RenaissanceRe Reports $751.6 Million of Quarterly Net Income Available to Common Shareholders and $601.1 million of Operating Income Available to Common Shareholders in Q4 2025.
Full Year 2025 Highlights
- Return on average common equity of 25.9% and operating return on average common equity of 18.2%.
- Repurchased approximately $1.6 billion of common shares; reduced share count by 12.8%.
- Combined ratio of 87.2% and adjusted combined ratio of 85.4%, which included a 15.3 percentage point impact from the 2025 Large Loss Events.
- Strong performance across the Three Drivers of Profit: underwriting income of $1.3 billion; net investment income of $1.7 billion, and fee income of $328.9 million.
- Total investment result of $3.0 billion, up 77%, including mark-to-market gains of $1.2 billion.
- 26.2% growth in book value per common share and 30.8% growth in tangible book value per common share plus change in accumulated dividends.
Fourth Quarter 2025 Highlights
- Annualized return on average common equity of 27.8% and annualized operating return on average common equity of 22.3%.
- Combined ratio of 71.4% and adjusted combined ratio of 70.0%, which included a 4.0 percentage point impact from Hurricane Melissa.
- Fee income of $101.6 million, up 31.8% from Q4 2024.
- Total investment result of $654.0 million, including net investment income of $446.7 million and mark-to-market gains of $186.7 million.
- Repurchased approximately $650.5 million of common shares in Q4 2025, reduced share count by 5.5%. Repurchased an additional $113.4 million from January 1, 2026, through January 30, 2026.
PEMBROKE, Bermuda–(BUSINESS WIRE)–RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the fourth quarter and full year 2025.
Fourth Quarter 2025
|
Net Income Available to Common Shareholders per Diluted Common Share: $16.75 Operating Income Available to Common Shareholders per Diluted Common Share: $13.34 |
||
|
Underwriting Income $668.8M |
Fee Income $101.6M |
Net Investment Income $446.7M |
|
Change in Book Value per Common Share: 6.8% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends: 7.4% |
||
|
Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share, Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends and Adjusted Combined Ratio are non-GAAP financial measures; see “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. |
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|
Kevin J. O’Donnell, President and Chief Executive Officer, said, “We are pleased to report that we grew book value per common share by 26.2% and tangible book value per common share plus change in accumulated dividends by 30.8% in 2025, and that each of these metrics has more than doubled over the last three years. We have accomplished this by consistently executing our strategy and maximizing the returns on each of our Three Drivers of Profit – underwriting, fee and net investment income – while optimizing our capital base through significant capital return to our investors.
At the January 1 renewal, we retained the lines that we targeted and built an underwriting portfolio designed to generate returns well in excess of the cost of capital. Looking forward to 2026, we expect the combination of our attractive underwriting portfolio, strong fee and investment income and robust capital management will continue to generate long-term value for our shareholders.” |
|
Consolidated Financial Results – Fourth Quarter |
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|
Consolidated Highlights |
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|
|
||||
|
|
|
Three months ended December 31, |
||||||
|
|
(in thousands, except per share amounts and percentages) |
|
2025 |
|
|
|
2024 |
|
|
|
Gross premiums written |
$ |
1,838,111 |
|
|
$ |
1,916,751 |
|
|
|
Net premiums written |
|
1,598,599 |
|
|
|
1,751,628 |
|
|
|
Net premiums earned |
|
2,334,442 |
|
|
|
2,527,566 |
|
|
|
Underwriting income (loss) |
|
668,763 |
