RenaissanceRe — Q3 2026 Earnings Summary

Financial Performance:

• Reported a net loss attributable to common shareholders of $161.4 million ($4.02 per diluted share) for Q3 2026, compared to net income of $907.7 million ($19.40 per diluted share) in Q3 2025.
• Operating income available to common shareholders was $512.6 million ($12.71 per diluted share), down from $733.7 million ($15.62 per diluted share) in Q3 2025.
• Annualized return on average common equity was (6.0)%, compared to 34.9% in Q3 2025; annualized operating return on average common equity was 18.9%, compared to 28.2% in Q3 2025.
• Combined ratio was 79.7% for Q3 2026, up from 68.4% in Q3 2025; adjusted combined ratio was 78.6%, up from 66.6% in Q3 2025.
• Net premiums written decreased to $1.665 billion in Q3 2026 from $2.058 billion in Q3 2025.
• Net premiums earned were $2.101 billion in Q3 2026, down from $2.434 billion in Q3 2025.
• Underwriting income was $426.1 million in Q3 2026, compared to $770.2 million in Q3 2025.
• Net investment income was $440.9 million, up slightly from $438.4 million in Q3 2025.
• Net realized and unrealized losses on investments were $879.8 million in Q3 2026, driven by $899.6 million in losses from fixed maturity-related investments, compared to net gains of $311.9 million in Q3 2025.
• Book value per common share was $259.61 at September 30, 2026, a quarterly decrease of 1.9% from $264.61 (implied from prior quarter data not explicitly stated but change is -1.9%).
• Tangible book value per common share was $242.51 at September 30, 2026, a quarterly decrease of 1.9% from the prior quarter.
• Income tax benefit was $30.2 million in Q3 2026, compared to an expense of $148.9 million in Q3 2025.

Guidance and Future Outlook:

• Management expressed confidence in delivering attractive returns through the cycle, citing underwriting expertise, a durable fee business, and significantly higher new money yields expected to compound net investment income over time.
• The company highlighted a strong capital and liquidity position providing flexibility to pursue underwriting opportunities and return capital to shareholders.

Business Segments and Product Lines:

• Property Segment: Reported a combined ratio of 32.4% (adjusted 31.3%). Gross premiums written decreased 14.3% to $628.8 million, driven by rate reductions in catastrophe and other property classes. Net claims and claim expense ratio for the current accident year increased 9.4 percentage points to 36.1%, primarily due to 2026 Large Loss Events.
• Casualty and Specialty Segment: Reported a combined ratio of 110.6% (adjusted 109.5%). Gross premiums written decreased 7.2% to $1.475 billion, due to exposure reductions in general casualty and professional liability classes and increased retrocessional purchases. The combined ratio included a 10.5 percentage point impact from the 2026 Large Loss Events.
• Fee Income: Total fee income was $81.7 million, down from $101.8 million in Q3 2025. Management fee income decreased to $48.4 million, and performance fee income decreased to $33.3 million, driven by lower premiums in DaVinci and Fontana and higher losses in DaVinci.
• Investment Portfolio: Total investments were $36.2 billion at September 30, 2026. The weighted average yield to maturity was 5.8%, up 1.0 percentage point from December 31, 2025.

Market and Competitive Landscape:

• The company noted rate reductions across catastrophe and other property classes in the Property segment.
• Exposure reductions were implemented in general casualty and professional liability classes within the Casualty and Specialty segment.
• The market environment included significant volatility in fixed maturity investments due to increases in market yields.

Risks and Challenges:

• 2026 Large Loss Events: The Middle East War, Ras Laffan Explosion, and Colombian Earthquake resulted in a net negative impact on underwriting results of $191.4 million and a 10.5 percentage point impact on the Casualty and Specialty combined ratio.
• Investment Volatility: Mark-to-market losses of $879.8 million were primarily driven by fixed maturity-related investments due to rising market yields.
• Fee Income Volatility: Performance fees are subject to volatility based on vehicle performance, with potential for reversals due to large losses.
• Uncertainty in Loss Estimates: Significant uncertainty remains regarding the estimates and nature of losses from the 2026 Large Loss Events, driven by the magnitude of events, limited claims data, and contingent exposures.

Management Commentary and Tone:

• Kevin J. O'Donnell, President and CEO, described the quarter as "strong" regarding operating fundamentals, citing an 18.9% annualized operating return on average common equity and a 79.7% combined ratio.
• Management emphasized the "Three Drivers of Profit" (Underwriting, Fee, and Net Investment Income) as providing a diversified earnings stream.
• The tone reflected confidence in the company's ability to construct an attractive portfolio and leverage higher new money yields in 2027.

Other Key Points:

• Share Repurchases: The company repurchased $310.1 million of common shares in Q3 2026 (958.7 thousand shares) and an additional $143.8 million from October 1, 2026, to October 23, 2026.
• Capital Flows: Raised third-party capital of $152.6 million, primarily through the Lighthouse Cat Bond Fund. Returned third-party capital of $249.3 million, including $171.2 million from Upsilon Diversified and $61.6 million from Fontana.
• Noncontrolling Interests: Net income attributable to redeemable noncontrolling interests was $150.7 million, driven by strong underwriting in DaVinci and Vermeer, partially offset by losses in Fontana and investment losses in joint ventures.
• Expense Management: Operational and corporate expenses decreased compared to Q3 2025, primarily due to Bermuda tax credits, partially offset by increased compensation expenses.
• Conference Call: A conference call was scheduled for October 28, 2026, at 11:00 a.m. ET.