RNR 10-K & 10-Q changes, risk factors and insider trading

Our largest estimated economic exposures arise from natural disasters and other catastrophes. We believe the consensus view of current scientific studies substantiates that the trend towards increased severity and frequency of weather-related natural disasters and catastrophes arises in part from climate change. In addition, we believe that climateclimate-related change and shifting economic and demographic trends in catastrophe exposed regions eachmay contributescontribute to increases in the average economic value of expected losses. Further, we believe that the recent increase in catastrophic events is indicative of both permanent climate change impacts and transient climate variability.

A substantial portion of our property coverages may be adversely impacted by climateclimate-related change.developments. While we have invested heavily to understand the influence of climate change on the weather and its impact on the risks that we take, we cannot predict with certainty the frequency or severity of tropical cyclones, wildfires or other natural catastrophes, and our risk assessments may not accurately reflect shifting environmental and climate relatedclimate-related risks. Unanticipated factors could lead to additional insured losses that exceed our current estimates, resulting in disruptions to or adverse impacts on our business, the market, or our clients. Further, some of our investments, such as catastrophe-linked securities and property catastrophe joint ventures or managed funds, could also be adversely impactedaffected by climateclimate-related change.developments.

Unanticipated developments in the law as well as changes in social conditions could result in unexpected claims for coverage under our insurance and reinsurance contracts. These developments and changes may adversely affect us, perhaps materially, by, for example, imposing additional coverage obligations beyond our underwriting intent or increasing the number or size of claims to which we are subject. We believe that our propertyunderwriting results have been adversely impacted over recent periods by increasing fraud and abuses at the primary claims level, as well as other forms of social inflation, and that these trends may continue.

The (re)insurance businessindustry is historically cyclical and the pricing and terms for our products may decline, which would affect our profitability and ability to maintain or grow premiums.

The (re)insurance industry has historically been cyclical by product and market. After experiencing a prolonged soft market cycle years ago, we believe that the (re)insurance underwriting market has been in a hard market phase for many lines of business for the past several years, characterized by increased prices and improved terms and conditions. While weWe are at a relatively attractive point in the cycle, characterized by price adequacy and stable terms and conditions. However, rates recently have, and may in the future, decrease in certain lines of business, and we cannot assure you that the higher premium rates will continue.business. If demand for our products falls or the supply of competing capacity continues to rise, our prospects for potential growth may be adversely affected. In particular, we might lose existing customers or suffer a decline in business during shifting market cycles, which we might not regain when industry conditions improve.

We believe the hard/softreinsurance marketindustry cyclewill dynamicremain is likely to persist,cyclical, and that we may return to soft market conditions in the future. Additionally, it is possible that increased access to capital, new technologies, including artificial intelligence, and other factors may reduce the duration or eliminate or significantly lessen the impact of any current or future hard reinsurance underwriting market. The cumulative impact of these risks could negatively impact our profitability and ability to maintain or grow premiums.

The retrocessional reinsurance that we purchase for our own account is generally subject to annual renewal. Even when reinsurance market conditions in general are strong, retrocessional market conditions may limit or prevent us from obtaining desired amounts of retrocessional reinsurance. For example, large catastrophe events have limited, and may in the future limit or prevent, us from obtaining desired amounts of new or replacement coverage on favorable terms or from entities with satisfactory creditworthiness.terms. This could limit the amount of business we are willing to write or decrease the protection available to us following large loss events.

Competition and consolidation in the (re)insurance industry could adversely impact us. We face competition from a number of different sources, including insurers and reinsurers, nontraditional competitors such as Insurtech companies and other entities funding reinsurance companies or using other financial products intended to compete with traditional reinsurance.

Competition for customers and access to risk has also increased and become more intense. We expect competition to continue to increase over time. Increased capital from competitors in the market has,has caused, and may in the future,future cause reductions in prices of our products or the duration or amplitude of attractive portions of the historical market cycles. Competitors may attempt to replicate all or part of our business model and provide further competition in the markets in which we participate. We could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins. Government sponsored (re)insurance funds or other initiatives may also adversely affect demand for insurance and reinsurance.

Along with increased competition, there has also been significant consolidation in the (re)insurance industry over the last several years,industry, including among our competitors, customers and brokers. If competitive pressures decrease the prices for our products, we would generally expect to reduce our future underwriting activities, resulting in lower premium volume and profitability. Any of the foregoing could adversely affect our business or results of operations.

Our success depends upon our ability to attract and retain our senior officersmembers of management and to attract and retain additional qualified personnel in the future. The loss of services of members of our senior management team and the uncertain transition of new members of our senior management team may strain our ability to execute our strategic initiatives, or make it more difficult to retain customers, attract or maintain our capital support, or meet other needs of our business. This risk may be particularly acute for us relative to some of our competitors because some of our senior executives work in countries where they are not citizens (such as Bermuda) and work permit and immigration issues could adversely affect the ability to retain or hire key persons.