|
|
|
208,550 |
|
|
|
Combined ratio |
|
71.4 |
% |
|
|
91.7 |
% |
|
|
Adjusted combined ratio (1) |
|
70.0 |
% |
|
|
89.4 |
% |
|
|
|
|
|
|
||||
|
|
Net Income (Loss) |
|
|
|
||||
|
|
Available (attributable) to common shareholders |
|
751,638 |
|
|
|
(198,503 |
) |
|
|
Available (attributable) to common shareholders per diluted common share |
$ |
16.75 |
|
|
$ |
(3.95 |
) |
|
|
Return on average common equity – annualized |
|
27.8 |
% |
|
|
(7.8 |
)% |
|
|
|
|
|
|
||||
|
|
Operating Income (Loss) (1) |
|
|
|
||||
|
|
Available (attributable) to common shareholders (1) |
|
601,145 |
|
|
|
406,877 |
|
|
|
Available (attributable) to common shareholders per diluted common share (1) |
$ |
13.34 |
|
|
$ |
8.06 |
|
|
|
Operating return on average common equity – annualized (1) |
|
22.3 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
||||
|
|
|
At December 31, |
||||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
|
Book Value per Common Share |
|
|
|
||||
|
|
Book value per common share |
$ |
247.00 |
|
|
$ |
195.77 |
|
|
|
Quarterly change in book value per common share (2) |
|
6.8 |
% |
|
|
(3.1 |
)% |
|
|
Quarterly change in book value per common share plus change in accumulated dividends (2) |
|
7.0 |
% |
|
|
(2.9 |
)% |
|
|
|
|
|
|
||||
|
|
Tangible Book Value per Common Share (1) |
|
|
|
||||
|
|
Tangible book value per common share (1) |
$ |
230.10 |
|
|
$ |
177.18 |
|
|
|
Tangible book value per common share plus accumulated dividends (1) |
$ |
259.78 |
|
|
$ |
205.26 |
|
|
|
Quarterly change in tangible book value per common share plus change in accumulated dividends (1) (2) |
|
7.4 |
% |
|
|
(2.8 |
)% |
|
(1) |
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. |
|
|
(2) |
Represents the percentage change during the three months ended December 31, 2025, and December 31, 2024, respectively. |
|
Three Drivers of Profit: Underwriting, Fee and Investment Income – Fourth Quarter |
Underwriting Results – Property Segment: Strong combined ratio of 21.8%, including a 10.6 percentage point impact from Hurricane Melissa
|
|
Property Segment |
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|
|
|
|
|||||
|
|
|
Three months ended December 31, |
|
Q/Q Change |
|||||||
|
|
(in thousands, except percentages) |
|
2025 |
|
|
|
2024 |
|
|
||
|
|
Gross premiums written |
$ |
346,099 |
|
|
$ |
390,043 |
|
|
(11.3 |
)% |
|
|
Net premiums written |
|
333,320 |
|
|
|
376,136 |
|
|
(11.4 |
)% |
|
|
Net premiums earned |
|
918,776 |
|
|
|
938,658 |
|
|
(2.1 |
)% |
|
|
Underwriting income (loss) |
|
718,857 |
|
|
|
266,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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|
Underwriting Ratios |
|
|
|
|
|
|||||
|
|
Net claims and claim expense ratio – current accident year |
|
21.3 |
% |
|
|
78.0 |
% |
|
(56.7) pts |
|
|
|
Net claims and claim expense ratio – prior accident years |
|
(27.4 |
)% |
|
|
(37.1 |
)% |
|
9.7 pts |
|
|
|
Net claims and claim expense ratio – calendar year |
|
(6.1 |
)% |
|
|
40.9 |
% |
|
(47.0) pts |
|
|
|
Underwriting expense ratio |
|
27.9 |
% |
|
|
30.7 |
% |
|
(2.8) pts |
|
|
|
Combined ratio |
|
21.8 |
% |
|
|
71.6 |
% |
|
(49.8) pts |
|
|
|
Adjusted combined ratio (1) |
|
20.4 |
% |
|
|
69.2 |
% |
|
(48.8) pts |
|
|
(1) |
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. |
- Gross premiums written in the catastrophe class increased by $16.7 million, or 113.1%, without the impact of reinstatement premiums, while reinstatement premiums decreased by $63.4 million in Q4 2025.
-
Net claims and claim expense ratio – current accident year improved by 56.7 percentage points, due to:
- a comparatively lower impact from large losses in the quarter, as Q4 2024 included 47.3 percentage points from large loss events, while Q4 2025 included 10.6 percentage points from Hurricane Melissa; offset by
- favorable development on the California Wildfires of 13.6 percentage points, primarily within the catastrophe class.
