972,805,000 | 760,482,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 2,194,916,000 | 293,379,000 | 6.57 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 2,768,601,000 | 663,078,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from RNR's latest 10-K: [/company/RNR/business/](/company/RNR/business/). ## Risk Factors Verbatim Item 1A Risk Factors from RNR's latest 10-K: [/company/RNR/risk-factors/](/company/RNR/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/913144/000091314426000084/rnr-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-23 Report date: 2026-06-30 ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2026 and 2025, as well as our liquidity and capital resources at June 30, 2026. This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this filing and the audited consolidated financial statements and notes thereto contained in our Form 10-K for the fiscal year ended December 31, 2025. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. Refer to “Note on Forward-Looking Statements.” In this Form 10-Q, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. Defined terms used throughout this Form 10-Q are included in the “Glossary of Defined Terms” at the beginning of this Form 10-Q. All dollar amounts referred to in this Form 10-Q are in U.S. dollars unless otherwise indicated. Due to rounding, numbers presented in the tables included in this Form 10-Q may not add up precisely to the totals provided. 55 INDEX TO MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [["","Page"],["OVERVIEW","57"],["SUMMARY OF CRITICAL ACCOUNTING ESTIMATES","59"],["SUMMARY RESULTS OF OPERATIONS","60"],["FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES","82"],["Financial Condition","82"],["Liquidity and Cash Flows","82"],["Capital Resources","87"],["Reserve for Claims and Claim Expenses","88"],["Investments","89"],["Ratings","91"],["SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION","92"],["CURRENT OUTLOOK","94"]] [[/GREPCENT_TABLE]] 56 OVERVIEW RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, and headquartered in Bermuda, we have offices across North America, Europe, and the Asia-Pacific region. Our mission is to match desirable risk with efficient capital, and our vision is to be the best underwriter. We believe that this will allow us to produce superior returns for our shareholders over the long term, and enable our purpose to protect communities and enable prosperity. We seek to accomplish these goals by delivering a value proposition composed of leadership, expertise and partnership, through our operation as an integrated system of three competitive advantages: superior risk selection, superior customer relationships and superior capital management. Our current business strategy focuses predominantly on writing reinsurance. We apply our reinsurance lens of approaching risks as a portfolio to the insurance business that we write, primarily through delegated authority arrangements. Through our Capital Partners unit we create and manage innovative joint ventures and managed funds, which provide access to the portfolios our underwriters build. Additionally, we pursue several other opportunities, such as executing customized reinsurance transactions to assume or cede risk, and managing certain strategic investments. We continually explore appropriate and efficient ways to address the risk management needs of our clients and the impact of various regulatory and legislative changes on our operations. From time to time, we consider diversification into new opportunities, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies. Our business consists of the following reportable segments: (1) Property, which is comprised of catastrophe and other property (re)insurance, and (2) Casualty and Specialty, which is comprised of general casualty, professional liability, credit and other specialty (re)insurance. The underwriting results of our consolidated operating subsidiaries and underwriting platforms are included in our Property and Casualty and Specialty segment results as appropriate. We have three principal drivers of profit that generate diversified earnings streams for our business: underwriting income, fee income, and investment income. Underwriting income is the income that we earn from our core underwriting business. By matching desirable risk with efficient capital and accepting the volatility that this business brings, we believe that we can generate superior returns over the long-term. Fee income is the income that we earn primarily from managing third-party capital in our Capital Partners unit and is composed of management fee income and performance fee income. Investment income is income derived from the investment portfolio that we maintain to support our business. We take a disciplined approach in building a relatively conservative, well-structured investment portfolio, with a focus on fixed income investments. Compared to underwriting income, we view fee income, especially management fee income, and investment income, as being relatively less volatile and as diversifying sources of income. We principally measure our financial success through long-term growth in tangible book value per common share plus the change in accumulated dividends. We believe this metric is the most appropriate measure of our financial performance, and in respect of which we believe we have delivered superior performance over time. Revenues and Expenses Our revenues are principally derived from three sources: (1) net premiums earned from the reinsurance and insurance policies we sell; (2) net investment income and net realized and unrealized gains from the investment of our capital funds and the investment of the cash we receive on the policies which we sell; and (3) fees received from our joint ventures, managed funds and structured reinsurance products, which are primarily reflected in redeemable noncontrolling interest or as an offset to acquisition or operational expenses. Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operational expenses, which primarily consist of personnel expenses, rent and other expenses; (4) corporate expenses, which include certain executive, legal and consulting expenses, costs for research and development, transaction and integration-related expenses, and other miscellaneous costs, including those 57 associated with operating as a publicly traded company; (5) interest and dividends related to our debt, preference shares and common shares; and (6) income taxes. The underwriting results of an insurance or reinsurance company are discussed frequently by reference to its net claims and claim expense ratio, underwriting expense ratio, and combined ratio. The net claims and claim expense ratio is calculated by dividing net claims and claim expenses incurred by net premiums earned. The underwriting expense ratio is calculated by dividing underwriting expenses (acquisition expenses and operational expenses) by net premiums earned. The combined ratio is the sum of the net claims and claim expense ratio and the underwriting expense ratio. A combined ratio below 100% indicates profitable underwriting prior to the consideration of investment income. A combined ratio over 100% indicates unprofitable underwriting prior to the consideration of investment income. We also discuss our net claims and claim expense ratio on a current accident year basis and a prior accident years basis. The current accident year net claims and claim expense ratio is calculated by taking current accident year net claims and claim expenses incurred, divided by net premiums earned. The prior accident years net claims and claim expense ratio is calculated by taking prior accident years net claims and claim expenses incurred, divided by net premiums earned. Impact of Redeemable Noncontrolling Interest in our Results We manage several entities - DaVinci, Fontana, Medici, and Vermeer - where we control the decision making authority through ownership of the voting interests but do not own all of the economic interest. As a result of our control, we include the full financial results of these entities in our consolidated financial statements. However, since we do not own all of the economic interest in these entities, we do not ultimately retain all of the economic outcomes they generate. Rather, portions of these entities’ economic outcomes are due to third-party investors who hold noncontrolling interests in these entities and are ultimately allocated to such third-party investors. These entities’ economic outcomes may include underwriting results, investment results, and foreign exchange impacts, among other items. For example, if one of these entities realizes a financial gain or loss from its underwriting or investment activities, the full amount of such gain or loss is shown in net income (loss) on our consolidated statements of operations. But only the portion of such gain or loss that represents our investment in such entity is reflected in net income (loss) attributable to RenaissanceRe. The remainder, which is ultimately allocated to such third-party investors in those entities, is shown separately in net (income) loss attributable to redeemable noncontrolling interests. Refer to “Note 8. Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests and how this accounting treatment impacts our financial results. Effects of Inflation General economic inflation has increased over the past few years compared to recent historical norms, and there is a risk of inflation remaining elevated for an extended period, which could cause claims and claims related expenses to increase, impact the performance of our investment portfolio, or have other adverse effects. This risk may be exacerbated by geopolitical factors and global supply chain issues or tariffs, among other factors, from time to time. Central bank policy and changes to interest rates may also increase the risk of inflationary pressures. The actual effects of the current and potential future increase in inflation on our results cannot be accurately known until, among other items, claims are ultimately settled. The duration and severity of an inflationary period cannot be estimated with precision. We consider the anticipated effects of inflation on us in our catastrophe loss models and on our investment portfolio. Our estimates of the potential effects of inflation are also considered in pricing and in estimating reserves for unpaid claims and claim expenses. The potential exists, after a catastrophe loss, for the development of inflationary pressures in a local economy. 58 SUMMARY OF CRITICAL ACCOUNTING ESTIMATES Our critical accounting estimates include “Claims and Claim Expense Reserves,” “Premiums and Related Expenses,” “Reinsurance Recoverables,” “Fair Value Measurements and Impairments” and “Income Taxes,” and are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting estimates as disclosed in our Form 10-K for the year ended December 31, 2025. 59 SUMMARY OF RESULTS OF OPERATIONS Below is a discussion of the results of operations for the second quarter of 2026, compared to the second quarter of 2025. [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/913144/000091314426000012/rnr-20251231.htm Complete FY 2025 MD&A: /company/RNR/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-11 Report date: 2025-12-31 ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our results of operations for 2025 compared to 2024, as well as our liquidity and capital resources at December 31, 2025. This discussion and analysis should be read in conjunction with the audited consolidated financial statements and notes thereto included in this filing. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.” For a discussion and analysis of our results of operations for 2024 compared to 2023, please refer to the disclosures set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 51-99 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 12, 2025. In this Form 10-K, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. Defined terms used throughout this Form 10-K are included in the “Glossary of Defined Terms” at the end of “Part I, Item 1. Business” of this Form 10-K. All dollar amounts referred to in this Form 10-K are in U.S. dollars unless otherwise indicated. Due to rounding, numbers presented in the tables included in this Form 10-K may not add up precisely to the totals provided. 53 INDEX TO MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [["","Page"],["OVERVIEW","55"],["SELECTED CONSOLIDATED FINANCIAL DATA","58"],["SUMMARY OF CRITICAL ACCOUNTING ESTIMATES","59"],["Claims and Claim Expense Reserves","59"],["Premiums and Related Expenses","65"],["Reinsurance Recoverable","66"],["Fair Value Measurements and Impairments","67"],["Income Taxes","69"],["SUMMARY RESULTS OF OPERATIONS","71"],["FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES","85"],["Financial Condition","85"],["Liquidity and Cash Flows","85"],["Capital Resources","90"],["Reserve for Claims and Claim Expenses","91"],["Investments","92"],["Ratings","95"],["SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION","97"],["CURRENT OUTLOOK","99"]] [[/GREPCENT_TABLE]] 54 OVERVIEW RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, we have offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the U.K., and the U.S. Our mission is to match desirable risk with efficient capital, and our vision is to be the best underwriter. We believe that this will allow us to produce superior returns for our shareholders over the long term, and enable our purpose to protect communities and enable prosperity. We seek to accomplish these goals by delivering a value proposition composed of leadership, expertise and partnership, through our operation as an integrated system of three competitive advantages: superior risk selection, superior customer relationships and superior capital management. Our current business strategy focuses predominantly on writing reinsurance. We apply our reinsurance lens of approaching risks as a portfolio to the insurance business that we write, primarily though delegated authority arrangements. Through our Capital Partners unit we create and manage innovative joint ventures and managed funds, which provide access to the portfolios our underwriters build. Additionally, we pursue several other opportunities, such as executing customized reinsurance transactions to assume or cede risk, and managing certain strategic investments. We continually explore appropriate and efficient ways to address the risk management needs of our clients and the impact of various regulatory and legislative changes on our operations. From time to time, we consider diversification into new opportunities, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or investment in, other companies or books of business of other companies. Our business consists of the following reportable segments: (1) Property, which is comprised of catastrophe and other property (re)insurance, and (2) Casualty and Specialty, which is comprised of general casualty, professional liability, credit and other specialty (re)insurance. The underwriting results of our consolidated operating subsidiaries and underwriting platforms are included in our Property and Casualty and Specialty segment results as appropriate. We have three principal drivers of profit that generate diversified earnings streams for our business: underwriting income, fee income, and investment income. Underwriting income is the income that we earn from our core underwriting business. By matching desirable risk with efficient capital and accepting the volatility that this business brings, we believe that we can generate superior returns over the long-term. Fee income is the income that we earn primarily from managing third-party capital in our Capital Partners unit and is composed of management fee income and performance fee income. Investment income is income derived from the investment portfolio that we maintain to support our business. We take a disciplined approach in building a relatively conservative, well-structured investment portfolio, with a focus on fixed income investments. Compared to underwriting income, we view fee income, especially management fee income, and investment income, as being relatively less volatile and as diversifying sources of income. We principally measure our financial success through long-term growth in tangible book value per common share plus the change in accumulated dividends. We believe this metric is the most appropriate measure of our financial performance, and in respect of which we believe we have delivered superior performance over time. Revenues and Expenses Our revenues are principally derived from three sources: (1) net premiums earned from the reinsurance and insurance policies we sell; (2) net investment income and net realized and unrealized gains from the investment of our capital funds and the investment of the cash we receive on the policies which we sell; and (3) fees received from our joint ventures, managed funds and structured reinsurance products, which are primarily reflected in redeemable noncontrolling interest or as an offset to acquisition or operational expenses. Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operational expenses, which primarily consist of personnel expenses, rent and other expenses; (4) corporate expenses, which include certain executive, legal and consulting expenses, costs for research and 55 development, transaction and integration-related expenses, and other miscellaneous costs, including those associated with operating as a publicly traded company; (5) interest and dividends related to our debt, preference shares and common shares; and (6) income taxes. Historically, the majority of our income has been earned in Bermuda, which did not have a corporate income tax, so the tax impact to our operations has been minimal. On December 27, 2023, the Government of Bermuda announced the implementation of a 15% CIT, which became effective on January 1, 2025. Therefore, our profits generated on or after January 1, 2025 in Bermuda (except for profits earned by our joint ventures and managed funds) are subject to a 15% corporate income tax. We generally expect that the profits generated in Bermuda on or after January 1, 2025 by our consolidated joint ventures and managed funds, except to the extent those profits are attributable to redeemable noncontrolling interests, will also be taxed at 15% as a result of the enactment Pillar II Rules by many of the jurisdictions in which we operate. We believe that the flexible global operating model that we have utilized will continue to prove resilient. The underwriting results of an insurance or reinsurance company are discussed frequently by reference to its net claims and claim expense ratio, underwriting expense ratio, and combined ratio. The net claims and claim expense ratio is calculated by dividing net claims and claim expenses incurred by net premiums earned. The underwriting expense ratio is calculated by dividing underwriting expenses (acquisition expenses and operational expenses) by net premiums earned. The combined ratio is the sum of the net claims and claim expense ratio and the underwriting expense ratio. A combined ratio below 100% indicates profitable underwriting prior to the consideration of investment income. A combined ratio over 100% indicates unprofitable underwriting prior to the consideration of investment income. We also discuss our net claims and claim expense ratio on a current accident year basis and a prior accident years basis. The current accident year net claims and claim expense ratio is calculated by taking current accident year net claims and claim expenses incurred, divided by net premiums earned. The prior accident years net claims and claim expense ratio is calculated by taking prior accident years net claims and claim expenses incurred, divided by net premiums earned. Impact of Redeemable Noncontrolling Interest in our Results We manage several entities - DaVinci, Fontana, Medici, and Vermeer - where we control the decision making authority through ownership of the voting interests but do not own all of the economic interest. As a result of our control, we include the full financial results of these entities in our consolidated financial statements. However, since we do not own all of the economic interest in these entities, we do not ultimately retain all of the economic outcomes they generate. Rather, portions of these entities’ economic outcomes are due to third-party investors who hold noncontrolling interests in these entities and are ultimately allocated to such third-party investors. These entities’ economic outcomes may include underwriting results, investment results, and foreign exchange impacts, among other items. For example, if one of these entities realizes a financial gain or loss from its underwriting or investment activities, the full amount of such gain or loss is shown in net income (loss) on our consolidated statements of operations. But only the portion of such gain or loss that represents our investment in such entity is reflected in net income (loss) attributable to RenaissanceRe. The remainder, which is ultimately allocated to such third-party investors in those entities, is shown separately in net (income) loss attributable to redeemable noncontrolling interests. Refer to “Note 10. Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests and how this accounting treatment impacts our financial results. Effects of Inflation General economic inflation has increased over the past few years compared to recent historical norms, and there is a risk of inflation remaining elevated for an extended period, which could cause claims and claims related expenses to increase, impact the performance of our investment portfolio, or have other adverse effects. This risk may be exacerbated by geopolitical factors and global supply chain issues or tariffs, among other factors, from time to time. Central bank policy and changes to interest rates may also increase the risk of inflationary pressure [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/RNR/mda/fy2025/ All MD&A years: /company/RNR/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/RNR/mda/fy2024/): filed 2025-02-12; accession 0000913144-25-000009 (https://www.sec.gov/Archives/edgar/data/913144/000091314425000009/rnr-20241231.htm) - [FY 2023 MD&A](/company/RNR/mda/fy2023/): filed 2024-02-21; accession 0000913144-24-000019 (https://www.sec.gov/Archives/edgar/data/913144/000091314424000019/rnr-20231231.htm) - [FY 2022 MD&A](/company/RNR/mda/fy2022/): filed 2023-02-08; accession 0000913144-23-000011 (https://www.sec.gov/Archives/edgar/data/913144/000091314423000011/rnr-20221231.htm) - [FY 2021 MD&A](/company/RNR/mda/fy2021/): filed 2022-02-04; accession 0000913144-22-000015 (https://www.sec.gov/Archives/edgar/data/913144/000091314422000015/rnr-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6331 Fire, Marine & Casualty Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/RNR.md · JSON record: /company/RNR.json · verified financials: /company/RNR/financials.json / /company/RNR/financials.csv · machine TOC for the whole site: /llms.txt