The preparation of our consolidated financial statements requires us to make many estimates and judgments that affect the reported amounts of assets, liabilities (including claims and claim expense reserves), shareholders’ equity, revenues and expenses, and related disclosures. On an ongoing basis, we evaluate our estimates, including those related to premiums written and earned, our net claims and claim expenses, reinsurance recoverable, fair value measurements and impairments and income taxes. We base our estimates on historical experience, where possible, and on various other assumptions we believe to be reasonable under the circumstances, which form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our judgments and estimates may not reflect, and may deviate materially from, our actual results. For more details on our estimates and judgments, see “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates.”

Certain of our subsidiaries owe legal duties and obligations (including reporting, governance and allocation obligations) to third-party investors in our joint ventures and managed funds. In addition, certain of our operating subsidiaries are registered or authorized investmentsinvestment funds or licensed investment managers subject to laws and regulations relating to the management of third-party capital. Complying with these obligations, laws and regulations requires significant management time and attention. Faulty judgments, simple errors or mistakes, or the failure of our personnel to adhere to established policies and procedures could result in our failure to comply with applicable obligations, laws or regulations, which could result in significant liabilities, penalties or other losses to us and seriously harm our business and results of operations. We are also subject to risks stemming from our relationship to the entities through which we manage capital on behalf of, or transform risk for, investors, and the support that we are required to, or may, provide to them.

In addition, we are exposed to the risk that we may be unable to maintain, attract, or raise new capital for our joint ventures, managed funds and other private alternative investment vehicles, which wouldcould reduce our future fee income and market capacity, and thus negatively affect our results of operations and financial condition. OurFor third-partyexample, it is possible that substantial losses ceded to the alternative capital providerssector may,over subjecta period of years, and restraints on capital return and maintenance of collateral for prior loss periods by a number of market participants, may contribute to restrictions,a redeem their interestsreduction in ourinvestor joint ventures and managed funds or we may be unableappetite to attractthis andproduct raise additional third-party capital for our existing or potential new joint ventures and managed funds. The loss, or alterationclass in a negative manner, of any of this capital support could cause us to forego fee income and other income-generating opportunities. Moreover, we can provide no assurance that we will be able to attract and raise additional third-party capital for existing joint ventures or for potential new joint ventures and managed funds and therefore we may forego existing and/or potentially attractive fee income and other income generating opportunities. Any of the foregoingnear could adversely affect our reputation, business or financial condition and results of operations.term.

Cybersecurity threats and incidents have increased in recent years, and we continue to be subject to heightened cyber-related risks. Our business depends on the proper functioning and availability of our information technology platforms, including communications and data processing systems and our proprietary systems. We are also required to effect electronic transmissions with third parties including brokers, clients, vendors and others with whom we do business, as well as with our Board. We cannot guarantee that the controls and procedures we or third parties have in place to protect or recover our systems and information will be effective, successful or sufficiently rapid to avoid harm to our business or reputation. We also maintain cybersecurity insurance, but such coverage may not cover all costs associated with a breach, interruption or widespread failure of our information technology systems.

We frequently monitor and analyze opportunities to acquire or make strategic investments in new or other businesses. The negotiation of potential acquisitions or strategic investments as well as the integration of an acquired business, such as the Validus Acquisition,business could be unsuccessful, result in a substantial diversion of management resources, or lead to other unanticipated risks or challenges. In addition, while our current business strategy focuses predominantly on writing reinsurance, we also write insurance business, such as excess and surplus lines insurance through delegated authority arrangements. Risks associated with implementing or changing our business strategies and initiatives, including risks related to developing or enhancing our operations, controls and other infrastructure, may not have an impact on our publicly reported results until many years after implementation. Our failure to carry out our business plans may have an adverse effect on our long-term results of operations and financial condition.

We have incurred indebtedness and may incur additional indebtedness in the future. Our indebtedness primarily consists of publicly traded notes, letters of credit and a revolving credit facility. For more details on our indebtedness,details, see “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources—Capital Resources.”

We have historically derived a meaningful portion of our income from our invested assets, which are principally comprised of fixed maturity securities. Accordingly, our financial results are subject to a variety of investment risks, including risks relating to general economic conditions, inflation, market volatility, interest rate fluctuations, foreign currency risk, commodity risk, liquidity risk and credit and default risk. Volatility in global financial markets has impacted, and may continue to impact, the value of our investment portfolio and our strategic investments. Additionally, some of our investments are subject to prepayment or reinvestment risk. Our investment portfolio also includes securities with longer durations, which may be more susceptible to risks such as inflation. Changes in various factors, including prevailing interest rates and credit spreads may cause fluctuations in the market value of our fixed maturity investments. The Federal Reserve increased its benchmark interest rate to the highest level in 20 years in 2023. While the Federal Reserve reduced the federal funds target rate in 2024,2025, it still remains at a relatively high level. Furtherfurther increases in interest rates could cause the market value of our investment portfolio to decrease, which could reduce our capital resources.resources over the near-to medium-term. Conversely, any decline in interest rates could reduce our investment yield and net investment income, which would reduce our overall profitability over the medium- to long-term. Interest rates are highly sensitive to many factors, including governmental and monetary policies, inflation levels, domestic and international economic and political conditions, and other factors beyond our control.