-
Net claims and claim expense ratio – prior accident years reflected net favorable development of 27.4%, driven by:
- net favorable development of $177.7 million in the catastrophe class, primarily from the large loss events in 2024 and 2022; and
- net favorable development of $74.2 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.
-
Underwriting expense ratio decreased by 2.8 percentage points, primarily driven by:
- a 2.0 percentage point decrease in the operating expense ratio, primarily due to the Bermuda tax credits which were enacted in Q4 2025.
- Combined ratio and adjusted combined ratio each improved primarily due to the lower current accident year net losses, partially offset by lower prior accident years net favorable development.
Underwriting Results – Casualty and Specialty Segment: Combined ratio included a 4.4 percentage point impact from recent large loss events
|
|
Casualty and Specialty Segment |
|
|
|
|
|
|||||
|
|
|
Three months ended December 31, |
|
Q/Q Change |
|||||||
|
|
(in thousands, except percentages) |
|
2025 |
|
|
|
2024 |
|
|
||
|
|
Gross premiums written |
$ |
1,492,012 |
|
|
$ |
1,526,708 |
|
|
(2.3 |
)% |
|
|
Net premiums written |
|
1,265,279 |
|
|
|
1,375,492 |
|
|
(8.0 |
)% |
|
|
Net premiums earned |
|
1,415,666 |
|
|
|
1,588,908 |
|
|
(10.9 |
)% |
|
|
Underwriting income (loss) |
|
(50,094 |
) |
|
|
(58,341 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Underwriting Ratios |
|
|
|
|
|
|||||
|
|
Net claims and claim expense ratio – current accident year |
|
70.7 |
% |
|
|
69.5 |
% |
|
1.2 pts |
|
|
|
Net claims and claim expense ratio – prior accident years |
|
0.4 |
% |
|
|
(0.3 |
)% |
|
0.7 pts |
|
|
|
Net claims and claim expense ratio – calendar year |
|
71.1 |
% |
|
|
69.2 |
% |
|
1.9 pts |
|
|
|
Underwriting expense ratio |
|
32.4 |
% |
|
|
34.5 |
% |
|
(2.1) pts |
|
|
|
Combined ratio |
|
103.5 |
% |
|
|
103.7 |
% |
|
(0.2) pts |
|
|
|
Adjusted combined ratio (1) |
|
102.3 |
% |
|
|
101.3 |
% |
|
1.0 pts |
|
|
(1) |
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. |
- Gross premiums written decreased by $34.7 million, or 2.3%, driven by decreases in the general casualty and specialty classes and partially offset by an increase in the credit class.
- Net premiums written decreased by $110.2 million, or 8.0%, consistent with the drivers for gross premiums written discussed above, in addition to an increase in the Company’s retrocessional purchases.
- Net claims and claim expense ratio – current accident year increased by 1.2 percentage points as compared to Q4 2024, principally driven by the crash of UPS Airlines flight 2976 and the Grasberg mine landslide within the other specialty class, which collectively contributed 4.6 percentage points to the current accident year ratio.
- Net claims and claim expense ratio – prior accident years of 0.4% included an adverse impact of 0.5 percentage points from purchase accounting adjustments.
- Underwriting expense ratio decreased by 2.1 percentage points primarily due to the Bermuda tax credits which were enacted in Q4 2025, and a decrease in purchase accounting adjustments principally related to the Validus Acquisition.
- Combined ratio was largely flat, and adjusted combined ratio increased due to the higher net claims and claim expense ratio.
Fee Income: $101.6 million of fee income, up 31.8% from Q4 2024
|
|
Fee Income |
|
|
|
|
|
||||
|
|
|
Three months ended December 31, |
|
Q/Q Change |
||||||
|
|
(in thousands) |
2025 |
|
2024 |
|
|||||
|
|
Management fee income |
$ |
52,002 |
|
$ |
53,536 |
|
$ |
(1,534 |
) |
|
|
Performance fee income (loss) (1) |
|
49,626 |
|
|
23,568 |
|
|
26,058 |
|
|
|
Total fee income |
$ |
101,628 |
|
$ |
77,104 |
|
$ |
24,524 |
|
|
(1) |
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. |
- Performance fee income increased due to strong current year underwriting results in DaVinci and Upsilon, and higher prior accident years net favorable development, primarily in Upsilon.
