$RNR-PF

RENAISSANCERE HOLDINGS LTD

CIK:0000913144|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Gross premiums written (Note 5)	$ 2,994,424	$ 3,421,180	$ 6,473,297	$ 7,576,683
Net premiums written (Note 5)	2,276,960	2,770,270	4,955,256	6,213,799
Decrease (increase) in unearned premiums	(77,439)	(358,116)	(572,121)	(1,080,864)
Net premiums earned (Note 5)	2,199,521	2,412,154	4,383,135	5,132,935
Net investment income (Note 3)	432,489	413,108	852,991	818,461
Net foreign exchange gains (losses)	(7,345)	8,660	(16,364)	1,332
Equity in earnings (losses) of other ventures	17,829	20,333	38,314	38,161
Other income (loss)	4,479	2,624	5,726	3,538
Net realized and unrealized gains (losses) on investments (Note 3)	121,628	349,720	(300,285)	682,660
Total revenues	2,768,601	3,206,599	4,963,517	6,677,087
Expenses
Net claims and claim expenses incurred (Notes 5 and 6)	942,378	1,042,123	1,926,349	3,785,881
Acquisition expenses	563,279	642,605	1,085,129	1,290,040
Operational expenses	94,747	125,738	183,782	225,923
Corporate expenses	18,681	23,781	38,141	46,591
Interest expense (Note 7)	31,778	31,793	63,564	58,879
Total expenses	1,650,863	1,866,040	3,296,965	5,407,314
Income (loss) before taxes	1,117,738	1,340,559	1,666,552	1,269,773
Income tax benefit (expense)	(139,400)	(176,869)	(172,384)	(131,344)
Net income (loss)	978,338	1,163,690	1,494,168	1,138,429
Net (income) loss attributable to redeemable noncontrolling interests (Note 8)	(315,260)	(328,339)	(537,711)	(133,087)
Net income (loss) attributable to RenaissanceRe	663,078	835,351	956,457	1,005,342
Dividends on preference shares (Note 10)	(8,844)	(8,844)	(17,688)	(17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$ 654,234	$ 826,507	$ 938,769	$ 987,654
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (in dollars per share)	$ 15.54	$ 17.25	$ 22.03	$ 20.37
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (in dollars per share)	$ 15.48	$ 17.20	$ 21.94	$ 20.30

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows provided by (used in) operating activities
Net income (loss)	$ 1,494,168	$ 1,138,429
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization, accretion and depreciation	(47,573)	9,156
Equity in undistributed (earnings) losses of other ventures	(5,503)	(8,601)
Net realized and unrealized (gains) losses on investments	300,285	(365,719)
Change in:
Premiums receivable	(1,016,961)	(1,815,384)
Prepaid reinsurance premiums	(573,964)	(527,315)
Reinsurance recoverable	36,427	180,417
Deferred acquisition costs and value of business acquired	(167,589)	(179,919)
Reserve for claims and claim expenses	(33,211)	1,610,272
Unearned premiums	1,147,863	1,610,740
Reinsurance balances payable	515,495	243,620
Other	(109,513)	(268,362)
Net cash provided by (used in) operating activities	1,539,924	1,627,334
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	9,506,883	7,036,234
Purchases of fixed maturity investments trading	(9,988,155)	(6,198,055)
Proceeds from sales of short term investments	25,333,612	17,018,711
Purchases of short term investments	(24,482,022)	(18,387,556)
Proceeds from sales of equity investments	472,453	601
Purchases of equity investments	(647,381)	(766,571)
Proceeds from sales of other investments	691,558	619,059
Purchases of other investments	(1,112,900)	(859,651)
Purchases of investments in other ventures	(24,844)	(565)
Return of investments in other ventures	2,432	203
Net settlements of derivatives	37,135	287,036
Net cash provided by (used in) investing activities	(211,229)	(1,250,554)
Cash flows provided by (used in) financing activities
Dividends paid – common shares	(34,500)	(38,720)
Dividends paid – preference shares	(17,688)	(17,688)
RenaissanceRe common share repurchases	(702,466)	(731,358)
Repayment of debt	0	(450,000)
Issuance of debt, net of expenses	0	789,992
Repayment of Medici Revolving Credit Facility	0	(40,000)
Drawdown of Medici Revolving Credit Facility	0	75,000
Subscriptions of third-party redeemable noncontrolling interest shares	4,500	103,825
Redemptions of third-party redeemable noncontrolling interest shares	(965,454)	(296,645)
Taxes paid on withholding shares	(27,194)	(21,533)
Net cash provided by (used in) financing activities	(1,742,802)	(627,127)
Effect of exchange rate changes on foreign currency cash	(14,914)	2,424
Net increase (decrease) in cash and cash equivalents	(429,021)	(247,923)
Cash and cash equivalents, beginning of period	1,731,181	1,676,604
Cash and cash equivalents, end of period	$ 1,302,160	$ 1,428,681

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Fixed maturity investments trading, at fair value - amortized cost $25,281,536 at June 30, 2026 (December 31, 2025 - $24,658,351) (Notes 3 and 4)	$ 25,185,430	$ 24,884,323
Short term investments, at fair value - amortized cost $3,952,780 at June 30, 2026 (December 31, 2025 - $4,760,027) (Notes 3 and 4)	3,949,012	4,759,811
Equity investments, at fair value (Notes 3 and 4)	1,846,152	1,732,990
Other investments, at fair value (Notes 3 and 4)	5,083,169	4,574,214
Investments in other ventures, under equity method	149,337	121,871
Total investments	36,213,100	36,073,209
Cash and cash equivalents	1,302,160	1,731,181
Premiums receivable (Note 5)	8,269,415	7,252,454
Prepaid reinsurance premiums	1,567,745	993,781
Reinsurance recoverable (Notes 5 and 6)	3,863,486	3,899,913
Accrued investment income	250,610	233,688
Deferred acquisition costs and value of business acquired	1,706,129	1,538,540
Deferred tax asset	693,186	701,927
Receivable for investments sold	305,237	414,523
Other assets	422,106	328,087
Goodwill and other intangible assets	602,439	633,087
Total assets	55,195,613	53,800,390
Liabilities
Reserve for claims and claim expenses (Note 6)	22,269,134	22,302,345
Unearned premiums	7,176,037	6,028,174
Debt (Note 7)	2,330,907	2,329,201
Reinsurance balances payable	3,056,013	2,540,518
Payable for investments purchased	550,409	533,101
Other liabilities	649,551	856,302
Total liabilities	36,032,051	34,589,641
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests (Note 8)	7,343,353	7,602,092
Shareholders’ Equity
Preference shares: $1.00 par value - 30,000 shares issued and outstanding at June 30, 2026 (December 31, 2025 - 30,000) (Note 10)	750,000	750,000
Common shares: $1.00 par value - 41,811,353 shares issued and outstanding at June 30, 2026 (December 31, 2025 - 43,961,539) (Note 10)	41,811	43,962
Additional paid-in capital (Note 10)	0	0
Accumulated other comprehensive income (loss)	(13,045)	(12,626)
Retained earnings (Note 10)	11,041,443	10,827,321
Total shareholders’ equity attributable to RenaissanceRe	11,820,209	11,608,657
Total liabilities, noncontrolling interests and shareholders’ equity	$ 55,195,613	$ 53,800,390