A portion of our investment portfolio is allocated to other classes of investments including equity securities, catastrophe bonds, commodity securities, term loansderivatives, and interests in alternative investment vehicles such as private equity investments, private credit investments and hedge funds. For certain investments, under stressed financial conditions, the valuation on our consolidated balance sheets may differ significantly from the values that would be used if ready markets existed for the securities representing interests in the relevant investment vehicles. If we were to sell these assets (which may be necessary if we need liquidity to pay claims), it may be at significantly lower prices than we have recorded them. Furthermore, our interests in some of the investment classes described above are subject to restrictions on redemptions and sales that limit our ability to liquidate these investments in the short term. The performance of these classes of investments is also dependent on individual investment managers and investment strategies. It is possible that these investment managers managing these investments will leave, the investment strategies will become ineffective or that the managers will fail to follow our investment guidelines. Our investment portfolio may become concentrated in a limited number of issuers or have significant exposure to certain geographic areasareas, economic sectors or economic sectors.scenarios. Concentration of investments can increase investment risk and portfolio volatility. Any of the foregoing could result in a decline in our investment performance and capital resources, and accordingly, adversely affect our financial results.

The principal markets in which we operate are susceptible to monetary inflation, which could cause loss costs to increase, impact the performance of our investment portfolio, and borrowing costs to increase. We believe the risks of inflation across our key markets haveare increasedbroadly balanced following significanta increasesreduction in inflation in the United States and elsewhere in recent years as compared to the last decade.elsewhere. In particular, widespread economic factors such as government deficit spending, wage increases and supply chain disruptions have contributed to, and may continue to contribute to, significant inflation.inflationary pressures. The impact of inflation on loss costs could be more pronounced for those lines of business that are long tail in nature, as they require a relatively long period of time to finalize and settle claims. Changes in the level of inflation may also result in an increased level of uncertainty in our estimation of loss reserves, particularly for long tail lines of business, and may require us to strengthen reserves, with a corresponding reduction in our net income in the period in which the deficiency is identified. Unanticipated higher inflation could also lead to higher interest rates, which would decrease or create volatility in the value of our fixed income securities and potentially other investments. Higher inflation may lead to currency fluctuation,fluctuations, and we have in the past, and may in the future, experience increased volatility on foreign exchange gains and losses in our consolidated financial statements as a result. If inflation remains elevated for a prolonged period or increases further, any of the risks described above could be exacerbated, and the impact on the global economy generally and on our customers could negatively affect our business, financial condition and results of operations.

We may be affected by adverse economic factors outside of our control, including recession or the belief that a recessionweaker maymacroeconomic occur,environment, and international socio-political and geopolitical events.

An economic recession orA slowdown in economic activity may result from macroeconomic volatility, central bank policies, and international events involving war or civil, political, or social unrest, or energy prices or from other factors outside of our control. For example, the ongoing conflicts between Russia and Ukraine, and in the Middle East,globally may expand, which could increase our potential exposures or have far-reaching impacts on the global economy. Additionally, governmental, business and societal responses to such events, such as sanctions, trade restrictions, increased unemployment, and supply chain disruptions could worsen the impact of such events and could have an impact on our business and on our customers’ businesses. Any such events could increase our probability of losses, which may be exacerbated by our exposure to certain lines of business that we write. These events could also reduce the demand for insurance and reinsurance, which would reduce our premium volume and could have a material adverse effect on our business and results of operations.

Our exposure to significant catastrophic events may cause significant volatility in our operating and capital needs. To the extent that our existing capital is insufficient to support our future operating requirements, we may need to raise additional funds through financings or limit our growth. Any further equity, debt or hybrid financings, or capacity needed for letters of credit,financings if available at all, may be on terms that are unfavorable to us. For example, in a relatively higher interest rate environment, such as the one prevailing throughout 2023 and 2024, our borrowing costs have and may continue to increase, relative to our existing debt which was issued in a relatively lower interest rate environment. Additionally, any indebtedness we incur at higher interest rates may require higher ongoing debt service payments than our existing debt arrangements, which could leave us with less cash available for our operations. We are also exposed to the risk that the contingent capital facilities we have in place may not be available as expected. Changes to our issuer credit ratings, or the capital models and rating methodologies used by ratings agencies, may also impact our ability to access capital.