- Total fee income in Q4 2025 included $87.9 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss).
Investment Results: Total investment result of $654.0 million; including net investment income of $446.7 million and net realized and unrealized gains of $186.7 million
|
|
Investment Results |
|
|
|
|
|
|||||
|
|
|
Three months ended December 31, |
|
Q/Q Change |
|||||||
|
|
(in thousands, except percentages) |
|
2025 |
|
|
|
2024 |
|
|
||
|
|
Net investment income |
$ |
446,660 |
|
|
$ |
428,810 |
|
|
$ |
17,850 |
|
|
Equity in earnings (losses) of other ventures |
|
20,620 |
|
|
|
14,652 |
|
|
|
5,968 |
|
|
Net realized and unrealized gains (losses) on investments |
|
186,718 |
|
|
|
(630,347 |
) |
|
|
817,065 |
|
|
Total investment result |
$ |
653,998 |
|
|
$ |
(186,885 |
) |
|
$ |
840,883 |
|
|
Net investment income return – annualized |
|
5.1 |
% |
|
|
5.3 |
% |
|
(0.2) pts |
|
|
|
Total investment return – annualized |
|
7.5 |
% |
|
|
(2.1 |
)% |
|
9.6 pts |
|
- Net investment income remained consistently strong, increasing by $17.9 million, primarily due to higher average invested assets, partially offset by decreases in market yields.
- Net realized and unrealized gains on investments in Q4 2025 were driven by $121.1 million of net realized and unrealized gains on commodity-related investments, principally gold futures, as well as $41.6 million from equity-related investments.
- Total investments were $36.1 billion at December 31, 2025 (December 31, 2024 – $32.6 billion). The weighted average yield to maturity and duration on the Company’s investment portfolio (excluding investments that have no final maturity, yield to maturity or duration) was 4.8% and 2.6 years, respectively (December 31, 2024 – 5.4% and 2.9 years, respectively).
|
Other Items of Note – Fourth Quarter |
-
Net income attributable to redeemable noncontrolling interests of $387.1 million was primarily driven by:
- strong underwriting income in DaVinci and Vermeer; and
- $132.5 million of net investment income in the investment portfolios of the Company’s joint ventures and managed funds; partially offset by
- $87.9 million of management and performance fee income.
- Income tax expense of $116.1 million in Q4 2025, driven by strong profitability across the Company’s operating jurisdictions, including Bermuda.
-
Net foreign exchange losses decreased to $15.7 million in Q4 2025 from $48.4 million in Q4 2024, primarily driven by:
- the impact of certain foreign exchange exposures related to underwriting activities, which impacted both Q4 2025 and Q4 2024; and
- a decrease in net foreign exchange losses attributable to third-party investors in Medici, which are allocated through net income (loss) attributable to redeemable noncontrolling interest.
- Operational and corporate expenses decreased in Q4 2025, driven by the Bermuda tax credits which were enacted in the quarter, and partially offset by an increase in compensation expenses.
- Share repurchases of 2.5 million common shares at an aggregate cost of $650.5 million and an average price of $256.46 per common share.