Our operating subsidiaries conduct business globally and are subject to varying degrees of regulation and supervision in multiple jurisdictions. See “Part I, Item 1. Business—Regulation.” These statutes, regulations and policies may, among other things, restrict the ability of our subsidiaries, joint ventures or managed funds to write certain business, make certain investments and distribute funds. We may not be able to comply fully with, or obtain appropriate exemptions from, these statutes and regulations, which could result in restrictions on our ability to do business or undertake activities that are regulated in these jurisdictions, which could subject us to fines and/or penalties. Our current or future business strategy could cause one or more of our currently unregulated subsidiaries to become subject to some form of more onerous regulation in the future. Any failure to comply with current or future applicable laws or regulations could result in restrictions on our ability to do business or undertake activities that are regulated in these jurisdictions, which could subject us to fines and other penalties. In addition, changes in the laws or regulations to which our operating subsidiaries are subject or in their interpretation could have an adverse effect on our business.

The International Association of Insurance Supervisors has adopted a Common Framework for the supervisionSupervision of Internationally Active Insurance Groups, which is focused on both quantitative and qualitative measures that are expected to enhance the group-wide supervision of IAIGs. TheAs BMA has issued a consultation paper about proposed enhancements to its insurance group supervision framework. The development and adoptionpart of theseComFrame, the IAIS developed global risk-based insurance capital standards that, if applied to us, could increase our prescribed capital requirement, the level at whichof regulatory scrutiny intensifies,on the level of capital we maintain, limit intercompany capital transactions, suspend debt repayments, and significantly increase our cost of regulatory compliance. The BMA embedded the ComFrame group supervision requirements, including the risk-based insurance capital standards, in the Insurance Act and related regulations in December 2025.

We are incorporated in Bermuda and many of our operating companies are domiciled in Bermuda. Therefore, changes in Bermuda law and regulation may have an adverse impact on our operations, such as increased regulatory supervision or the imposition of corporate income tax. The recently enacted Corporate Income Tax Act 2023, discussed below, is an example of a material change in Bermuda law.

The insurance and reinsurance regulatory framework is subject to heavy scrutiny by the U.S. and individual state governments, as well as a number of international authorities, and we believe it is likely therethis will becontinue increased regulatory intervention in our industry ininto the future,foreseeable including potential additional group-wide supervision.future.

We could also be adversely affected by proposals or enacted legislation that provide for reinsurance capacity in markets and to consumers that we target, expand the scope of coverage under existing policies for perils such as hurricanes or earthquakes or for a pandemic disease outbreak, mandate the terms of insurance and reinsurance policies, expand the scope of the Federal Insurance Office or establish a new federal insurance regulator or otherwise revise laws, regulations, or contracts under which we operate, which may disproportionately benefit the companies of one country over those of another. Moreover, government-backed entities may represent competition for the coverages we provide, either directly or by competing for the business of our customers, thereby reducing the potential amount of third-party private protection our clients may need or desire.

Our business may be subjectaffected toby governmental and societal responses to climateclimate-related change which could affect our profitability.matters.

In addition to the potential impacts that environmental incidentsevents may have on our business, there are also risks to our business arisingrelated fromto thea transition to a lower carbon economy, including from proliferation ofincreased governmental and regulatory scrutiny related to climateclimate-related changerisk and greenhouse gases.gas emissions. Our investment assets couldmay be affected by a market shiftshifts away from carbon-intensive industries or businesses,sectors, increased costs or fees associated with the production of greenhouse gases, and decreasedreduced profitability in sectors that produce or userely on carbon-based fuels.fuels, or by societal or market shifts related to these trends. Additionally, demand for insurance coverage could be negatively impacted to the extent that carbon-intensive businesses are impacted by this transition, and claims and losses related to those industries could increase, either of which could have a material negative effect on our business and results of operations.

ConcernsClimate-related over the negative impacts of climate changeconcerns have ledled, and willmay continue to leadlead, to new regulatory responses. New laws and regulations relating to sustainability and climateclimate-related changematters have been adopted and continue to be considered.considered in various jurisdictions. These laws and regulations include specific disclosure requirements or obligations, that may result in additional investments and implementation of new practices and reporting processes, all entailing additional compliance costs and risk. For example, thevarious EUjurisdictions adoptedare in the CSRDprocess thatof willimplementing imposethe International Sustainability Standards Board requirements which requires enhanced disclosure of the risksclimate and sustainability-related risks, opportunities arising from social and environmental issues, and on the impact of companies’ activities on people and the environment.impacts. This directive, along with other current or proposed regulations, could significantly increase compliance burdens and associated regulatory costs and complexity.

U.S. persons may be subject to adverse U.S. federal income tax treatment with respect to an investment in our shares under the “controlled foreign corporation,” “related person insurance income,” or PFIC provisions of the U.S. Internal Revenue Code of 1986, as amended. Such provisions may apply to a U.S. person who owns (or is considered to own under applicable tax rules) 10% or more of our shares if RenaissanceRe or any of our non-U.S. subsidiaries is considered a controlled foreign corporation in any year, and to a U.S. person who owns any of our shares if RenaissanceRe is considered a PFIC or any of our non-U.S. subsidiaries generates gross related person insurance income that constitutes 20% or more of its gross insurance income in any year. RenaissanceRe may be, and certain of our non-U.S. subsidiaries are,may be controlled foreign corporations for these purposes. Further, we believe that RenaissanceRe should not be characterized as a PFIC and currently anticipate that the gross related person insurance income of each of our non-U.S. insurance subsidiaries will constitute less than 20% of its gross insurance income for any taxable year in the foreseeable future. However, the application of these provisions is complex, subject to legal uncertainties and dependent on facts that may change from time to time and of which we may have limited knowledge. Accordingly, we can provide no assurances that any of these provisions will not apply for any taxable year.

In addition, in December 2021, the OECD/G20 Inclusive Framework on BEPS approved global anti-base erosion model rules (the “GloBE Rules”) that generally would require large multinational groups to calculate the effective tax rate in each of the jurisdictions in which they operate and pay an additional top-up tax where the group’s effective tax rate in a jurisdiction is below 15%. The OECD has issued and is expected to continue to issue commentary and administrative guidance interpreting and expanding the GloBE Rules. Certain jurisdictions where we operate have brought into effect laws implementing all or a portion of the GloBEPillar II Rules or other changes in response to the GloBEPillar II Rules, or are in the process of doing so, and other jurisdictions may do so in the future.

Further, in response to the GloBEPillar II Rules, Bermuda adopted the Corporate Income Tax Act 2023, the “CIT” on December 27, 2023. Effective January 1, 2025, the CIT generally will imposeimposes a 15% income tax on our profits generated in Bermuda (except for profits earned by our joint ventures and managed funds), notwithstanding any assurances that may have been provided pursuant to the Exempted Undertakings Tax Protection Act 1966. 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 or expected enactment of provisions similar to the GloBEPillar II Rules by many of the jurisdictions in which we operate.

On January 15, 2025, the OECD issued administrative guidance on Article 9.1 of the GloBEPillar II Rules. This guidance, if incorporated into the laws of the jurisdictions in which we operate, could cause additional top-up taxes pursuant to the GloBEPillar II Rules to the extent the net deferred tax asset we established upon enactment of the CIT in 2023 pursuant to the economic transition adjustment (approximately $670$640 million as of December 31, 20242025) reverses after 2026. It is uncertain whether Bermuda or the other jurisdictions in which we operate will incorporateamend their laws as a result of this guidance. Further, the amount of such deferred tax asset that reverses in any given year, if any, is uncertain. To the extent the jurisdictions in which we operate incorporate this guidance into their own laws, our overallfuture cash tax savings from the reversal of the deferred tax asset could be limited to the lesser of 20% of the gross deferred tax asset or the portion of the deferred tax asset that reversesis expected to reverse in 2025 and 2026.

We expect to incur increasedOur tax liabilities and reporting obligations have increased and may continue to increase as a result of the implementation of the CIT in Bermuda and the GloBEPillar II Rules in other jurisdictions where we operate. These and any other changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by taxation authorities in the jurisdictions in which we operate may materially adversely affect our results of operations.

Some provisions of our bye-laws may discourage third parties from making unsolicited takeover bids or prevent the removal of our current board of directors and management. In particular, our bye-laws prohibit transfers of our capital shares if the transfer would result in a person owning or controlling shares that constitute 9.9% or more of any class or series of our shares, unless otherwise waived at the discretion of the Board. In addition, our bye-laws reduce the total voting power of any shareholder owning, directly or indirectly, beneficially or otherwise, more than 9.9% of our common shares to not more than 9.9% of the total voting power of our shares unless otherwise waived at the discretion of the Board. These provisions may havemake theit effectmore of deterring purchases of large blocks of our common shares or proposalsdifficult to acquire control of us by means of a tender offer, open market purchase, proxy contest or otherwise and could discourage a prospective acquirer from making a tender offer or otherwise attempting to obtain control of us, even if our shareholders might deem thesesuch purchases or acquisition proposalstransactions to be in their best interests. As a result, these provisions could limit the ability of shareholders to realize takeover premiums for their shares or depress the market price of the shares.

In addition, manySome jurisdictions in which our insurance and reinsurance subsidiaries operate have laws and regulations that require regulatory approval of a change in control of an insurer or an insurer’s holding company. Where such laws apply to us and our subsidiaries, there can be no effective change in our control unless the person seeking to acquire control has filed a statement with the regulators and has obtained prior approval for the proposed change from such regulators. Under these laws, control is typically presumed when a person acquires, directly or indirectly, 10% or more of the voting power of the insurance company or its parent, although this presumption is rebuttable. Therefore, a person may not acquire 10% or more of our common shares without the prior approval of the applicable insurance regulators.