|
Consolidated Financial Results – Full Year |
|
|
Consolidated Highlights |
|
|
|
||||
|
|
|
Year ended December 31, |
||||||
|
|
(in thousands, except per share amounts and percentages) |
|
2025 |
|
|
|
2024 |
|
|
|
Gross premiums written |
$ |
11,738,420 |
|
|
$ |
11,733,066 |
|
|
|
Net premiums written |
|
9,870,200 |
|
|
|
9,952,216 |
|
|
|
Net premiums earned |
|
9,901,182 |
|
|
|
10,095,760 |
|
|
|
Underwriting income (loss) |
|
1,270,043 |
|
|
|
1,622,324 |
|
|
|
Combined ratio |
|
87.2 |
% |
|
|
83.9 |
% |
|
|
Adjusted combined ratio (1) |
|
85.4 |
% |
|
|
81.5 |
% |
|
|
|
|
|
|
||||
|
|
Net Income (Loss) |
|
|
|
||||
|
|
Available (attributable) to common shareholders |
$ |
2,646,959 |
|
|
$ |
1,834,985 |
|
|
|
Available (attributable) to common shareholders per diluted common share |
$ |
56.03 |
|
|
$ |
35.21 |
|
|
|
Return on average common equity – annualized |
|
25.9 |
% |
|
|
19.3 |
% |
|
|
|
|
|
|
||||
|
|
Operating Income (Loss) (1) |
|
|
|
||||
|
|
Available (attributable) to common shareholders (1) |
$ |
1,859,691 |
|
|
$ |
2,234,426 |
|
|
|
Available (attributable) to common shareholders per diluted common share (1) |
$ |
39.10 |
|
|
$ |
42.99 |
|
|
|
Operating return on average common equity (1) |
|
18.2 |
% |
|
|
23.5 |
% |
|
|
|
|
|
|
||||
|
|
|
At December 31, |
||||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
|
Book Value per Common Share |
|
|
|
||||
|
|
Book value per common share |
$ |
247.00 |
|
|
$ |
195.77 |
|
|
|
Year to date change in book value per common share (2) |
|
26.2 |
% |
|
|
18.5 |
% |
|
|
Year to date change in book value per common share plus change in accumulated dividends (2) |
|
27.0 |
% |
|
|
19.4 |
% |
|
|
|
|
|
|
||||
|
|
Tangible Book Value per Common Share (1) |
|
|
|
||||
|
|
Tangible book value per common share (1) |
$ |
230.10 |
|
|
$ |
177.18 |
|
|
|
Tangible book value per common share plus accumulated dividends (1) |
$ |
259.78 |
|
|
$ |
205.26 |
|
|
|
Year to date change in tangible book value per common share plus change in accumulated dividends (1) (2) |
|
30.8 |
% |
|
|
26.0 |
% |
| (1) |
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. |
|
| (2) |
Represents the percentage change during the year ended December 31, 2025, and December 31, 2024, respectively. |
|
Three Drivers of Profit: Underwriting, Fee and Investment Income – Full Year |
Underwriting Results – Property Segment: Combined ratio of 61.4%; including 35.7 percentage points from the 2025 Large Loss Events
|
|
Property Segment |
|
|
|
|
|
|||||
|
|
|
Year ended December 31, |
|
Y/Y Change |
|||||||
|
|
(in thousands, except percentages) |
|
2025 |
|
|
|
2024 |
|
|
||
|
|
Gross premiums written |
$ |
4,942,141 |
|
|
$ |
4,823,731 |
|
|
2.5 |
% |
|
|
Net premiums written |
|
4,043,996 |
|
|
|
3,833,636 |
|
|
5.5 |
% |
|
|
Net premiums earned |
|
3,971,669 |
|
|
|
3,850,352 |
|
|
3.2 |
% |
|
|
Underwriting income (loss) |
|
1,533,321 |
|
|
|
1,647,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Underwriting Ratios |
|
|
|
|
|
|||||
|
|
Net claims and claim expense ratio – current accident year |
|
63.3 |
% |
|
|
50.9 |
% |
|
12.4 pts |
|
|
|
Net claims and claim expense ratio – prior accident years |
|
(27.4 |
)% |
|
|
(21.2 |
)% |
|
(6.2) pts |
|
|
|
Net claims and claim expense ratio – calendar year |
|
35.9 |
% |
|
|
29.7 |
% |
|
6.2 pts |
|
|
|
Underwriting expense ratio |
|
25.5 |
% |
|
|
27.5 |
% |
|
(2.0) pts |
|
|
|
Combined ratio |
|
61.4 |
% |
|
|
57.2 |
% |
|
4.2 pts |
|
|
|
Adjusted combined ratio (1) |
|
59.9 |
% |
|
|
54.9 |
% |
|
5.0 pts |
|
|
(1) |
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. |
-
Gross premiums written increased $118.4 million, or 2.5%, driven by:
-
an increase in the catastrophe class of $321.3 million, or 10.7%, and included:
- an increase of $145.8 million, or 5.0%, without the impact of reinstatement premiums, driven by strong mid-year renewals with growth on existing clients as well as new underwriting opportunities; and
- an increase in reinstatement premiums of $175.5 million, due to the increased impact of the large losses in 2025 as compared to 2024; partially offset by
- a reduction in the other property class of $202.9 million, or 11.1%, primarily reflecting premium adjustments, in part due to rate decreases in the excess and surplus business.
-
an increase in the catastrophe class of $321.3 million, or 10.7%, and included:
- Net premiums written increased $210.4 million, or 5.5%, consistent with the changes in gross premiums written, in addition to a decrease in ceded premiums written as part of the Company’s gross-to-net strategy.
-
Net claims and claim expense ratio – current accident year increased by 12.4 percentage points, primarily as a result of:
- a higher impact from the 2025 Large Loss Events, which contributed 36.1 percentage points in 2025, compared to the large loss events in 2024, which contributed 23.0 percentage points in 2024.
- the 2025 Large Loss Events contributed 53.2 percentage points in the catastrophe class and 9.6 percentage points in the other property class.
-
Net claims and claim expense ratio – prior accident years reflected net favorable development in 2025 of 27.4%, primarily driven by:
- net favorable development of $581.0 million from the large loss events across the 2017 to 2024 accident years, including $389.9 million from 2022 and 2024, driven by better than expected loss emergence; and
- net favorable development on small catastrophe events and attritional losses, primarily within the other property class.
- Underwriting expense ratio improved by 2.0 percentage points, primarily due to improvements in both the acquisition and operating expense ratios, reflecting an increase in net reinstatement premiums, an increase in profit commissions from Upsilon and the Bermuda tax credits, partially offset by an increase in operational expenses.
- Combined Ratio and adjusted combined ratio increased by 4.2 percentage points and 5.0 percentage points, respectively, driven by higher current accident year losses and partially offset by higher prior year favorable development.
Underwriting Results – Casualty and Specialty Segment: Combined ratio included a 3.8 percentage point impact from the 2025 Large Loss Events
|
|
Casualty and Specialty Segment |
|
|
|
|
|
|||||
|
|
|
Year ended December 31, |
|
Y/Y Change |
|||||||
|
|
(in thousands, except percentages) |
|
2025 |
|
|
|
2024 |
|
|
||
|
|
Gross premiums written |
$ |
6,796,279 |
|
|
$ |
6,909,335 |
|
|
(1.6 |
)% |
|
|
Net premiums written |
|
5,826,204 |
|
|
|
6,118,580 |
|
|
(4.8 |
)% |
|
|
Net premiums earned |
|
5,929,513 |
|
|
|
6,245,408 |
|
|
(5.1 |
)% |
|
|
Underwriting income (loss) |
|
(263,278 |
) |
|
|
(25,388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Underwriting Ratios |
|
|
|
|
|
|||||
|
|
Net claims and claim expense ratio – current accident year |
|
70.7 |
% |
|
|
67.6 |
% |
|
3.1 pts |
|
|
|
Net claims and claim expense ratio – prior accident years |
|
— |
% |
|
|
(0.5 |
)% |
|
0.5 pts |
|
|
|
Net claims and claim expense ratio – calendar year |
|
70.7 |
% |
|
|
67.1 |
% |
|
3.6 pts |
|
|
|
Underwriting expense ratio |
|
33.7 |
% |
|
|
33.3 |
% |
|
0.4 pts |
|
|
|
Combined ratio |
|
104.4 |
% |
|
|
100.4 |
% |
|
4.0 pts |
|
|
|
Adjusted combined ratio (1) |
|
102.4 |
% |
|
|
98.0 |
% |
|
4.4 pts |
|
|
(1) |
See “Comments on Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. |
-
Gross premiums written decreased by $113.1 million, or 1.6%, driven by:
- decreases within the casualty and other specialty classes, partially offset by
- an increase in the credit class, principally due to growth on the Company’s existing mortgage book of business.