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 fundsfunds, 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 ventures,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 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 associated with operating as a publicly traded company; and (5) interest and dividends related to our debt, preference shares and common shares.shares; Weand are(6) alsoincome subject to taxes in certain jurisdictions in which we operate.taxes. Historically, the majority of our income has been earned in Bermuda, which hasdid not hadhave a corporate income tax, so the tax impact to our operations has been minimal. However, onOn December 27, 2023, the Government of Bermuda announced the implementation of a 15% corporateCIT, incomewhich taxbecame effective on January 1, 2025. As a result, we expectTherefore, our profits generated on or after January 1, 2025 in Bermuda,Bermuda (except for profits earned by our joint ventures and managed funds,funds) will beare subject to thea 15% corporate income tax. Furthermore, weWe 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 orPillar expected enactment of provisions similar to the GloBEII Rules by many of the jurisdictions in which we operate. We expect that these developments will increase our income taxes in the future. We believe that the flexible global operating model that we have utilized will continue to prove resilient.

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,issues or tariffs, among other factors, from time to time. SomeCentral centralbank bankspolicy haveand begunchanges to cut interest rates,rates whichmay couldalso actincrease asthe a potential supporting force for somerisk of these inflationary pressures, if they have cut rates too soon.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.

The following table details our priornet year(favorable) netadverse development by segment of ourprior liabilityaccident foryears unpaidnet claims and claim expenses by segment:

Our initial and subsequent estimates of incurred claims and claim expenses, net of reinsurance, are impacted by available information derived from claims information from customers and brokers, industry assessments of losses, proprietary models, historical reinsurance and insurance loss experience and statistics, management’s experience and judgment to assist the establishment of appropriate claims and claim expense reserves, and the terms and conditions of our contracts. As described above, given the complexity in reserving for claims and claims expenses associated with property losses, and catastrophe excess of loss reinsurance contracts in particular, which make up a significant proportion of our Property segment, we have experienced development, both favorable and unfavorable, in any given accident year. For example, net claims and claim expenses associated with the 2022 accident year have experienced favorable development. This is largely driven by reductions in estimated net ultimate claims and claim expenses associated with Hurricane Ian. In comparison, net claims and claim expenses associated with the 2020 accident year have experienced adverse development. The adverse development was driven by an increase in expected net claims and claim expenses as new and additional claims information was received associated with the 2020 Weather-Related Large Loss Events and COVID-19. The COVID-19 adverse development was driven by the legacy Validus portfolio prior to the Validus Acquisition and therefore did not impact our financial results.

The table below shows the impact on our reserve for claims and claim expenses, net income (loss) and shareholders’ equity as of and for the year ended December 31, 20242025 of a reasonable range of possible outcomes associated with our estimates of gross ultimate losses for claims and claim expenses incurred within our Property segment. The reasonable range of possible outcomes is based on a distribution of outcomes of our ultimate incurred claims and claim expenses from large losses. In addition, we adjust the loss ratios and development curves in our other property lines of business in a similar fashion to the sensitivity analysis performed for our Casualty and Specialty segment, discussed in greater detail below. In general, our reserve for claims and claim expenses for more recent losses are subject to greater uncertainty and, therefore, greater variability and are likely to experience material changes from one period to the next. This is due to uncertainty with respect to the size of the industry losses, which contracts have been exposed to the loss and the magnitude of claims incurred by our clients. As our claims age, more information becomes available and we believe our estimates become more certain, although there is no assurance this trend will continue in the future. As a result, the sensitivity analysis below is based on the age of each accident year, our current estimated incurred claims and claim expenses for the losses occurring in each accident year, and a reasonable range of possible outcomes of our current estimates of claims and claim expenses by accident year. The impact on net income (loss) and shareholders’ equity assumes no increase or decrease in reinsurance recoveries, loss related premium or profit commission, income tax benefit (expense), or redeemable noncontrolling interest.

Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent revisions to premium estimates are recorded in the period in which they are determined. Unearned premiums represents the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves.terms. Reinstatement premiums are earned when written.

We enter into retrocessional reinsurance agreements in order to help reduce our exposure to large losses and to help manage our risk portfolio. Amounts recoverable from reinsurers are estimated in a manner consistent with the claims and claim expense reserves associated with the related assumed reinsurance.(re)insurance. For multi-year retrospectively rated contracts, we accrue amounts (either assets or liabilities) that are due to or from our retrocessionaires based on estimated contract experience. If we determine that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined.

Fair Value Measurements

As a result of our impairment assessment performed during the second and third quartershalf of 2024,2025, itthe wasCompany determined that certainthere licenseswas associatedno withimpairment certainduring Validus2025, entitiesand thattherefore hadthe beenCompany amalgamatedrecorded no intangible asset impairment or mergedgoodwill intocharge the Company, had been cancelled. Accordingly, we determined that these indefinite lived intangible assets of $13.8 million, recognized in relation to the acquisition of Validus, should be written down to $Nil. Duringduring the year ended December 31, 2024, we recorded an intangible asset impairment charge of $13.8 million.2025. Refer to “Note 4. Goodwill and Other Intangible Assets” in our “Notes to the Consolidated Financial Statements” for additional information with respect to the impairment.information.

As at December 31, 2024,2025, excluding the amounts recorded in investments in other ventures, under the equity method, as noted below, our consolidated balance sheets include $300.5 million of goodwill (20232024 - $300.5 million) and $403.6$332.6 million of other intangible assets (20232024 - $474.8$403.6 million). Impairment charges related to these balances were $Nil during 2025 (2024 - $13.8 million during the year ended December 31, 2024 (2023 - $Nil). Refer to “Note 3. Acquisition of Validus” in our “Notes to the Consolidated Financial Statements” for additional information with respect to goodwill and intangible assets acquired in connection with the Validus Acquisition. In the future, it is possible we will hold more goodwill and intangible assets, which would increase the degree of judgment and uncertainty embedded in our financial statements, and potentially increase the volatility of our reported results.

In determining whether an equity method investment is impaired, we take into consideration a variety of factors including the operating and financial performance of the investee, the investee’s future business plans and projections, recent transactions and market valuations of publicly traded companies where available, discussions with the investee’s management, and our intent and ability to hold the investment until it recovers in value. Accordingly, we make assumptions and estimates in assessing whether an impairment has occurred and if, in the future, our assumptions and estimates made in assessing the fair value of these investments change, this could result in a material decrease in the carrying value of these investments. This would cause us to write-down the carrying value of these investments and could have a material adverse effect on our results of operations in the period the impairment charge is taken. We do not have any current plans to dispose of these investments, and cannot assure you we will consummate future transactions in which we realize the value at which these holdings are reflected in our financial statements. During the year ended December 31, 2024,2025, we recorded a $9.1 millionno impairment charge associated with our investments in other ventures, under equity method (20232024 - $Nil$9.1 million).

Income taxes have been determined in accordance with the provisions of FASB ASC Topic 740, Income Taxes. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in our consolidated financial statements and the tax basis of our assets and liabilities. Such temporary differences are primarily due to net operating loss and capital loss carryforwards and GAAP versus tax basis accounting differences relating to unearnedinsurance-related premiums, reserves for claimsassets and claimliabilities, expenses,investments, and deferred finance charges, deferred underwriting results, accrued expenses, investments, value of in-force business, VOBA, deferred acquisition expenses, intangible assets,revenues and amortization and depreciation,expenses, among others. The effect on deferred tax assets and liabilities of a change in tax laws or tax rates is recognized in income in the period in which the change is enacted. A valuation allowance against net deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to net deferred tax assets will not be realized. Significant judgments, assumptions and estimates which are inherently subjective are required in determining income tax expense, temporary differences, the deferred tax impact of a change in law, and valuation allowances. Refer to “Note 15. Taxation” in our “Notes to the Consolidated Financial Statements” for additional information.

At December 31, 2024,2025, our net deferred tax asset before valuation allowance and valuation allowance were $747.0 million and $80.1 million, respectively (2024 - $822.6 million and $147.1 million, respectively (2023 - $864.7 million and $213.3 million, respectively). See “Note 15. Taxation” in our “Notes to the Consolidated Financial Statements” for additional information. At each balance sheet date, we assess the need to establish a valuation allowance that reduces the net deferred tax asset when it is more likely than not that all, or some portion, of the net deferred tax assets will not be realized. The valuation allowance assessment is performed separately in each taxable jurisdiction based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction.

We have unrecognized tax benefits of $Nil as of December 31, 20242025 (20232024 - $Nil). Interest and penalties related to unrecognized tax benefits,benefits would be recognized in income tax expense. At December 31, 2024,2025, interest and penalties accrued on unrecognized tax benefits were $Nil (20232024 - $Nil).

ResultsBelow is a discussion of Operationsthe results of operations for 20242025, Comparedcompared to 20232024.

Net income available to RenaissanceRe common shareholders was $2.6 billion in 2025, compared to $1.8 billion in 2024, compared to $2.5 billion in 2023.2024. As a result of our net income available to RenaissanceRe common shareholdersresult, in 2024,2025 we generated an annualized return on average common equity of 19.3%25.9% and our book value per common share increased from $165.20 at December 31, 2023 to $195.77 at December 31, 2024,2024 ato 19.4%$247.00 at December 31, 2025, an 26.2% increase, or an 27.0% increase, after considering the change in accumulated dividends paid to our common shareholders.

•Impact–a of$785.7 Large Loss Events - we had amillion net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders offrom the 2025 Large Loss Events, compared to $660.5 million resulting from the 2024 Large Loss Events.Events; Thispartially comparesoffset toby a–higher prior accident year net negativefavorable impactdevelopment, ondriven net income (loss) available (attributable) to RenaissanceRe common shareholders of $213.4 million resulting fromby the 2023Property Large Loss Events.segment.