- Net premiums written decreased by $292.4 million, or 4.8%, consistent with the drivers discussed for gross premiums written above, in addition to an overall increase in the Company’s retrocessional purchases.
- Net claims and claim expense ratio – current accident year increased by 3.1 percentage points, principally driven by the impact of the 2025 Large Loss Events, which contributed 4.1 percentage points to the current accident year ratio.
- Net claims and claim expense ratio – prior accident years included an adverse impact of 0.5 percentage points from purchase accounting adjustments.
- Underwriting expense ratio increased by 0.4 percentage points, principally driven by changes in the mix of business from increased mortgage premium, partially offset by the Bermuda tax credits.
- Combined ratio and adjusted combined ratio increased by 4.0 percentage points, and 4.4 percentage points, respectively, each primarily due to the increase in net claims and claim expense ratio.
Fee Income: Consistently strong fee income of $328.9 million
|
|
Fee Income |
|
|
|
|
|
||||
|
|
|
Year ended December 31, |
|
Y/Y Change |
||||||
|
|
(in thousands, except percentages) |
2025 |
|
2024 |
|
|||||
|
|
Total management fee income |
$ |
207,484 |
|
$ |
219,860 |
|
$ |
(12,376 |
) |
|
|
Total performance fee income (loss) (1) |
|
121,368 |
|
|
106,936 |
|
|
14,432 |
|
|
|
Total fee income |
$ |
328,852 |
|
$ |
326,796 |
|
$ |
2,056 |
|
|
(1) |
Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period. For example, large losses could potentially result in no performance fees or the reversal of previously accrued performance fees. |
-
Management fee income decreased by $12.4 million, driven by:
- a reduction in management fees from DaVinci as a result of the recapture of previously deferred management fees during 2024, compared to no recapture in 2025; and
- a decrease in management fees from AlphaCat Managers due to the continued release of trapped collateral to investors.
- Performance fee income increased by $14.4 million, driven by strong current year underwriting results in DaVinci and Upsilon, and higher prior accident years net favorable development, primarily in Upsilon.
- Total fee income in 2025 included $250.1 million of fee income recorded in net income (loss) attributable to redeemable noncontrolling interests, which is not included in the Company’s underwriting income (loss).
Investment Results: Total investment result of $3.0 billion, driven by net investment income of $1.7 billion and net realized and unrealized gains on investments of $1.2 billion
|
|
Investment Results |
|
|
|
|
|
|||||
|
|
|
Year ended December 31, |
|
Y/Y Change |
|||||||
|
|
(in thousands, except percentages) |
|
2025 |
|
|
|
2024 |
|
|
||
|
|
Net investment income |
$ |
1,703,475 |
|
|
$ |
1,654,289 |
|
|
$ |
49,186 |
|
|
Equity in earnings (losses) of other ventures |
|
71,332 |
|
|
|
47,087 |
|
|
|
24,245 |
|
|
Net realized and unrealized gains (losses) on investments |
|
1,181,268 |
|
|
|
(27,840 |
) |
|
|
1,209,108 |
|
|
Total investment result |
$ |
2,956,075 |
|
|
$ |
1,673,536 |
|
|
$ |
1,282,539 |
|
|
Net investment income return |
|
5.0 |
% |
|
|
5.5 |
% |
|
(0.5) pts |
|
|
|
Total investment return |
|
8.6 |
% |
|
|
5.6 |
% |
|
3.0 pts |
|
Contacts
INVESTOR CONTACT:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
(441) 239-4830
MEDIA CONTACT:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Senior Vice President, Investor Relations & Communications
(441) 239-4946
or
Kekst CNC
Nicholas Capuano
(917) 842-7859