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 andresult, (2) redeemable noncontrolling interest,interest bothand before(3) considerationincome tax benefit (expense) beginning in the first quarter of 2025. Prior to January 1, 2025, net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders did not include any related income tax benefit (expense). as it was not meaningful prior to the implementation of the Bermuda CIT effective January 1, 2025.

The following is a discussion and analysis of our results of operations for the three and six months ended MarchJune 31,30, 2026 and 2025, as well as our liquidity and capital resources at MarchJune 31,30, 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. SeeRefer to “Note on Forward-Looking Statements.”

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 thoughthrough 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.

Below is a discussion of the results of operations for the firstsecond quarter of 2026, compared to the firstsecond quarter of 2025.

(2)Represents the percentage change during the three months ended MarchJune 31,30, 2026.

Net income available to RenaissanceRe common shareholders was $284.5$654.2 million in the firstsecond quarter of 2026, compared to $161.1$826.5 million in the firstsecond quarter of 2025, ana increasedecrease of $123.4$172.3 million. As a result, inIn the firstsecond quarter of 2026, we generated an annualized return on average common equity of 10.5%,24.0%. and ourOur book value per common share increased from $247.00 at December 31, 2025 to $250.48 at March 31, 2026 to $264.77 at June 30, 2026, a 1.4%5.7% increase, or a 1.6%5.9% increase after considering the change in accumulated dividends paid to our common shareholders.

Significant items affecting our financial performance during the firstsecond quarter of 20262026, on a comparative basis to the second quarter of 2025, included:

•Underwriting Results –underwriting income of $588.8$599.1 million, anremained increaseconsistent with the second quarter of $1.42025, billion,decreasing resultingby $2.6 million, and resulted in a combined ratio of 72.8%, an improvement of 55.32.3 percentage pointspoints, in the combined ratio,primarily driven primarily by:

•Investment Results –total investment result decreased by $737.0$211.2 million, primarily driven by:

•Net Income (Loss) Attributable to Redeemable Noncontrolling Interests –income of $222.5$315.3 million, andriven increaseby ofstrong $417.7underwriting million,and primarilyinvestment resultingincome fromin our joint ventures and managed funds, and a decrease in fees, partially offset by an increase in underwritingnet incomerealized dueand tounrealized losses, resulting in a lower$13.1 impactmillion of large loss events in the first quarter of 2026,decrease compared to the firstsecond quarter of 2025.

•Gross premiums written reflected a successful mid-year renewal as we executed on market opportunities in the catastrophe class decreasedand byoptimized $387.0our property portfolio. The decrease of $180.3 million, or 23.2%,10.4%, was primarily driven by:

Due to the potential volatility of the reinsurance contracts which we sell, we purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio. To the extent that appropriately priced coverage is available, we anticipate continued use of retrocessional reinsurance to reduce the impact of large losses on our financial results and to manage our portfolio of risk;risk. however, theThe buying of ceded reinsurance in our Property segment is based on market opportunities and is not based on placing a specific reinsurance program each year.

•Ceded premiums written increaseddecreased by $12.4$58.1 million, or 2.8%,14.3%, driven by:

•Net premiums earned decreasedincreased by $347.2$13.6 million, or 27.8%, primarily1.6%, driven by:

•Net claims and claim expense ratio improvedremained byconsistent 120.8with percentagethe points,second drivenquarter byof 2025, and included:

–a 117.91.4 percentage point improvement in the current accident year net claims and claim expense ratio, primarily due to a lower level of catastrophe losses in the quarter; and –net favorable development of prior accident years of $257.5 million, or 29.2%, driven by:

–◦net favorable development of $62.6$132.7 million in the catastrophe class, primarily from the large loss events in 2021, 20222022, 2024 and 20232025 and small events across accident years; and –◦net favorable development of $98.1$124.7 million in the other property class, primarily due to reported losses coming in lower than expected from large loss events in 2024, and attritional loss experience.

SeeRefer to “Note 6. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional information related to the prior year development of net claims and claim expenses.

•Gross premiums written decreased by $253.2$246.5 million, or 12.5%, primarily driven by decreases in the general casualty and other specialty classes,14.6%, principally due to exposure reductions.:

–an increase in the amount of quota share retrocessional coverage purchased to support the Company’sour gross-to-net strategy.strategy across the portfolio, most notably within the casualty classes.

•Net premiums written decreased by $329.4$371.2 million, or 18.8%,25.7%, primarily driven by the decrease in gross premiums written, in addition to an increase in retrocessional purchases.:

•Net claims and claim expense ratio improvedincreased by 6.04.0 percentage points, drivenwhich byincluded:

Management fees are fees that we receive for the day-to-day management and oversight of our joint venture vehicles, managed funds and certain structured reinsurance products. Performance fees are based on the performance of the individual vehicles or products and may be zero or negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees.

•Total fee income increaseddecreased by $63.7$11.9 million, due to: