10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-14428

RENAISSANCERE HOLDINGS LTD.

(Exact Name Of Registrant As Specified In Its Charter)

Bermuda	98-0141974
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

        Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19

            (Address of Principal Executive Offices)         (Zip Code)

(441) 295-4513

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Shares, Par Value $1.00 per share	RNR	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share	RNR PRF	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share	RNR PRG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒, Accelerated filer ☐, Non-accelerated filer ☐, Smaller reporting company ☐, Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No ☒

The number of Common Shares, par value U.S. $1.00 per share, outstanding at October 30, 2023 was 51,172,023.

RENAISSANCERE HOLDINGS LTD.

TABLE OF CONTENTS 

		Page
	GLOSSARY OF DEFINED TERMS	3
	NOTE ON FORWARD-LOOKING STATEMENTS	5
PART I
ITEM 1.	FINANCIAL STATEMENTS	7
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	58
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	107
ITEM 4.	CONTROLS AND PROCEDURES	107
PART II
ITEM 1.	LEGAL PROCEEDINGS	108
ITEM 1A.	RISK FACTORS	108
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	109
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	110
ITEM 4.	MINE SAFETY DISCLOSURES	110
ITEM 5.	OTHER INFORMATION	110
ITEM 6.	EXHIBITS	111
SIGNATURES		112

2

GLOSSARY OF DEFINED TERMS

In this Form 10-Q, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise.

“AIG”	American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries)
“ASC”	Accounting Standards Codification
“A.M. Best”	A.M. Best Company, Inc.
“DaVinci Reinsurance”	DaVinci Reinsurance Ltd.
“DaVinci”	DaVinciRe Holdings Ltd. and its subsidiaries
“ERM”	enterprise risk management
“Exchange Act”	the Securities Exchange Act of 1934, as amended
“FAL”	a deposit that must be submitted to support the underwriting capacity of a member of Lloyd’s
“FASB”	Financial Accounting Standards Board
“FCR”	financial condition report
“Fitch”	Fitch Ratings Ltd.
“Fontana”	Fontana Holdings L.P. and its subsidiaries
“Form 10-K”	Annual Report on Form 10-K
“Form 10-Q”	this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023
“IRS”	United States Internal Revenue Service
“Medici”	RenaissanceRe Medici Fund Ltd.
“Moody’s”	Moody’s Investors Service
“Renaissance Reinsurance”	Renaissance Reinsurance Ltd.
“Renaissance Reinsurance of Europe”	Renaissance Reinsurance of Europe Unlimited Company
“Renaissance Reinsurance U.S.”	Renaissance Reinsurance U.S. Inc.
“RenaissanceRe”	RenaissanceRe Holdings Ltd.
“RenaissanceRe Finance”	RenaissanceRe Finance Inc.
“RenaissanceRe Specialty U.S.”	RenaissanceRe Specialty U.S. Ltd.
“RREAG”	RenaissanceRe Europe AG
“S&P”	Standard and Poor’s Rating Services
“SEC”	U.S. Securities and Exchange Commission
“Securities Act”	Securities Act of 1933, as amended
“Stock Purchase Agreement”	Stock Purchase Agreement, dated May 22, 2023, among RenaissanceRe Holdings Ltd. and AIG, as amended
“Syndicate 1458”	RenaissanceRe Syndicate 1458
“Talbot”	Talbot Underwriting Ltd., an affiliate of AIG
“Top Layer”	Top Layer Reinsurance Ltd.
“Tower Hill Companies”	collectively, our investments in a group of Tower Hill affiliated companies including Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc.
“U.K.”	United Kingdom
“U.S.”	United States of America
“Upsilon Diversified”	RenaissanceRe Upsilon Diversified Fund, a segregated account of Upsilon Fund

3

“Upsilon Fund”	RenaissanceRe Upsilon Fund Ltd.
“Upsilon RFO”	Upsilon RFO Re Ltd.
“Validus”	Validus Holdings, Validus Specialty, and their respective subsidiaries (including Validus Re), collectively
“Validus Acquisition”	The acquisitions under the Stock Purchase Agreement, together with the other transactions contemplated in the Stock Purchase Agreement.
“Validus Business”	the collective business of Validus
“Validus Holdings”	Validus Holdings, Ltd.
“Validus Re”	Validus Reinsurance, Ltd.
“Validus Specialty”	Validus Specialty, LLC
“Vermeer”	Vermeer Reinsurance Ltd.

4

NOTE ON FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of RenaissanceRe Holdings Ltd. contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates. This Form 10-Q also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the reinsurance and insurance industries. In addition, this Form 10-Q may include forward-looking statements with respect to the Validus Acquisition and its impact on our business and our relationship with AIG. In light of the risks and uncertainties inherent in all future projections, the inclusion of forward-looking statements in this Form 10-Q should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including those set forth under “Risk Factors” in this Form 10-Q. We undertake no obligation to release publicly the results of any future revision we may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:

•our exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in our financial results;

•the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;

•the effectiveness of our claims and claim expense reserving process;

•the effect of emerging claims and coverage issues;

•the performance of our investment portfolio and financial market volatility;

•the effects of inflation;

•difficulties in integrating the Validus Business;

•the risk that the due diligence process that we undertook in connection with the Validus Acquisition may not have revealed all facts that may be relevant in connection with the Validus Acquisition;

•that the historical financial statements of the Validus Business are not representative of the future financial position, future results of operations or future cash flows of the Validus Business following the Validus Acquisition;

•the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;

•our ability to maintain our financial strength ratings;

•the highly competitive nature of our industry;

•our reliance on a small number of brokers;

•collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms or at all;

•the historically cyclical nature of the (re)insurance industries;

•our ability to attract and retain key executives and employees;

•our ability to successfully implement our business, strategies and initiatives;

•our exposure to credit loss from counterparties;

5

•our need to make many estimates and judgments in the preparation of our financial statements;

•our ability to effectively manage capital on behalf of investors in joint ventures or other entities we manage;

•changes to the accounting rules and regulatory systems applicable to our business, including changes in Bermuda and U.S. laws or regulations;

•other political, regulatory or industry initiatives adversely impacting us;

•our ability to comply with covenants in our debt agreements;

•the effect of adverse economic factors, including changes in the prevailing interest rates and recession or the perception that recession may occur;

•the effect of cybersecurity risks, including technology breaches or failure;

•a contention by the IRS that any of our Bermuda subsidiaries are subject to taxation in the U.S.;

•the effects of possible future tax reform legislation and regulations in the jurisdictions in which we operate;

•our ability to determine any impairments taken on our investments;

•our ability to raise capital on acceptable terms, including through debt instruments, the capital markets, and third party investments in our joint ventures and managed fund partners;

•our ability to comply with applicable sanctions and foreign corrupt practices laws; and

•our dependence on the ability of our operating subsidiaries to declare and pay dividends.

As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, which are discussed in more detail in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 8, 2023, and Item 1A of this Quarterly Report on Form 10-Q, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

6

PART I        FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Consolidated Balance Sheets at September 30, 2023 (unaudited) and December 31, 2022	8
Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022	9
Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022	10
Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022	11
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022	12
Notes to the Consolidated Financial Statements	13
Note 1. Organization	13
Note 2. Significant Accounting Policies	15
Note 3. Investments	15
Note 4. Fair Value Measurements	18
Note 5. Reinsurance	29
Note 6. Reserve for Claims and Claim Expenses	31
Note 7. Debt and Credit Facilities	35
Note 8. Noncontrolling Interests	36
Note 9. Variable Interest Entities	40
Note 10. Shareholders’ Equity	45
Note 11. Earnings per Share	46
Note 12. Segment Reporting	47
Note 13. Derivative Instruments	50
Note 14. Commitments and Contingencies and Other Items	56
Note 15. Acquisition of Validus	57
Note 16. Subsequent Events	57

7

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Balance Sheets

(in thousands of United States Dollars, except share and per share amounts)

	September 30, 2023		December 31, 2022
Assets	(Unaudited)		(Audited)
Fixed maturity investments trading, at fair value – amortized cost $16,754,568 at September 30, 2023 (December 31, 2022 – $15,038,551)	$	16,083,046	$	14,351,402
Short term investments, at fair value - amortized cost $6,521,007 at September 30, 2023 (December 31, 2022 - $4,671,581)	6,519,207		4,669,272
Equity investments, at fair value	95,342		625,058
Other investments, at fair value	3,167,941		2,494,954
Investments in other ventures, under equity method	101,103		79,750
Total investments	25,966,639		22,220,436
Cash and cash equivalents	1,195,884		1,194,339
Premiums receivable	5,928,809		5,139,471
Prepaid reinsurance premiums	1,028,916		1,021,412
Reinsurance recoverable	4,253,259		4,710,925
Accrued investment income	153,573		121,501
Deferred acquisition costs	1,267,088		1,171,738
Receivable for investments sold	480,727		350,526
Other assets	334,284		384,702
Goodwill and other intangible assets	233,897		237,828
Total assets	$	40,843,076	$	36,552,878
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	15,955,165	$	15,892,573
Unearned premiums	5,222,496		4,559,107
Debt	1,882,893		1,170,442
Reinsurance balances payable	3,323,606		3,928,281
Payable for investments purchased	811,578		493,776
Other liabilities	396,487		648,036
Total liabilities	27,592,225		26,692,215
Commitments and contingencies
Redeemable noncontrolling interests	5,662,234		4,535,389
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2023 (December 31, 2022 – 30,000)	750,000		750,000
Common shares: $1.00 par value – 51,173,930 shares issued and outstanding at September 30, 2023 (December 31, 2022 – 43,717,836)	51,174		43,718
Additional paid-in capital	1,836,742		475,647
Accumulated other comprehensive income (loss)	(14,506)		(15,462)
Retained earnings	4,965,207		4,071,371
Total shareholders’ equity attributable to RenaissanceRe	7,588,617		5,325,274
Total liabilities, noncontrolling interests and shareholders’ equity	$	40,843,076	$	36,552,878

See accompanying notes to the consolidated financial statements

8

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Operations

For the three and nine months ended September 30, 2023 and 2022

(in thousands of United States Dollars, except per share amounts) (Unaudited)

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Revenues
Gross premiums written	$	1,618,443	$	2,220,661	$	7,060,325	$	7,628,264
Net premiums written	$	1,421,260	$	1,821,711	$	5,880,766	$	5,850,544
Decrease (increase) in unearned premiums	334,616		(54,690)		(659,078)		(1,140,715)
Net premiums earned	1,755,876		1,767,021		5,221,688		4,709,829
Net investment income	329,108		157,793		876,148		348,695
Net foreign exchange gains (losses)	(25,886)		(1,383)		(53,877)		(67,690)
Equity in earnings (losses) of other ventures	10,842		1,739		28,072		2,732
Other income (loss)	(5,866)		2,834		(6,296)		4,950
Net realized and unrealized gains (losses) on investments	(228,087)		(641,500)		(171,417)		(1,968,624)
Total revenues	1,835,987		1,286,504		5,894,318		3,029,892
Expenses
Net claims and claim expenses incurred	861,576		1,967,931		2,593,987		3,515,903
Acquisition expenses	425,745		417,644		1,280,547		1,155,389
Operational expenses	82,751		64,560		240,716		204,987
Corporate expenses	17,143		10,384		53,357		35,238
Interest expense	22,951		12,101		49,980		35,951
Total expenses	1,410,166		2,472,620		4,218,587		4,947,468
Income (loss) before taxes	425,821		(1,186,116)		1,675,731		(1,917,576)
Income tax benefit (expense)	(9,295)		(2,814)		(44,139)		64,427
Net income (loss)	416,526		(1,188,930)		1,631,592		(1,853,149)
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)		372,429		(655,986)		335,010
Net income (loss) attributable to RenaissanceRe	202,831		(816,501)		975,606		(1,518,139)
Dividends on preference shares	(8,843)		(8,843)		(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	193,988	$	(825,344)	$	949,075	$	(1,544,670)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	3.81	$	(19.27)	$	20.17	$	(35.84)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	3.80	$	(19.27)	$	20.13	$	(35.84)

See accompanying notes to the consolidated financial statements

9

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

For the three and nine months ended September 30, 2023 and 2022

(in thousands of United States Dollars) (Unaudited) 

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Comprehensive income (loss)
Net income (loss)	$	416,526	$	(1,188,930)	$	1,631,592	$	(1,853,149)
Change in net unrealized gains (losses) on investments, net of tax	(199)		(1,332)		1,109		(3,749)
Foreign currency translation adjustments, net of tax	(257)		(273)		(153)		(2,115)
Comprehensive income (loss)	416,070		(1,190,535)		1,632,548		(1,859,013)
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)		372,429		(655,986)		335,010
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(213,695)		372,429		(655,986)		335,010
Comprehensive income (loss) attributable to RenaissanceRe	$	202,375	$	(818,106)	$	976,562	$	(1,524,003)

See accompanying notes to the consolidated financial statements

10

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

For the three and nine months ended September 30, 2023 and 2022

(in thousands of United States Dollars) (Unaudited) 

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Preference shares
Beginning balance	$	750,000	$	750,000	$	750,000	$	750,000
Ending balance	750,000		750,000		750,000		750,000
Common shares
Beginning balance	51,182		43,881		43,718		44,445
Issuance of shares	—		—		7,245		—
Repurchase of shares	—		(176)		—		(1,051)
Issuance of restricted stock awards	(8)		(3)		211		308
Ending balance	51,174		43,702		51,174		43,702
Additional paid-in capital
Beginning balance	1,825,215		479,085		475,647		608,121
Issuance of shares	37		—		1,344,363		—
Repurchase of shares	—		(25,132)		—		(161,788)
Change in redeemable noncontrolling interests	(2,311)		(19)		(4,093)		(4,008)
Issuance of restricted stock awards	13,801		11,631		20,825		23,240
Ending balance	1,836,742		465,565		1,836,742		465,565
Accumulated other comprehensive income (loss)
Beginning balance	(14,050)		(15,168)		(15,462)		(10,909)
Change in net unrealized gains (loss) on investments, net of tax	(199)		(1,332)		1,109		(3,749)
Foreign currency translation adjustments, net of tax	(257)		(273)		(153)		(2,115)
Ending balance	(14,506)		(16,773)		(14,506)		(16,773)
Retained earnings
Beginning balance	4,790,466		4,480,861		4,071,371		5,232,624
Net income (loss)	416,526		(1,188,930)		1,631,592		(1,853,149)
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)		372,429		(655,986)		335,010
Dividends on common shares	(19,247)		(16,139)		(55,239)		(48,576)
Dividends on preference shares	(8,843)		(8,843)		(26,531)		(26,531)
Ending balance	4,965,207		3,639,378		4,965,207		3,639,378
Total shareholders’ equity	$	7,588,617	$	4,881,872	$	7,588,617	$	4,881,872

See accompanying notes to the consolidated financial statements

11

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Cash Flows

For the nine months ended September 30, 2023 and 2022

(in thousands of United States Dollars) (Unaudited)

	Nine months ended
	September 30, 2023		September 30, 2022
Cash flows provided by (used in) operating activities
Net income (loss)	$	1,631,592	$	(1,853,149)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization, accretion and depreciation	(121,068)		(1,220)
Equity in undistributed (earnings) losses of other ventures	(2,566)		16,802
Net realized and unrealized (gains) losses on investments	149,122		1,806,678
Change in:
Premiums receivable	(789,338)		(1,697,763)
Prepaid reinsurance premiums	(7,504)		(378,829)
Reinsurance recoverable	457,666		(700,575)
Deferred acquisition costs	(95,350)		(331,996)
Reserve for claims and claim expenses	62,592		2,368,325
Unearned premiums	663,389		1,514,937
Reinsurance balances payable	(604,675)		297,647
Other	55,279		(170,369)
Net cash provided by (used in) operating activities	1,399,139		870,488
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	15,300,245		18,502,364
Purchases of fixed maturity investments trading	(17,053,131)		(19,863,469)
Net sales (purchases) of equity investments	564,316		(337,110)
Net sales (purchases) of short term investments	(1,777,188)		365,790
Net sales (purchases) of other investments	(525,950)		(452,447)
Net sales (purchases) of investments in other ventures	(20,171)		617
Return of investment from investment in other ventures	2,752		2,222
Net cash provided by (used in) investing activities	(3,509,127)		(1,782,033)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(55,239)		(48,576)
Dividends paid – preference shares	(26,531)		(26,587)
RenaissanceRe common share issuance, net of expenses	1,351,608		—
RenaissanceRe common share repurchases	—		(166,664)
Issuance of debt, net of expenses	740,581		—
Repayment of debt	(30,000)		—
Net third-party redeemable noncontrolling interest share transactions	143,721		477,707
Taxes paid on withholding shares	(20,004)		(10,891)
Net cash provided by (used in) financing activities	2,104,136		224,989
Effect of exchange rate changes on foreign currency cash	7,397		31,778
Net increase (decrease) in cash and cash equivalents	1,545		(654,778)
Cash and cash equivalents, beginning of period	1,194,339		1,859,019
Cash and cash equivalents, end of period	$	1,195,884	$	1,204,241

See accompanying notes to the consolidated financial statements

12

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars,

except shares, per share amounts and percentages) (Unaudited)

NOTE 1. ORGANIZATION

This report on Form 10-Q should be read in conjunction with RenaissanceRe’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“Form 10-K”). RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.

•Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

•Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that provides property, casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas.

•RenaissanceRe Syndicate 1458 (“Syndicate 1458”) is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member. RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.

•RenaissanceRe Europe AG (“RREAG”), a Swiss-domiciled reinsurance company, which has branches in Australia, Bermuda, the U.K. and the U.S., provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

•RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled insurer, which operates subject to U.S. federal income tax.

•DaVinci Reinsurance Ltd. (“DaVinci Reinsurance”), a wholly-owned subsidiary of DaVinciRe Holdings Ltd. (“DaVinci”), is a managed joint venture formed by the Company to principally write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis.

•Vermeer Reinsurance Ltd. (“Vermeer”) is a managed joint venture formed by the Company to provide capacity focused on risk remote layers in the U.S. property catastrophe market. The Company maintains a majority voting control of Vermeer, while Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, retains economic benefits.

•Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to assume casualty and specialty risks in line with the Company’s book of business. Fontana launched effective April 1, 2022.

•Top Layer Reinsurance Ltd. (“Top Layer”) is a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance.

•RenaissanceRe Underwriting Managers U.S. LLC, is licensed as a reinsurance intermediary broker in the State of Connecticut and underwrites specialty treaty reinsurance solutions on both a quota share and excess of loss basis on behalf of affiliates.

•Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly-owned subsidiary of RenaissanceRe, is the exclusive underwriting manager for certain of our joint ventures or managed funds in return for a management fee, performance fee, or both.

•RenaissanceRe Fund Management Ltd. (“RFM”) is a wholly-owned Bermuda exempted company and is the exclusive investment fund manager for several of the Company’s joint ventures or managed

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funds, in return for a management fee, a performance based incentive fee, or both. RFM is an Exempt Reporting Adviser with the Securities and Exchange Commission and serves as the investment adviser to third-party investors in the various private investment partnerships and insurance-related investment products offered by the Company.

•RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk.

•Upsilon RFO Re Ltd. (“Upsilon RFO”), an exempted company incorporated in Bermuda and registered as a segregated accounts company and as a collateralized insurer, is a managed fund formed by the Company principally to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market.

•RenaissanceRe Upsilon Fund Ltd., an exempted company incorporated in Bermuda and registered as a segregated accounts company and a Class A Professional Fund, provides a fund structure through which third-party investors can invest in reinsurance risk managed by the Company.

•Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled special purpose insurer (“SPI”), provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes.

•Fibonacci Reinsurance Ltd. (“Fibonacci Re”), an exempted company incorporated in Bermuda and registered as an SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raises capital from third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange.

•The Company and Reinsurance Group of America, Incorporated formed an initiative (“Langhorne”) to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne’s capital commitment period expired at the end of December 2022 and the Langhorne entities have been, or are, in the process of winding down.

•Following the acquisition of Tokio Millennium Re AG and certain associated entities and subsidiaries (collectively, “TMR”) on March 22, 2019, the Company managed Shima Reinsurance Ltd. (“Shima Re”), Norwood Re Ltd. (“Norwood Re”) and Blizzard Re Ltd. (“Blizzard,” together with Shima Re and Norwood Re, the “TMR managed third-party capital vehicles”), which provided third-party investors with access to reinsurance risk. The TMR managed third-party capital vehicles no longer write new business. The Company ceased providing management services to Blizzard effective November 1, 2020, and to Shima Re and Norwood Re effective December 1, 2020.

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NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2022, except as described below.

BASIS OF PRESENTATION

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.

USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance.

NOTE 3. INVESTMENTS

Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:

	September 30, 2023		December 31, 2022
U.S. treasuries	$	8,587,946	$	7,180,129
Corporate (1)	4,482,082		4,390,568
Agencies	460,936		395,149
Non-U.S. government	403,758		383,838
Residential mortgage-backed	806,120		710,429
Commercial mortgage-backed	210,942		213,987
Asset-backed	1,131,262		1,077,302
Total fixed maturity investments trading	$	16,083,046	$	14,351,402

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

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Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2023				December 31, 2022
	Amortized  Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	392,098	$	384,293	$	364,501	$	356,770
Due after one through five years	8,891,383		8,682,922		8,117,971		7,875,771
Due after five through ten years	4,896,604		4,606,488		4,072,142		3,805,287
Due after ten years	309,877		261,019		356,268		311,856
Mortgage-backed	1,119,512		1,017,062		1,009,205		924,416
Asset-backed	1,145,094		1,131,262		1,118,464		1,077,302
Total	$	16,754,568	$	16,083,046	$	15,038,551	$	14,351,402

Equity Investments

The following table summarizes the fair value of equity investments:

	September 30, 2023		December 31, 2022
Financials	$	95,099	$	103,250
Consumer	232		33,447
Communications and technology	11		48,687
Fixed income exchange traded funds	—		295,481
Equity exchange traded funds	—		90,510
Industrial, utilities and energy	—		25,326
Healthcare	—		24,617
Basic materials	—		3,740
Total	$	95,342	$	625,058

Pledged Investments

At September 30, 2023, $7.1 billion (December 31, 2022 - $7.9 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $1.1 billion (December 31, 2022 - $1.2 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.

Reverse Repurchase Agreements

At September 30, 2023, the Company held $156.0 million (December 31, 2022 - $38.5 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.

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Net Investment Income

The components of net investment income are as follows:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Fixed maturity investments trading	$	188,781	$	107,182	$	514,020	$	246,146
Short term investments	66,722		11,601		149,903		17,134
Equity investments	510		6,120		6,675		13,390
Other investments
Catastrophe bonds	54,583		25,748		142,936		63,343
Other	20,031		11,258		65,422		23,704
Cash and cash equivalents	4,160		1,386		13,009		1,250
	334,787		163,295		891,965		364,967
Investment expenses	(5,679)		(5,502)		(15,817)		(16,272)
Net investment income	$	329,108	$	157,793	$	876,148	$	348,695

Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net realized gains (losses) on fixed maturity investments trading	$	(121,112)	$	(213,493)	$	(300,089)	$	(621,799)
Net unrealized gains (losses) on fixed maturity investments trading	(158,226)		(210,665)		14,007		(824,662)
Net realized and unrealized gains (losses) on fixed maturity investments trading	(279,338)		(424,158)		(286,082)		(1,446,461)
Net realized and unrealized gains (losses) on investment-related derivatives(1)	30,594		(55,580)		(22,295)		(161,946)
Net realized gains (losses) on equity investments	(10)		3,066		(27,503)		38,638
Net unrealized gains (losses) on equity investments	2,261		(46,301)		62,039		(222,074)
Net realized and unrealized gains (losses) on equity investments	2,251		(43,235)		34,536		(183,436)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	32,474		(126,992)		94,786		(159,913)
Net realized and unrealized gains (losses) on other investments - other	(14,068)		8,465		7,638		(16,868)
Net realized and unrealized gains (losses) on investments	$	(228,087)	$	(641,500)	$	(171,417)	$	(1,968,624)

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 13. Derivative Instruments” for additional information.

Net Sales (Purchases) of Investments

The tables below show the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures for the nine months ended September 30, 2023 and 2022.

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Nine months ended September 30, 2023	Gross Purchases		Gross Sales		Net
Equity investments	$	(1,706)	$	566,022	$	564,316
Short term investments	$	(27,466,343)	$	25,689,155	$	(1,777,188)
Other investments	$	(860,164)	$	334,214	$	(525,950)
Investments in other ventures	$	(20,171)	$	—	$	(20,171)

Nine months ended September 30, 2022	Gross Purchases		Gross Sales		Net
Equity investments	$	(600,285)	$	263,175	$	(337,110)
Short term investments	$	(20,180,815)	$	20,546,605	$	365,790
Other investments	$	(794,555)	$	342,108	$	(452,447)
Investments in other ventures	$	(2,876)	$	3,493	$	617

NOTE 4. FAIR VALUE MEASUREMENTS

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains or losses arising from changes in fair value in its consolidated statements of operations.

FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:

•Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

•Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

•Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of

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the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. 

There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

At September 30, 2023	Total		Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	8,587,946	$	8,587,946	$	—	$	—
Corporate (1)	4,482,082		—		4,482,082		—
Agencies	460,936		—		460,936		—
Non-U.S. government	403,758		—		403,758		—
Residential mortgage-backed	806,120		—		806,120		—
Commercial mortgage-backed	210,942		—		210,942		—
Asset-backed	1,131,262		—		1,131,262		—
Total fixed maturity investments trading	16,083,046		8,587,946		7,495,100		—
Short term investments	6,519,207		67,176		6,452,031		—
Equity investments trading	95,342		95,342		—		—
Other investments
Catastrophe bonds	1,697,810		—		1,697,810		—
Term loans	98,876		—		—		98,876
Direct private equity investments	67,515		—		—		67,515
	1,864,201		—		1,697,810		166,391
Fund investments (2)	1,303,740		—		—		—
Total other investments	3,167,941		—		1,697,810		166,391
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(545)		—		—		(545)
Derivative assets (4)	18,233		6,819		11,414		—
Derivative liabilities (4)	(35,557)		(7,139)		(28,418)		—
Total other assets and (liabilities)	(17,869)		(320)		(17,004)		(545)
	$	25,847,667	$	8,750,144	$	15,627,937	$	165,846

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which may include private equity funds, private credit funds, and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at September 30, 2023 was $3.2 million of other assets and $3.7 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

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At December 31, 2022	Total		Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	7,180,129	$	7,180,129	$	—	$	—
Corporate (1)	4,390,568		—		4,390,568		—
Agencies	395,149		—		395,149		—
Non-U.S. government	383,838		—		383,838		—
Residential mortgage-backed	710,429		—		710,429		—
Commercial mortgage-backed	213,987		—		213,987		—
Asset-backed	1,077,302		—		1,077,302		—
Total fixed maturity investments trading	14,351,402		7,180,129		7,171,273		—
Short term investments	4,669,272		—		4,669,272		—
Equity investments	625,058		625,058		—		—
Other investments
Catastrophe bonds	1,241,468		—		1,241,468		—
Term loans	100,000		—		—		100,000
Direct private equity investments	66,780		—		—		66,780
	1,408,248		—		1,241,468		166,780
Fund investments (2)	1,086,706		—		—		—
Total other investments	2,494,954		—		1,241,468		166,780
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(1,832)		—		—		(1,832)
Derivative assets (4)	44,400		387		44,013		—
Derivative liabilities (4)	(7,560)		(2,008)		(5,552)		—
Total other assets and (liabilities)	35,008		(1,621)		38,461		(1,832)
	$	22,175,694	$	7,803,566	$	13,120,474	$	164,948

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which may include private equity funds, private credit funds and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at December 31, 2022 was $3.5 million of other assets and $5.3 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value

Fixed Maturity Investments

Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, corporate (including non-U.S. government-backed corporate), non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed.

The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an

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exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third-party data. Securities which are priced by an index provider are generally included in the index.

In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active and non-distressed markets.

The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class.

U.S. Treasuries

Level 1 - At September 30, 2023, the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average yield to maturity of 4.8% and a weighted average credit quality of AA (December 31, 2022 - 4.3% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Corporate

Level 2 - At September 30, 2023, the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and non-U.S. government-backed corporations and had a weighted average yield to maturity of 6.7% and a weighted average credit quality of BBB (December 31, 2022 - 6.3% and BBB, respectively).

The Company’s corporate fixed maturity investments, other than non-U.S. government-backed corporations, are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate.

Non-U.S. government-backed corporate fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high quality credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Agencies

Level 2 - At September 30, 2023, the Company’s agency fixed maturity investments had a weighted average yield to maturity of 5.3% and a weighted average credit quality of AA (December 31, 2022 - 4.6% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When

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evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

Non-U.S. Government

Level 2 - At September 30, 2023, the Company’s non-U.S. government fixed maturity investments had a weighted average yield to maturity of 5.1% and a weighted average credit quality of AA (December 31, 2022 - 4.7% and AA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Residential Mortgage-backed

Level 2 - At September 30, 2023, the Company’s residential mortgage-backed fixed maturity investments had a weighted average yield of maturity of 5.9%, a weighted average credit quality of A, and a weighted average life of 8.0 years (December 31, 2022 - 5.4%, A and 8.6 years, respectively). Residential mortgage-backed securities include both agency and non-agency mortgage-backed securities. The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to-be-announced market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with active market quotes.

Non-agency mortgage-based securities are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable.

Commercial Mortgage-backed

Level 2 - At September 30, 2023, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average yield to maturity of 8.7%, a weighted average credit quality of AA, and a weighted average life of 2.2 years (December 31, 2022 - 7.4%, AA and 3.2 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.

Asset-backed

Level 2 - At September 30, 2023, the Company’s asset-backed fixed maturity investments had a weighted average yield to maturity of 7.4%, a weighted average credit quality of AA and a weighted average life of 4.3 years (December 31, 2022 - 7.4%, AA and 5.2 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of collateralized loan obligations and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying

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collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector.

Short Term Investments

Level 1 - At September 30, 2023, the Company’s short term investments in U.S. treasuries were primarily priced by pricing services and had a weighted average yield to maturity of 5.4% and a weighted average credit quality of AAA (December 31, 2022 - 4.0% and AAA). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Level 2 - At September 30, 2023, the Company’s other short term investments had a weighted average yield to maturity of 5.3% and a weighted average credit quality of AAA (December 31, 2022 - 4.2% and AAA, respectively). Amortized cost approximates fair value for the majority of the remainder of the Company’s short term investments portfolio and, in certain cases, fair value is determined in a manner similar to the Company’s fixed maturity investments noted above.

Equity Investments

Level 1 - The fair value of the Company’s portfolio of equity investments, classified as trading is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.

Other Investments

Catastrophe Bonds

Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.

Other Assets and Liabilities

Derivatives

Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk-free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.

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Level 3 Assets and Liabilities Measured at Fair Value

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At September 30, 2023	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments
Direct private equity investments	$	67,515	Internal valuation model	Discount rate	10.0		%
				Liquidity discount	15.0		%
Term loans	98,876		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	166,391
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(545)		Internal valuation model	Net undiscounted cash flows	$	12,433
				Expected loss ratio	2.6		%
				Discount rate	4.6		%
Total other assets and (liabilities)	(545)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	165,846

At December 31, 2022	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments
Direct private equity investments	$	66,780	Internal valuation model	Discount rate	7.5		%
				Liquidity discount	15.0		%
Term loans	100,000		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	166,780
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(1,832)		Internal valuation model	Net undiscounted cash flows	$	14,734
				Expected loss ratio	5.8		%
				Discount rate	4.0		%
Total other assets and (liabilities)	(1,832)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	164,948

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Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.

	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - July 1, 2023	$	71,155	$	100,000	$	(475)	$	170,680
Included in net investment income	63		—		—		63
Included in net realized and unrealized gains (losses) on investments	(3,686)		—		—		(3,686)
Included in other income (loss)	—		—		(541)		(541)
Total foreign exchange gains (losses)	(17)		—		—		(17)
Purchases	—		—		471		471
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846
	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - January 1, 2023	$	66,780	$	100,000	$	(1,832)	$	164,948
Included in net investment income	187		—		—		187
Included in net realized and unrealized gains (losses) on investments	571		—		—		571
Included in other income (loss)	—		—		(550)		(550)
Total foreign exchange gains (losses)	(23)		—		—		(23)
Purchases	—		—		1,837		1,837
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846

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	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - July 1, 2022	$	81,610	$	100,000	$	(3,064)	$	178,546
Included in net investment income	125		—		—		125
Included in net realized and unrealized gains (losses) on investments	(11,762)		—		—		(11,762)
Included in other income (loss)	—		—		543		543
Total foreign exchange gains (losses)	(50)		—		—		(50)
Purchases	—		—		(50)		(50)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352
	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - January 1, 2022	$	88,373	$	74,850	$	(4,727)	$	158,496
Included in net investment income	125		605		—		730
Included in net realized and unrealized gains (losses) on investments	(23,515)		—		—		(23,515)
Included in other income (loss)	—		—		1,732		1,732
Total foreign exchange losses	(60)		—		—		(60)
Purchases	5,000		25,000		424		30,424
Settlements	—		(455)		—		(455)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352

Other Investments

Direct private equity investments

Level 3 - At September 30, 2023, the Company’s other investments included $67.5 million (December 31, 2022 - $66.8 million) of direct private equity investments which are recorded at fair value, with the fair value obtained through the use of internal valuation models. The Company measured the fair value of these investments using multiples of net tangible book value of the underlying entities. The significant unobservable inputs used in the fair value measurement of these investments are liquidity discount rates applied to each of the net tangible book value multiples used in the internal valuation models, and discount rates applied to the expected cash flows of the underlying entities in various scenarios. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Generally, an increase in the liquidity discount rate or discount rates would result in a decrease in the fair value of these private equity investments.

Term Loans

Level 3 - At September 30, 2023, the Company’s other investments included a $98.9 million (December 31, 2022 - $100.0 million) investment in a term loan which is recorded at fair value, with the fair value obtained through the use of a discounted cash flow model. The significant unobservable inputs used in the discounted cash flow model are the cash flow projection of the associated term loan, and the discount rate. The discount rate used is based on the Secured Overnight Financing Rate, (“SOFR”), which is then adjusted for credit risk and a risk premium. These adjustments may be impacted by market movements implied by transactions of similar or related assets, loan-to-value, tenor, liquidity, credit risk adjustment or other risk factors. Assumptions used in the valuation process may significantly impact the resulting fair value.

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Other Assets and Liabilities

Assumed and Ceded (Re)insurance Contracts

Level 3 - At September 30, 2023, the Company had a $0.5 million net liability (December 31, 2022 - $1.8 million net liability) related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered an observable input as each is defined in the contract. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company uses various financial instruments in the normal course of its business. The Company’s (re)insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values.

Debt

Included on the Company’s consolidated balance sheet at September 30, 2023 were debt obligations of $1.9 billion (December 31, 2022 - $1.2 billion). At September 30, 2023, the fair value of the Company’s debt obligations was $1.8 billion (December 31, 2022 – $1.1 billion).

The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations. Refer to “Note 7. Debt and Credit Facilities” for additional information related to the Company’s debt obligations.

The Fair Value Option for Financial Assets and Financial Liabilities

The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value:

	September 30, 2023		December 31, 2022
Other investments	$	3,167,941	$	2,494,954
Other assets	$	3,141	$	3,499
Other liabilities	$	3,686	$	5,331

The change in fair value of other investments resulted in net unrealized gains on investments for the three and nine months ended September 30, 2023 of $20.2 million and $100.6 million, respectively (September 30, 2022 – net unrealized gains of $137.4 million and $208.1 million, respectively).

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Measuring the Fair Value of Other Investments Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At September 30, 2023	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private credit funds	$	928,961	$	877,045	See below	See below	See below
Private equity funds	374,779		597,967		See below	See below	See below
Total other investments measured using net asset valuations	$	1,303,740	$	1,475,012

At December 31, 2022	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private credit funds	$	771,383	$	714,302	See below	See below	See below
Private equity funds	315,323		493,155		See below	See below	See below
Total other investments measured using net asset valuations	$	1,086,706	$	1,207,457

Private Credit Funds

The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including U.S. direct lending funds, secondaries, mezzanine investments, distressed securities and senior secured bank loan funds. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Private Equity Funds

The Company’s investments in private equity funds include limited partnership or similar interests that invest in certain private equity asset classes including U.S. and global leveraged buyouts. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Limited Partnerships Entities

The Company’s fund investments, included within other investments, represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company determined that certain of these limited partnership interests represent investments in variable interest entities (“VIEs”) and that it is not required to consolidate these investments because it is not the primary beneficiary of these VIEs. The Company’s maximum exposure to loss with respect to these VIEs is limited to the carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.

The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs:

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	Maximum Exposure to Loss
At September 30, 2023	Carrying amount		Unfunded Commitments		Total
Other investments	$	1,140,450	$	1,402,261	$	2,542,711
At December 31, 2022
Other investments	$	916,248	$	1,148,630	$	2,064,878

NOTE 5. REINSURANCE

The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurer fails to meet its obligations.

The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Premiums Written
Direct	$	222,400	$	295,213	$	673,791	$	935,079
Assumed	1,396,043		1,925,448		6,386,534		6,693,185
Ceded	(197,183)		(398,950)		(1,179,559)		(1,777,720)
Net premiums written	$	1,421,260	$	1,821,711	$	5,880,766	$	5,850,544
Premiums Earned
Direct	$	248,932	$	280,389	$	784,388	$	801,759
Assumed	1,862,387		2,006,596		5,609,355		5,307,078
Ceded	(355,443)		(519,964)		(1,172,055)		(1,399,008)
Net premiums earned	$	1,755,876	$	1,767,021	$	5,221,688	$	4,709,829
Claims and Claim Expenses
Gross claims and claim expenses incurred	$	793,869	$	3,096,540	$	2,843,229	$	4,913,313
Claims and claim expenses recovered	67,707		(1,128,609)		(249,242)		(1,397,410)
Net claims and claim expenses incurred	$	861,576	$	1,967,931	$	2,593,987	$	3,515,903

In assessing an allowance for reinsurance assets, which includes premiums receivable and reinsurance recoverable, the Company considers historical information, financial strength of reinsurers, collateralization amounts, and counterparty credit ratings to determine the appropriateness of the allowance. In assessing future default for reinsurance assets, the Company evaluates the provision for current expected credit losses under the probability of default and loss given default method. The Company utilizes its internal capital and risk models, which use counterparty ratings from major rating agencies, and assesses the current market conditions for the likelihood of default. The Company updates its internal capital and risk models for counterparty credit ratings and current market conditions on a periodic basis. Historically, the Company has not experienced material credit losses from reinsurance assets.

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Premiums receivable reflect premiums written based on contract and policy terms and include estimates based on information received from both insureds and ceding companies, supplemented by our own judgement, including our estimates of premiums that are written but not reported. Due to the nature of reinsurance, ceding companies routinely report and remit premiums to us subsequent to the contract coverage period, although the time lag involved in the process of reporting and collecting premiums is typically shorter than the lag in reporting losses.

At September 30, 2023, the Company’s premiums receivable balance was $5.9 billion (December 31, 2022 - $5.1 billion). Of the Company’s premiums receivable balance as of September 30, 2023, the majority are receivable from highly rated counterparties. The provision for current expected credit losses on the Company’s premiums receivable was $3.2 million at September 30, 2023 (December 31, 2022 - $4.6 million). The following table provides a roll forward of the provision for current expected credit losses of the Company’s premiums receivable:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	3,151	$	4,350	$	4,606	$	2,776
Provision for (release of) allowance	81		419		(1,374)		1,993
Ending balance	$	3,232	$	4,769	$	3,232	$	4,769

Reinsurance recoverable reflects amounts due from reinsurers based on the claim liabilities associated with the reinsurance policy. The Company accrues amounts that are due from reinsurers based on estimated ultimate losses applicable to the contracts.

At September 30, 2023, the Company’s reinsurance recoverable balance was $4.3 billion (December 31, 2022 - $4.7 billion). Of the Company’s reinsurance recoverable balance at September 30, 2023, 51.9% is fully collateralized by our reinsurers, 47.4% is recoverable from reinsurers rated A- or higher by major rating agencies and 0.7% is recoverable from reinsurers rated lower than A- by major rating agencies (December 31, 2022 - 47.2%, 52.0% and 0.8%, respectively). The reinsurers with the three largest balances accounted for 18.4%, 10.5% and 7.2%, respectively, of the Company’s reinsurance recoverable balance at September 30, 2023 (December 31, 2022 - 20.8%, 7.0% and 5.4%, respectively). The provision for current expected credit losses was $10.3 million at September 30, 2023 (December 31, 2022 - $12.2 million). The three largest company-specific components of the provision for current expected credit losses represented 11.9%, 6.9% and 5.5%, respectively, of the Company’s total provision for current expected credit losses at September 30, 2023 (December 31, 2022 - 14.3%, 9.1% and 8.0%, respectively). The following table provides a roll forward of the provision for current expected credit losses of the Company’s reinsurance recoverable:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	11,456	$	9,005	$	12,169	$	8,344
Provision for (release of) allowance	(1,160)		3,082		(1,873)		3,743
Ending balance	$	10,296	$	12,087	$	10,296	$	12,087

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NOTE 6. RESERVE FOR CLAIMS AND CLAIM EXPENSES

The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells. The Company’s reserve for claims and claim expenses are a combination of case reserves, additional case reserves (“ACR”) and incurred but not reported losses and incurred but not enough reported losses (collectively referred to as “IBNR”). Case reserves are losses reported to the Company by insureds and ceding companies, but which have not yet been paid. If deemed necessary and in certain situations, the Company establishes ACR which represents the Company’s estimate for claims related to specific contracts which the Company believes may not be adequately estimated by the client as of that date or within the IBNR. The Company establishes IBNR using actuarial techniques and expert judgement to represent the anticipated cost of claims which have not been reported to the Company yet, or where the Company anticipates increased reporting. The Company’s reserving committee, which includes members of the Company’s senior management, reviews, discusses, and assesses the reasonableness and adequacy of the reserving estimates included in our unaudited consolidated financial statements.

The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, additional case reserves and IBNR:

At September 30, 2023	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	1,944,257	$	1,791,160	$	2,647,186	$	6,382,603
Casualty and Specialty	2,039,068		214,082		7,319,412		9,572,562
Total	$	3,983,325	$	2,005,242	$	9,966,598	$	15,955,165
At December 31, 2022
Property	$	1,956,688	$	2,008,891	$	3,570,253	$	7,535,832
Casualty and Specialty	1,864,365		167,993		6,324,383		8,356,741
Total	$	3,821,053	$	2,176,884	$	9,894,636	$	15,892,573

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Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Nine months ended September 30,	2023		2022
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	11,181,648	$	9,025,961
Net incurred related to:
Current year	2,888,784		3,608,599
Prior years	(294,797)		(92,696)
Total net incurred	2,593,987		3,515,903
Net paid related to:
Current year	181,155		101,258
Prior years	1,880,700		1,454,977
Total net paid	2,061,855		1,556,235
Foreign exchange (1)	(11,874)		(291,918)
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	11,701,906		10,693,711
Reinsurance recoverable as of end of period	4,253,259		4,969,244
Reserve for claims and claim expenses as of end of period	$	15,955,165	$	15,662,955

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

Prior Year Development of the Reserve for Net Claims and Claim Expenses

The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an insurer’s estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable development is generally reduced by offsetting changes in its reinsurance recoverable, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest, all of which generally move in the opposite direction to changes in the Company’s ultimate claims and claim expenses.

The following table details the Company’s prior year net development by segment of its net claims and claim expenses:

Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Property	$	(257,209)	$	(76,069)
Casualty and Specialty	(37,588)		(16,627)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(294,797)	$	(92,696)

Changes to prior year estimated net claims and claim expenses increased net income by $294.8 million during the nine months ended September 30, 2023 (2022 - decreased net loss by $92.7 million), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interests - DaVinci, Vermeer and Fontana and income tax.

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Property Segment

The following tables detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Nine months ended September 30,	2023
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2022 Weather-Related Large Losses (1)	$	6,501
2021 Weather-Related Large Losses (2)	(24,931)
2020 Weather-Related Large Loss Events (3)	(28,824)
2019 Large Loss Events (4)	(37,934)
2018 Large Loss Events (5)	(37,847)
2017 Large Loss Events (6)	(31,922)
New Zealand Earthquake (2010)	(10,397)
Other	696
Total large catastrophe events	(164,658)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(93,391)
Actuarial assumption changes	840
Total small catastrophe events and attritional loss movements	(92,551)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(257,209)

(1)“2022 Weather-Related Large Losses” includes Hurricane Ian, the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, Hurricane Fiona and the typhoons in Asia during the third quarter of 2022, Hurricane Nicole and Winter Storm Elliott during the fourth quarter of 2022, and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events.

(2)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts.

(3)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.

(4)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(5)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts.

(6)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.

The net favorable development of prior accident years net claims and claim expenses was driven by better than expected loss emergence.

The net favorable development on other small catastrophe events and attritional loss movements was related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

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Nine months ended September 30,	2022
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2021 Weather-Related Large Losses	$	42,766
2020 Weather-Related Large Loss Events	(32,988)
2019 Large Loss Events	(50,148)
2018 Large Loss Events	(15,493)
2017 Large Loss Events	(28,722)
Other	2,609
Total large catastrophe events	(81,976)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	5,907
Total small catastrophe events and attritional loss movements	5,907
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(76,069)

The net favorable development of prior accident years net claims and claim expenses was largely driven by better than expected loss emergence.

The net adverse development on other small catastrophe events and attritional loss movements was related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Casualty and Specialty Segment

The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:

Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims	$	(40,498)	$	(38,139)
Actuarial assumption changes	2,910		21,512
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(37,588)	$	(16,627)

The Company principally estimates net claims and claim expenses for the Casualty and Specialty segment using traditional actuarial methods.

The net favorable development of prior accident years net claims and claim expenses in the nine months ended September 30, 2023, was primarily due to reported losses generally coming in lower than expected on attritional net claims and claim expenses driven by favorable experience, principally within the Company’s other specialty and credit lines of business.

The net favorable development of prior accident years net claims and claim expenses in the nine months ended September 30, 2022 was primarily due to reported losses generally coming in lower than expected on attritional net claims and claim expenses, principally within the Company’s specialty lines of business, partially offset by net adverse development of $21.5 million associated with certain actuarial assumption changes.

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NOTE 7. DEBT AND CREDIT FACILITIES

There have been no material changes to the Company’s debt obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2022, except as described below or otherwise disclosed.

The agreements governing the Company’s debt obligations and credit facilities contain certain customary representations, warranties and covenants. At September 30, 2023, the Company believes that it was in compliance with its debt covenants.

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:

	September 30, 2023				December 31, 2022
	Fair value		Carrying value		Fair value		Carrying value
5.750% Senior Notes due 2033	$	707,633	$	740,887	$	—	$	—
3.600% Senior Notes due 2029	351,760		394,906		362,644		394,221
3.450% Senior Notes due 2027	276,381		298,146		280,506		297,775
3.700% Senior Notes due 2025	290,454		299,444		290,874		299,168
4.750% Senior Notes due 2025 (DaVinci) (1)	145,592		149,510		146,625		149,278
Total senior notes	1,771,820		1,882,893		1,080,649		1,140,442
Medici Revolving Credit Facility (2)	—		—		30,000		30,000
Total debt	$	1,771,820	$	1,882,893	$	1,110,649	$	1,170,442

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinci. Because RenaissanceRe controls a majority of DaVinci’s issued voting shares, the consolidated financial statements of DaVinci are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinci and RenaissanceRe’s financial exposure to DaVinci is limited to its investment in DaVinci’s shares and counterparty credit risk arising from reinsurance transactions.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions.

5.750% Senior Notes due 2033

On June 5, 2023, the Company issued $750.0 million of its 5.750% Senior Notes due June 5, 2033. The Company received net proceeds of approximately $741.0 million from the offering of senior notes after deducting the underwriting discounts and estimated offering expenses payable by the Company. The Company used the net proceeds from this offering to fund a portion of the cash consideration for the Validus Acquisition, which closed on November 1, 2023, to pay related costs and expenses, and for general corporate purposes. See “Note 15. Acquisition of Validus” for additional information regarding the Validus Acquisition.

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Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:

At September 30, 2023	Issued or drawn
Revolving Credit Facility (1)	$	—
Medici Revolving Credit Facility (2)	—
Bilateral Letter of Credit Facilities
Secured	393,940
Unsecured	475,387
Funds at Lloyd’s Letter of Credit Facility	275,000
	$	1,144,327

(1)At September 30, 2023, no amounts were issued or drawn under this facility.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions. At September 30, 2023, no amounts were issued or drawn under this facility.

Uncommitted, Secured Standby Letter of Credit Facility with Wells Fargo

On February 22, 2023, RenaissanceRe and certain of its subsidiaries and affiliates, including Renaissance Reinsurance, DaVinci Reinsurance, Renaissance Reinsurance U.S., RenaissanceRe Specialty U.S. and RREAG, entered into an amendment to its letter of credit facility with Wells Fargo Bank, National Association. The Amendment provides for, among other things, the option to request the issuance of up to $150.0 million of secured letters of credit in the aggregate, the removal of an unused option to request unsecured letters of credit, and certain other modifications to the provisions that require collateral to be pledged in favor of Wells Fargo to secure the applicants’ reimbursement obligations, including changes to the methodology for calculation of collateral values.

NOTE 8. NONCONTROLLING INTERESTS

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:

	September 30, 2023		December 31, 2022
Redeemable noncontrolling interest - DaVinci	$	2,331,952	$	1,740,300
Redeemable noncontrolling interest - Medici	1,591,196		1,036,218
Redeemable noncontrolling interest - Vermeer	1,467,367		1,490,840
Redeemable noncontrolling interest - Fontana	271,719		268,031
Redeemable noncontrolling interests	$	5,662,234	$	4,535,389

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A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Redeemable noncontrolling interest - DaVinci	$	107,881	$	(219,191)	$	333,490	$	(185,692)
Redeemable noncontrolling interest - Medici	60,022		(107,461)		167,281		(139,635)
Redeemable noncontrolling interest - Vermeer	51,959		(39,164)		151,527		2,471
Redeemable noncontrolling interest - Fontana	(6,167)		(6,613)		3,688		(12,154)
Net income (loss) attributable to redeemable noncontrolling interests	$	213,695	$	(372,429)	$	655,986	$	(335,010)

Redeemable Noncontrolling Interest – DaVinci

RenaissanceRe owns a noncontrolling economic interest in DaVinci; however, because RenaissanceRe controls a majority of DaVinci’s outstanding voting rights, the Company consolidates DaVinci and all significant intercompany transactions have been eliminated. The portion of DaVinci’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinci was 27.8% at September 30, 2023 (December 31, 2022 - 30.9%).

DaVinci shareholders are party to a shareholders agreement which provides DaVinci shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinci of such shareholder’s desire for DaVinci to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinci’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinci’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinci before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of December 31 of that year. The repurchase price can be subject to a holdback and true-up for potential development on outstanding loss reserves. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value as of the end of the period preceding the sale and can be subject to a true-up for potential development on outstanding loss reserves.

2023

During the nine months ended September 30, 2023, DaVinci completed an equity capital raise of $250.0 million, comprised of $102.2 million from third-party investors and $147.8 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $275.0 million of its shares in DaVinci to third-party investors and purchased an aggregate of $123.3 million of shares from third-party investors. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 27.8%.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the nine months ended September 30, 2023, RenaissanceRe received $Nil from subscriptions of shares in DaVinci by third-party investors, and paid $123.3 million as a result of redemptions of shares from third-party investors.

2022

During the nine months ended September 30, 2022, DaVinci completed an equity capital raise of $500.0 million, comprised of $284.8 million from third-party investors and $215.2 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $177.9 million of its shares in DaVinci to third-party investors and purchased an aggregate of $161.6 million of shares from third-party investors. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 30.9%.

The Company expects its noncontrolling economic ownership in DaVinci to fluctuate over time.

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The activity in redeemable noncontrolling interest – DaVinci is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	2,267,448	$	1,762,677	$	1,740,300	$	1,499,451
Redemption of shares from redeemable noncontrolling interests	(45,777)		74,983		(123,272)		(86,586)
Sale of shares to redeemable noncontrolling interests, net of adjustments	2,400		21		381,434		391,317
Net income (loss) attributable to redeemable noncontrolling interest	107,881		(219,191)		333,490		(185,692)
Ending balance	$	2,331,952	$	1,618,490	$	2,331,952	$	1,618,490

Redeemable Noncontrolling Interest - Medici

RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s issued voting shares, the Company consolidates Medici and all significant intercompany transactions have been eliminated. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici.

2023

During the nine months ended September 30, 2023, investors subscribed for $456.0 million, including $25.1 million from the Company, and redeemed $43.3 million, of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 10.8% at September 30, 2023.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the nine months ended September 30, 2023, RenaissanceRe received $429.9 million from subscriptions of shares in Medici by third-party investors, and paid $39.4 million as a result of redemptions of shares from third-party investors.

2022

During the nine months ended September 30, 2022, investors subscribed for $357.1 million, including $10.0 million from the Company, and redeemed $99.6 million, of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 13.0% at September 30, 2022.

The Company expects its noncontrolling economic ownership in Medici to fluctuate over time.

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	1,540,520	$	1,052,560	$	1,036,218	$	856,820
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(25,644)		(2,522)		(43,292)		(99,634)
Sale of shares to redeemable noncontrolling interests	16,298		22,110		430,989		347,136
Net income (loss) attributable to redeemable noncontrolling interest	60,022		(107,461)		167,281		(139,635)
Ending balance	$	1,591,196	$	964,687	$	1,591,196	$	964,687

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Redeemable Noncontrolling Interest – Vermeer

RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, PFZW, owns 100% of the non-voting participating shares of Vermeer and retains all of the economic benefits. Vermeer is managed by RUM in return for a management fee. The Company has concluded that Vermeer is a VIE as it has voting rights that are not proportional to its participating rights, and the Company is the primary beneficiary of Vermeer. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been eliminated. As PFZW owns all of the economics of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statement of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023, PFZW redeemed $175.0 million of the participating, non-voting common shares of Vermeer.

2022

During the nine months ended September 30, 2022, PFZW subscribed for $130.0 million of the participating, non-voting common shares of Vermeer.

The Company does not expect its noncontrolling economic ownership in Vermeer to fluctuate over time.

The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	1,590,408	$	1,269,417	$	1,490,840	$	1,197,782
Redemption of shares from redeemable noncontrolling interest	(175,000)		—		(175,000)		—
Sale of shares to redeemable noncontrolling interest	—		100,000		—		130,000
Net income (loss) attributable to redeemable noncontrolling interest	51,959		(39,164)		151,527		2,471
Ending balance	$	1,467,367	$	1,330,253	$	1,467,367	$	1,330,253

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Redeemable Noncontrolling Interest – Fontana

RenaissanceRe owns a noncontrolling economic interest in Fontana and controls a majority of Fontana’s issued voting shares. The Company concluded that Fontana meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Fontana and concluded it is the primary beneficiary of Fontana, as it has power over the activities that most significantly impact the economic performance of Fontana. As a result, the Company consolidates Fontana and all significant inter-company transactions have been eliminated. The portion of Fontana’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company may be obligated to repurchase all or a portion of the shares held by shareholders of Fontana upon request, subject to certain restrictions. The Company has not provided any financial or other support to Fontana that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023, there were no subscriptions or redemptions of non-voting common shares of Fontana. The Company’s noncontrolling economic ownership in Fontana was 31.6% at September 30, 2023.

Refer to “Note 16. Subsequent Events” for additional information related to the Company’s noncontrolling economic ownership in Fontana subsequent to September 30, 2023.

2022

During the nine months ended September 30, 2022, the Company launched Fontana with capital commitments of $475.0 million, of which $400.0 million was funded on April 1, 2022. Of this amount, $273.7 million was funded by third-party investors. As a result of these subscriptions, the Company’s noncontrolling economic ownership in Fontana was 31.6% at September 30, 2022.

The Company’s investment in Fontana may fluctuate, perhaps materially, in future quarters.

The activity in redeemable noncontrolling interest – Fontana is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	277,886	$	268,143	$	268,031	$	—
Sale of shares to redeemable noncontrolling interest	—		—		—		273,684
Net income (loss) attributable to redeemable noncontrolling interest	(6,167)		(6,613)		3,688		(12,154)
Ending balance	$	271,719	$	261,530	$	271,719	$	261,530

NOTE 9. VARIABLE INTEREST ENTITIES

Upsilon RFO

Upsilon RFO is a segregated accounts company and currently has three segregated accounts. RenaissanceRe indirectly owns a portion of the participating non-voting preference shares of each of the existing segregated accounts of Upsilon RFO and all of Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholder) participate in all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk, and therefore, these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance.

Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of each of the existing segregated accounts of Upsilon RFO as it has the power over the activities that most significantly impact the economic performance

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of the segregated accounts and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to the segregated accounts, in accordance with the accounting guidance. As a result, the Company consolidates the existing segregated accounts of Upsilon RFO and all significant inter-company transactions have been eliminated. Other than its equity investments in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023 and following the release of collateral that was previously held by cedants associated with prior years’ contracts, Upsilon RFO returned $630.8 million of capital to investors, including $79.5 million to the Company. Also during the nine months ended September 30, 2023, Upsilon RFO issued $39.8 million of non-voting preference shares to existing investors, including $10.2 million to the Company. At September 30, 2023, the Company’s participation in the risks assumed by Upsilon RFO was 13.5%.

At September 30, 2023, the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $2.7 billion and $2.7 billion, respectively (December 31, 2022 - $3.7 billion and $3.7 billion, respectively). Of the total assets and liabilities, a net amount of $120.7 million (December 31, 2022 - $165.3 million) is attributable to the Company, and $800.0 million (December 31, 2022 - $1.2 billion) is attributable to third-party investors.

2022

During the nine months ended September 30, 2022, $89.0 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $10.0 million to the Company. In addition, during the nine months ended September 30, 2022 and following the release of collateral that was previously held by cedants associated with prior years’ contracts, Upsilon RFO returned $254.1 million of capital to its investors, including $52.8 million to the Company. At September 30, 2022, the Company’s participation in the risks assumed by Upsilon RFO was 12.5%.

Upsilon Diversified

RenaissanceRe Upsilon Diversified Fund (“Upsilon Diversified”) is a segregated account of Upsilon Fund, and provides a fund structure through which investors can invest in reinsurance risk managed by the Company, which includes investments in Upsilon RFO and Medici. The Company concluded that Upsilon Diversified meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Upsilon Diversified and concluded it is not the primary beneficiary of Upsilon Diversified, as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon Diversified, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of Upsilon Diversified. Upsilon Diversified meets the definition of an investment company in accordance with accounting guidance, and accordingly, is required to account for all of its investments, including its investments in Upsilon RFO and Medici, at fair value. The Company does not have, has not previously had, and does not expect to have, a material investment in Upsilon Diversified. In addition, the Company expects its absolute and relative ownership in Upsilon Diversified to remain minimal. Other than its current equity investment in Upsilon Diversified, the Company has not provided financial or other support to Upsilon Diversified that it was not contractually required to provide. The total assets of Upsilon Diversified principally reflect its investment in Upsilon RFO.

2023

During the nine months ended September 30, 2023 and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $543.3 million of capital to investors, including $1.0 million to the Company. In addition, during the nine months ended September 30, 2023, Upsilon Diversified issued $30.0 million of non-voting preference shares to existing investors, including $0.1 million from the Company. The fair value of the Company’s indirect equity ownership in Upsilon Diversified is included in investments in other ventures and was $1.2 million at September 30, 2023 (December 31, 2022 - $1.9 million). At September 30, 2023, the total assets and total liabilities of Upsilon Diversified were $833.2 million and

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$41.7 million, respectively (December 31, 2022 - $1.2 billion and $32.1 million, respectively). Upsilon Diversified’s investment in Upsilon RFO was valued at $805.8 million at September 30, 2023 (December 31, 2022 - $1.2 billion).

2022

During the nine months ended September 30, 2022 and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $143.5 million of capital to investors, including $Nil to the Company. Also during the nine months ended September 30, 2022, Upsilon Diversified issued $82.5 million of non-voting preference shares to existing investors, including $Nil to the Company.

NOC1

NOC1 is a segregated account of Upsilon Fund formed in the second quarter of 2023, that provides a fund structure through which investors can invest in a portfolio of insurance-linked securities, principally catastrophe bonds. The Company concluded that NOC1 meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with NOC1 and concluded it is not the primary beneficiary of NOC1, as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to NOC1, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of NOC1. The Company does not have, and does not expect to have, a material investment in NOC 1 and expects its absolute and relative ownership in NOC1 to remain minimal. Other than its current equity investment in NOC1, the Company has not provided financial or other support to NOC1 that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023, NOC1 issued $151.5 million of non-voting preference shares to existing investors, including $1.5 million to the Company. The fair value of the Company’s indirect equity ownership in NOC1 is included in investments in other ventures and was $1.6 million at September 30, 2023. At September 30, 2023, the total assets and total liabilities of NOC1 were $159.6 million and $0.6 million, respectively.

Vermeer

Vermeer provides capacity focused on risk remote layers in the U.S. property catastrophe market. Refer to “Note 8. Noncontrolling Interests” for additional information regarding Vermeer.

At September 30, 2023, the Company’s consolidated balance sheet included total assets and total liabilities of Vermeer of $1.6 billion and $172.9 million, respectively (December 31, 2022 - $1.6 billion and $144.9 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Vermeer of $1.5 billion at September 30, 2023 (December 31, 2022 - $1.5 billion).

Fontana

Fontana provides reinsurance capacity focused on business written within the Company’s Casualty and Specialty segment. Refer to “Note 8. Noncontrolling Interests” for additional information regarding Fontana.

At September 30, 2023, the Company’s consolidated balance sheet included total assets and total liabilities of Fontana of $1.2 billion and $0.8 billion, respectively (December 31, 2022 - $711.0 million and $319.2 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Fontana of $271.7 million at September 30, 2023 (December 31, 2022 - $268.0 million).

Mona Lisa Re Ltd.

Mona Lisa Re provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors.

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Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci Reinsurance underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes.

The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Mona Lisa Re and concluded it is not the primary beneficiary of Mona Lisa Re as it does not have the power over the activities that most significantly impact the economic performance of Mona Lisa Re, in accordance with the accounting guidance. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company.

The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci Reinsurance which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance, and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.

Renaissance Reinsurance and DaVinci Reinsurance have together entered into ceded reinsurance contracts with Mona Lisa Re with ceded premiums written of $32.8 million and $8.2 million, respectively, during the nine months ended September 30, 2023 (2022 - $39.6 million and $9.9 million, respectively). In addition, Renaissance Reinsurance and DaVinci Reinsurance recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $24.4 million and $6.1 million, respectively, during the nine months ended September 30, 2023 (2022 - $29.4 million and $7.3 million, respectively).

Effective January 10, 2023, Mona Lisa Re issued two series of principal-at-risk variable rate notes to investors for principal amounts of $85.0 million and $100.0 million. Also during the nine months ended September 30, 2023, Mona Lisa Re redeemed its Series 2020-1 principal-at-risk variable rate notes at their par value of $400.0 million, of which $16.5 million was returned to Medici. At September 30, 2023, the total assets and total liabilities of Mona Lisa Re were $447.5 million and $447.5 million, respectively (December 31, 2022 - $654.8 million and $654.8 million, respectively).

The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $3.4 million at September 30, 2023 (December 31, 2022 - $5.7 million).

Fibonacci Re

Fibonacci Re provides collateralized capacity to Renaissance Reinsurance and its affiliates.

The Company concluded that Fibonacci Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Fibonacci Re and concluded it is not the primary beneficiary of Fibonacci Re as it does not have power over the activities that most significantly impact the economic performance of Fibonacci Re. As a result, the Company does not consolidate the financial position or results of operations of Fibonacci Re. The Company has not provided financial or other support to Fibonacci Re that it was not contractually required to provide.

Renaissance Reinsurance had no outstanding balances with Fibonacci Re as of September 30, 2023 and December 31, 2022, and there was no material impact on the Company’s consolidated statements of operations for the nine months ended September 30, 2023 and 2022.

Langhorne

The Company and Reinsurance Group of America formed Langhorne, an initiative to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. In connection with Langhorne,

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as of September 30, 2023, the Company had invested $0.1 million in Langhorne Partners (December 31, 2022 - $0.1 million). Langhorne’s capital commitment period expired at the end of December 2022 and the Langhorne entities are in the process of winding down. During the first quarter of 2023, the reinsurance entities of Langhorne Holdings were sold or dissolved, and all capital of Langhorne Holdings was distributed, including $1.5 million to the Company. Langhorne Partners is in the process of being dissolved, and distributed all remaining capital in July 2023, including $0.8 million to the Company.

The Company concluded that Langhorne Holdings meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Langhorne Holdings and concluded it is not the primary beneficiary of Langhorne Holdings, as it does not have power over the activities that most significantly impact the economic performance of Langhorne Holdings. As a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company separately evaluated Langhorne Partners and concluded that it was not a VIE. The Company accounts for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.

The Company expects its absolute and relative ownership in Langhorne Partners to remain stable until the wind down concludes. Other than its current equity investment in Langhorne, the Company has not provided financial or other support to Langhorne that it was not contractually required to provide.

Shima Re

Shima Re was acquired on March 22, 2019 in connection with the acquisition of TMR. Shima Re is a Bermuda domiciled Class 3 insurer. Shima Re is registered as a segregated accounts company and provides third-party investors with access to reinsurance risk. The maximum remaining exposure of each segregated account is fully collateralized and is funded by cash or investments as prescribed by the participant thereto. Shima Re no longer writes new business and the last in-force contract written by Shima Re expired on December 31, 2019. The Company ceased providing management services to Shima Re effective December 1, 2020.

Shima Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Shima Re and concluded it is not the primary beneficiary of any segregated account, as it does not have power over the activities that most significantly impact the economic performance of any segregated account. As a result, the Company does not consolidate the financial position or results of operations of Shima Re or its segregated accounts. The Company has not provided any financial or other support to any segregated account of Shima Re that it was not contractually required to provide.

Norwood Re

Until December 1, 2020, Norwood Re was managed by a subsidiary of RREAG that the Company acquired in the acquisition of TMR. Norwood Re is a Bermuda domiciled special purpose insurer registered as a segregated accounts company formed to provide solutions for reinsurance-linked asset investors. Norwood Re is wholly owned by the Norwood Re Purpose Trust. Risks assumed by the segregated accounts of Norwood Re were fronted by, or ceded from, only one cedant - RREAG and/or its insurance affiliates. The obligations of each segregated account are funded through the issuance of non-voting preference shares to third-party investors. The maximum exposure of each segregated account is fully collateralized and is funded by cash and term deposits or investments as prescribed by the participant thereto. Norwood Re no longer writes new business, and the last in-force contract written by Norwood Re expired on June 30, 2020. The Company ceased providing management services to Norwood Re effective December 1, 2020.

Norwood Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Norwood Re and concluded it is not the primary beneficiary of Norwood Re and its segregated accounts, as it does not have power over the activities that most significantly impact the economic performance of Norwood Re and its segregated accounts. As a result, the Company does not consolidate the financial position or results of operations of Norwood Re and its segregated accounts. The Company has not provided any financial or other support to Norwood Re that it was not contractually required to provide.

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Fund Investments

The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. Refer to “Note 4. Fair Value Measurements” for additional information.

NOTE 10. SHAREHOLDERS’ EQUITY

Dividends

The Board of Directors of RenaissanceRe declared quarterly dividends of $0.38 per common share, payable to common shareholders of record on March 15, 2023, June 15, 2023 and September 15, 2023, and the Company paid the dividends on March 31, 2023, June 30, 2023 and September 29, 2023.

The Board of Directors approved the payment of quarterly dividends on each of the series of RenaissanceRe’s preference shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates.

The amount of the dividend on the 5.750% Series F Preference Shares is an amount per share equal to 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). The amount of the dividend on the 4.20% Series G Preference Shares is an amount per share equal to 4.20% of the liquidation preference per annum (the equivalent to $1,050 per 4.20% Series G Preference Share per annum, or $262.50 per 4.20% Series G Preference Share per quarter, or $1.05 per Depositary Share per annum, or $0.2625 per quarter).

During the nine months ended September 30, 2023, the Company paid $26.5 million in preference share dividends (2022 - $26.5 million) and $55.2 million in common share dividends (2022 - $48.6 million).

Common Shares

On May 26, 2023, the Company completed an offering of 7,245,000 of its common shares at the public offering price of $192.00 per share. The Company received net proceeds of approximately $1,352 million from the equity offering after deducting the underwriting discounts and estimated offering expenses payable by the Company. The Company used the net proceeds from this offering to fund a portion of the cash consideration for the Validus Acquisition, which closed on November 1, 2023, to pay related costs and expenses, and for general corporate purposes. See “Note 15. Acquisition of Validus” for additional information regarding the Validus Acquisition.

Share Repurchases

The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On August 2, 2022, RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of up to $500.0 million. Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the common shares authorized. During the nine months ended September 30, 2023, the Company did not repurchase common shares. At September 30, 2023, $500.0 million remained available for repurchase under the share repurchase program. In the future, the Company may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans. The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company.

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NOTE 11. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

	Three months ended				Nine months ended
(common shares in thousands)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	193,988	$	(825,344)	$	949,075	$	(1,544,670)
Amount allocated to participating common shareholders (1)	(2,637)		(306)		(14,108)		(813)
Net income (loss) allocated to RenaissanceRe common shareholders	$	191,351	$	(825,650)	$	934,967	$	(1,545,483)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	50,261		42,837		46,345		43,121
Per common share equivalents of non-vested shares (2)	97		—		106		—
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	50,358		42,837		46,451		43,121
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	3.81	$	(19.27)	$	20.17	$	(35.84)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	3.80	$	(19.27)	$	20.13	$	(35.84)

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

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NOTE 12. SEGMENT REPORTING

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds. In addition to its reportable segments, the Company has an Other category, which primarily includes its investments unit, strategic investments, corporate expenses, capital servicing costs, noncontrolling interests and certain expenses related to acquisitions and dispositions.

The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:

Three months ended September 30, 2023	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	511,012		$	1,107,431		$	—	$	1,618,443
Net premiums written	$	444,872		$	976,388		$	—	$	1,421,260
Net premiums earned	$	760,365		$	995,511		$	—	$	1,755,876
Net claims and claim expenses incurred	206,361			655,215			—		861,576
Acquisition expenses	143,348			282,397			—		425,745
Operational expenses	54,624			28,127			—		82,751
Underwriting income (loss)	$	356,032		$	29,772		$	—	385,804
Net investment income							329,108		329,108
Net foreign exchange gains (losses)							(25,886)		(25,886)
Equity in earnings of other ventures							10,842		10,842
Other income (loss)							(5,866)		(5,866)
Net realized and unrealized gains (losses) on investments							(228,087)		(228,087)
Corporate expenses							(17,143)		(17,143)
Interest expense							(22,951)		(22,951)
Income (loss) before taxes and redeemable noncontrolling interests									425,821
Income tax benefit (expense)							(9,295)		(9,295)
Net (income) loss attributable to redeemable noncontrolling interests							(213,695)		(213,695)
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	193,988
Net claims and claim expenses incurred – current accident year	$	350,238		$	669,285		$	—	$	1,019,523
Net claims and claim expenses incurred – prior accident years	(143,877)			(14,070)			—		(157,947)
Net claims and claim expenses incurred – total	$	206,361		$	655,215		$	—	$	861,576
Net claims and claim expense ratio – current accident year	46.1		%	67.2		%			58.1		%
Net claims and claim expense ratio – prior accident years	(19.0)		%	(1.4)		%			(9.0)		%
Net claims and claim expense ratio – calendar year	27.1		%	65.8		%			49.1		%
Underwriting expense ratio	26.1		%	31.2		%			28.9		%
Combined ratio	53.2		%	97.0		%			78.0		%

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Nine months ended September 30, 2023	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	3,217,817		$	3,842,508		$	—	$	7,060,325
Net premiums written	$	2,609,356		$	3,271,410		$	—	$	5,880,766
Net premiums earned	$	2,206,471		$	3,015,217		$	—	$	5,221,688
Net claims and claim expenses incurred	675,963			1,918,024			—		2,593,987
Acquisition expenses	429,273			851,274			—		1,280,547
Operational expenses	165,514			75,202			—		240,716
Underwriting income (loss)	$	935,721		$	170,717		$	—	1,106,438
Net investment income							876,148		876,148
Net foreign exchange gains (losses)							(53,877)		(53,877)
Equity in earnings of other ventures							28,072		28,072
Other income (loss)							(6,296)		(6,296)
Net realized and unrealized gains (losses) on investments							(171,417)		(171,417)
Corporate expenses							(53,357)		(53,357)
Interest expense							(49,980)		(49,980)
Income (loss) before taxes and redeemable noncontrolling interests									1,675,731
Income tax benefit (expense)							(44,139)		(44,139)
Net (income) loss attributable to redeemable noncontrolling interests							(655,986)		(655,986)
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	949,075
Net claims and claim expenses incurred – current accident year	$	933,172		$	1,955,612		$	—	$	2,888,784
Net claims and claim expenses incurred – prior accident years	(257,209)			(37,588)			—		(294,797)
Net claims and claim expenses incurred – total	$	675,963		$	1,918,024		$	—	$	2,593,987
Net claims and claim expense ratio – current accident year	42.3		%	64.9		%			55.3		%
Net claims and claim expense ratio – prior accident years	(11.7)		%	(1.3)		%			(5.6)		%
Net claims and claim expense ratio – calendar year	30.6		%	63.6		%			49.7		%
Underwriting expense ratio	27.0		%	30.7		%			29.1		%
Combined ratio	57.6		%	94.3		%			78.8		%

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Three months ended September 30, 2022	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	800,330		$	1,420,331		$	—	$	2,220,661
Net premiums written	$	696,520		$	1,125,191		$	—	$	1,821,711
Net premiums earned	$	839,817		$	927,204		$	—	$	1,767,021
Net claims and claim expenses incurred	1,372,583			595,348			—		1,967,931
Acquisition expenses	141,675			275,969			—		417,644
Operational expenses	48,158			16,402			—		64,560
Underwriting income (loss)	$	(722,599)		$	39,485		$	—	(683,114)
Net investment income							157,793		157,793
Net foreign exchange gains (losses)							(1,383)		(1,383)
Equity in earnings of other ventures							1,739		1,739
Other income (loss)							2,834		2,834
Net realized and unrealized gains (losses) on investments							(641,500)		(641,500)
Corporate expenses							(10,384)		(10,384)
Interest expense							(12,101)		(12,101)
Income (loss) before taxes and redeemable noncontrolling interests									(1,186,116)
Income tax benefit (expense)							(2,814)		(2,814)
Net (income) loss attributable to redeemable noncontrolling interests							372,429		372,429
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(825,344)
Net claims and claim expenses incurred – current accident year	$	1,396,842		$	602,995		$	—	$	1,999,837
Net claims and claim expenses incurred – prior accident years	(24,259)			(7,647)			—		(31,906)
Net claims and claim expenses incurred – total	$	1,372,583		$	595,348		$	—	$	1,967,931
Net claims and claim expense ratio – current accident year	166.3		%	65.0		%			113.2		%
Net claims and claim expense ratio – prior accident years	(2.9)		%	(0.8)		%			(1.8)		%
Net claims and claim expense ratio – calendar year	163.4		%	64.2		%			111.4		%
Underwriting expense ratio	22.6		%	31.5		%			27.3		%
Combined ratio	186.0		%	95.7		%			138.7		%

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Nine months ended September 30, 2022	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	3,362,159		$	4,266,105		$	—	$	7,628,264
Net premiums written	$	2,474,661		$	3,375,883		$	—	$	5,850,544
Net premiums earned	$	2,081,989		$	2,627,840		$	—	$	4,709,829
Net claims and claim expenses incurred	1,804,268			1,711,635			—		3,515,903
Acquisition expenses	406,338			749,051			—		1,155,389
Operational expenses	144,717			60,270			—		204,987
Underwriting income (loss)	$	(273,334)		$	106,884		$	—	(166,450)
Net investment income							348,695		348,695
Net foreign exchange gains (losses)							(67,690)		(67,690)
Equity in earnings of other ventures							2,732		2,732
Other income (loss)							4,950		4,950
Net realized and unrealized gains (losses) on investments							(1,968,624)		(1,968,624)
Corporate expenses							(35,238)		(35,238)
Interest expense							(35,951)		(35,951)
Income (loss) before taxes and redeemable noncontrolling interests									(1,917,576)
Income tax benefit (expense)							64,427		64,427
Net (income) loss attributable to redeemable noncontrolling interests							335,010		335,010
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(1,544,670)
Net claims and claim expenses incurred – current accident year	$	1,880,337		$	1,728,262		$	—	$	3,608,599
Net claims and claim expenses incurred – prior accident years	(76,069)			(16,627)			—		(92,696)
Net claims and claim expenses incurred – total	$	1,804,268		$	1,711,635		$	—	$	3,515,903
Net claims and claim expense ratio – current accident year	90.3		%	65.8		%			76.6		%
Net claims and claim expense ratio – prior accident years	(3.6)		%	(0.7)		%			(1.9)		%
Net claims and claim expense ratio – calendar year	86.7		%	65.1		%			74.7		%
Underwriting expense ratio	26.4		%	30.8		%			28.9		%
Combined ratio	113.1		%	95.9		%			103.6		%

NOTE 13. DERIVATIVE INSTRUMENTS

From time to time, the Company may enter into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and to assume risk. The Company’s derivative instruments can be exchange traded or over-the-counter, with over-the-counter derivatives generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event a party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities.

The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at September 30, 2023.

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The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:

	Derivative Assets
At September 30, 2023	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	6,819	$	—	$	6,819	Other assets	$	—	$	6,819
Foreign currency forward contracts (1)	1,745		—		1,745		Other assets	—		1,745
Foreign currency forward contracts (2)	4,365		—		4,365		Other assets	—		4,365
Credit default swaps	3,650		—		3,650		Other assets	—		3,650
Total derivative instruments not designated as hedges	16,579		—		16,579			—		16,579
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	1,654		—		1,654		Other assets	—		1,654
Total	$	18,233	$	—	$	18,233		$	—	$	18,233
	Derivative Liabilities
At September 30, 2023	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	7,139	$	—	$	7,139	Other liabilities	$	6,984	$	155
Foreign currency forward contracts (1)	17,956		—		17,956		Other liabilities	—		17,956
Foreign currency forward contracts (2)	508		—		508		Other liabilities	—		508
Credit default swaps	9,893		—		9,893		Other liabilities	9,893		—
Total derivative instruments not designated as hedges	35,496		—		35,496			16,877		18,619
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	61		—		61		Other liabilities	—		61
Total	$	35,557	$	—	$	35,557		$	16,877	$	18,680

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in a foreign operation.

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	Derivative Assets
At December 31, 2022	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	387	$	—	$	387	Other assets	$	—	$	387
Foreign currency forward contracts (1)	31,755		—		31,755		Other assets	—		31,755
Foreign currency forward contracts (2)	11,866		—		11,866		Other assets	—		11,866
Credit default swaps	413		—		413		Other assets	—		413
Total derivative instruments not designated as hedges	44,421		—		44,421			—		44,421
Total	$	44,421	$	—	$	44,421		$	—	$	44,421
	Derivative Liabilities
At December 31, 2022	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	1,685	$	—	$	1,685	Other liabilities	$	209	$	1,476
Foreign currency forward contracts (1)	1,160		—		1,160		Other liabilities	—		1,160
Foreign currency forward contracts (2)	2,165		—		2,165		Other liabilities	—		2,165
Credit default swaps	1,055		—		1,055		Other liabilities	100		955
Equity futures	323		—		323		Other liabilities	—		323
Total derivative instruments not designated as hedges	6,388		—		6,388			309		6,079
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	1,193		—		1,193		Other liabilities	—		1,193
Total	$	7,581	$	—	$	7,581		$	309	$	7,272

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in a foreign operation.

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The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:

	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Three months ended September 30,		2023		2022
Derivative instruments not designated as hedges
Interest rate futures (1)	Net realized and unrealized gains (losses) on investments	$	28,366	$	(40,245)
Foreign currency forward contracts (2)	Net foreign exchange gains (losses)	(23,686)		(32,346)
Foreign currency forward contracts (3)	Net foreign exchange gains (losses)	(10,938)		6,576
Foreign currency option contracts	Net foreign exchange gains (losses)	—		208
Credit default swaps (1)	Net realized and unrealized gains (losses) on investments	2,228		24
Total return swaps (1)	Net realized and unrealized gains (losses) on investments	—		(6)
Equity futures (4)	Net realized and unrealized gains (losses) on investments	—		(16,594)
Warrants	Net realized and unrealized gains (losses) on investments	—		1,241
Total derivative instruments not designated as hedges		(4,030)		(81,142)
Derivative instruments designated as hedges
Foreign currency forward contracts (5)	Accumulated other comprehensive income (loss)	1,818		4,925
Total		$	(2,212)	$	(76,217)
	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Nine months ended September 30,		2023		2022
Derivative instruments not designated as hedges
Interest rate futures (1)	Net realized and unrealized gains (losses) on investments	$	6,819	$	(83,731)
Foreign currency forward contracts (2)	Net foreign exchange gains (losses)	(14,041)		(105,103)
Foreign currency forward contracts (3)	Net foreign exchange gains (losses)	(25,729)		14,747
Foreign currency option contracts	Net foreign exchange gains (losses)	—		(236)
Credit default swaps (1)	Net realized and unrealized gains (losses) on investments	(27,186)		(6,450)
Total return swaps (1)	Net realized and unrealized gains (losses) on investments	—		(6)
Equity futures (4)	Net realized and unrealized gains (losses) on investments	(1,928)		(73,000)
Warrants	Net realized and unrealized gains (losses) on investments	—		1,241
Total derivative instruments not designated as hedges		(62,065)		(252,538)
Derivative instruments designated as hedges
Foreign currency forward contracts (5)	Accumulated other comprehensive income (loss)	3,357		9,219
Total		$	(58,708)	$	(243,319)

(1)Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 3. Investments” for additional information.

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(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(3)Contracts used to manage foreign currency risks in investment operations.

(4)Equity related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 3. Investments” for additional information.

(5)Contracts designated as hedges of net investments in a foreign operation.

Derivative Instruments Not Designated as Hedges

Interest Rate Derivatives

The Company uses interest rate futures and swaps within its portfolio of fixed maturity investments to manage its exposure to interest rate risk, which may result in increasing or decreasing its exposure to this risk.

Interest Rate Futures

The fair value of interest rate futures is determined using exchange traded prices. At September 30, 2023, the Company had $2.2 billion of notional long positions and $1.5 billion of notional short positions of primarily U.S. treasury, Eurozone and Japanese government bond futures contracts (December 31, 2022 - $2.4 billion and $0.5 billion, respectively, primarily of U.S. treasury futures contracts).

Foreign Currency Derivatives

The Company’s functional currency is the U.S. dollar. The Company writes a portion of its business in currencies other than U.S. dollars and may, from time to time, experience foreign exchange gains and losses in the Company’s consolidated financial statements. The impact of changes in exchange rates on the Company’s assets and liabilities denominated in currencies other than the U.S. dollar, excluding non-monetary assets and liabilities, are recognized in the Company’s consolidated statements of operations.

Underwriting and Non-investments Operations Related Foreign Currency Contracts

The Company’s foreign currency policy with regard to its underwriting operations is generally to enter into foreign currency forward and option contracts for notional values that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances payable, net of any cash, investments and receivables held in the respective foreign currency. The Company’s use of foreign currency forward and option contracts is intended to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with its underwriting operations. The Company may determine not to match a portion of its projected underwriting related assets or liabilities with underlying foreign currency exposure with investments in the same currencies, which would increase its exposure to foreign currency fluctuations and potentially increase the impact and volatility of foreign exchange gains and losses on its results of operations. The fair value of the Company’s underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At September 30, 2023, the Company had outstanding underwriting related foreign currency contracts of $763.6 million in notional long positions and $151.0 million in notional short positions, denominated in U.S. dollars (December 31, 2022 - $861.7 million and $172.4 million, respectively).

Investment Portfolio Related Foreign Currency Forward Contracts

The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At September 30, 2023, the Company had outstanding investment portfolio related foreign currency contracts of $339.1 million in notional long positions and $75.8 million in notional short positions, denominated in U.S. dollars (December 31, 2022 - $225.6 million and $86.3 million, respectively).

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Credit Derivatives

The Company’s exposure to credit risk is primarily due to its fixed maturity investments, short term investments, premiums receivable and reinsurance recoverable. From time to time, the Company may purchase credit derivatives to manage its exposures in the insurance industry, and to assist in managing the credit risk associated with ceded reinsurance. The Company also employs credit derivatives in its investment portfolio to either assume credit risk or manage its credit exposure.

Credit Default Swaps

The fair value of the Company’s credit default swaps is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit default swaps can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At September 30, 2023, the Company had outstanding credit default swaps of $1.0 billion in notional positions to hedge credit risk and $19.5 million in notional positions to assume credit risk, denominated in U.S. dollars (December 31, 2022 - $953.4 million and $13.1 million, respectively).

Total Return Swaps

The fair value of the Company’s total return swaps is determined using broker-dealer bid quotations, market-based prices from pricing vendors or valuation models. At September 30, 2023 and December 31, 2022, the Company had no outstanding total return swaps.

Equity Derivatives

Equity Futures

From time to time, the Company uses equity derivatives in its investment portfolio to either assume equity risk or hedge its equity exposure. The fair value of the Company’s equity futures is determined using market-based prices from pricing vendors. At September 30, 2023, the Company had no notional positions of equity futures, denominated in U.S. dollars (December 31, 2022 - $116.0 million notional long position).

Derivative Instruments Designated as Hedges of Net Investments in Foreign Operations

Foreign Currency Derivatives

Hedges of Net Investments in Foreign Operations

One of the Company’s subsidiaries currently uses a non-U.S. dollar functional currency. The Company, from time to time, enters into foreign exchange forwards to hedge non-U.S. dollar functional currencies, on an after-tax basis, from changes in the exchange rate between the U.S. dollar and these currencies. As of September 30, 2023 and 2022, this included the Australian dollar net investment in a foreign operation. These foreign exchange forward contracts were formally designated as hedges of its investment in subsidiaries with non-U.S. dollar functional currencies and there was no ineffectiveness in these transactions.

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The table below provides a summary of derivative instruments designated as hedges of net investments in a foreign operation, including the weighted average U.S. dollar equivalent of foreign denominated net (liabilities) assets that were hedged and the resulting derivative gains (losses) that are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities)	$	57,216	$	65,599	$	58,779	$	76,839
Derivative gains (losses) (1)	$	1,818	$	4,925	$	3,357	$	9,219

(1)Derivative gains (losses) from derivative instruments designated as hedges of the net investment in a foreign operation are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity.

NOTE 14. COMMITMENTS, CONTINGENCIES AND OTHER ITEMS

There are no material changes from the commitments, contingencies and other items previously disclosed in the Company’s Form 10-K for the year ended December 31, 2022.

Legal Proceedings

The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company’s industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, involving or arising out of claims on policies issued by the Company’s subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in its loss and loss expense reserves. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company’s ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its financial condition, business or operations.

Validus Acquisition

See “Note 15. Acquisition of Validus” for information related to the obligations of the Company with respect to the Validus Acquisition.

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NOTE 15. ACQUISITION OF VALIDUS

On November 1, 2023, the Company completed the Validus Acquisition in accordance with the Stock Purchase Agreement, dated May 22, 2023 (as amended, the “Stock Purchase Agreement”), between RenaissanceRe and American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries, “AIG”), pursuant to which, upon the terms and subject to the conditions thereof, RenaissanceRe,or one of its subsidiaries, purchased, acquired and accepted from certain subsidiaries of AIG, all of their right, title and interest in the shares of certain direct and indirect subsidiaries of AIG, including Validus Holdings, Ltd. (“Validus Holdings”), and Validus Specialty, LLC (“Validus Specialty”). Substantially all of the assets of Validus Holdings is comprised of its equity interest in its wholly-owned subsidiary, Validus Reinsurance, Ltd. (“Validus Re”). The Company also acquired the renewal rights, records and customer relationships of Talbot Underwriting Ltd., an affiliate of AIG (“Talbot”), a specialty (re)insurance group operating within the Lloyd’s market. The acquisitions under the Stock Purchase Agreement, together with the other transactions contemplated in the Stock Purchase Agreement, are referred to herein as the “Validus Acquisition” and Validus Holdings, Validus Specialty, and their respective subsidiaries (including Validus Re) collectively are referred to herein as “Validus.”

In connection with the Validus Acquisition, on November 1, 2023, the Company paid to AIG aggregate consideration of $2.985 billion, consisting of the following: (i) cash consideration of $2.735 billion; and (ii) 1,322,541 common shares, which were valued at approximately $250.0 million based on a value of $189.03 per share at signing, pursuant to the Stock Purchase Agreement (the “Base Common Share Consideration”). The Company also entered into a registration rights agreement with AIG in respect of the Base Common Share Consideration. AIG also has the option to make a substantial investment into the Company’s Capital Partners vehicles.

As set forth in the Stock Purchase Agreement, AIG caused certain Validus entities to be acquired by the Company to pay, prior to the completion of the Validus Acquisition, to AIG entities not being acquired by the Company, one or more dividends in an aggregate amount equal to the estimated excess tangible book value of all acquired entities above $2.1 billion. The Stock Purchase Agreement also includes a reserve development arrangement on net reserves acquired at closing such that AIG retains 95% of the risk and reward on the development of in-force reserves.

The transaction will be accounted for as a business combination. The Company is currently estimating the impact of the Validus Acquisition on its financial statements as of the date the financial statements were issued, and expects these estimates to be further refined during the purchase accounting measurement period. The Company has concluded that, due to the limited amount of time since the date of this transaction, in accordance with the accounting guidance, it is impracticable to provide all of the disclosures required for a business combination at the time of this filing.

NOTE 16. SUBSEQUENT EVENTS

Effective October 1, 2023, Fontana issued $75.0 million of non voting common shares to investors, including $23.7 million to the Company. The Company’s noncontrolling economic ownership in Fontana subsequent to this transaction remained 31.6%.

In October 2023, Hurricane Otis impacted Acapulco and the surrounding region of Mexico. The Company is in the preliminary stage of assessing the impact of this event on the Company’s financial results for the fourth quarter of 2023. It is difficult at this time to provide an accurate estimate of the financial impact of this event, including as a result of the preliminary nature of the information available and provided thus far by industry participants, the magnitude and recent occurrence of the event, and other factors. The estimated losses for this event will be reported in the Company's annual 2023 financial results.

See “Note 15. Acquisition of Validus” for additional information regarding the Validus Acquisition, which closed on November 1, 2023.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2023 and 2022, as well as our liquidity and capital resources at September 30, 2023. 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, 2022. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.”

In this Form 10-Q, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. Defined terms used throughout this Form 10-Q are included in the “Glossary of Defined Terms” at the beginning of this Form 10-Q.

All dollar amounts referred to in this Form 10-Q are in U.S. dollars unless otherwise indicated.

Due to rounding, numbers presented in the tables included in this Form 10-Q may not add up precisely to the totals provided.

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INDEX TO MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

	Page
OVERVIEW	60
SUMMARY OF CRITICAL ACCOUNTING ESTIMATES	62
SUMMARY RESULTS OF OPERATIONS	63
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES	89
Financial Condition	89
Liquidity and Cash Flows	89
Capital Resources	95
Reserve for Claims and Claim Expenses	97
Investments	98
Ratings	100
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION	101
CURRENT OUTLOOK	103

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OVERVIEW

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, we have offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the U.K., and the U.S. We are one of the world’s leading providers of property and, casualty and specialty reinsurance.

Our mission is to match desirable, well-structured risks with efficient sources of capital to achieve our vision of being the best underwriter. We believe that this will allow us to produce superior returns for our shareholders over the long term, and to further our purpose of protecting communities and enabling prosperity. We seek to accomplish these goals by (i) being a trusted, long-term partner to our customers for assessing and managing risk, (ii) delivering responsive and innovative solutions, (iii) leveraging our core capabilities of risk assessment and information management, (iv) investing in these core capabilities in order to serve our customers across market cycles, and (v) keeping our promises.

Our core products include property, casualty and specialty reinsurance, and certain insurance products, principally distributed through intermediaries with whom we have cultivated strong long-term relationships. Our business consists of the following reportable segments: (1) Property, which is comprised of catastrophe and other property (re)insurance, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance. The underwriting results of our consolidated operating subsidiaries and underwriting platforms are included in our Property and Casualty and Specialty segment results as appropriate.

Our strategy focuses on operating as an integrated system of three competitive advantages: superior risk selection, superior customer relationships and superior capital management. We provide value to our customers and partners in the form of financial security, innovative products, and responsive service. We are known as a leader in paying valid claims promptly.

We have three principal drivers of profit that generate diversified earnings streams for our business - underwriting income, fee income, and investment income. Underwriting income is the income that we earn from our core underwriting business. By accepting the volatility that this business brings, we believe that we can generate superior long-term returns and achieve our vision. Fee income is the income that we earn primarily from managing third-party capital in our Capital Partners unit, and is composed of management fee income and performance fee income. Investment income is income derived from the investment portfolio that we maintain to support our business. We take a disciplined approach in building a relatively conservative, well-structured investment portfolio with a focus on fixed income investments. Compared to underwriting income, we view fee income, in particular management fee income, and investment income, as relatively stable, less volatile, and capital efficient sources of income.

We principally measure our financial success through long-term growth in tangible book value per common share plus the change in accumulated dividends. We believe this metric is the most appropriate measure of our financial performance, and in respect of which we believe we have delivered superior performance over time.

Our current business strategy focuses predominantly on writing reinsurance, although we also write excess and surplus lines insurance through delegated authority arrangements. Additionally, we pursue a number of other opportunities, such as creating and managing our joint ventures and managed funds, executing customized reinsurance transactions to assume or cede risk, and managing certain strategic investments directed at classes of risk other than catastrophe reinsurance. From time to time we consider diversification into new ventures, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or the investment in, other companies or books of business of other companies.

We continually explore appropriate and efficient ways to address the risk needs of our clients and the impact of various regulatory and legislative changes on our operations. We have created, and manage, multiple capital vehicles across several jurisdictions and may create additional risk bearing vehicles or enter into additional jurisdictions in the future. In addition, our differentiated strategy and capabilities position us to pursue bespoke or large solutions for clients.

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VALIDUS ACQUISITION

On November 1, 2023, we completed the Validus Acquisition in accordance with the Stock Purchase Agreement dated May 22, 2023 between RenaissanceRe Holdings Ltd. and American International Group, Inc., a Delaware corporation and NYSE-listed company, pursuant to which, upon the terms and subject to the conditions thereof, we, or one of our subsidiaries, purchased, acquired and accepted from certain subsidiaries of AIG, all of their right, title and interest in the shares of certain direct and indirect subsidiaries of AIG, including Validus Holdings, Ltd., and Validus Specialty, LLC. Substantially all of the assets of Validus Holdings are comprised of its equity interest in its wholly-owned subsidiary, Validus Reinsurance, Ltd. Pursuant to the Stock Purchase Agreement, we also acquired the renewal rights, records and customer relationships of Talbot Underwriting Ltd., an affiliate of AIG, a specialty (re)insurance group operating within the Lloyd’s market.

In connection with the Validus Acquisition, on November 1, 2023, we paid to AIG aggregate consideration of $2.985 billion, consisting of the following: (i) cash consideration of $2.735 billion; and (ii) 1,322,541 common shares, which were valued at approximately $250.0 million based on a value of $189.03 per share at signing, pursuant to the Stock Purchase Agreement (the “Base Common Share Consideration”). We also entered into a registration rights agreement with AIG in respect of the Base Common Share Consideration. AIG also has the option to make a substantial investment into our Capital Partners vehicles.

We believe that the Validus Acquisition has several significant strategic benefits for us. We believe that it advances our strategy as a pure-play global property and casualty reinsurer, providing additional scale and increasing our importance with customers and brokers. Through the Validus Acquisition, we expect to gain access to a large, attractive book of reinsurance business that is closely aligned with our existing business mix. We believe the Validus Acquisition can also accelerate our growth in a favorable market, as we believe our increased scale following the Validus Acquisition would position us among the five largest global property and casualty reinsurers. We believe the Validus Acquisition will be immediately accretive to our shareholders upon completion. At the same time, we intend to deepen our relationship with a core trading partner, AIG, who is one of our five largest clients by premium volume, as the Validus Acquisition provides options for increased future strategic engagement. The statements set forth in this paragraph generally represent our goals and not projections.

Revenues and Expenses

Our revenues are principally derived from three sources: (1) net premiums earned from the reinsurance and insurance policies we sell; (2) net investment income and net realized and unrealized gains from the investment of our capital funds and the investment of the cash we receive on the policies which we sell; and (3) fees received from our joint ventures, managed funds and structured reinsurance products, which are primarily reflected in redeemable noncontrolling interest or as an offset to acquisition or operating expenses.

Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operating 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 and preference shares. We are also subject to taxes in certain jurisdictions in which we operate. Since the majority of our income is earned in Bermuda, which does not currently have a corporate income tax, the tax impact to our operations has historically been minimal. However, in the third quarter of 2023, the government of Bermuda announced its intention to implement a 15% corporate income tax effective January 1, 2025. If this occurs, and if the OECD's Pillar Two regime is implemented in the jurisdictions in which we operate, there may be an increase in our income taxes in the future. We believe that the flexible global operating model that we have utilized will continue to prove resilient.

The underwriting results of an insurance or reinsurance company are discussed frequently by reference to its net claims and claim expense ratio, underwriting expense ratio, and combined ratio. The net claims and claim expense ratio is calculated by dividing net claims and claim expenses incurred by net premiums earned. The underwriting expense ratio is calculated by dividing underwriting expenses (acquisition expenses and operational expenses) by net premiums earned. The combined ratio is the sum of the net claims and claim expense ratio and the underwriting expense ratio. A combined ratio below 100% indicates

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profitable underwriting prior to the consideration of investment income. A combined ratio over 100% indicates unprofitable underwriting prior to the consideration of investment income. We also discuss our net claims and claim expense ratio on a current accident year basis and a prior accident years basis. The current accident year net claims and claim expense ratio is calculated by taking current accident year net claims and claim expenses incurred, divided by net premiums earned. The prior accident years net claims and claim expense ratio is calculated by taking prior accident years net claims and claim expenses incurred, divided by net premiums earned.

We manage DaVinci, Fontana, Medici, and Vermeer, and own all, or a majority, of the voting interests, but own no, or a minority, economic interest of each. As a result of our controlling voting interests, we fully consolidate these entities in our financial statements, even though we do not retain the full value of the economic outcomes generated by these entities. The portions of the economic outcomes that are not retained by us are ultimately allocated to the third-party investors who hold the noncontrolling interests in these entities. The economic outcomes may include underwriting results, investments results, and foreign exchange impacts, among other items. For example, if one of these entities were to generate underwriting losses due to a natural catastrophe, the full amount would be reflected in net income (loss) on our consolidated statements of operations, but ultimately we would only retain a portion of that amount in our net income (loss) attributable to RenaissanceRe. In the Company’s consolidated balance sheets and consolidated statements of operations, we allocate the portion of these items attributable to third parties in the “Net (income) loss attributable to redeemable noncontrolling interests” line item. Refer to “Note 8. Noncontrolling Interests” in our “Notes to the Consolidated Financial Statements” for additional information regarding our redeemable noncontrolling interests and how this accounting treatment impacts the Company’s financial results.

Effects of Inflation

General economic inflation has increased over the past few years compared to recent historical norms, and there is a risk of inflation remaining elevated for an extended period, which could cause claims and claims related expenses to increase, impact the performance of our investment portfolio, or have other adverse effects. This risk may have been exacerbated by the impact from the war in Ukraine and global supply chain issues, among other factors. Many central banks have been raising interest rates, which could act as a countervailing force against some of these inflationary pressures. The actual effects of the current and potential future increase in inflation on our results cannot be accurately known until, among other items, claims are ultimately settled. The duration and severity of an inflationary period cannot be estimated with precision. We consider the anticipated effects of inflation on us in our catastrophe loss models and on our investment portfolio. Our estimates of the potential effects of inflation are also considered in pricing and in estimating reserves for unpaid claims and claim expenses. The potential exists, after a catastrophe loss, for the development of inflationary pressures in a local economy.

SUMMARY OF CRITICAL ACCOUNTING ESTIMATES

Our critical accounting estimates include “Claims and Claim Expense Reserves,” “Premiums and Related Expenses,” “Reinsurance Recoverables,” “Fair Value Measurements and Impairments” and “Income Taxes,” and are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the year ended December 31, 2022. There have been no material changes to our critical accounting estimates as disclosed in our Form 10-K for the year ended December 31, 2022.

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SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the third quarter of 2023, compared to the third quarter of 2022.

Three months ended September 30,	2023			2022			Change
(in thousands, except per share amounts and percentages)
Statement of operations highlights
Gross premiums written	$	1,618,443		$	2,220,661		$	(602,218)
Net premiums written	$	1,421,260		$	1,821,711		$	(400,451)
Net premiums earned	$	1,755,876		$	1,767,021		$	(11,145)
Net claims and claim expenses incurred	861,576			1,967,931			(1,106,355)
Acquisition expenses	425,745			417,644			8,101
Operational expenses	82,751			64,560			18,191
Underwriting income (loss)	$	385,804		$	(683,114)		$	1,068,918
Net investment income	$	329,108		$	157,793		$	171,315
Net realized and unrealized gains (losses) on investments	(228,087)			(641,500)			413,413
Total investment result	$	101,021		$	(483,707)		$	584,728
Net income (loss)	$	416,526		$	(1,188,930)		$	1,605,456
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	193,988		$	(825,344)		$	1,019,332
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	3.80		$	(19.27)		$	23.07
Dividends per common share	$	0.38		$	0.37		$	0.01
Key ratios
Net claims and claim expense ratio – current accident year	58.1		%	113.2		%	(55.1)		pts
Net claims and claim expense ratio – prior accident years	(9.0)		%	(1.8)		%	(7.2)		pts
Net claims and claim expense ratio – calendar year	49.1		%	111.4		%	(62.3)		pts
Underwriting expense ratio	28.9		%	27.3		%	1.6		pts
Combined ratio	78.0		%	138.7		%	(60.7)		pts
Return on average common equity - annualized	11.5		%	(72.4)		%	83.9		pts
Book value	September 30, 2023			June 30, 2023			Change
Book value per common share	$	133.63		$	129.98		$	3.65
Accumulated dividends per common share	26.14			25.76			0.38
Book value per common share plus accumulated dividends	$	159.77		$	155.74		$	4.03
Change in book value per common share plus change in accumulated dividends	3.1		%

Net income available to RenaissanceRe common shareholders was $194.0 million in the third quarter of 2023, compared to net loss attributable to RenaissanceRe common shareholders of $825.3 million in the third quarter of 2022, an increase of $1,019.3 million. As a result of our net income available to RenaissanceRe common shareholders in the third quarter of 2023, we generated an annualized return on average common equity of 11.5%, and our book value per common share increased from $129.98 at June 30, 2023 to $133.63 at September 30, 2023, a 3.1% increase, after considering the change in accumulated dividends paid to our common shareholders.

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The most significant items affecting our financial performance during the third quarter of 2023, on a comparative basis to the third quarter of 2022, include:

•Underwriting Results - we generated underwriting income of $385.8 million and had a combined ratio of 78.0% in the third quarter of 2023, compared to an underwriting loss of $683.1 million and a combined ratio of 138.7% in the third quarter of 2022. Our underwriting income in the third quarter of 2023 was comprised of our Property segment, which generated underwriting income of $356.0 million and had a combined ratio of 53.2%, and our Casualty and Specialty segment, which generated underwriting income of $29.8 million and had a combined ratio of 97.0%. In comparison, our underwriting loss in the third quarter of 2022 was comprised of our Property segment, which generated an underwriting loss of $722.6 million and had a combined ratio of 186.0%, offset in part by our Casualty and Specialty segment, which generated underwriting income of $39.5 million and had a combined ratio of 95.7%;

Notwithstanding our strong results in the third quarter of 2023, our underwriting results in the third quarter of 2023 were impacted by the 2023 Large Loss Events (as defined below), which resulted in a net negative impact on the underwriting result of $97.7 million and added 5.7 percentage points to the consolidated combined ratio, all in the Property segment. This compares to the third quarter of 2022, which was impacted by the Q3 2022 Weather-Related Large Losses, which resulted in a net negative impact on the underwriting result of $977.4 million and added 57.2 percentage points to the combined ratio, primarily in the Property segment;

•Investment Results - our total investment result, which includes the sum of net investment income and net realized and unrealized gains (losses) on investments, was income of $101.0 million in the third quarter of 2023, compared to a loss of $483.7 million in the third quarter of 2022. The primary drivers of the improved total investment result were an increase in net investment income of $171.3 million, primarily resulting from higher average invested assets and higher yielding assets, and a reduction in net realized and unrealized losses on investments of $413.4 million as a result of lower interest rate increases in the third quarter of 2023 as compared to 2022, as well as a tightening of risk spreads in the wider catastrophe bond market in 2023 as compared to 2022, when there was a widening of risk spreads;

•Net Income Attributable to Redeemable Noncontrolling Interests - our net income attributable to redeemable noncontrolling interests was $213.7 million in the third quarter of 2023, compared to a net loss attributable to redeemable noncontrolling interest of $372.4 million in the third quarter of 2022. Net income attributable to redeemable noncontrolling interests in the third quarter of 2023 was primarily driven by underwriting income generated by DaVinci and Vermeer, net investment income resulting from higher interest rates and yields within the investment portfolios of the Company’s joint ventures and managed funds, and net realized and unrealized gains on the catastrophe bonds held in Medici;

•Gross Premiums Written - our gross premiums written decreased by $602.2 million, or 27.1%, to $1.6 billion, in the third quarter of 2023, compared to the third quarter of 2022. This was comprised of a decrease of $312.9 million in our Casualty and Specialty segment, primarily driven by higher premium growth in the credit class of business in the third quarter of 2022 as compared to 2023, and a decrease of $289.3 million in our Property segment, driven by a reduction in gross reinstatement premiums;

•Impact of Large Loss Events - we had a net negative impact on net income available to RenaissanceRe common shareholders of $77.5 million resulting from the 2023 Large Loss Events. This compares to a net negative impact on net loss attributable to RenaissanceRe common shareholders of $648.4 million resulting from the Q3 2022 Weather-Related Large Losses.

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Net Negative Impact

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 and (2) redeemable noncontrolling interest, both before consideration of any related income tax benefit (expense).

Our estimates of net negative impact are based on a review of our potential exposures, preliminary discussions with certain counterparties and actuarial modeling techniques. Our actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from these catastrophe events, driven by the magnitude and recent nature of each event, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.

The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the third quarter of 2023 from the 2023 Large Loss Events.

Three months ended September 30, 2023	2023 Large Loss Events (1)
(in thousands)
Net claims and claims expenses incurred	$	(113,031)
Assumed reinstatement premiums earned	9,259
Ceded reinstatement premiums earned	—
Earned (lost) profit commissions	6,050
Net negative impact on underwriting result	(97,722)
Redeemable noncontrolling interest	20,204
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(77,518)

The financial data below provides additional information detailing the net negative impact of the 2023 Large Loss Events on our segment underwriting results and consolidated combined ratio in the third quarter of 2023.

Three months ended September 30, 2023	2023 Large Loss Events (1)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	(97,722)
Net negative impact on Casualty and Specialty segment underwriting result	—
Net negative impact on underwriting result	$	(97,722)
Percentage point impact on consolidated combined ratio	5.7

(1)“2023 Large Loss Events” includes: (1) the wildfires in Hawaii in August 2023 and Hurricane Idalia (“Q3 2023 Large Loss Events”); (2) a series of large, severe weather events in Texas and other southern and central U.S. states in June 2023 (“Q2 2023 Large Loss Events”); (3) the earthquakes in southern and central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023 (“Q1 2023 Large Loss Events”) and (4) certain aggregate loss contracts triggered during 2023.

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The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the third quarter of 2022 from the Q3 2022 Weather-Related Large Losses.

Three months ended September 30, 2022	Hurricane Ian		Other Q3 2022 Catastrophe Events (1)		Aggregate Losses		Total Q3 2022 Weather-Related Large Losses (2)
(in thousands)
Net claims and claims expenses incurred	$	(990,382)	$	(152,418)	$	(9,695)	$	(1,152,495)
Assumed reinstatement premiums earned	221,799		14,105		9		235,913
Ceded reinstatement premiums earned	(57,733)		(283)		—		(58,016)
Earned (lost) profit commissions	(1,487)		(1,285)		(49)		(2,821)
Net negative impact on underwriting result	(827,803)		(139,881)		(9,735)		(977,419)
Redeemable noncontrolling interest	288,383		40,621		—		329,004
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(539,701)	$	(99,260)	$	(9,735)	$	(648,415)

The financial data below provides additional information detailing the net negative impact of the Q3 2022 Weather-Related Large Losses on our segment underwriting results and consolidated combined ratio in the third quarter of 2022.

Three months ended September 30, 2022	Hurricane Ian		Other Q3 2022 Catastrophe Events (1)		Aggregate Losses		Total Q3 2022 Weather-Related Large Losses (2)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	(820,765)	$	(137,881)	$	(9,735)	$	(968,381)
Net negative impact on Casualty and Specialty segment underwriting result	(7,038)		(2,000)		—		(9,038)
Net negative impact on underwriting result	$	(827,803)	$	(139,881)	$	(9,735)	$	(977,419)
Percentage point impact on consolidated combined ratio	47.7		7.7		0.6		57.2

(1)“Other Q3 2022 Catastrophe Events” includes the severe weather in France in May and June of 2022, and typhoons in Asia and Hurricane Fiona during the third quarter of 2022.

(2)“Q3 2022 Weather-Related Large Losses” includes Hurricane Ian, Other Q3 2022 Catastrophe Events and loss estimates associated with certain aggregate losses contracts triggered during 2022 as a result of weather-related catastrophe events.

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Underwriting Results by Segment

Property Segment

Below is a summary of the underwriting results and ratios for our Property segment:

Three months ended September 30,	2023			2022			Change
(in thousands, except percentages)
Gross premiums written	$	511,012		$	800,330		$	(289,318)
Net premiums written	$	444,872		$	696,520		$	(251,648)
Net premiums earned	$	760,365		$	839,817		$	(79,452)
Net claims and claim expenses incurred	206,361			1,372,583			(1,166,222)
Acquisition expenses	143,348			141,675			1,673
Operational expenses	54,624			48,158			6,466
Underwriting income (loss)	$	356,032		$	(722,599)		$	1,078,631
Net claims and claim expenses incurred – current accident year	$	350,238		$	1,396,842		$	(1,046,604)
Net claims and claim expenses incurred – prior accident years	(143,877)			(24,259)			(119,618)
Net claims and claim expenses incurred – total	$	206,361		$	1,372,583		$	(1,166,222)
Net claims and claim expense ratio – current accident year	46.1		%	166.3		%	(120.2)		pts
Net claims and claim expense ratio – prior accident years	(19.0)		%	(2.9)		%	(16.1)		pts
Net claims and claim expense ratio – calendar year	27.1		%	163.4		%	(136.3)		pts
Underwriting expense ratio	26.1		%	22.6		%	3.5		pts
Combined ratio	53.2		%	186.0		%	(132.8)		pts

Property Gross Premiums Written

In the third quarter of 2023, our Property segment gross premiums written decreased by $289.3 million, or 36.1%, to $511.0 million, compared to the third quarter of 2022.

Gross premiums written in the catastrophe class of business were $160.8 million in the third quarter of 2023, a decrease of $230.5 million, or 58.9%, compared to the third quarter of 2022. This decrease was principally driven by a reduction of $236.5 million in gross reinstatement premiums due to a lower level of catastrophe losses in the third quarter of 2023 as compared to the third quarter of 2022.

Gross premiums written in the other property class of business were $350.2 million in the third quarter of 2023, a decrease of $58.8 million, or 14.4%, compared to the third quarter of 2022. The decrease in gross premiums written in the other property class of business was principally due to the non-renewal of certain catastrophe exposed quota share programs that did not meet our return hurdles.

Property Ceded Premiums Written

Three months ended September 30,	2023		2022		Change
(in thousands)
Ceded premiums written	$	66,140	$	103,810	$	(37,670)

Ceded premiums written in our Property segment were $66.1 million in the third quarter of 2023, a decrease of $37.7 million, or 36.3%, compared to the third quarter of 2022. Included in the third quarter of 2023 is a reduction of ceded reinstatement premiums of $11.1 million following the net favorable development of prior accident years combined with a lower level of catastrophe losses as compared to the third quarter of 2022. The third quarter of 2022 included ceded reinstatement premiums of $57.1 million, driven by the 2022 Weather-Related Large Losses. After the consideration of ceded reinstatement premiums, we incurred

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higher ceded premiums written reflecting an increase in our retrocessional purchases as a part of our gross-to-net strategy.

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.

Property Net Premiums Written

Three months ended September 30,	2023		2022		Change
(in thousands)
Net premiums written	$	444,872	$	696,520	$	(251,648)

Net premiums written in our Property segment were $444.9 million in the third quarter of 2023, an decrease of $251.6 million, or 36.1%, compared to the third quarter of 2022. Included in net premiums written in the third quarter of 2023 were net reinstatement premiums of $6.5 million compared to $174.2 million in the third quarter of 2022, resulting in a decrease in net reinstatement premiums of $167.7 million compared to the third quarter of 2022, primarily within the catastrophe class of business. In addition to a reduction in net reinstatement premiums, the gross premiums written reductions within the other property class of business noted above also contributed to the reduction in the net premiums written.

Property Underwriting Results

Our Property segment generated underwriting income of $356.0 million in the third quarter of 2023, compared to an underwriting loss of $722.6 million in the third quarter of 2022. In the third quarter of 2023, our Property segment generated a net claims and claim expense ratio of 27.1%, an underwriting expense ratio of 26.1% and a combined ratio of 53.2%, compared to 163.4%, 22.6% and 186.0%, respectively, in the third quarter of 2022. Impacting the underwriting result and combined ratio in the third quarter of 2023 were the 2023 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $97.7 million and added 13.6 percentage points to the Property segment combined ratio, reflecting impacts in both the catastrophe and other property classes of business. Impacting the underwriting result and combined ratio in the third quarter of 2022 were the Q3 2022 Weather-Related Large Losses, which resulted in a net negative impact on the Property segment underwriting result of $968.4 million and added 123.0 percentage points to the Property segment combined ratio, reflecting significant impacts in both the catastrophe and other property classes of business.

The net claims and claim expense ratio of 27.1% is comprised of a current accident year net claims and claim expense ratio of 46.1% and 19.0 percentage points of net favorable development of prior accident years. In comparison, the third quarter of 2022 had a net claims and claim expense ratio of 163.4%, comprised of a current accident year net claims and claim expense ratio of 166.3% and 2.9 percentage points of net favorable development of prior accident years. The decrease of 120.2 percentage points in the current accident year net claims and claim expense ratio is primarily as a result of a lower impact from the 2023 Large Loss Events, which contributed 14.5 percentage points to the Property segment current accident year net claims and claim expense ratio, as compared to the Q3 2022 Weather-Related Large Losses, which contributed 127.9 percentage points to the current accident year net claims and claim expense ratio in the third quarter of 2022.

The underwriting expense ratio increased 3.5 percentage points, largely driven by a reduced benefit in the third quarter of 2023 from net reinstatement premiums as compared to the third quarter of 2022.

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

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Casualty and Specialty Segment

Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:

Three months ended September 30,	2023			2022			Change
(in thousands, except percentages)
Gross premiums written	$	1,107,431		$	1,420,331		$	(312,900)
Net premiums written	$	976,388		$	1,125,191		$	(148,803)
Net premiums earned	$	995,511		$	927,204		$	68,307
Net claims and claim expenses incurred	655,215			595,348			59,867
Acquisition expenses	282,397			275,969			6,428
Operational expenses	28,127			16,402			11,725
Underwriting income (loss)	$	29,772		$	39,485		$	(9,713)
Net claims and claim expenses incurred – current accident year	$	669,285		$	602,995		$	66,290
Net claims and claim expenses incurred – prior accident years	(14,070)			(7,647)			(6,423)
Net claims and claim expenses incurred – total	$	655,215		$	595,348		$	59,867
Net claims and claim expense ratio – current accident year	67.2		%	65.0		%	2.2		pts
Net claims and claim expense ratio – prior accident years	(1.4)		%	(0.8)		%	(0.6)		pts
Net claims and claim expense ratio – calendar year	65.8		%	64.2		%	1.6		pts
Underwriting expense ratio	31.2		%	31.5		%	(0.3)		pts
Combined ratio	97.0		%	95.7		%	1.3		pts

Casualty and Specialty Gross Premiums Written

In the third quarter of 2023, our Casualty and Specialty segment gross premiums decreased by $312.9 million, or 22.0%%, to $1.1 billion, compared to the third quarter of 2022. This decrease was principally due to significant premium growth in the credit class of business in the third quarter of 2022 associated with opportunistic deals written in our mortgage book which do not renew annually and earn over several years. The decrease in gross premiums written also reflects the impact of positive changes in premium estimates in the third quarter of 2022 for business underwritten in prior years which added approximately $111.3 million in that period. Additionally, growth in the other specialty class of business as compared to the third quarter of 2022 was offset by a decrease in the casualty classes of business, reflecting proactive cycle management. The increase in gross premiums written within other specialty principally reflects increases in new and existing proportional business underwritten in prior periods.

The majority of our Casualty and Specialty segment premiums consists of proportional business. Our relative mix of business between proportional business and excess of loss business has fluctuated in the past and will likely continue to do so in the future. Proportional business typically has a higher expense ratio and tends to be exposed to more attritional and frequent losses, while being subject to less expected severity compared to traditional excess of loss business.

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Casualty and Specialty Ceded Premiums Written

Three months ended September 30,	2023		2022		Change
(in thousands)
Ceded premiums written	$	131,043	$	295,140	$	(164,097)

Ceded premiums written in our Casualty and Specialty segment decreased by $164.1 million, to $131.0 million in the third quarter of 2023, compared to $295.1 million in the third quarter of 2022, driven by the decrease in gross premiums written subject to our retrocessional quota share reinsurance programs, in addition to the reduction in our retrocessional purchases. In 2023, as part of our gross-to-net strategy, we reduced our retrocessional purchases in conjunction with increasing the casualty and specialty business assumed by Fontana.

As in our Property segment, the buying of ceded reinsurance in our Casualty and Specialty segment is based on market opportunities and is not based on placing a specific reinsurance program each year.

Casualty and Specialty Net Premiums Written

Three months ended September 30,	2023		2022		Change
(in thousands)
Net premiums written	$	976,388	$	1,125,191	$	(148,803)

Net premiums written in our Casualty and Specialty segment decreased by $148.8 million, or 13.2%, to $976.4 million in the third quarter of 2023, compared to $1.1 billion in the third quarter of 2022, consistent with the changes in gross premiums written, partly offset by an overall reduction in our retrocessional purchases.

Casualty and Specialty Underwriting Results

Our Casualty and Specialty segment generated underwriting income of $29.8 million in the third quarter of 2023, compared to underwriting income of $39.5 million in the third quarter of 2022. In the third quarter of 2023, our Casualty and Specialty segment generated a net claims and claim expense ratio of 65.8%, an underwriting expense ratio of 31.2% and a combined ratio of 97.0%, compared to 64.2%, 31.5% and 95.7%, respectively, in the third quarter of 2022.

The increase in the Casualty and Specialty segment combined ratio in the third quarter of 2023 was primarily driven by the increase of 1.6 percentage points in the net claims and claims expense ratio, mainly as a result of higher current accident year attritional losses. Event losses on catastrophe exposed lines within Specialty classes of business contributed approximately 3.0 percentage points to the current accident year net claims and claim expense ratio in the third quarter of 2023.

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

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Fee Income

Three months ended September 30,	2023		2022		Change
(in thousands)
Management Fee Income
Joint ventures	$	31,463	$	12,271	$	19,192
Structured reinsurance products	7,053		6,377		676
Managed funds	5,970		6,341		(371)
Total management fee income	44,486		24,989		19,497
Performance Fee Income
Joint ventures	17,152		1,915		15,237
Structured reinsurance products	2,854		(1,360)		4,214
Managed funds	66		184		(118)
Total performance fee income	20,072		739		19,333
Total fee income	$	64,558	$	25,728	$	38,830

The table above shows total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which we are a party. Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees. Joint ventures include DaVinci, Top Layer, Vermeer, Fontana and certain entities investing in Langhorne Holdings LLC. Managed funds include Upsilon Fund and Medici. Structured reinsurance products and other includes certain reinsurance contracts and certain other vehicles through which we transfer risk to third-party capital.

In the third quarter of 2023, total fee income earned through third-party capital management activities increased $38.8 million, to $64.6 million, compared to $25.7 million in the third quarter of 2022, due to higher management and performance fee income in the third quarter of 2023 compared to the third quarter of 2022. Management fee income increased $19.5 million compared to the third quarter of 2022, driven by increased capital managed at DaVinci, Vermeer, and Medici, the increase in premium in Fontana, as well as the recording of management fees in DaVinci that were previously deferred as a result of the weather-related large losses experienced in prior years, as compared to the deferral of management fees in the third quarter of 2022, as a result of the weather-related large losses.

Performance fee income increased $19.3 million compared to the third quarter of 2022, driven by current underwriting year results.

The fees earned through third-party capital management activities are principally recorded through redeemable noncontrolling interest, or as an increase to underwriting income (reduction to underwriting loss), through a decrease in operating expenses or acquisition expenses. Below is a summary of the impact of fee income on the applicable financial statement line items.

Three months ended September 30,	2023		2022		Change
(in thousands)
Underwriting income (loss) - fee income on third-party capital management activities (1)	$	6,873	$	11,366	$	(4,493)
Equity in earnings of other ventures	(446)		19		(465)
Net income (loss) attributable to redeemable noncontrolling interest	58,131		14,343		43,788
Total fee income	$	64,558	$	25,728	$	38,830

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operating expenses or acquisition expenses. The $6.9 million includes $10.9 million of management fee income, recorded as a reduction to operating expenses and $4.0 million of performance fee income recorded as an increase to acquisition expenses (2022 - $11.4 million, $11.4 million and a reduction of $39 thousand, respectively).

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In addition to the $64.6 million of fee income earned through our third-party capital management activities described above, we earned additional fees of $21.6 million on other underwriting-related activities, primarily related to expense overrides paid to us by our reinsurers. These additional fees on other underwriting-related activities are recorded as a reduction to operating expenses or acquisition expenses, as applicable. The total fees recorded through underwriting income (loss) are detailed in the table below.

Three months ended September 30,	2023			2022			Change
(in thousands)
Underwriting income (loss) - fee income on third-party capital management activities	$	6,873		$	11,366		$	(4,493)
Underwriting income (loss) - additional fee income on other underwriting-related activities	21,564			23,102			(1,538)
Total fees recorded through underwriting income (loss) (1)	$	28,437		$	34,468		$	(6,031)
Impact of total fees recorded through underwriting income (loss) on the combined ratio	1.6		%	2.0		%	(0.4)		pts

(1)The $28.4 million includes $27.3 million of management fee income, recorded as a reduction to operating expenses and $1.1 million of performance fee income recorded as a reduction to acquisition expenses (2022 - $34.5 million, $33.5 million and $0.9 million, respectively).

Net Investment Income

Three months ended September 30,	2023		2022		Change
(in thousands)
Fixed maturity investments trading	$	188,781	$	107,182	$	81,599
Short term investments	66,722		11,601		55,121
Equity investments	510		6,120		(5,610)
Other investments
Catastrophe bonds	54,583		25,748		28,835
Other	20,031		11,258		8,773
Cash and cash equivalents	4,160		1,386		2,774
	334,787		163,295		171,492
Investment expenses	(5,679)		(5,502)		(177)
Net investment income	$	329,108	$	157,793	$	171,315

Net investment income was $329.1 million in the third quarter of 2023, compared to $157.8 million in the third quarter of 2022, an increase of $171.3 million. This increase was primarily driven by higher average invested assets and higher yielding assets in the fixed maturity, short term and catastrophe bond portfolios.

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Net Realized and Unrealized Gains (Losses) on Investments

Three months ended September 30,	2023		2022		Change
(in thousands)
Gross realized gains on fixed maturity investments trading	$	4,785	$	11,640	$	(6,855)
Gross realized losses on fixed maturity investments trading	(125,897)		(225,133)		99,236
Net realized gains (losses) on fixed maturity investments trading	(121,112)		(213,493)		92,381
Net unrealized gains (losses) on fixed maturity investments trading	(158,226)		(210,665)		52,439
Net realized and unrealized gains (losses) on fixed maturity investments trading	(279,338)		(424,158)		144,820
Net realized and unrealized gains (losses) on investment-related derivatives (1)	30,594		(55,580)		86,174
Net realized gains (losses) on equity investments	(10)		3,066		(3,076)
Net unrealized gains (losses) on equity investments	2,261		(46,301)		48,562
Net realized and unrealized gains (losses) on equity investments	2,251		(43,235)		45,486
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	32,474		(126,992)		159,466
Net realized and unrealized gains (losses) on other investments - other	(14,068)		8,465		(22,533)
Net realized and unrealized gains (losses) on investments	$	(228,087)	$	(641,500)	$	413,413

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 13. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information.

We structure our investment portfolio to emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time. A large majority of our investments are invested in the fixed income markets and, therefore, our realized and unrealized gains and losses on investments are highly correlated to fluctuations in interest rates. As interest rates decline, we tend to have net realized and unrealized gains from our investment portfolio, and as interest rates rise, we tend to have net realized and unrealized losses from our investment portfolio.

Net realized and unrealized losses on investments were $228.1 million in the third quarter of 2023, compared to net realized and unrealized losses of $641.5 million in the third quarter of 2022. Impacting our net realized and unrealized losses on investments in the third quarter of 2023 were:

•net realized and unrealized losses on fixed maturity investments trading of $279.3 million in the third quarter of 2023, compared to net realized and unrealized losses of $424.2 million in the third quarter of 2022, driven by interest rate increases in each period, but which were generally lower in the third quarter of 2023;

•net realized and unrealized gains on investment-related derivatives of $30.6 million, compared to net realized and unrealized losses of $55.6 million in the third quarter of 2022. Current quarter gains were driven by short interest rate future positions benefiting from interest rate increases, while long interest rate and equity futures were negatively impacted by U.S. treasury rate increases and equity market declines in the third quarter of 2022; and

•net realized and unrealized gains on catastrophe bonds of $32.5 million, compared to net losses of $127.0 million in the third quarter of 2022. The net realized and unrealized gains and losses are primarily reflected in the Medici portfolio, and predominantly attributable to third party investors allocated through net income (loss) attributable to redeemable noncontrolling interest. Net realized and unrealized gains in the third quarter of 2023 were the result of the tightening of risk spreads in the wider catastrophe bond market, as compared to the third quarter of 2022, when there was a widening of risk spreads.

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Net Foreign Exchange Gains (Losses)

Three months ended September 30,	2023		2022		Change
(in thousands)
Net foreign exchange gains (losses)	$	(25,886)	$	(1,383)	$	(24,503)

In the third quarter of 2023, net foreign exchange losses were $25.9 million compared to $1.4 million in the third quarter of 2022. The net foreign exchange losses in the third quarter of 2023 and 2022 were primarily driven by losses attributable to third-party investors in Medici which are allocated through net income (loss) attributable to redeemable noncontrolling interest.

Our functional currency is the U.S. dollar. We routinely write a portion of our business in currencies other than U.S. dollars and invest a portion of our cash and investment portfolio in those currencies. We are primarily impacted by foreign currency exposures associated with our underwriting operations and our investment portfolio, and may, from time to time, enter into foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities.

Refer to “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Form 10-K for the year ended December 31, 2022 for additional information related to our exposure to foreign currency risk and “Note 13. Derivative Instruments” in our “Notes to the Consolidated Financial Statements” for additional information related to foreign currency forward and option contracts we have entered into.

Equity in Earnings (Losses) of Other Ventures

Three months ended September 30,	2023		2022		Change
(in thousands)
Tower Hill Companies	$	6,846	$	194	$	6,652
Top Layer	3,324		1,686		1,638
Other	672		(141)		813
Total equity in earnings (losses) of other ventures	$	10,842	$	1,739	$	9,103

Equity in earnings of other ventures represents our pro-rata share of the net income from our investments in the Tower Hill Companies, Top Layer, and our equity investments in a select group of insurance and insurance-related companies, which are included in Other. Except for Top Layer, which is recorded on a current quarter basis, equity in earnings of other ventures is recorded one quarter in arrears. The carrying value of these investments on our consolidated balance sheets, individually or in the aggregate, may differ from the realized value we may ultimately attain, perhaps significantly so.

Earnings from our investments in other ventures were $10.8 million in the third quarter of 2023, compared to $1.7 million in the third quarter of 2022, an increase of $9.1 million. The increase was principally driven by increased profitability of our equity investments during the third quarter of 2023, primarily driven by the Tower Hill Companies, which reported a higher underwriting income in the third quarter of 2023 as compared to the third quarter of 2022.

Corporate Expenses

Three months ended September 30,	2023		2022		Change
(in thousands)
Corporate expenses	$	17,143	$	10,384	$	6,759

Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, impairment charges related to goodwill and other intangible assets, and other miscellaneous costs, including those associated with operating as a publicly traded company, as well as costs incurred in connection with the Validus Acquisition. From time to time, we may revise the allocation of certain expenses between corporate and operating expenses to better reflect the characteristic of the underlying expense. Corporate expenses were $17.1 million in the third quarter of 2023, compared to $10.4 million in the third quarter of 2022, an increase of $6.8 million which was primarily driven by expenses

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associated with the Validus Acquisition. We expect to incur additional costs and expenses associated with the Validus Acquisition. These additional non-recurring costs may be significant, and it is possible that our ultimate costs will exceed our current estimates.

Income Tax Benefit (Expense)

Three months ended September 30,	2023		2022		Change
(in thousands)
Income tax benefit (expense)	$	(9,295)	$	(2,814)	$	(6,481)

We recognized an income tax expense of $9.3 million in the third quarter of 2023, compared to an income tax expense of $2.8 million in the third quarter of 2022. The increase in income tax expense was primarily driven by increased operating income partially offset by investment losses in our taxable jurisdictions in the third quarter of 2023 compared to the comparative quarter.

Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

Three months ended September 30,	2023		2022		Change
(in thousands)
Redeemable noncontrolling interest - DaVinci	$	107,881	$	(219,191)	$	327,072
Redeemable noncontrolling interest - Medici	60,022		(107,461)		167,483
Redeemable noncontrolling interest - Vermeer	51,959		(39,164)		91,123
Redeemable noncontrolling interest - Fontana	(6,167)		(6,613)		446
Net income (loss) attributable to redeemable noncontrolling interests	$	213,695	$	(372,429)	$	586,124

Our net income (loss) attributable to redeemable noncontrolling interests was $213.7 million in the third quarter of 2023, compared to a loss of $372.4 million in the third quarter of 2022, a change of $586.1 million. This increase was primarily due to the following:

•DaVinci, which had net income in the third quarter of 2023 compared to a net loss in the second quarter of 2022, primarily resulting from a lower impact from the 2023 Large Loss Events as compared to the Q3 2022 Weather-Related Large Losses, as well as lower realized and unrealized losses in the third quarter of 2023, as compared to the third quarter of 2022;

•Medici, which had net income in the third quarter of 2023 due to realized and unrealized gains on its catastrophe bond portfolio, in addition to increased net investment income; and

•Vermeer, which had net income in the third quarter of 2023 compared to a net loss in the third quarter of 2022, primarily resulting from higher net investment income and improved underwriting results, which were impacted by the Q3 2022 Weather-Related Large Losses in the prior year.

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SUMMARY OF RESULTS OF OPERATIONS

Below is a discussion of the results of operations for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022.

Nine months ended September 30,	2023			2022			Change
(in thousands, except per share amounts and percentages)
Statement of operations highlights
Gross premiums written	$	7,060,325		$	7,628,264		$	(567,939)
Net premiums written	$	5,880,766		$	5,850,544		$	30,222
Net premiums earned	$	5,221,688		$	4,709,829		$	511,859
Net claims and claim expenses incurred	2,593,987			3,515,903			(921,916)
Acquisition expenses	1,280,547			1,155,389			125,158
Operational expenses	240,716			204,987			35,729
Underwriting income (loss)	$	1,106,438		$	(166,450)		$	1,272,888
Net investment income	$	876,148		$	348,695		$	527,453
Net realized and unrealized gains (losses) on investments	(171,417)			(1,968,624)			1,797,207
Total investment result	$	704,731		$	(1,619,929)		$	2,324,660
Net income (loss)	$	1,631,592		$	(1,853,149)		$	3,484,741
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	949,075		$	(1,544,670)		$	2,493,745
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	20.13		$	(35.84)		$	55.97
Dividends per common share	$	1.14		$	1.11		$	0.03
Key ratios
Net claims and claim expense ratio – current accident year	55.3		%	76.6		%	(21.3)		pts
Net claims and claim expense ratio – prior accident years	(5.6)		%	(1.9)		%	(3.7)		pts
Net claims and claim expense ratio – calendar year	49.7		%	74.7		%	(25.0)		pts
Underwriting expense ratio	29.1		%	28.9		%	0.2		pts
Combined ratio	78.8		%	103.6		%	(24.8)		pts
Return on average common equity - annualized	22.1		%	(40.5)		%	62.6		pts
Book value	September 30, 2023			December 31, 2022			Change
Book value per common share	$	133.63		$	104.65		$	28.98
Accumulated dividends per common share	26.14			25.00			1.14
Book value per common share plus accumulated dividends	$	159.77		$	129.65		$	30.12
Change in book value per common share plus change in accumulated dividends	28.8		%

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Net income available to RenaissanceRe common shareholders was $949.1 million in the nine months ended September 30, 2023, compared to net loss attributable to RenaissanceRe common shareholders of $1,544.7 million in the nine months ended September 30, 2022. As a result of our net income available to RenaissanceRe common shareholders in the nine months ended September 30, 2023, we generated an annualized return on average common equity of 22.1% and our book value per common share increased from $104.65 at December 31, 2022 to $133.63 at September 30, 2023, a 28.8% increase, after considering the change in accumulated dividends paid to our common shareholders.

The most significant items affecting our financial performance during the nine months ended September 30, 2023, on a comparative basis to the nine months ended September 30, 2022, include:

•Underwriting Results - we generated underwriting income of $1.1 billion and had a combined ratio of 78.8% in the nine months ended September 30, 2023, compared to an underwriting loss of $166.5 million and a combined ratio of 103.6% in the nine months ended September 30, 2022. Our underwriting income in the nine months ended September 30, 2023 was comprised of our Property segment, which generated underwriting income of $935.7 million in and had a combined ratio of 57.6%, and our Casualty and Specialty segment, which generated underwriting income of $170.7 million in and had a combined ratio of 94.3%. In comparison, our underwriting loss in the nine months ended September 30, 2022 was comprised of our Property segment, which generated an underwriting loss of $273.3 million and had a combined ratio of 113.1%, partially offset by our Casualty and Specialty segment, which generated underwriting income of $106.9 million and had a combined ratio of 95.9%;

Included in our underwriting results in the nine months ended September 30, 2023 was the impact of the 2023 Large Loss Events, which resulted in a net negative impact on the underwriting result of $253.6 million and added 5.0 percentage points to the combined ratio, all within in our Property segment. In comparison, our underwriting results in the nine months ended September 30, 2022 were impacted by the 2022 Weather-Related Large Losses, which resulted in a net negative impact on the underwriting result of $1.1 billion and added 23.9 percentage points to the combined ratio, primarily in our Property segment;

•Gross Premiums Written - our gross premiums written decreased by $567.9 million, or 7.4%, to $7.1 billion, in the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022. This was comprised of a decrease of $423.6 million in our Casualty and Specialty segment, driven by the lower impact of positive adjustments to premium estimates for business underwritten in prior years, in addition to a decrease of $144.3 million in our Property segment;

•Investment Results - our total investment result, which includes the sum of net investment income and net realized and unrealized gains (losses) on investments, was income of $704.7 million in the nine months ended September 30, 2023, compared to a loss of $1.6 billion in the nine months ended September 30, 2022, an increase of $2.3 billion. The primary drivers of the improved total investment result were an improvement in net realized and unrealized gains (losses) on investments of $1.8 billion, driven by lower interest rate increases in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, and increased net investment income of $527.5 million, driven by higher average invested assets and higher yielding assets;

•Net Income Attributable to Redeemable Noncontrolling Interests - our net income attributable to redeemable noncontrolling interests was $656.0 million in the nine months ended September 30, 2023, compared to a net loss attributable to redeemable noncontrolling interest of $335.0 million in the nine months ended September 30, 2022. Net income attributable to redeemable noncontrolling interests in the nine months ended September 30, 2023 was primarily driven by underwriting income generated by DaVinci and Vermeer, net investment income resulting from higher interest rates and yields within the investment portfolios of the Company’s joint ventures and managed funds, and net realized and unrealized gains on catastrophe bonds held in Medici;

•Impact of Large Loss Events - we had a net negative impact on net income attributable to RenaissanceRe common shareholders of $180.0 million resulting from the 2023 Large Loss Events. This compares to a net negative impact on net loss attributable to RenaissanceRe common shareholders of $722.1 million resulting from the 2022 Weather-Related Large Losses and $25.0 million resulting from losses related to the Russia-Ukraine War in the nine months ended September 30, 2022.

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Net Negative Impact

The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the nine months ended September 30, 2023 of the 2023 Large Loss Events.

Nine months ended September 30, 2023	2023 Large Loss Events
(in thousands)
Net claims and claims expenses incurred	$	(298,114)
Assumed reinstatement premiums earned	39,135
Ceded reinstatement premiums earned	—
Earned (lost) profit commissions	5,349
Net negative impact on underwriting result	(253,630)
Redeemable noncontrolling interest	73,663
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(179,967)

The financial data below provides additional information detailing the net negative impact of the 2023 Large Loss Events on our segment underwriting results and consolidated combined ratio in the nine months ended September 30, 2023.

Nine months ended September 30, 2023	2023 Large Loss Events
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	(253,630)
Net negative impact on Casualty and Specialty segment underwriting result	—
Net negative impact on underwriting result	$	(253,630)
Percentage point impact on consolidated combined ratio	5.0

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The financial data below provides additional information detailing the net negative impact on our consolidated financial statements in the nine months ended September 30, 2022 of the 2022 Weather-Related Large Losses.

Nine months ended September 30, 2022	Hurricane Ian		Other 2022 Catastrophe Events (1)		Aggregate Losses		2022 Weather-Related Large Losses (2)
(in thousands)
Net claims and claims expenses incurred	$	(990,382)	$	(272,968)	$	(9,695)	$	(1,273,045)
Assumed reinstatement premiums earned	221,799		26,562		9		248,370
Ceded reinstatement premiums earned	(57,733)		(588)		—		(58,321)
Earned (lost) profit commissions	(1,487)		(1,285)		(49)		(2,821)
Net negative impact on underwriting result	(827,803)		(248,279)		(9,735)		(1,085,817)
Redeemable noncontrolling interest	288,383		75,371		—		363,754
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(539,701)	$	(172,908)	$	(9,735)	$	(722,063)

The financial data below provides additional information detailing the net negative impact of the 2022 Weather-Related Large Losses on our segment underwriting results and consolidated combined ratio in the nine months ended September 30, 2022.

Nine months ended September 30, 2022	Hurricane Ian		Other 2022 Catastrophe Events (1)		Aggregate Losses		2022 Weather-Related Large Losses (2)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	(820,765)	$	(245,319)	$	(9,735)	$	(1,075,819)
Net negative impact on Casualty and Specialty segment underwriting result	(7,038)		(2,960)		—		(9,998)
Net negative impact on underwriting result	$	(827,803)	$	(248,279)	$	(9,735)	$	(1,085,817)
Percentage point impact on consolidated combined ratio	18.1		5.3		0.3		23.9

(1)“Other 2022 Catastrophe Events” includes the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, typhoons in Asia during the third quarter of 2022, and Hurricane Fiona.

(2)“2022 Weather-Related Large Losses” includes Hurricane Ian, Other 2022 Catastrophe Events and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events.

Russia-Ukraine War Losses

During the nine months ended September 30, 2022, losses related to Russia’s invasion of Ukraine resulted in a net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders of $25.0 million. This reflects net claims and claims expenses incurred and a net negative impact on underwriting result of $27.2 million, which was solely in the Casualty and Specialty segment, partially offset by redeemable noncontrolling interest of $2.2 million. The net negative impact on underwriting result had a 0.6 percentage point impact on the consolidated combined ratio.

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Underwriting Results by Segment

Property Segment

Below is a summary of the underwriting results and ratios for our Property segment:

Nine months ended September 30,	2023			2022			Change
(in thousands, except percentages)
Gross premiums written	$	3,217,817		$	3,362,159		$	(144,342)
Net premiums written	$	2,609,356		$	2,474,661		$	134,695
Net premiums earned	$	2,206,471		$	2,081,989		$	124,482
Net claims and claim expenses incurred	675,963			1,804,268			(1,128,305)
Acquisition expenses	429,273			406,338			22,935
Operational expenses	165,514			144,717			20,797
Underwriting income (loss)	$	935,721		$	(273,334)		$	1,209,055
Net claims and claim expenses incurred – current accident year	$	933,172		$	1,880,337		$	(947,165)
Net claims and claim expenses incurred – prior accident years	(257,209)			(76,069)			(181,140)
Net claims and claim expenses incurred – total	$	675,963		$	1,804,268		$	(1,128,305)
Net claims and claim expense ratio – current accident year	42.3		%	90.3		%	(48.0)		pts
Net claims and claim expense ratio – prior accident years	(11.7)		%	(3.6)		%	(8.1)		pts
Net claims and claim expense ratio – calendar year	30.6		%	86.7		%	(56.1)		pts
Underwriting expense ratio	27.0		%	26.4		%	0.6		pts
Combined ratio	57.6		%	113.1		%	(55.5)		pts

Property Gross Premiums Written

In the nine months ended September 30, 2023, our Property segment gross premiums written decreased by $144.3 million, or 4.3%, to $3.2 billion, compared to $3.4 billion in the nine months ended September 30, 2022.

Gross premiums written in the catastrophe class of business were $2.1 billion in the nine months ended September 30, 2023, an increase of $10.5 million, or 0.5%, compared to the nine months ended September 30, 2022. This increase was principally driven by rate improvements on deals written in the nine months ended September 30, 2023 and was largely offset by a decrease in gross reinstatement premiums of $256.5 million, as well as a reduction in premiums due to the non-renewal of deals written in Upsilon RFO of $269.7 million.

Gross premiums written in the other property class of business were $1.1 billion in the nine months ended September 30, 2023, a decrease of $154.8 million, or 12.1%, compared to the nine months ended September 30, 2022. The decrease in gross premiums written in the other property class of business was principally due to the non-renewal of certain catastrophe exposed quota share programs that did not meet our return hurdles.

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Property Ceded Premiums Written

Nine months ended September 30,	2023		2022		Change
(in thousands)
Ceded premiums written	$	608,461	$	887,498	$	(279,037)

Ceded premiums written in our Property segment decreased 31.4%, to $608.5 million, in the nine months ended September 30, 2023, compared to $887.5 million in the nine months ended September 30, 2022. The decrease in ceded premiums written was driven by a reduction in ceded reinstatement premiums of $71.5 million, as well as a reduction of $238.8 million in premiums ceded to Upsilon RFO following a reduction in the size of Upsilon Diversified, a segregated account of Upsilon Fund, with a corresponding decrease in gross premiums written, as discussed above, partially offset by a slight increase in overall ceded premiums written due to higher levels of retrocessional purchases as a part of our gross-to-net strategy.

Property Net Premiums Written

Nine months ended September 30,	2023		2022		Change
(in thousands)
Net premiums written	$	2,609,356	$	2,474,661	$	134,695

Net premiums written in our Property segment were $2.6 billion in the nine months ended September 30, 2023, an increase of $134.7 million, or 5.4%, compared to the nine months ended September 30, 2022. The increase in net premiums written was driven by rate improvements on deals written in our catastrophe class of business in the nine months ended September 30, 2023, partially offset by a decrease in net reinstatement premiums of $190.9 million compared to the nine months ended September 30, 2022.

Property Underwriting Results

Our Property segment generated underwriting income of $935.7 million in the nine months ended September 30, 2023, compared to a loss of $273.3 million in the nine months ended September 30, 2022, an increase in underwriting income of $1.2 billion. In the nine months ended September 30, 2023, our Property segment generated a net claims and claim expense ratio of 30.6%, an underwriting expense ratio of 27.0% and a combined ratio of 57.6%, compared to 86.7%, 26.4% and 113.1%, respectively, in the nine months ended September 30, 2022.

Impacting the Property segment underwriting result and combined ratio in the nine months ended September 30, 2023 were the 2023 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $253.6 million and added 12.5 percentage points to its combined ratio. In comparison, the nine months ended September 30, 2022 was impacted by the 2022 Weather-Related Large Losses, which resulted in a net negative impact on the Property segment underwriting result of $1.1 billion and added 55.5 percentage points to the combined ratio.

The net claims and claim expense ratio of 30.6% is comprised of a current accident year net claims and claim expense ratio of 42.3% and 11.7 percentage points of net favorable development on prior accident years. In comparison, the nine months ended September 30, 2022 had a net claims and claim expense ratio of 86.7%, comprised of a current accident year net claims and claim expense ratio of 90.3% and 3.6 percentage points of net favorable development on prior accident years.

The underwriting expense ratio increased 0.6 percentage points, largely driven by a reduced benefit in the nine months ended September 30, 2023 from net reinstatement premiums as compared to the nine months ended September 30, 2022.

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

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Casualty and Specialty Segment

Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:

Nine months ended September 30,	2023			2022			Change
(in thousands, except percentages)
Gross premiums written	$	3,842,508		$	4,266,105		$	(423,597)
Net premiums written	$	3,271,410		$	3,375,883		$	(104,473)
Net premiums earned	$	3,015,217		$	2,627,840		$	387,377
Net claims and claim expenses incurred	1,918,024			1,711,635			206,389
Acquisition expenses	851,274			749,051			102,223
Operational expenses	75,202			60,270			14,932
Underwriting income (loss)	$	170,717		$	106,884		$	63,833
Net claims and claim expenses incurred – current accident year	$	1,955,612		$	1,728,262		$	227,350
Net claims and claim expenses incurred – prior accident years	(37,588)			(16,627)			(20,961)
Net claims and claim expenses incurred – total	$	1,918,024		$	1,711,635		$	206,389
Net claims and claim expense ratio – current accident year	64.9		%	65.8		%	(0.9)		pts
Net claims and claim expense ratio – prior accident years	(1.3)		%	(0.7)		%	(0.6)		pts
Net claims and claim expense ratio – calendar year	63.6		%	65.1		%	(1.5)		pts
Underwriting expense ratio	30.7		%	30.8		%	(0.1)		pts
Combined ratio	94.3		%	95.9		%	(1.6)		pts

Casualty and Specialty Gross Premiums Written

In the nine months ended September 30, 2023, our Casualty and Specialty segment gross premiums written decreased by $423.6 million, or 9.9%, to $3.8 billion, compared to $4.3 billion in the nine months ended September 30, 2022, reflecting decreases in the casualty classes of business, principally in professional liability, and a decrease within the credit class of business. These decreases were partially offset by growth in the other specialty class of business. The increase in gross premiums written within other specialty was driven by increases in new and existing business underwritten in the current and prior periods.

The overall decrease in gross premiums written was largely driven by the lower impact of positive adjustments to premium estimates for business underwritten in prior years. During the nine months ended September 30, 2023, gross premiums written included positive changes in premium estimates of $49.1 million mainly on business underwritten in 2022 and prior years, compared to the nine months ended September 30, 2022, which included $411.4 million principally on business underwritten in 2021 and prior years. These changes in premium estimates occurred across all classes of business, but principally in professional liability class, and is mainly reflective of the positive rate environment experienced in recent prior periods.

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Casualty and Specialty Ceded Premiums Written

Nine months ended September 30,	2023		2022		Change
(in thousands)
Ceded premiums written	$	571,098	$	890,222	$	(319,124)

Ceded premiums written in our Casualty and Specialty segment decreased by 35.8%, to $571.1 million, in the nine months ended September 30, 2023, compared to $890.2 million in the nine months ended September 30, 2022, primarily driven by the decrease in gross premiums written subject to our retrocessional quota share reinsurance programs, in addition to an overall reduction in our retrocessional purchases as part of our gross-to-net strategy.

Casualty and Specialty Net Premiums Written

Nine months ended September 30,	2023		2022		Change
(in thousands)
Net premiums written	$	3,271,410	$	3,375,883	$	(104,473)

Net premiums written in our Casualty and Specialty segment decreased by $104.5 million, or (3.1)%, consistent with the changes in gross premium written, partially offset by an overall reduction in our retrocessional purchases.

Casualty and Specialty Underwriting Results

Our Casualty and Specialty segment generated underwriting income of $170.7 million in the nine months ended September 30, 2023, compared to $106.9 million in the nine months ended September 30, 2022. In the nine months ended September 30, 2023, our Casualty and Specialty segment generated a net claims and claim expense ratio of 63.6%, an underwriting expense ratio of 30.7% and a combined ratio of 94.3%, compared to 65.1%, 30.8% and 95.9%, respectively, in the nine months ended September 30, 2022.

The improvement in the Casualty and Specialty segment combined ratio in the nine months ended September 30, 2023 to 94.3% was principally driven by a decrease of 1.5 percentage points in the net claims and claim expense ratio, primarily as a result of lower current accident year attritional losses from a shift in mix of business toward specialty lines which carry lower expected attritional loss ratios. During the nine months ended September 30, 2023 our Casualty and Specialty segment also experienced net favorable development on prior accident years net claims and claim expenses of $37.6 million, or 1.3 percentage points, compared to $16.6 million, or 0.7 percentage points during the nine months ended September 30, 2022. The net favorable development during the nine months ended September 30, 2023 was primarily driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses from our other specialty and credit lines of business, while the net favorable development during the nine months ended September 30, 2022 was largely driven by our credit lines of business.

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

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Fee Income

Nine months ended September 30,	2023		2022		Change
(in thousands)
Management fee income
Joint ventures	$	89,774	$	43,369	$	46,405
Structured reinsurance products and other	20,676		20,250		426
Managed funds	18,380		19,299		(919)
Total management fee income	128,830		82,918		45,912
Performance fee income
Joint ventures	32,039		2,849		29,190
Structured reinsurance products and other	4,412		2,060		2,352
Managed funds	730		505		225
Total performance fee income	37,181		5,414		31,767
Total fee income	$	166,011	$	88,332	$	77,679

In the nine months ended September 30, 2023, total fee income earned through our third-party capital management activities increased by $77.7 million, to $166.0 million, compared to $88.3 million in the nine months ended September 30, 2022, driven by both higher management fee income and higher performance fee income in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.

The increase in management fee income of $45.9 million reflected increased capital managed at DaVinci, Vermeer, and Medici, the increase in premium in Fontana, as well as the recording of management fees in DaVinci that were previously deferred as a result of the weather-related large losses experienced in prior years, as compared to the deferral of management fees during 2022, as a result of the weather-related large losses.

Performance fee income increased $31.8 million compared to the nine months ended September 30, 2022, driven by favorable current year underwriting results.

The fees earned through third-party capital management are principally recorded through redeemable noncontrolling interest, or as an increase to underwriting income, (reduction to underwriting loss), through a decrease in operating expenses or acquisition expenses, as detailed in the table below.

Nine months ended September 30,	2023		2022		Change
(in thousands)
Underwriting income (loss) - fee income on third-party capital management activities (1)	$	28,198	$	36,278	$	(8,080)
Equity in earnings of other ventures	(1,004)		69		(1,073)
Net income (loss) attributable to redeemable noncontrolling interest	138,817		51,985		86,832
Total fee income	$	166,011	$	88,332	$	77,679

(1)Reflects total fee income earned through third-party capital management as well as various joint ventures, managed funds and certain structured retrocession agreements to which we are a party, recorded through underwriting income (loss) as a decrease to operating expenses or acquisition expenses. The $28.2 million includes $33.7 million of management fee income, recorded as a reduction to operating expenses and $(5.5) million of performance fee income recorded as an increase to acquisition expenses (2022 - $36.3 million, $35.6 million and $0.6 million, respectively).

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In addition to the $28.2 million of fee income earned through our third-party capital management activities that was recorded through underwriting income (loss), as detailed above, we also earn additional fee income on certain other underwriting-related activities. These fees, in the aggregate, are recorded as a reduction to operating expenses or acquisition expenses, as applicable. The total fees recorded through underwriting income (loss) are detailed in the table below.

Nine months ended September 30,	2023			2022			Change
(in thousands)
Underwriting income (loss) - fee income on third-party capital management activities	$	28,198		$	36,278		$	(8,080)
Underwriting income (loss) - additional fee income on underwriting-related activities	72,405			69,797			2,608
Total fees recorded through underwriting income (loss)(1)	$	100,603		$	106,075		$	(5,472)
Impact of total fees recorded through underwriting income (loss) on the combined ratio	1.9		%	2.3		%	(0.4)		pts

(1)The $100.6 million includes $92.8 million of management fee income, recorded as a reduction to operating expenses and $7.8 million of performance fee income recorded as a reduction to acquisition expenses (2022 - $106.1 million, $92.3 million and $13.8 million, respectively).

Net Investment Income

Nine months ended September 30,	2023		2022		Change
(in thousands)
Fixed maturity investments trading	$	514,020	$	246,146	$	267,874
Short term investments	149,903		17,134		132,769
Equity investments trading	6,675		13,390		(6,715)
Other investments
Catastrophe bonds	142,936		63,343		79,593
Other	65,422		23,704		41,718
Cash and cash equivalents	13,009		1,250		11,759
	891,965		364,967		526,998
Investment expenses	(15,817)		(16,272)		455
Net investment income	$	876,148	$	348,695	$	527,453

Net investment income was $876.1 million in the nine months ended September 30, 2023, compared to $348.7 million in the nine months ended September 30, 2022, an increase of $527.5 million. The increase was primarily driven by higher average invested assets and higher yielding assets in the fixed maturity, short term and catastrophe bond portfolios.

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Net Realized and Unrealized Gains (Losses) on Investments

Nine months ended September 30,	2023		2022		Change
(in thousands)
Gross realized gains on fixed maturity investments trading	$	33,193	$	26,534	$	6,659
Gross realized losses on fixed maturity investments trading	(333,282)		(648,333)		315,051
Net realized gains (losses) on fixed maturity investments trading	(300,089)		(621,799)		321,710
Net unrealized gains (losses) on fixed maturity investments trading	14,007		(824,662)		838,669
Net realized and unrealized gains (losses) on fixed maturity investments trading	(286,082)		(1,446,461)		1,160,379
Net realized and unrealized gains (losses) on investment-related derivatives (1)	(22,295)		(161,946)		139,651
Net realized gains (losses) on equity investments	(27,503)		38,638		(66,141)
Net unrealized gains (losses) on equity investments	62,039		(222,074)		284,113
Net realized and unrealized gains (losses) on equity investments	34,536		(183,436)		217,972
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	94,786		(159,913)		254,699
Net realized and unrealized gains (losses) on other investments - other	7,638		(16,868)		24,506
Net realized and unrealized gains (losses) on investments	$	(171,417)	$	(1,968,624)	$	1,797,207

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps, total return swaps, and warrants), and equity investments related derivatives (equity futures). See “Note 13. Derivative Instruments” for additional information.

Net realized and unrealized losses on investments were $171.4 million in the nine months ended September 30, 2023, compared to losses of $2.0 billion in the nine months ended September 30, 2022, an improvement of $1.8 billion. Principally impacting our net realized and unrealized losses on investments in the nine months ended September 30, 2023 were:

•net realized and unrealized losses on our fixed maturity investments trading of $286.1 million compared to losses of $1.4 billion in the nine months ended September 30, 2022, an improvement of $1.2 billion, driven by interest rate increases in each period, but which were generally lower in the nine months ended September 30, 2023;

•net realized and unrealized gains on catastrophe bonds of $94.8 million, compared to net realized and unrealized losses of $159.9 million in the nine months ended September 30, 2022. The net realized and unrealized gains and losses are primarily reflected in the Medici portfolio, and predominantly attributable to third party investors allocated through net income (loss) attributable to redeemable noncontrolling interest. Net realized and unrealized gains in the nine months ended September 30, 2023 were the result of the tightening of risk spreads in the wider catastrophe bond market, as compared to the nine months ended September 30, 2022, when there was a widening of risk spreads;

•net realized and unrealized gains on equity investments of $34.5 million compared to net losses of $183.4 million in the nine months ended September 30, 2022, an improvement of $218.0 million. Both the current and comparative equity investment results were in line with wider equity market movements. We reduced our exposure to public equities during the nine months ended September 30, 2023, meaning net realized and unrealized gains on equity investments were less prominent in 2023; and

•net realized and unrealized losses on investment-related derivatives of $22.3 million, compared to net realized and unrealized losses of $161.9 million in the nine months ended September 30, 2022. Current period losses were driven by coupon payments on credit default swaps to hedge credit risk, while long interest rate and equity futures were negatively impacted by U.S. treasury rate increases and equity market declines in the nine months ended September 30, 2022.

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Net Foreign Exchange Gains (Losses)

Nine months ended September 30,	2023		2022		Change
(in thousands)
Net foreign exchange gains (losses)	$	(53,877)	$	(67,690)	$	13,813

In the nine months ended September 30, 2023, net foreign exchange losses were $53.9 million compared to $67.7 million in the nine months ended September 30, 2022. The net foreign exchange losses for the nine months ended September 30, 2023 and 2022 were driven by losses attributable to third-party investors in Medici which are allocated through net income (loss) attributable to redeemable noncontrolling interest, and the impact of certain foreign exchange exposures related to our underwriting activities.

Equity in Earnings of Other Ventures

Nine months ended September 30,	2023		2022		Change
(in thousands)
Tower Hill Companies	$	18,492	$	(6,889)	$	25,381
Top Layer Re	9,885		4,255		5,630
Other	(305)		5,366		(5,671)
Total equity in earnings (losses) of other ventures	$	28,072	$	2,732	$	25,340

Earnings from our investments in other ventures was $28.1 million in the nine months ended September 30, 2023, compared to $2.7 million in the nine months ended September 30, 2022, an increase of $25.3 million. The increase was principally driven by increased profitability of our equity investments in the Tower Hill Companies and Top Layer Re.

Corporate Expenses

Nine months ended September 30,	2023		2022		Change
(in thousands)
Corporate expenses	$	53,357	$	35,238	$	18,119

Corporate expenses increased $18.1 million to $53.4 million, in the nine months ended September 30, 2023, compared to $35.2 million in the nine months ended September 30, 2022. The increase was primarily due to expenses associated with the Validus Acquisition.

Income Tax Benefit (Expense)

Nine months ended September 30,	2023		2022		Change
(in thousands)
Income tax benefit (expense)	$	(44,139)	$	64,427	$	(108,566)

In the nine months ended September 30, 2023, we recognized an income tax expense of $44.1 million, compared to an income tax benefit of $64.4 million in the nine months ended September 30, 2022. The income tax expense was primarily driven by operating income in our taxable jurisdictions for the nine months ended September 30, 2023, compared to the income tax benefit for the nine months ended September 30, 2022, which was driven by investment losses and lower operating income primarily in our taxable jurisdictions.

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Net Income (Loss) Attributable to Redeemable Noncontrolling Interests

Nine months ended September 30,	2023		2022		Change
(in thousands)
Redeemable noncontrolling interest - DaVinci	$	333,490	$	(185,692)	$	519,182
Redeemable noncontrolling interest - Medici	167,281		(139,635)		306,916
Redeemable noncontrolling interest - Vermeer	151,527		2,471		149,056
Redeemable noncontrolling interest - Fontana	3,688		(12,154)		15,842
Net income (loss) attributable to redeemable noncontrolling interests	$	655,986	$	(335,010)	$	990,996

Our net income attributable to redeemable noncontrolling interests was $656.0 million compared to a net loss of $335.0 million in the nine months ended September 30, 2022, an increase of $991.0 million. The increase was primarily driven by the following:

•DaVinci, which had net income in the nine months ended September 30, 2023, primarily resulting from lower realized and unrealized losses on investments in the nine months ended September 30, 2023, compared to the prior year, driven by the decrease in interest rates discussed previously, higher net investment income, as well as improved underwriting results in the nine months ended September 30, 2023.

•Medici, which had net income in the nine months ended September 30, 2023 due to realized and unrealized gains on its catastrophe bond portfolio, in addition to increased net investment income. This compares to net losses in the nine months ended September 30, 2022, driven by realized and unrealized losses on its catastrophe bond portfolio;

•Vermeer, which had higher net income in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, primarily resulting from higher net investment income and improved underwriting results; and

•Fontana, which had net income in the nine months ended September 30, 2023, primarily due to increased net investment income driven by higher yielding assets.

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Financial Condition

As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own. Its assets consist primarily of investments in subsidiaries and cash and securities in amounts which fluctuate over time. We therefore rely on dividends and distributions (and other statutorily permissible payments) from our subsidiaries, investment income and fee income to meet our liquidity requirements, which primarily include making principal and interest payments on our debt and dividend payments to our preference and common shareholders.

The payment of dividends by our subsidiaries is, under certain circumstances, limited by the applicable laws and regulations in the various jurisdictions in which our subsidiaries operate. In addition, insurance laws require our insurance subsidiaries to maintain certain measures of solvency and liquidity. We believe that each of our insurance subsidiaries and branches exceeded the minimum solvency, capital and surplus requirements in their applicable jurisdictions at September 30, 2023. Certain of our subsidiaries and branches are required to file FCRs with their regulators, which provide details on solvency and financial performance. Where required, these FCRs will be posted on our website. The regulations governing our and our principal operating subsidiaries’ ability to pay dividends and to maintain certain measures of solvency and liquidity, and requirements to file FCRs are discussed in detail in “Part I, Item 1. Business, Regulation” and “Note 17. Statutory Requirements” in our “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2022.

Liquidity and Cash Flows

Holding Company Liquidity

RenaissanceRe’s principal uses of liquidity are: (1) common share related transactions including dividend payments to our common shareholders and common share repurchases, (2) preference share related transactions including dividend payments to our preference shareholders and preference share redemptions, (3) interest and principal payments on debt, (4) capital investments in our subsidiaries, (5) acquisition of, or investments in, new or existing companies or books of business of other companies, such as our acquisition of Validus, and (6) certain corporate and operating expenses.

We attempt to structure our organization in a way that facilitates efficient capital movements between RenaissanceRe and our operating subsidiaries and to ensure that adequate liquidity is available when required, giving consideration to applicable laws and regulations, and the domiciliary location of sources of liquidity and related obligations. For example, our internal investment structures and cash pooling arrangements among the Company and certain of our subsidiaries help to efficiently facilitate capital and liquidity movements.

In the aggregate, our principal operating subsidiaries have historically produced sufficient cash flows to meet their expected claims payments and operational expenses and to provide dividend payments to us. In addition, our subsidiaries maintain a concentration of investments in high quality liquid securities, which management believes will provide additional liquidity for extraordinary claims payments should the need arise. However, in some circumstances, RenaissanceRe may determine it is necessary or advisable to contribute capital to our subsidiaries, or may be contractually required to contribute capital to our joint ventures or managed funds. For example, in 2022, RenaissanceRe contributed capital to RenaissanceRe Specialty U.S. to support growth in premiums. In addition, from time to time we invest in new managed joint ventures or managed funds, increase our investments in certain of our managed joint ventures or managed funds and contribute cash to investment subsidiaries. For instance, effective April 1, 2022, RenaissanceRe launched Fontana, an innovative joint venture dedicated to writing Casualty and Specialty risks. In certain instances, we may be required to make capital contributions to our subsidiaries or joint ventures or managed funds, for example, Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer’s capital below a specified level.

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Sources of Liquidity

Historically, cash receipts from operations, consisting primarily of premiums, investment income and fee income, have provided sufficient funds to pay the losses and operating expenses incurred by our subsidiaries and to fund dividends and distributions to RenaissanceRe. Other potential sources of liquidity include borrowings under our credit facilities and issuances of securities.

The premiums received by our operating subsidiaries are generally received months or even years before losses are paid under the policies related to such premiums. Premiums and acquisition expenses generally are received within the first two years of inception of a contract, while operating expenses are generally paid within a year of being incurred. It generally takes much longer for net claims and claims expenses incurred to be reported and ultimately settled, requiring the establishment of reserves for claims and claim expenses and losses recoverable. Therefore, the amount of net claims paid in any one year is not necessarily related to the amount of net claims and claims expenses incurred in that year, as reported in the consolidated statement of operations.

We expect that our liquidity needs for the next 12 months will be met by our cash receipts from operations. However, as a result of a combination of market conditions, turnover of our investment portfolios and changes in investment yields, and the nature of our business where a large portion of the coverages we provide can produce losses of high severity and low frequency, future cash flows from operating activities cannot be accurately predicted and may fluctuate significantly between individual quarters and years. In addition, due to the magnitude and complexity of certain large loss events, meaningful uncertainty remains regarding losses from these events and our actual ultimate net losses from these events may vary materially from preliminary estimates, which would impact our cash flows from operations.

Our “shelf” registration statement on Form S-3 under the Securities Act allows for the public offering of various types of securities, including common shares, preference shares and debt securities, which provides a source of liquidity. Because we are a “well-known seasoned issuer” as defined by the rules promulgated under the Securities Act, we are also eligible to file additional automatically effective registration statements on Form S-3 in the future for the potential offering and sale of additional debt and equity securities.

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Credit Facilities, Trusts and Other Collateral Arrangements

We also maintain various other arrangements that allow us to access liquidity and satisfy collateral requirements, including revolving credit facilities, letter of credit facilities, and regulatory trusts, as well as other types of trust and collateral arrangements. Regulatory and other requirements to post collateral to support our reinsurance obligations could impact our liquidity. For example, many jurisdictions in the U.S. do not permit insurance companies to take credit for reinsurance obtained from unlicensed or non-admitted insurers on their statutory financial statements unless security is posted, so our contracts generally require us to post a letter of credit or provide other security (such as through a multi-beneficiary reinsurance trust). However, certain of our subsidiaries qualify as certified reinsurers or reciprocal reinsurers in one or more U.S. states, which has, and may continue to, reduce the amount of collateral that we are required to post. In addition, if we were to fail to comply with certain covenants in our debt agreements, we may have to pledge additional collateral.

Letter of Credit and Revolving Credit Facilities

We and certain of our subsidiaries, joint ventures, and managed funds maintain secured and unsecured revolving credit facilities and letter of credit facilities that provide liquidity and allow us to satisfy certain collateral requirements. The outstanding amounts drawn under each of our significant credit facilities are set forth below:

At September 30, 2023	Issued or Drawn
(in thousands)
Revolving Credit Facility (1)	$	—
Medici Revolving Credit Facility (2)	—
Bilateral Letter of Credit Facilities
Secured	393,940
Unsecured	475,387
Funds at Lloyd’s Letter of Credit Facility	275,000
	$	1,144,327

(1)At September 30, 2023, no amounts were issued or drawn under this facility.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions. At September 30, 2023, no amounts were issued or drawn under this facility.

Refer to “Note 7. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements” for additional information related to our significant debt and credit facilities.

Funds at Lloyd’s

As a member of Lloyd’s, the underwriting capacity, or stamp capacity, of Syndicate 1458 must be supported by providing a deposit, the FAL, in the form of cash, securities or letters of credit. At September 30, 2023, the FAL required to support the underwriting activities at Lloyd’s through Syndicate 1458 was £686.3 million (December 31, 2022 - £986.8 million). Actual FAL posted for Syndicate 1458 at September 30, 2023 by RenaissanceRe Corporate Capital (UK) Limited was $887.8 million (December 31, 2022 - $1.0 billion), supported by a $275.0 million letter of credit and a $612.8 million deposit of cash and fixed maturity securities (December 31, 2022 - $275.0 million and $737.6 million, respectively). Refer to “Note 7. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements” for additional information related to this letter of credit facility.

Multi-Beneficiary Reinsurance Trusts, Multi-Beneficiary Reduced Collateral Reinsurance Trusts

Renaissance Reinsurance, DaVinci Reinsurance and RREAG, use multi-beneficiary reinsurance trusts and/or multi-beneficiary reduced collateral reinsurance trusts to collateralize reinsurance liabilities. As described below, as of September 30, 2023, all of these trusts were funded in accordance with the relevant regulatory

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thresholds. However, assets held in these trusts may exceed the amount required under U.S. state regulations. Refer to “Note 17. Statutory Requirements” in our “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2022 for additional information on our multi-beneficiary reinsurance trusts and multi-beneficiary reduced collateral reinsurance trusts.

Assets held under trust at September 30, 2023 with respect to our multi-beneficiary reinsurance trusts totaled $572.7 million and $167.3 million for Renaissance Reinsurance and DaVinci, respectively (December 31, 2022 - $633.7 million and $255.6 million, respectively), compared to the minimum amount required under U.S. state regulations of $405.0 million and $125.9 million, respectively, at September 30, 2023 (December 31, 2022 - $511.4 million and $200.1 million, respectively).

Assets held under trust at September 30, 2023 with respect to our multi-beneficiary reduced collateral reinsurance trusts totaled $173.0 million, $206.0 million, and $101.1 million for Renaissance Reinsurance, DaVinci and RREAG respectively (December 31, 2022 - $172.7 million, $211.0 million and $106.5 million respectively), compared to the minimum amount required under U.S. state regulations of $118.9 million, $127.5 million and $76.3 million, respectively (December 31, 2022 - $146.1 million, $174.7 million and $98.3 million respectively).

Contractual Obligations

In assessing our liquidity requirements and cash needs, we also consider contractual obligations to which we are a party. These contractual obligations are summarized in our Form 10-K for the year ended December 31, 2022. As of September 30, 2023, there were no material changes in our contractual obligations as disclosed in the table of contractual obligations and related footnotes included in our Form 10-K for the year ended December 31, 2022, except as described below (including under “Impact of Validus Acquisition on Liquidity and Capital Resources”).

On June 5, 2023, we issued $750.0 million of our 5.750% Senior Notes due 2033. See “Note 15. Acquisition of Validus” in our “Notes to the Consolidated Financial Statements” and below under the heading “Impact of Validus Acquisition on Liquidity and Capital Resources” for additional information regarding the Validus Acquisition.

Cash Flows

Nine months ended September 30,	2023		2022
(in thousands)
Net cash provided by (used in) operating activities	$	1,399,139	$	870,488
Net cash provided by (used in) investing activities	(3,509,127)		(1,782,033)
Net cash provided by (used in) financing activities	2,104,136		224,989
Effect of exchange rate changes on foreign currency cash	7,397		31,778
Net increase (decrease) in cash and cash equivalents	1,545		(654,778)
Cash and cash equivalents, beginning of period	1,194,339		1,859,019
Cash and cash equivalents, end of period	$	1,195,884	$	1,204,241

2023

During the nine months ended September 30, 2023, our cash and cash equivalents decreased by $1.5 million, to $1,195.9 million at September 30, 2023, compared to $1,194.3 million at December 31, 2022.

Cash flows provided by operating activities. Cash flows provided by operating activities during the nine months ended September 30, 2023 were $1.4 billion, compared to $870.5 million during the nine months ended September 30, 2022. Cash flows provided by operating activities during the nine months ended September 30, 2023 were primarily the result of certain adjustments to reconcile our net income of $1.6 billion to net cash provided by operating activities, including:

•an increase in premiums receivable of $789.3 million due to the timing of receipts and an increase in our gross premiums written;

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•a decrease in reinsurance balances payable of $604.7 million, principally driven by the timing of payments related to underwriting activity and the redemption of capital from Upsilon RFO; partially offset by

•an increase in unearned premiums of $663.4 million due to gross premiums written across both our Property and Casualty and Specialty segments;

•a decrease in reinsurance recoverable of $457.7 million due to the decrease in recoverables associated with 2022 Weather-Related Large Losses; and

•net realized and unrealized losses on investments of $149.1 million, primarily driven by interest rate increases.

Cash flows used in investing activities. During the nine months ended September 30, 2023, our cash flows used in investing activities were $3.5 billion, principally reflecting net purchases of fixed maturity investments trading of $1.8 billion, short term investments of $1.8 billion, and other investments of $526.0 million, partially offset by cash flows from net sales of equity investments trading of $564.3 million. The net purchases of fixed maturity investments trading was primarily funded by cash flows provided by operating activities, as described above, and cash flows provided by the capital raised as part of our financing plan for the Validus Acquisition, as described below, whereas the net purchase of other investments during the nine months ended September 30, 2023, was primarily driven by an increased allocation to catastrophe bonds and fund investments.

Cash flows provided by financing activities. Our cash flows provided by financing activities in the nine months ended September 30, 2023 were $2.1 billion, and were principally the result of:

•the issuance of 7,245,000 of our common shares in an underwritten public offering at a public offering price of $192.00 per share. The total net proceeds from the offering were $1,351.6 million;

•the issuance of $750.0 million of 5.750% Senior Notes due June 5, 2033, with net proceeds from the offering of $740.6 million;

•net inflows of $143.7 million primarily related to net third-party redeemable noncontrolling interest share transactions in Medici and DaVinci; partially offset by

•dividends paid on our common and preference shares of $55.2 million and $26.5 million, respectively; and

•repayment of debt of $30.0 million related to the Medici Revolving Credit Facility.

2022

During the nine months ended September 30, 2022, our cash and cash equivalents decreased by $654.8 million, to $1.2 billion at September 30, 2022, compared to $1.9 billion at December 31, 2021.

Cash flows provided by operating activities. Cash flows provided by operating activities during the nine months ended September 30, 2022 were $870.5 million, compared to $801.9 million during the nine months ended September 30, 2021. Cash flows provided by operating activities during the nine months ended September 30, 2022 were primarily the result of certain adjustments to reconcile our net loss of $1.9 billion to net cash provided by operating activities, including:

•an increase in reserve for claims and claim expenses of $2.4 billion primarily resulting from net claims and claim expenses associated with the 2022 Weather-Related Large Losses;

•net realized and unrealized losses on investments of $1.8 billion primarily driven by unrealized mark-to-market losses resulting from the significant increase in interest rates;

•an increase in unearned premiums of $1.5 billion due to the growth in gross premiums written across both our Property and Casualty and Specialty segments;

•an increase in reinsurance balances payable of $297.6 million principally driven by the issuance of non-voting preference shares to investors in Upsilon RFO, which are accounted for as prospective reinsurance and included in reinsurance balances payable on our consolidated balance sheet. See

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“Note 9. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares; partially offset by

•an increase in premiums receivable of $1.7 billion due to the timing of receipts and increase in our gross premiums written;

•an increase in reinsurance recoverable of $700.6 million due to the increase in net claims and claim expenses and recoverables associated with the 2022 Weather-Related Large Losses; and

•an increase of $378.8 million in our prepaid reinsurance premiums due to the timing of payments.

Cash flows used in investing activities. During the nine months ended September 30, 2022, our cash flows used in investing activities were $1.8 billion, principally reflecting net purchases of fixed maturity investments trading of $1.4 billion, equity investments trading of $337.1 million, and other investments of $452.4 million, partially offset by cash flow from net sales of short term investments of $365.8 million. The net purchases of fixed maturity investments trading was primarily funded by cash flows provided by operating activities, as described above, whereas the net purchase of other investments during the nine months ended September 30, 2022, was primarily driven by an increased allocation to catastrophe bonds and fund investments.

Cash flows provided by financing activities. Our cash flows provided by financing activities in the nine months ended September 30, 2022 were $225.0 million, and were principally the result of:

•net inflows of $477.7 million primarily related to net third-party redeemable noncontrolling interest share transactions in Medici, DaVinci and Fontana; partially offset by

•the repurchase of 1.1 million of our common shares in open market transactions at an aggregate cost of $162.8 million and an average price of $155.00 per common share; and

•dividends paid on our common and preference shares of $48.6 million and $26.6 million, respectively.

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Capital Resources

We monitor our capital adequacy on a regular basis and seek to adjust our capital according to the needs of our business. In particular, we require capital sufficient to meet or exceed the capital adequacy ratios established by rating agencies for maintenance of appropriate financial strength ratings, the capital adequacy tests performed by regulatory authorities and the capital requirements under our credit facilities. From time to time, rating agencies may make changes in their capital models and rating methodologies, which could increase the amount of capital required to support our ratings. We may seek to raise additional capital or return capital to our shareholders through common share repurchases and cash dividends (or a combination of such methods). In the normal course of our operations, we may from time to time evaluate additional share or debt issuances given prevailing market conditions and capital management strategies, including for our operating subsidiaries, joint ventures and managed funds. In addition, as noted above, we enter into agreements with financial institutions to obtain letter of credit facilities for the benefit of our operating subsidiaries and certain of our joint ventures and managed funds in their reinsurance and insurance business.

Our total shareholders’ equity attributable to RenaissanceRe and total debt was as follows:

	At September 30, 2023		At December 31, 2022		Change
(in thousands)
Common shareholders’ equity	$	6,838,617	$	4,575,274	$	2,263,343
Preference shares	750,000		750,000		—
Total shareholders’ equity attributable to RenaissanceRe	7,588,617		5,325,274		2,263,343
5.750% Senior Notes due 2033	740,887		—		740,887
3.600% Senior Notes due 2029	394,906		394,221		685
3.450% Senior Notes due 2027	298,146		297,775		371
3.700% Senior Notes due 2025	299,444		299,168		276
4.750% Senior Notes due 2025 (DaVinci) (1)	149,510		149,278		232
Total senior notes	1,882,893		1,140,442		742,451
Medici Revolving Credit Facility (2)	—		30,000		(30,000)
Total debt	$	1,882,893	$	1,170,442	$	712,451

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinci. Because RenaissanceRe controls a majority of DaVinci’s issued voting shares, the consolidated financial statements of DaVinci are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinci and RenaissanceRe’s financial exposure to DaVinci is limited to its investment in DaVinci’s shares and counterparty credit risk arising from reinsurance transactions.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions. At September 30, 2023, no amounts were issued or drawn under this facility.

Our shareholders’ equity attributable to RenaissanceRe increased $2.3 billion during the nine months ended September 30, 2023 principally as a result of:

•the sale of 7,245,000 common shares at the public offering price of $192.00 per share for total net proceeds of approximately $1,352.0 million, which were used to fund a portion of the cash consideration for the Validus Acquisition subsequent to September 30, 2023, and to pay related costs and expenses, and for general corporate purposes, and

•our comprehensive income attributable to RenaissanceRe of $976.6 million; partially offset by

•$55.2 million and $26.5 million of dividends on our common and preference shares, respectively.

Our total debt increased by $712.5 million during the nine months ended September 30, 2023 principally as a result of the issuance of $750.0 million of 5.750% Senior Notes due 2033. The net proceeds of

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approximately $741.0 million were used to fund a portion of the cash consideration for the Validus Acquisition subsequent to September 30, 2023, and to pay related costs and expenses, and for general corporate purposes. See “Note 15. Acquisition of Validus” in our “Notes to the Consolidated Financial Statements” for additional information regarding the Validus Acquisition. The increase from the net proceeds was partially offset by the repayment of the Medici Revolving Credit Facility of $30.0 million during the nine months ended September 30, 2023.

For additional information related to the terms of our debt and significant credit facilities, see “Note 7. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements” in this Form 10-Q and “Note 8. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2022. See “Note 10. Shareholders’ Equity” in our “Notes to the Consolidated Financial Statements” in this Form 10-Q and “Note 11. Shareholders’ Equity” in our “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2022 for additional information related to our common and preference shares.

Impact of Validus Acquisition on Liquidity and Capital Resources

On November 1, 2023, the Company completed the Validus Acquisition and paid to AIG aggregate consideration of $2.985 billion, consisting of the following: (i) cash consideration of $2.735 billion; and (ii) 1,322,541 common shares, which were valued at approximately $250.0 million based on a value of $189.03 per share at signing, pursuant to the Stock Purchase Agreement (the “Base Common Share Consideration”). We funded the cash consideration paid by RenaissanceRe from available cash resources and the liquidation of certain of our fixed maturity investments trading. We also funded a portion of the cash consideration with the net proceeds received of approximately $1,352.0 million from the equity offering completed on May 26, 2023, and the net proceeds received of approximately $741.0 million from the offering of 5.750% Senior Notes due 2033 completed on June 5, 2023. The proceeds of the equity offering and Senior Notes were invested in U.S. Treasuries and short term investments, and converted to cash around the time of the closing of the Validus Acquisition to fund the total cash consideration equal to $2.735 billion.

We incurred $14.7 million of corporate expenses associated with the Validus Acquisition in the nine months ended September 30, 2023 and expect to incur additional costs and expenses associated with the Validus Acquisition over the course of 2023. These additional one time costs may be significant, and it is possible that our ultimate costs will exceed our current estimates.

Following the close of the transaction, we continue to anticipate that our operating subsidiaries will have adequate capital resources and sufficient cash flows to meet their expected claims payments and operational expenses and to provide dividend payments and other similar distributions to RenaissanceRe and that we will have adequate capital resources, or access to capital resources, to meet our obligations, including dividend payments to our common and preferred shareholders, interest payments on our senior notes and other liabilities, as they come due.

See “Note 15. Acquisition of Validus” in our “Notes to the Consolidated Financial Statements” for additional information regarding the Validus Stock Purchase.

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Reserve for Claims and Claim Expenses

We believe the most significant accounting judgment made by management is our estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts we sell. Our actual net claims and claim expenses paid will differ, perhaps materially, from the estimates reflected in our financial statements, which may adversely impact our financial condition, liquidity and capital resources.

Refer to “Note 7. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2022 and “Note 6. Reserve for Claims and Claim Expenses” included herein for more information on the risks we insure and reinsure, the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, prior year development of the reserve for claims and claim expenses, analysis of our incurred and paid claims development and claims duration information for each of our Property and Casualty and Specialty segments. In addition, refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Summary of Critical Accounting Estimates, Claims and Claim Expense Reserves” in our Form 10-K for the year ended December 31, 2022 for more information on the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, our current estimates versus our initial estimates of our claims reserves, and sensitivity analysis for each of our Property and Casualty and Specialty segments.

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Investments

The table below shows our invested assets:

	September 30, 2023				December 31, 2022				Change
(in thousands, except percentages)
U.S. treasuries	$	8,587,946	33.1	%	$	7,180,129	32.3	%	$	1,407,817
Corporate (1)	4,482,082		17.3	%	4,390,568		19.8	%	91,514
Agencies	460,936		1.8	%	395,149		1.8	%	65,787
Non-U.S. government	403,758		1.5	%	383,838		1.7	%	19,920
Residential mortgage-backed	806,120		3.1	%	710,429		3.2	%	95,691
Commercial mortgage-backed	210,942		0.8	%	213,987		1.0	%	(3,045)
Asset-backed	1,131,262		4.3	%	1,077,302		4.8	%	53,960
Total fixed maturity investments, at fair value	16,083,046		61.9	%	14,351,402		64.6	%	1,731,644
Short term investments, at fair value	6,519,207		25.1	%	4,669,272		21.0	%	1,849,935
Equity investments, at fair value	95,342		0.4	%	625,058		2.8	%	(529,716)
Catastrophe bonds	1,697,810		6.5	%	1,241,468		5.6	%	456,342
Fund investments	1,303,740		5.0	%	1,086,706		4.9	%	217,034
Term loans	98,876		0.4	%	100,000		0.5	%	(1,124)
Direct private equity investments	67,515		0.3	%	66,780		0.3	%	735
Total other investments, at fair value	3,167,941		12.2	%	2,494,954		11.2	%	672,987
Investments in other ventures, under equity method	101,103		0.4	%	79,750		0.3	%	21,353
Total investments	$	25,966,639	100.0	%	$	22,220,436	100.0	%	$	3,746,203

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

We structure our investment portfolio to emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time. Notwithstanding the foregoing, our investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities. For additional information regarding our investments and the fair value measurement of our investments refer to “Note 3. Investments” and “Note 4. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements.”

As the reinsurance coverages we sell include substantial protection for damages resulting from natural and man-made catastrophes, as well as for potentially large casualty and specialty exposures, we expect, from time to time, to become liable for substantial claim payments on short notice. Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large majority of our investments are highly rated fixed income securities, including U.S. treasuries, agencies, highly rated sovereign and supranational securities, high-grade corporate securities and mortgage-backed and asset-backed securities. We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments and an allocation to other investments (including catastrophe bonds, fund investments, term loans and direct private equity investments).

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Other Investments

The table below shows our portfolio of other investments: 

	September 30, 2023		December 31, 2022		Change
(in thousands)
Catastrophe bonds	$	1,697,810	$	1,241,468	$	456,342
Fund investments	1,303,740		1,086,706		217,034
Term loans	98,876		100,000		(1,124)
Direct private equity investments	67,515		66,780		735
Total other investments	$	3,167,941	$	2,494,954	$	672,987

We account for our other investments at fair value in accordance with FASB ASC Topic Financial Instruments. The fair value of our fund investments, which include private equity funds, private credit funds and hedge funds, is recorded on our consolidated balance sheet in other investments, and is generally established on the basis of the net asset value per share (or its equivalent), determined by the managers of these investments in accordance with the applicable governing documents. Many of our fund investments are subject to restrictions on redemptions and sales which limit our ability to liquidate these investments in the short term.

Our fund managers and their fund administrators are generally unable to provide final fund valuations as of our current reporting date. We typically experience a reporting lag to receive a final net asset value report of one month for our hedge funds and three months for both private equity funds and private credit funds, although we have occasionally experienced delays of up to six months, particularly at year end. In circumstances where there is a reporting lag, we estimate the fair value of these funds by starting with the prior month or quarter-end fund valuation, adjusting these valuations for actual capital calls, redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. This principally includes using preliminary estimates reported to us by our fund managers where available, and estimating returns based on the performance of broad market indices, or other valuation methods. Actual final fund valuations may differ, perhaps materially, from our estimates and these differences are recorded in our consolidated statement of operations in the period in which they are reported to us as a change in estimate. A net loss of $3.0 million is recorded for the nine months ended September 30, 2023 (2022 - net income of $19.8 million for the nine months ended September 30, 2022), representing the change in estimate during the period related to the difference between our estimate recorded on December 31, 2022 (2022 - December 31, 2021), due to the lag in reporting discussed above, and the actual amount reported in the final net asset values provided by our fund managers in the current year.

Our estimate of the fair value of catastrophe bonds is based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications. Refer to “Note 4. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information regarding the fair value measurement of our investments.

We have committed capital to fund investments, term loans, direct private equity investments and investments in other ventures of $3.3 billion, of which $1.8 billion has been contributed at September 30, 2023 (December 31, 2022 - $2.9 billion and $1.7 billion, respectively). Our remaining commitments to these investments at September 30, 2023 totaled $1.5 billion (December 31, 2022 - $1.2 billion). In the future, we may enter into additional commitments in respect of these investments or individual portfolio company investment opportunities.

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Ratings

Financial strength ratings are important to the competitive position of reinsurance and insurance companies. We have received high long-term issuer credit and financial strength ratings and scores from A.M. Best, S&P, Moody’s and Fitch as applicable. These ratings represent independent opinions of an insurer’s financial strength, operating performance and ability to meet policyholder obligations, and are not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold any of our securities. Rating organizations continually review the financial positions of our principal operating subsidiaries and joint ventures and ratings may be revised or revoked by the agencies which issue them. Additionally, rating organizations may change their rating methodology, which could have a material impact on our financial strength ratings.

In addition, S&P and A.M. Best assess companies’ ERM practices, which is an opinion on the many critical dimensions of risk that determine overall creditworthiness. RenaissanceRe has been assigned an ERM score of “Very Strong” from each of these agencies, which is the highest ERM score assigned.

The ratings of our principal operating subsidiaries and joint ventures and the ERM score of RenaissanceRe as of October 30, 2023 are presented below.

	A.M. Best (1)	S&P (2)	Moody’s (3)	Fitch (4)
Renaissance Reinsurance Ltd.	A+	A+	A1	A+
DaVinci Reinsurance Ltd.	A	A+	A3	—
Fontana Reinsurance Ltd.	A	—	—	—
Fontana Reinsurance U.S. Ltd.	A	—	—	—
Renaissance Reinsurance of Europe Unlimited Company	A+	A+	—	—
Renaissance Reinsurance U.S. Inc.	A+	A+	—	—
RenaissanceRe Europe AG	A+	A+	—	—
RenaissanceRe Specialty U.S. Ltd.	A+	A+	—	—
Top Layer Reinsurance Ltd.	A+	AA	—	—
Vermeer Reinsurance Ltd.	A	—	—	—
RenaissanceRe Syndicate 1458	—	—	—	—
Lloyd’s Overall Market Rating	A	A+	—	AA-
RenaissanceRe ERM Score	Very Strong	Very Strong	—	—

(1)The A.M. Best ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. RenaissanceRe has been assigned a “Very Strong” ERM score by A.M. Best. On May 23, 2023, AM Best commented that it did not expect the announced Validus Acquisition to result in any immediate changes to RenaissanceRe’s credit ratings.

(2)The S&P ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating and the issuer’s long-term issuer credit rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. RenaissanceRe has been assigned a “Very Strong” ERM score by S&P. On May 23, 2023, S&P affirmed RenaissanceRe’s ratings following the announcement of the Validus Acquisition.

(3)The Moody’s ratings represent the insurer’s financial strength rating. On May 26, 2023, Moody’s affirmed RenaissanceRe’s ratings following the announcement of the Validus Acquisition.

(4)The Fitch rating for Renaissance Reinsurance represents the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents Syndicate 1458’s financial strength rating. On May 23, 2023, Fitch affirmed RenaissanceRe’s ratings following the announcement of the Validus Acquisition.

As of October 30, 2023, there were no material changes to our ratings as disclosed in our Form 10-K for the year ended December 31, 2022.

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SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION

RenaissanceRe Finance, a 100% owned subsidiary of RenaissanceRe, is the issuer of certain 3.700% Senior Notes due 2025 and 3.450% Senior Notes due 2027, each of which are fully and unconditionally guaranteed by RenaissanceRe. The guarantees are senior unsecured obligations of RenaissanceRe and rank equally in right of payment with all other existing and future unsecured and unsubordinated indebtedness of RenaissanceRe which may be outstanding from time to time. Each series of notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. For additional information related to the terms of our outstanding debt securities, see “Note 8. Debt and Credit Facilities” in the “Notes to the Consolidated Financial Statements” in our Form 10-K for the year ended December 31, 2022 and “Note 7. Debt and Credit Facilities” included herein.

The following tables present supplemental summarized financial information for RenaissanceRe and RenaissanceRe Finance, collectively the “Obligor Group.” Intercompany transactions among the members of the Obligor Group have been eliminated. The financial information of non-obligor subsidiaries has been excluded from the summarized financial information. Significant intercompany transactions and receivable/payable balances between the Obligor Group and non-obligor subsidiaries are presented separately in the summarized financial information:

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Summarized Balance Sheets

(in thousands)	September 30, 2023		December 31, 2022
Assets
Receivables due from non-obligor subsidiaries	$	8,476	$	370,219
Other current assets	1,775,135		216,909
Total current assets	$	1,783,611	$	587,128
Goodwill and other intangibles	$	102,312	$	104,718
Loan receivable from non-obligor subsidiaries	905,596		874,721
Other noncurrent assets	1,271,069		186,279
Total noncurrent assets	$	2,278,977	$	1,165,718
Liabilities
Payables due to non-obligor subsidiaries	$	27,666	$	16,049
Other current liabilities	102,854		95,792
Total current liabilities	$	130,520	$	111,841
Loan payable to non-obligor subsidiaries	$	203,318	$	201,380
Other noncurrent liabilities	1,834,948		1,092,728
Total noncurrent liabilities	$	2,038,266	$	1,294,108

Summarized Statement of Operations

(in thousands)	Nine months ended September 30, 2023
Revenues
Intercompany revenue with non-obligor subsidiaries	$	63,929
Other revenue	55,261
Total revenues	119,190
Expenses
Intercompany expense with non-obligor subsidiaries	36,360
Other expense	160,021
Total expenses	196,381
Income tax benefit (expense)	4,806
Net income (loss)	(72,385)
Dividends on RenaissanceRe preference shares	(26,531)
Net income (loss) attributable to Obligor Group	$	(98,916)

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CURRENT OUTLOOK

Over the last 10 years, we have made key strategic decisions to build the capabilities and scale that we believe will allow us to generate superior returns in an evolving marketplace. We have diversified our sources of capital through various owned and managed balance sheets as well as equity, debt and insurance-linked securities markets. We believe that the prior planning initiatives we implemented provide the flexibility to manage large loss events and efficiently distribute capital across balance sheets. We are unique among our peers in that we have both owned and managed, and rated and fronted, vehicles across the risks that we write. This has afforded us significant flexibility to react when the world changes.

Validus Acquisition

On November 1, 2023, we completed the Validus Acquisition, accelerating our strategy at a critical juncture in the reinsurance cycle. We believe that the Validus Acquisition has several significant strategic benefits for us, and advances our position as a global property and casualty reinsurer, providing additional scale and diversification, and increasing our importance with customers and brokers. Through the Validus Acquisition, we have gained access to a large book of reinsurance business that is closely aligned with our existing business mix, which we believe is attractive and will accelerate our growth in a favorable market.

We believe that the Validus Acquisition is immediately accretive to our shareholders across our three drivers of profit and key financial metrics. At the same time, we have expanded our relationship with a core trading partner, AIG, who is one of our five largest clients by premium volume, as the Validus Acquisition provides options for increased strategic engagement. We have a dedicated integration team that has reviewed Validus’s operating model, processes and systems so that we can best bring together the operations of our two companies.

Reinsurance Market Trends and Developments

Over the course of 2023, we have seen a shift in the reinsurance market environment that we think has inured to our benefit. We believe we have created significant opportunities to source attractive risk in the lines of business that we write, and that such opportunities will result in superior returns for our shareholders. Overall, the shift in the reinsurance market environment has resulted in an increase in rates across certain lines of business at the January 1, April 1 and June 1 renewals.

Industry insured losses in 2023 are likely to once again exceed $100 billion, and inflation, climate change and geopolitical instability have continued to drive exposure. At the same time, we have seen little new capital enter the market, putting even more pressure on the demand for reinsurance.

As we head into the January 1 renewals, we believe that we are in a favorable position. Over the past year we achieved a significant step change in property catastrophe rates and terms and conditions. We think that this will result in further alignment between customer expectations and the market moving into the January 1 renewals. We believe that we have a robust excess capital position, which we may utilize to meet the demand that we foresee in the market at the January 1 renewals. Additionally, the Validus Business affords us considerable flexibility to remain disciplined.

We believe that our understanding of volatility places us in a preferred position to accept risk, and we continue to see strong opportunities for growth across our portfolio. We have a strategic commitment to reinsurance that we think enhances our value proposition to customers because our reinsurance participation is consistent and broad, and our focus on reinsurance minimizes potential channel conflict with our customers. This commitment is only reinforced by the Validus Acquisition.

We are uniquely positioned to write a variety of risks, leveraging the enhancements we have made over the last several years to our risk and capital management technology and underwriting expertise to cover additional lines of business. In particular, we have invested heavily to understand the influence of climate change on the weather and its impact on the risks that we take. We believe that the RenaissanceRe Risk Sciences team gives us an advantage in properly reflecting the evolving phenomenon of climate change in

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our models as compared to commercially available models. Our scientists and underwriters have consistently adjusted our global views of risk to consider our present and future expectations of hazard and loss drivers from all sources including, but not limited to climate change, inflation and other factors. We plan to continue to seek to take advantage of additional available opportunities and think that the strategic decisions we have made in prior periods have laid the foundation for these initiatives. We believe that our clients value our ability to be a long-term partner who brings access to multiple forms of capital and innovative, large-scale solutions.

General Economic Conditions

We believe the stresses in the global economy will continue and that this may result in increased market volatility. Global events and geopolitical instability have contributed to widespread economic inflation. We consider the anticipated effects of inflation, including social, economic, and event-driven, in our loss models, on our investment portfolio, and generally in the running of our business, and have enhanced our inflation framework to proactively monitor this trend.

Many central banks have raised interest rates, which could act as a countervailing force against some inflationary pressures. The effects of interest rate trends on our reinsurance and insurance business could be magnified for longer-tail business lines that are more inflation-sensitive, particularly in our Casualty and Specialty segment, and in our other property class of business within our Property segment.

The risk of a global recession is a continuing concern. However, we believe that our business model is well positioned to be less sensitive to an inflationary or recessionary environment. This type of environment may increase demand for reinsurance by reducing the supply and increasing the cost of capital, and adjusting customers’ risk tolerances. Consequently, reinsurance rates may rise while becoming more competitive as compared to other forms of risk capital. Notwithstanding the many uncertainties and challenges that lie ahead, we believe that our track record of responding to industry events, differentiated risk management and client service capabilities, and access to diverse sources of both capital and risk position us favorably in the current environment.

In the third quarter of 2023, the government of Bermuda announced its intention to implement a 15% corporate income tax effective January 1, 2025. If this occurs, and if the OECD's Pillar Two regime is implemented in the jurisdictions in which we operate, there may be an increase in the Company's income taxes in the future. We believe that the flexible global operating model that we have utilized will continue to prove resilient.

Three Drivers of Profit

We had strong overall performance in the third quarter of 2023, reflecting solid contributions from each of our three drivers of profit. This performance was a reflection of our strategy of generating diversified earnings streams for our business across underwriting income, fee income and investment income. Our strong financial results were obtained even with catastrophe losses and the impact of the financial drag from the capital that we raised to fund the Validus Acquisition.

Underwriting Income

Through disciplined underwriting, we aim to manage the cycle and allocate our capital to the business that we believe will generate the best returns. In the third quarter of 2023, our gross premiums written decreased as compared to the prior year period, primarily due to the impact of lower reinstatement premiums, non-recurring deals, and active cycle management.

We have been engaging with our customers and brokers on the Validus Acquisition, and have received consistently positive feedback. We believe that through our integrated system, and with the support of our Capital Partners unit, we can support the Validus Business underwriting portfolio using less capital than Validus required, making it more attractive to us.

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Property

With the global impact of climate change, we expect the frequency and severity of perils such as drought, flood, rain, hail and wildfire to continue at the elevated levels we have seen in recent years. So far, in 2023, we have seen catastrophe activity that is above the norm. We think that expected losses, cost of capital and inherent volatility in this business are all increasing, which should create favorable pricing trends. As anticipated, the mid-year renewals benefited from continued upward rate momentum and improved terms and conditions. We expect that higher rates will persist for some time as we believe that the current hard market is being driven by equity and insurance-linked securities investor sentiment requiring appropriate compensation for the risk and volatility assumed.

Our Property segment had strong performance this quarter even against a backdrop of continuing catastrophe activity. Due to the underwriting changes we made during the course of the year, including requiring higher rates and attachment points, this catastrophe activity had a smaller impact on our financial results than it otherwise may have. In line with previous quarters, we have continued to reduce risk in the other property business.

Casualty and Specialty

We continue to see opportunities across multiple lines of business and geographies within our Casualty and Specialty segment, and we have expanded participation on multiple casualty and specialty lines. However, different lines of business are at different points in their respective cycles, and we have been managing these cycles through strong underwriting discipline.

Overall, we are pleased with the position of this portfolio. We think that our prior work building strong relationships with key customers has allowed us to gain superior access to desirable business. We have focused our growth in attractive areas while reducing on deals that do not meet our return hurdles. As a result, growth in the other specialty class of business was offset by reductions in the professional liability class of business. This is the positive result of portfolio shaping to emphasize classes with the most attractive returns while managing the cycle where returns are more challenged.

Fee Income

Our Capital Partners unit continues to grow into an attractive market. The financial results for the third quarter of 2023 reflect the increase in capital that our Capital Partners unit manages on behalf our partners, as well as strong underwriting results.

We view this as a growing and sustainable driver of profit that we expect will continue to generate increasing low-volatility management fee income. As the catastrophe bond market remains active, we have seen strong capital inflows into Medici and other catastrophe bond vehicles from both new and existing investors. We continue to deepen our relationship with AIG, and remain on track for them to make a significant investment in our Capital Partners business.

Investment Income

Historic increases in interest rates have driven significant short-term mark-to-market losses in our investment portfolio. However, we continue to see momentum for an increase in net investment income from our investment portfolio as interest rates have risen.

We are benefiting from higher interest rates and growth in this driver of profit as a result of our proactive rotation of the portfolio into higher yielding securities over the past year. However, we continue to maintain a defensive position for our investment portfolio. In the third quarter of 2023, we benefited from higher invested assets related to the capital that we raised to fund the Validus Acquisition.

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With the close of the Validus Acquisition, we obtained a large investment portfolio that supports a pool of reserves to which we anticipate having limited exposure due to our reserve development agreement with AIG. As a result, we expect this to contribute to our investment income in future periods.

See the “Risk Factors” section in our Form 10-K, filed with the SEC on February 8, 2023, and Item 1A of this Quarterly Report on Form 10-Q, for additional information on factors that could cause our actual results to differ materially from those in the forward-looking statements contained in this Form 10-Q and other documents we file with the SEC.

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ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are principally exposed to four types of market risk: interest rate risk; foreign currency risk; credit risk; and equity price risk. Our investment guidelines permit, subject to approval, investments in derivative instruments such as futures, options, foreign currency forward contracts and swap agreements, which may be used to assume risks or for hedging purposes.

Except as described below, there were no material changes to these market risks, as disclosed in “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk” in our Form 10-K for the year ended December 31, 2022, during the nine months ended September 30, 2023. See “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk,” in our Form 10-K for the year ended December 31, 2022 for a discussion of our exposure to these risks.

As a result of the Validus Acquisition, which closed on November 1, 2023, Validus’s assets and liabilities were consolidated with RenaissanceRe and subject to our existing policies for addressing the markets risks noted herein. Further, we anticipate increased exposure to each of these market risks, resulting from an increase in the size of our investment portfolio. We do not currently anticipate significant changes in how those exposures are managed in future reporting periods based upon what is known or expected to be in effect in future reporting periods, including the Validus Acquisition.

ITEM 4.        CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(b) and 15d-15(b) of the Exchange Act, as of the end of the period covered by this report. Based upon that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, at September 30, 2023, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in Company reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2023, which were identified in connection with our evaluation required pursuant to Rules 13a-15 or 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II        OTHER INFORMATION

ITEM 1.       LEGAL PROCEEDINGS

There have been no material changes to the legal proceedings previously disclosed in our Form 10-K for the year ended December 31, 2022.

ITEM 1A.        RISK FACTORS

Except as set forth below, there have been no material changes to the risk factors previously disclosed in our Form 10-K for the year ended December 31, 2022.

Risks Related to the Validus Acquisition

The Validus Business is subject to many of the same risks we are, and the Validus Acquisition will increase our exposure to many of the risks described under the heading “Risk Factors” set forth in our Annual Report on Form 10-K for the year ended December 31, 2022. In addition to those risks, you should carefully consider the following risks related to the Validus Acquisition. The below risks related to the Validus Acquisition should be read together with the audited consolidated financial statements of Validus Re for the years ended December 31, 2022 and December 31, 2021, which we have previously disclosed.

We may experience difficulties in integrating the Validus Business.

Our ability to achieve the benefits we anticipate from the Validus Acquisition will depend in large part upon whether we are able to integrate the Validus Business into our business in an efficient and effective manner. We may not be able to integrate the Validus Business smoothly or successfully and the process may take longer than expected. If we are unable to manage future growth following the Validus Acquisition, our prospects may be materially and adversely affected. The success with which we are able to integrate the Validus Business will depend on our ability to manage a variety of issues, including the following:

•Loss of key personnel or higher than expected employee attrition rates could adversely affect the performance of the Validus Business and our ability to integrate it successfully.

•Customers of the Validus Business may reduce, delay or defer decisions concerning their use of the insurance and reinsurance products and services of the Validus Business as a result of the Validus Acquisition or uncertainties related to the consummation of the Validus Acquisition, including any potential unfamiliarity with our brand in regions where we have not had a significant presence prior to the time of the Validus Acquisition.

•Integrating the Validus Business with our existing operations will require us to coordinate geographically separated organizations, address possible differences in corporate culture and management philosophies, merge financial processes and risk and compliance procedures and combine separate information technology platforms.

•Future growth of our business and the Validus Business will require, among other things, the continued development of adequate underwriting and claim handling capabilities and skills, sufficient capital base, increased marketing and sales activities, and the hiring and training of new personnel.

The due diligence process that we undertook in connection with the Validus Acquisition may not have revealed all facts that may be relevant in connection with the Validus Acquisition.

In deciding whether to enter into the Stock Purchase Agreement, we conducted the due diligence investigation that we deemed reasonable and appropriate based on the facts and circumstances applicable to the Validus Acquisition. When conducting due diligence, we are required to evaluate important and complex business, financial, tax, accounting, technological, governance, legal and regulatory issues. In addition to our employees, outside consultants, legal advisors and accountants were involved in the due

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diligence process in varying degrees. Despite our efforts, the results of our due diligence may not be complete and accurate or, even if complete and accurate, may not be sufficient to identify all relevant facts, which could prevent us from realizing the anticipated benefits we expect to achieve as a result of the Validus Acquisition and our business and results of operations could be adversely affected.

The historical financial statements of Validus Re we have previously disclosed are not representative of the future financial position, future results of operations or future cash flows of the Validus Business following the Validus Acquisition.

The financial position, results of operations and cash flows of Validus Re presented in the historical financial statements of Validus Re, which we have previously disclosed, are the financial statements of Validus Re only, and not of all of the Validus entities to be acquired in the Validus Acquisition, and accordingly they do not present a complete picture of the Validus Business. Further, the financial statements of Validus Re as of and for the year ended December 31, 2022, do not reflect the financial position, results of operations and cash flows of Validus Re at any point in time subsequent to December 31, 2022, including as of or for the quarters ended March 31, 2023, June 30, 2023, or September 30, 2023 for which financial statements have not been provided.

Additionally, even with respect to Validus Re, the financial position, results of operations and cash flows presented in the financial statements may be different from those that would have resulted had Validus Re been operated as part of our business and different from those that may result in the future from Validus Re being operated as a part of our business.

Accordingly, the historical financial statements of Validus Re should not be viewed as indicative of the future financial position, future results of operations or future cash flows of Validus Re following the Validus Acquisition, or as indicative of the financial position, results of operations or cash flows of the Validus Business for any period.

ITEM 2.        UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Our share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On August 2, 2022, our Board of Directors approved a renewal of our authorized share repurchase program to an aggregate amount of up to $500.0 million. Unless terminated earlier by our Board of Directors, the program will expire when we have repurchased the full value of the shares authorized.

The table below details the repurchases that were made under the program during the third quarter of 2023, and includes other shares purchased, which represents common shares surrendered by employees in respect of withholding tax obligations on the vesting of restricted stock.

	Total shares purchased			Other shares purchased			Shares purchased under publicly announced repurchase program			Maximum dollar amount still available under repurchase program
	Shares purchased	Average price per share		Shares purchased	Average price per share		Shares purchased	Average price per share
										(in thousands)
Beginning dollar amount available to be repurchased										$	500,000
July 1 - 31, 2023	—	$	—	—	$	—	—	$	—	$	500,000
August 1 - 31, 2023	359	$	188.70	359	$	188.70	—	$	—	$	500,000
September 1 - 30, 2023	5,769	$	189.64	5,769	$	189.64	—	$	—	$	500,000
Total	6,128	$	189.58	6,128	$	189.58	—	$	—	$	500,000

During the nine months ended September 30, 2023, we did not repurchase common shares pursuant to our publicly announced share repurchase program. At September 30, 2023, $500.0 million remained available

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for repurchase under the share repurchase program. In the future, we may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans. Our decision to repurchase common shares will depend on, among other matters, the market price of the common shares and our capital requirements.

ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.        MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.        OTHER INFORMATION

During the three months ended September 30, 2023, the following directors or officers of the Company adopted a Rule 10b5-1 trading arrangement or a non-Rule 10b5–1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended): (i) on August 21, 2023, David E. Marra, Executive Vice President and Chief Underwriting Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 11,000 shares of RenaissanceRe common stock between November 14, 2023 and October 31, 2025, subject to certain conditions; and (ii) on August 23, 2023, Robert Qutub, Executive Vice President and Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 7,500 shares of RenaissanceRe common stock between November 21, 2023 and November 21, 2025, subject to certain conditions.

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ITEM 6.        EXHIBITS

2.1(a)	Letter Agreement, dated August 7, 2023, among RenaissanceRe Holdings Ltd. and AIG International Group Inc.
2.1(b)+	Letter Agreement, dated November 1, 2023, among RenaissanceRe Holdings Ltd. and AIG International Group Inc.
10.1(a)*	Separation and Release Agreement, dated August 2, 2023, between RenaissanceRe Holdings Ltd. and Ian D. Branagan.
10.1(b)*	Consulting Agreement, dated September 1, 2023, between RenaissanceRe Holdings Ltd. and Ian D. Branagan.
31.1	Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2	Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
32.1	Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

* Represents management contract or compensatory plan or arrangement.

+ Certain information in this exhibit has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

111

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

RENAISSANCERE HOLDINGS LTD. 

Date: November 2, 2023    /s/ Robert Qutub

Robert Qutub

Executive Vice President and Chief Financial Officer

(Principal Financial Officer and Duly Authorized Officer)

Date: November 2, 2023    /s/ James C. Fraser

James C. Fraser

Senior Vice President and Chief Accounting Officer

(Principal Accounting Officer)

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EX-2.1(A)

Exhibit 2.1(a)

AMERICAN INTERNATIONAL GROUP, INC.

1271 Avenue of the Americas

New York, New York 10020

August 7, 2023

RenaissanceRe Holdings Ltd.

12 Crow Lane

Pembroke HM19, Bermuda

Attention: Shannon Bender, General Counsel

Re: Stock Purchase Agreement

Dear Ms. Bender,

    Reference is made to that certain Stock Purchase Agreement, dated May 22, 2023 and as amended June 15, 2023 (the “Agreement”), by and between American International Group, Inc. (“Parent”) and RenaissanceRe Holdings Ltd. (“Acquiror”). Capitalized terms used but not defined in this letter agreement have the meaning given to such terms in the Agreement.

    Parent and Acquiror hereby agree that, with effect as of May 22, 2023:

1.Section 3.05 of the Parent Disclosure Schedule shall be deleted and replaced in its entirety with Exhibit A attached hereto;

2.Section 8.01(b) of the Parent Disclosure Schedule shall be deleted and replaced in its entirety with Exhibit B attached hereto; and

3.Section 4.03(b) of the Acquiror Disclosure Schedule shall be deleted and replaced in its entirety with Exhibit C attached hereto.

    Except as expressly set forth herein, the terms, provisions and conditions of the Agreement and the other Transaction Agreements remain in full force and effect and nothing in this letter agreement will constitute a waiver of compliance with respect to the Agreement or any other Transaction Agreement in any other instance, or change, amend, supplement or modify, or be construed as a change, amendment, supplement or modification to, any other term, provision or condition of the Agreement or any other Transaction Agreement.

    The provisions of Section 11.01 (Notices), Section 11.03 (Severability), Section 11.04 (Entire Agreement), Section 11.05 (Assignment), Section 11.06 (No Third-Party Beneficiaries), Section 11.07 (Amendment; Waiver), Section 11.09 (Governing Law; Venue; Waiver of Jury Trial), and Section 11.10 (Rules of Construction), and Section 11.13 (Counterparts) of the Agreement are hereby incorporated into and will apply to this letter agreement mutatis mutandis.

Please indicate your acceptance of this letter agreement by countersigning this letter agreement.

Sincerely,

AMERICAN INTERNATIONAL GROUP, INC.

By: /s/ Sabra R. Purtill    

Name: Sabra R. Purtill

Title: Executive Vice President and

Chief Financial Officer

Agreed and accepted:

RENAISSANCERE HOLDINGS LTD.

By: /s/ Shannon Lowry Bender

Name: Shannon Lowry Bender

Title: Group General Counsel & Corporate Secretary

EX-2.1(B)

Exhibit 2.1(b)*

* Certain confidential information contained in this document, indicated by the mark “[*]”, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

AMERICAN INTERNATIONAL GROUP, INC.

1271 Avenue of the Americas

New York, New York 10020

November 1, 2023

RenaissanceRe Holdings Ltd.

12 Crow Lane

Pembroke HM19, Bermuda

Attention: Shannon Bender, General Counsel

Re: Stock Purchase Agreement

Dear Ms. Bender,

    Reference is made to that certain Stock Purchase Agreement, dated May 22, 2023 and as amended June 15, 2023 (the “Agreement”), by and between American International Group, Inc. (“Parent”) and RenaissanceRe Holdings Ltd. (“Acquiror”). Capitalized terms used but not defined in this letter agreement have the meaning given to such terms in the Agreement.

    Parent and Acquiror hereby agree that, with effect as of immediately prior to the Closing:

1.Notwithstanding the definition thereof, “Intercompany Payables” (as such term is used in the Agreement) shall not include any account, note, loan payables, advances (cash or otherwise) or any other extensions of credit that are payable by any Company Group Entity, on the one hand, to any Company Group Entity, on the other hand.

2.With respect to Section 5.27 of the Agreement, Parent and Acquiror agree that Parent has satisfied its obligations with respect to the portion of the Parent Restructuring Transactions set forth as item #3 on Section 5.27 of the Parent Disclosure Schedules; provided, that (a) Parent shall and shall cause its controlled Subsidiaries to use reasonable best efforts to cooperate with Acquiror and the Company Group Entities in connection with: (i) pursuing the OFAC license application submitted with respect to the Credit Bank of Moscow securities listed on in item #3 of the Section 5.27 of the Parent Disclosure Schedules and (ii) ensuring compliance with all applicable Laws with respect to any coupon payments which may in the future become payable with respect to the MMK International Capital or Uralkali OJSC securities listed on item #3 of Section 5.27 of the Parent Disclosure Schedules and (b) Parent and Acquiror acknowledge and agree that, for the avoidance of doubt, item #3 of the Section 5.27 of the Parent Disclosure Schedules remains subject to the indemnification obligations set forth in Section 10.02(a)(v) of the Agreement in accordance with the terms of the Agreement.

3.Recital B of the Agreement is hereby deleted in its entirety and replaced with the following:

AIG Property Casualty International LLC, a Delaware limited liability company (“CH Parent”), a subsidiary of Parent, directly owns all of the issued and outstanding Capital Stock of Validus Holdings, Ltd., a Bermuda exempted company limited by shares with registration number 37417 (“Validus Holdings,” and together with Validus Specialty, the “Companies,” and each individually, a “Company”), whose authorized share capital consists of US$802,800.00 divided into 80,000,000 shares of common stock with a par value of US$0.01 per share, of which 100 common shares of par value US$0.01 each are issued and outstanding and 16,000 shares of preferred stock with a par value of US$0.175 per share, of which no shares of preferred stock are issued and outstanding (the “CH Shares,” and together with the CS LLC Interests, the “Shares”).

4.The line item for “Validus Holdings, Ltd.” included in the table set forth in item #1 of Section 3.02 of the Parent Disclosure Schedule is deemed amended and restated as follows:

Entity Name	Jurisdiction	Class	Authorized	Issued	Outstanding	Shareholder
Validus Holdings, Ltd.	Bermuda	Common	80,000,000	100	100	AIG Property Casualty International, LLC
		Preferred Shares	16,000	0	0

5.Parent and Acquiror agree that the “Retained Intercompany Agreements,” as such term is defined in that certain Omnibus Intercompany Termination Agreement, effective as of the date hereof, by and among Parent and certain other parties thereto, constitute Surviving Intercompany Agreements for all purposes under the Agreement.

6.Parent and Acquiror agree the following Liens will constitute Permitted Liens and the provisions of Section 2.04(a)(xi) shall not apply to such Liens:

a.The Mortgage/Charge on the assets of AlphaCat Reinsurance, Ltd. dated as of January 1, 2013 and registered on July 15, 2015 with the Bermuda Register of Companies bearing serial number 42630 and related liens evidenced pursuant to UCC-3s filed on July 15, 2015; and

b.The Mortgage/Charge on the assets of AlphaCat Reinsurance, Ltd. dated as of July 14, 2015 and registered on August 4, 2015 with the Bermuda Register of Companies bearing serial number 42671 and related lien evidenced pursuant to UCC-3s filed on August 4, 2015.

c.The lien on the assets of Validus Services, Inc. filed on May 5, 2022 under file number DJ 057559 22 by the New Jersey Division of Taxation.

7.Parent and Acquiror agree that Acquiror has provided written consent pursuant to Section 5.01(xxii) to transfer the assets and rights to Contracts set forth on Exhibit A hereto to Parent or one of its Affiliates that is not a Company Group Entity.

8.Parent and Acquiror agree that, notwithstanding any provision of Schedule IV to the Agreement, Acquiror or one of its Subsidiaries may make offers to and/or hire each of the Talbot Treaty Employees set forth on Exhibit B. If a Talbot Treaty Employee accepts employment with Acquiror, for all purposes of the Agreement, such Talbot Treaty Employee shall be treated as an Employee effective as of the Closing Date (a “Transferred Talbot Employee”), notwithstanding the proviso in the definition of “Employee” in Exhibit A to the Agreement or any other provision of the Agreement or the Exhibits and Schedules thereto to the contrary. In addition, notwithstanding the terms of any noncompetition or customer non-solicit restrictive covenant or, solely with respect to the information of the business conducted by Talbot in which the Transferred Talbot Employee is engaged as of immediately prior to the Closing Date, any confidentiality covenant, in each case, between Parent and a Transferred Talbot Employee (while employed by Acquiror and its Affiliates but not thereafter), such Transferred Talbot Employees shall be permitted to provide services to Acquiror and its Affiliates (including the Company Group Entities) following the Closing.

9.An estimate of the employer portion of any employment and payroll Taxes and other required employer Taxes (the “Employer Taxes”) in respect of the awards (the “LTI awards”) under Parent’s long-term incentive plan (the “LTI Plan”) held by the Employees that are the recipient of LTI awards (“LTI Employees”) will be accrued for on the Closing Statement and included in Total Liabilities thereon. The foregoing, as may be finally determined pursuant to Section 2.05(f), shall be in full satisfaction of any obligations of Parent or any of its Affiliates with respect to Employer Taxes and neither Parent nor Acquiror shall have any further right to indemnification with respect to Employer Taxes.

10.Acquiror and its Affiliates will not be entitled to any Tax deduction arising with respect to the settlement of LTI awards held by the LTI Employees who were, immediately prior to the Closing, employed by a Company Group Entity, and Acquiror acknowledges and agrees that none of Acquiror nor any of its Affiliates will claim any such Tax deduction on any Tax Return. Parent and Acquiror agree to treat any payments made by Acquiror pursuant to the second sentence of Section 12 hereof as adjustments to the Purchase Price for Tax purposes, and not to take any position that is inconsistent with such treatment, unless otherwise required by Law.

11.In consideration of the substantial number of Employees reclassified as Retained Employees providing transition services to Acquiror, Section 6.02(m) of the Agreement is hereby amended by replacing the reference to “$15,000,000” therein, as the aggregate amount of the Human Capital Pool, with a reference to “$12,000,000”.

12.With respect to Schedule II of the Agreement (the “Transaction Accounting Principles”), with regard to item (C) in the definition of Total Liabilities in the Transaction Accounting Principles, [*].

13.Acquiror agrees that: (a) Acquiror has the obligation to provide Tax rates (for both employment/social Taxes and income Taxes, as applicable) to Parent to enable Parent to withhold the applicable LTI Employees’ portion of income and employment/social Taxes due, through net share settlement, on the delivery of the shares of Parent Capital Stock under Parent’s LTI Plan; (b) Parent will pay an amount equal to such withheld amounts in cash to Acquiror promptly following such net settlement, (c) Acquiror agrees to accept such withheld amounts from Parent and to timely remit such amounts as income and employment/social Taxes withheld from the applicable LTI Employee wages (together with the employer portion of any such Taxes for which Acquiror is responsible) to the relevant Tax authorities and to perform related wage reporting in accordance with applicable Law; and (d) Acquiror also acknowledges that Parent will remit cash dividends due on the transferred LTI Employee’s LTI awards to Acquiror. Acquiror will pay such cash dividends to the transferred LTI Employees, include the cash dividends in the reported wages of such LTI Employees, and withhold and timely remit applicable income and employment/social Taxes with respect thereto (together with the employer portion of any such Taxes for which Acquiror is responsible) and perform related wage reporting in accordance with applicable Law.

14.Parent will issue an annual report to Acquiror noting the gross number of shares of Parent Capital Stock treated as delivered to each transferred LTI Employee (i.e., before giving effect to any shares of Parent Capital Stock withheld in respect of Taxes for which the LTI Employee is responsible) along with other data mutually agreed upon by the parties, the withholding done from the LTI awards of each transferred LTI Employee and the cash dividends passed to Acquiror for the benefit of each transferred LTI Employee (the “Parent LTI Report”).

15.Section 2.05(i) of the Agreement is hereby deleted in its entirety and replaced with the following:

The parties acknowledge that the payments contemplated by Section 2.05(g), Section 2.05(h), Section 2.09, Section 5.12(b) through Section 5.12(e) and Section 6.02(k) are intended by the parties to be treated as part of the Purchase Price and the parties will treat any such payment as an adjustment to the Purchase Price for U.S. Tax purposes. The Acquiror and Parent agree not to take any position that is inconsistent with the intent expressed in this Section 2.05(i) unless required by applicable Law.

16.Parent and Acquiror agree to irrevocably waive the closing condition set forth in Section 8.01(b) solely with respect to item 5 under “Bermuda Change of Control” in Section 8.01(b) of the

Parent Disclosure Schedules (the “Companies Act Approval”); provided, that Acquiror agrees to continue to use reasonable best efforts to obtain the Companies Act Approval as soon as practicable.

    Except as expressly set forth herein, the terms, provisions and conditions of the Agreement and the other Transaction Agreements remain in full force and effect and nothing in this letter agreement will constitute a waiver of compliance with respect to the Agreement or any other Transaction Agreement in any other instance, or change, amend, supplement or modify, or be construed as a change, amendment, supplement or modification to, any other term, provision or condition of the Agreement or any other Transaction Agreement.

    The provisions of Section 11.01 (Notices), Section 11.03 (Severability), Section 11.04 (Entire Agreement) (it being agreed that this letter agreement shall form part of the agreement of the parties to the Agreement for all purposes thereof), Section 11.05 (Assignment), Section 11.06 (No Third-Party Beneficiaries), Section 11.07 (Amendment; Waiver), Section 11.09 (Governing Law; Venue; Waiver of Jury Trial), and Section 11.10 (Rules of Construction), and Section 11.13 (Counterparts) of the Agreement are hereby incorporated into and will apply to this letter agreement mutatis mutandis.

    Please indicate your acceptance of this letter agreement by countersigning this letter agreement.

Sincerely,

AMERICAN INTERNATIONAL GROUP, INC.

By: /s/ Sabra Purtill

Name:     Sabra Purtill

Title:    Executive Vice President and Chief Financial Officer

Agreed and accepted:

RENAISSANCERE HOLDINGS LTD.

By: /s/ Ross Curtis

Name:    Ross Curtis

Title:    Executive Vice President

EX-10.1(A)

Exhibit 10.1(a)

SEPARATION AND RELEASE AGREEMENT

This SEPARATION AND RELEASE AGREEMENT (this “Agreement”), delivered this 2nd day of August 2023 (the “Delivery Date”), confirms the following understandings and agreements between RenaissanceRe Holdings Ltd. (the “Company”), RenaissanceRe Services (UK) Limited (“RenaissanceRe UK”), and Ian Branagan (“you”, provided, however, that, where the context so requires and where necessary to give effect to the terms hereof, “you” shall also refer to your Affiliates (as defined below)).

WITNESSETH:

WHEREAS, you currently serve the Company as its Chief Risk Officer under a contract of employment between yourself and the Company, dated July 22, 2016 (the “Employment Contract”);

WHEREAS, you, the Company and RenaissanceRe UK now desire to enter into a mutually satisfactory arrangement concerning, among other things, the termination of your employment with the Company with effect from September 1, 2023;

WHEREAS, subject to the terms and conditions contained herein, you, the Company, and RenaissanceRe UK mutually agree: (i) to enter into this Agreement to record and implement the terms on which you, the Company, and RenaissanceRe UK have agreed to settle any claims that you have or may have in connection with your employment or its termination or otherwise against the Company, RenaissanceRe UK, or members of the Company Group (as defined in Section 4 below) or their officers or employees whether or not those claims are, or could be, in the contemplation of the parties at the time of signing this Agreement, and including, in particular, the statutory complaints that you raise in this Agreement; (ii) for the Agreement to act as an effective waiver of any such claims and to satisfy the conditions relating to settlement agreements in the relevant legislation; and (iii) to embody in this Agreement the terms and conditions applicable to your continued employment with the Company and separation from service therewith;

WHEREAS, this Agreement contains a release of claims, and by delivery hereof, the Company hereby notifies you, and you hereby acknowledge your understanding, that your execution of this Agreement is required for you to receive any of the payments and benefits set forth in Section 7(b) of this Agreement; and

WHEREAS, the Company and RenaissanceRe UK each enter into this Agreement for itself and as agent and trustee for all members of the Company Group, and they are authorised to do so. It is yours, the Company’s, and RenaissanceRe UK’s intention that each member of the Company Group should be able to enforce any rights it has under this Agreement, subject to and in accordance with the Contracts (Rights of Third Parties) Act 1999.

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, you, the Company, and RenaissanceRe UK hereby agree as follows:

Section 1.Termination of Employment.

(a)Arrangements in Respect of Termination. You hereby acknowledge and agree that as of the Delivery Date, the Company has issued you with notice to terminate your

employment with the Company without Cause in accordance with Clause 8(d) of the Employment Contract.

(b)Separation Date. You hereby acknowledge and agree that the termination of (i) your employment with the Company and (ii) any other position you held as an officer, director, committee member or other service provider of the Company, RenaissanceRe UK or any member of the Company Group will become effective as of the close of business on September 1, 2023 (the “Separation Date”). Except as otherwise expressly set forth herein, you shall not represent yourself after the Separation Date as being an employee, officer, director, agent, or representative of the Company, RenaissanceRe UK or any other member of the Company Group for any purpose.

(c)Resignation of Officer Positions. Notwithstanding anything in Section 1(a) above to the contrary, effective as of the close of business on the Separation Date, you shall cease serving as Chief Risk Officer of the Company and shall resign from the officer or director positions that you hold at the Company and any members of the Company Group (the ‘Offices’) by delivering to the Company prior to the Separation Date a letter of resignation in the form of the draft attached to this Agreement as Exhibit E.

(d)Statutory Notice Entitlement. You hereby acknowledge and agree that (i) you are entitled to a statutory notice period of twelve (12) weeks (“Notice Period”), and (ii) you shall waive any entitlement to payment in respect of the Notice Period that has not been served as of the Separation Date.

(e)Garden Leave. Unless otherwise instructed by the Company or RenaissanceRe UK in writing, you shall remain employed by the Company up to and including the Separation Date on garden leave (“Garden Leave”). During the period of Garden Leave you will be relieved of your usual duties and responsibilities, save that the Company or RenaissanceRe UK may request that you provide such transition assistance and knowledge transfer as the Company or RenaissanceRe UK may request from time to time. During the period of Garden Leave, you shall refrain from attending the Company’s or RenaissanceRe UK’s offices or accessing or using any members of the Company Group’s facilities or systems, except as authorized or expressly directed by the Company or RenaissanceRe UK. Further, during the period of Garden Leave, you: (i) shall refrain from contacting any customer, vendor, counterparty, or other third-party in relation to any members of the Company Group’s business or affairs unless authorized to do so by the Company or RenaissanceRe UK; (ii) shall not have authority to bind the Company, RenaissanceRe UK, or any member of the Company Group; (iii) shall refrain from taking any actions that would bind the Company, RenaissanceRe UK, or any member of the Company Group with respect to any third-party, and (iv) be available by telephone during normal business hours. For the avoidance of doubt, and without altering the foregoing, you may, prior to the Separation Date, publicly hold yourself out as an employee of the Company, including to prospective employers, without any breach of this Agreement. For the avoidance of doubt, during any period of Garden Leave, you shall remain an employee of the Company, subject to the limitations set forth herein. As such, you may not begin employment with a new employer during until your employment with the Company has terminated, subject to Section 8 below.

(f)Return of Company Property. In accordance with Clause 9(d) of the Employment Contract, you agree that prior to the Separation Date, you will: (i) deliver to the Company or RenaissanceRe UK all of the property belonging to the Company and/or RenaissanceRe UK in satisfactory condition.

Section 2.Compensation and Benefits.

-2-

(a)From the Delivery Date and through the Separation Date: (i) you shall remain on the Company’s active payroll, (ii) you shall be paid your current salary accrued up to and including Separation Date in accordance with the Company’s regular payroll practices, (iii) you shall remain eligible to participate in the health insurance and other benefit plans of the Company in which you are currently eligible to participate, subject in all cases to any rights the Company may have to amend or terminate any or all of such plans or arrangements at any time and from time to time.

(b)The Company shall notify the administrators of the Company pension scheme in which you participate (the “Pension Scheme”) that your employment will terminate and request written confirmation of your accrued entitlement under the Pension Scheme and request that the options available for dealing with your entitlement are sent to you.

(c)The Company and RenaissanceRe UK shall ensure that, at their expense, directors and officers liability insurance cover will remain in force on the same or similar terms as that in place at the date of this Agreement and on no less favourable terms than that available to other directors and officers of the relevant entities, for a period of no less than 6 years from the Separation Date notwithstanding the termination of your employment.

Section 3.Legal Fees. The Company shall pay the reasonable legal fees (up to a maximum of £2,500 plus VAT) that you incur in obtaining advice on the termination of your employment and the terms of this Agreement, such fees to be payable to the Adviser on production of an invoice addressed to you but marked as payable by the Company.

Section 4.Definitions. For purposes of this Agreement:

(a)“Adviser” shall mean Winckworth Sherwood, Minerva House 5 Montague Close, London, SE1 9BB, DX 56810 London Bridge 6 Attn. Andrew Yule.

(b)“Affiliate” shall mean, as to any Person, any other Person that controls, is controlled by, or is under common control with, such Person.

(c)“Company Group” shall mean the Company, its direct and indirect parents and subsidiaries and/or holding companies from time to time, and any direct and indirect subsidiary of any holding company from time to time;

(d)“Copies” shall mean copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations, or any other way of representing or recording and recalling information which contains, reflects, or is derived or generated from Confidential Information.

(e)“holding company” shall mean a holding company as defined in section 1159 of the Companies Act 2006.

(f)“Performance Shares” shall have the meaning given in the Rules.

(g)“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.

(h)“Post-Employment Notice Pay” shall have the meaning given in section 402D of the Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”).

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(i)“Reaffirmation Letter” means the letter agreement to be entered into by the parties pursuant to Section 5(d)(iv) in the form set out at Exhibit D, under which you reaffirm certain provisions of this Agreement on or after the Separation Date.

(j)“Restricted Stock” shall have the meaning given in the Rules.

(k)“subsidiary” shall mean a subsidiary as defined in section 1159 of the Companies Act 2006.

(l)“VAT” shall mean value added tax as may be levied in accordance with Directive 2006/112/EC and/or the Value Added Tax Act 1994 (or the equivalent legislation in any other relevant jurisdiction).

Section 5.Release and Waiver of Claims.

(a)Definition. As used in this Agreement, the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses, and liabilities of whatsoever kind or nature, in law, equity, or otherwise.

(b)Release. You agree that the terms of this Agreement are offered by the Company and/or RenaissanceRe UK without any admission of liability on the part of the Company or RenaissanceRe UK. For, and in consideration of, the payments and benefits set forth in this Agreement and other good and valuable consideration, you, for and on behalf of yourself and your heirs, administrators, executors, and assigns, effective as of Delivery Date, do fully and forever release, remise, and discharge each member of the Company Group and their successors and assigns, together with their respective officers, directors, partners, shareholders, employees, and agents (collectively, the “Company Parties”) from any and all claims whatsoever up to and including the Delivery Date that you had, may have had, or now have against any of the Company Parties, whether known or unknown, for or by reason of any matter, cause, or thing whatsoever, arising out of or attributable to your employment with any member of the Company Group or your service as an officer, director, committee member, or other service provider of any member of the Company Group, the termination of your employment with any member of the Company Group, or the termination of your service as an officer, director, committee member, or other service provider of any member of the Company Group, or from events occurring after this Agreement has been entered into, whether under common law, contract, statute, or otherwise, whether such claims are, or could be, known to yourself or the Company or in yours or the Company’s contemplation at the Delivery Date in any jurisdiction (including but not limited to Bermuda) and including, but not limited to, the claims specified in Exhibit A (each of which is waived by this Section 5(b)).

(c)You acknowledge and agree that the waiver in this Section 5 shall not apply to the following:

(i) any claims you bring to enforce this Agreement, including on the grounds of any payments and benefits provided for in this Agreement (including but not limited to those that continue to be treated in accordance with the Rules) or the terms of any consultancy agreement between you (or a personal services company attributed to you), the Company and RenaissanceRe UK;

(ii) claims in respect of personal injury; or

(iii) any claims in relation to accrued entitlements under the Pension Scheme,

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(together the “Excluded Claims”).

(d)Warranty. You warrant that:

(i) before entering into this Agreement, you received independent advice from the Adviser as to the terms and effect of this Agreement and, in particular, on its effect on your ability to pursue the claims specified in Exhibit A to this Agreement;

(ii) the Adviser has confirmed to you that they are a solicitor holding a current practicing certificate and that there is in force a policy of insurance covering the risk of a claim by you in respect of any loss arising in consequence of their advice;

(iii) the Adviser shall sign and deliver to the Company a letter in the form attached as Exhibit B to this Agreement;

(iv) on or shortly after the Separation Date, you shall sign and deliver to the Company the Reaffirmation Letter in the form set out at Exhibit D, and the Adviser shall sign and deliver to the Company a letter in the form attached at Exhibit C to this Agreement;

(v) before receiving the advice, you disclosed to the Adviser all facts and circumstances that may give rise to a claim by you against any member of the Company Group or any Company Party;

(vi) the only claims that you have or may have against any member of the Company Group or any Company Party (whether at the time of entering into this Agreement or in the future) relating to your employment with the Company or its termination are specified in Section 5(b); and

(vii) you are not aware of any facts or circumstances that may give rise to any claim against any member of the Company Group or any Company Party other than those claims specified in Section 5(b).

You acknowledge that the Company and RenaissanceRe UK acted in reliance on these warranties when entering into this Agreement.

(e)You acknowledge that the conditions relating to settlement agreements under section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, regulation 62 of the Companies (Cross Border Mergers) Regulations 2007, and section 58 of the Pensions Act 2008 have been satisfied.

(f)The waiver in Section 5(b) shall have effect irrespective of whether or not, at the Delivery Date, you are or could be aware of such claims or have such claims in your express contemplation (including such claims of which you become aware after the Delivery Date in whole or in part as a result of new legislation or the development of common law or equity).

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(g)You agree that, except for the payments and benefits provided for in this Agreement (including those that continue to be treated in accordance with the Rules) or in respect of your entitlements for the Company issuing you notice to terminate without Cause, and subject to the waiver provisions in Section 5(b) (save for the Excluded Claims), you shall not be eligible for any further payment from any member of the Company Group relating to your employment or its termination, and you expressly waive any right or claim that you have or may have to payment of bonuses, any benefit or award programme, any deferred compensation or carried interest, under any share plan operated by any member of the Company Group or any stand-alone incentive arrangement, or to any other benefit, payment, or award you may have received had your employment not terminated. For the avoidance of doubt, this Section does not impact your entitlements under Section 2 above.

Section 6.Your Warranty and Indemnity. As at the Delivery Date, you represent and warrant to the Company and RenaissanceRe UK that there are no circumstances of which you are aware or of which you ought reasonably to be aware that would amount to you committing a repudiatory breach of any express or implied term of the Employment Contract that would entitle (or would have entitled) the Company to terminate your employment without notice or payment, and any payment to you pursuant to Section 7(b) below is conditional on this being so.

Section 7.Separation Benefits.

(a)Accrued Obligations.

(i)Salary. You will be paid for all of your earned but unpaid salary through the Separation Date on or prior to the Company’s next regularly scheduled payroll date on or following the Separation Date;

(ii) Annual Leave. You will be paid for any accrued but unused vacation as of the Separation Date;

(iii) Expenses. You will be paid for any business expenses incurred prior to the Separation Date and properly submitted in accordance with the Company’s policies and procedures prior to the Separation Date;

(iv) 2023 Bonus. Subject to and conditional on your compliance with the terms of this Agreement, the Company shall pay you an amount equal to £510,062.00, representing a pro rata annual bonus in respect of the 2023 fiscal year based on the number of days elapsed from the commencement of such fiscal year through and including the Separation Date, such amount to be paid on the first reasonably feasible payroll date following the Separation Date;

(v) Apportioned Annual Bonus. You shall be entitled to an amount equal to £934,725.00, representing an apportioned annual bonus, calculated in accordance with the Employment Contract as the greater of: (x) your annual bonus for fiscal year 2022; and (y) actual annual bonus payable (“Apportioned Annual Bonus”). The Apportioned Annual Bonus shall be paid as follows:

a.seventy-five per cent (75%) of the Apportioned Annual Bonus shall be paid in 11 equal monthly instalments of £58,420.00, with the first instalment being paid in the first payroll following the Separation Date; and

b.the remaining twenty five per cent (25%) of the Apportioned Annual Bonus representing a sum of £292,102.00 to be paid as a

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lump sum in the payroll following the month in which the eleventh instalment referred to at Section 7(a)(v)a above was paid.

(vi) You shall be entitled to continuation of the health benefits provided to you and your covered dependents under the Company health plans as of the Separation Date for a minimum period of 12 months following the Separate Date in accordance with clause 8(d)(vi) of the Employment Contract subject to the rules of the applicable plans and will provide all reasonable assistance to you to procure seamless and continued cover at your own cost on your personal account, and with the same provider thereafter, subject to the terms of the relevant benefit scheme in place from time to time.

(b)Awards.

(i) You, the Company, and RenaissanceRe UK acknowledge and agree that (i) you participate in the First Amended and Restated 2016 Long-Term Incentive Plan adopted and amended by the Company from time to time (“Plan”) and (ii) under the Plan you have been granted 12,272 of Restricted Stock and 14,732 Performance Shares (in each case as defined in the Plan). Your Restricted Stock and Performance Shares are governed by the rules governing the Plan, a Restricted Stock Agreement and Performance Share Agreement (as applicable), in each case in place from time to time (together the “Rules”).

(ii) Subject to and conditional on your compliance with this Agreement, you, the Company, and RenaissanceRe UK agree that notwithstanding the Rules and the termination of your employment, as provided for in the Employment Contract on the Separation Date:

a.all 12,272 of your Restricted Stock shall vest as at the Separation Date and thereafter be treated in accordance with the Rules; and

b.your 14,732 Performance Shares shall be unaffected by you entering into this Agreement and following the separation Date continue to be treated in accordance with the Rules.

(c)No Further Entitlements. You acknowledge and agree that the payments and other benefits provided to you hereunder in connection with the termination of your employment with the Company are in full discharge of any and all liabilities and obligations of the Company or any other member of the Company Group to you, monetarily or with respect to employee benefits or otherwise, including but not limited to any Applicable Severance Benefits pursuant to Clause 8(d)(iii) of the Employment Contract and all obligations arising under any alleged written or oral employment agreement, arrangement, policy, plan, or procedure of the Company or any other member of the Company Group or any alleged understanding or arrangement between you and the Company or any other member of the Company Group.

(d)Taxes. The payments referenced in this Section 7 shall be subject to the deductions for income tax and National Insurance contributions (“NICs”) that the Company or RenaissanceRe UK (as appropriate) is required by law to deduct. As you will serve part of your Notice Period and have agreed to waive your entitlement to payment in respect of any part of the Notice Period that is not served, the parties hereto agree that your Post-Employment Notice Pay is nil.

Section 8.Your Indemnities

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(a)You shall indemnify the Company or RenaissanceRe UK (as appropriate) on a continuing basis in respect of any income tax or NICs (save for employers’ NICs) due in respect of the payments and benefits in Section 7 (and any related interest, penalties, costs, and expenses)save for any charges, costs, expenses, fines, interest or penalties incurred solely as a result of any negligent act or default by the Company or RenaissanceRe UK. The Company or RenaissanceRe UK shall give you reasonable notice of any demand for tax which may lead to liabilities on you under this indemnity and shall provide you with reasonable access to any documentation you may reasonably require to dispute such a claim (provided that nothing in this clause shall prevent the Company or RenaissanceRe UK from complying with its legal obligations with regard to HM Revenue and Customs or other competent body).

(b)If you breach any material provision of this Agreement or pursue a claim against any member of the Company Group arising out of your employment or its termination other than the Excluded Claims, you agree to indemnify the relevant member of the Company Group for any losses suffered as a result thereof, including all reasonable legal and professional fees incurred.

Section 9.Restrictive Covenants.

(a)Affirmation of Continuing Obligations. Notwithstanding Section 18, you hereby acknowledge and agree that the execution of this Agreement does not alter your obligations to any member of the Company Group under any confidentiality, invention assignment, or similar agreement or arrangement to which you are a party with any member of the Company Group as set out at Clauses 9(a) and 9(f) of the Employment Contract (the “Confidentiality Covenants”),which obligations are hereby incorporated into this Agreement and shall survive the termination of your employment with the Company, and you hereby acknowledge, reaffirm, and ratify your continuing obligations to the members of Company Group pursuant to such agreements or arrangements. You further hereby acknowledge that the post-termination restrictive covenants set out in Clause 9(c) and 9(d) of the Employment Contract will remain in full force and effect after the Separation Date, and your continued compliance with the Confidentiality Covenants and the other restrictive covenants set forth in this Section 9 is a condition of your receiving the separation payments and benefits described in Section 7(b) above and upon any breach of the any such covenants, the Company shall be entitled to an immediate refund of any separation payments already received by you.

(b)Non-Disparagement. You agree that you will make no disparaging or defamatory comments regarding any of the Company Parties in any respect or make any comments concerning any aspect of your relationship with any of the Company Parties or the conduct or events that precipitated your termination of employment from any member of the Company Group. Your obligations under this Section 9(b) shall not apply to disclosures required by applicable law, regulation, or order of a court or governmental agency. You shall not do anything which shall, or may, bring the Company or any member of the Company Group, its directors, or employees into disrepute, and the Company shall use reasonable endeavours to ensure that its employees and officers shall not do anything that shall, or may, bring you into disrepute.

(c)Confidential Information. Except as directed or authorized by the Company or RenaissanceRe UK and subject to Section 10 below, you agree that you will not, at any time during your employment with the Company or thereafter, make use of or divulge to any other Person any trade or business secret, process, method or means, or any other confidential information concerning the business or policies of the Company, RenaissanceRe UK, or any member of the Company Group (whether or not recorded in documentary form or stored on any magnetic or optical disk or memory or other object) that you may have learned in connection with your employment with the Company and that you know to be confidential or proprietary

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(“Confidential Information”). Your obligation under this Section 9(c) shall not apply to any information that (i) is known publicly without your fault; (ii) is in the public domain or hereafter enters the public domain without your fault; (iii) is known to you prior to your receipt of such information from the Company, as evidenced by your written records; or (iv) is hereafter disclosed to you by a third party not under an obligation of confidence to the Company. You agree not to remove from the premises of the Company, except as an employee of the Company in pursuit of the business of the Company or except as specifically permitted by the Company, any documents or Copies. You recognize that all such documents and Copies, whether developed by you or by someone else, will be the sole exclusive property of the Company. Upon termination of your employment with the Company, you shall forthwith deliver to the Company all such Confidential Information and Copies, including, without limitation, all lists of customers, correspondence, accounts, records, and any other documents or property made or held by you or under your control in relation to the business or affairs of the Company or its divisions, subsidiaries, or Affiliates, and no Copies shall be retained by you.

(d)Confidentiality of this Agreement; Preference for Confidentiality Concerning Certain Allegations. You agree that, unless otherwise required by law (in which case, unless prohibited by law, you shall notify the Company in advance of responding to your legal obligation or as soon as practicable), or as expressly permitted by Section 10 of this Agreement, you will keep all terms of this Agreement confidential, including but not limited to the fact and amount(s) of the payments described herein, except that you may make necessary disclosures to your attorney(s), tax advisor(s), lawyer, insurer for the purposes of processing a claim for loss of employment and spouse (provided that any such person is advised of the confidentiality of the same and agrees to preserve such confidentiality). The payments and other benefits referenced in this Agreement are contingent on your keeping the foregoing confidentiality promises contained in this Section 9(c).

Section 10.Exceptions. You acknowledge and agree that nothing in this Agreement or in any agreement between you and the Company or RenaissanceRe UK prohibits or limits you (or your legal adviser) from making a protected disclosure under section 43A of the Employment Rights Act 1996, or prohibits or limits the Company, RenaissanceRe UK, or you from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before HM Revenue and Customs, any regulatory or supervisory organization, or any other governmental, law enforcement, or regulatory authority, or otherwise as required by law regarding this Agreement and its underlying facts and circumstances, or any reporting of, investigation into, or proceeding regarding suspected violations of law, and that you are not required to advise or seek permission from the Company before engaging in any such activity. You further acknowledge that, in connection with any such activity, you must inform such authority of the confidential nature of any Confidential Information that you provide, and that you are not permitted to disclose any information that is protected by the attorney-client privilege or any other privilege belonging to the Company or RenaissanceRe UK, as the Company and RenaissanceRe UK in each case does not waive and intends to preserve such privileges.

Section 11.Cooperation.

(a)You agree that you will provide reasonable cooperation to the Company, RenaissanceRe UK, and/or any other member of the Company Group and its or their respective counsel in connection with any investigation, administrative, regulatory, judicial, or quasi-judicial proceeding or litigation relating to any matter that occurred during your employment in which you were involved or of which you have knowledge. You acknowledge that this could involve, but is not limited to, responding to or defending any regulatory or legal process, providing information in relation to any such process, preparing witness statements, and giving evidence in person on behalf of the Company or any member of the Company Group.

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(b)You agree that, in the event you are summoned by any person or entity (including, but not limited to, any government agency) to give testimony or provide documents (in a deposition, court proceeding, or otherwise) which in any way relates to your employment by the Company and/or any other member of the Company Group, you will give prompt written notice of such request to the Company Group’s General Counsel and will make no disclosure until the Company and/or the other member of the Company Group has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.

(c)The Company agrees to reimburse you for reasonable out-of-pocket expenses incurred at the request of the Company with respect to your compliance with this Section 11. In addition, for each day, or part thereof, that you provide assistance to the Company as contemplated by this Section 11 (other than in connection with your appearance for testimony in any litigation or arbitration), the Company shall pay to you an amount equal to (x) divided by (y), where (x) equals your annual base salary rate as in effect on the Separation Date and (y) equals two hundred (200).

Section 12.[Ommitted]

Section 13.Successors and Assigns.

The provisions hereof shall, with respect to you, inure to the benefit of your heirs, executors, administrators, legal personal representatives, and assigns and shall be binding upon your heirs, executors, administrators, legal personal representatives, and assigns, and with respect to the Company Parties, inure to the benefit of and be enforceable by, and may be assigned by the Company Parties to, any purchaser of all or substantially all of their respective business or assets or any successor to the Company Parties (whether direct or indirect, by purchase, merger, consolidation, or otherwise), and where applicable, their heirs, executors, administrators, legal personal representatives, and assigns.

Section 14.Severability.

If any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force or effect. The illegality or unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any other provision of this Agreement.

Section 15.Variation.

No variation of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

Section 16.Third Party Rights.

Except as expressly provided elsewhere in this Agreement, no person other than you and any member of the Company Group shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

Section 17.Non-Admission.

Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of you or any Company Party.

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Section 18.Entire Agreement.

This Agreement constitutes the entire understanding and agreement of the parties hereto regarding your separation from service. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties, whether written or oral. This Agreement cannot be amended, supplemented, or modified nor may any provision hereof be waived, except by a written instrument executed by the party against whom enforcement of any such amendment, supplement, modification, or waiver is sought.

Section 19.Counterparts.

This Agreement may be executed and delivered in any number of counterparts, each of which, when executed, shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

Section 20.Governing Law; Jurisdiction.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF ENGLAND AND WALES (WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF) APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT COUNTRY. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT.

*     *     *

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This Agreement has been entered into on the date stated at the beginning of it.

Signed on behalf of)

RENAISSANCERE HOLDINGS LTD.        )

by Shannon Lowry Bender         )

an authorized officer        )

/s/ Shannon Lowry Bender

EVP, Group General Counsel

Signed on behalf of)

RENAISSANCERE SERVICES (UK) LIMITED    )

by Leo Barran,     )

a director        )

/s/ Leo Barran

DIRECTOR

Signed by     )

IAN BRANAGAN    )

/s/ Ian Branagan

IAN BRANAGAN

EX-10.1(B)

Exhibit 10.1(b)

DATED 1 September 2023

RENAISSANCERE SERVICES (UK) LIMITED

AND

TETERA CONSULTING

CONSULTANCY AGREEMENT

CONTENTS

Clause    Page

1.Interpretation	1
2.Term of engagement	3
3.Duties and obligations	4
4.OMMITTED	4
5.ANTI-BRIBERY AND ANTI-FACILITATION OF TAX EVASION	5
6.Fees	5
7.Expenses	6
8.Other activities	6
9.Confidential information	6
10.Intellectual property	7
11.Insurance and liability	7
12.Statements AND PUBLICITY	8
13.Termination	8
14.Obligations on termination	8
15.Status	9
16.data protection	9
17.Notices	10
18.Entire agreement	10
19.Variation	11
20.COUNTERPARTS	11
21.Third party rights	11
22.Severability	11
23.Governing law AND Jurisdiction	11
Schedule 1 SERVICES	14

i

THIS AGREEMENT is dated 1 September 2023

PARTIES

(1)    RENAISSANCERE SERVICES (UK) LIMITED incorporated and registered in England and Wales with company number 11160342 whose registered office is at 18th Floor 125 Old Broad Street, London, EC2N 1AR England (the "Client"); and

(2)    TETERA CONSULTING of Epsom Road, West Horsley, Surrey KT24 6DY (the "Consultant Company").

AGREED TERMS

1.INTERPRETATION

The following definitions and rules of interpretation apply in this agreement (unless the context requires otherwise).

1.1Definitions:

"Business Day":    a day, other than a Saturday, Sunday or public holiday in England, when banks in London are open for business.

"Business of the Client":     the provision of reinsurance, insurance and other related business services in, among other places, the United Kingdom, and any other business carried on by the Client or any Group Company from time to time, including any matters covered by any business plan notified to the Consultant Company.

"Capacity":    as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity.

"Client Property":     all documents, books, manuals, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the Business of the Client or any Group Company or its or their customers and business contacts, and any equipment, keys, hardware or software provided for the Consultant Company's use by the Client during the Engagement, and any data or documents (including copies) produced, maintained or stored by the Consultant Company on the Client's or Consultant Company's computer systems or other electronic equipment during the Engagement.

"Commencement Date":     1 September 2023.

"Confidential Information":     information in whatever form (including without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, potential investments, customers, clients, suppliers, products, affairs and finances

of the Client or any Group Company for the time being confidential to the Client or any Group Company and trade secrets including, without limitation, any trade or business secret, process, method or means, models, or any other confidential information concerning the business or policies of the Client or any Group Company including, without limitation, technical data and know-how relating to the Business of the Client or of any Group Company or any of its or their suppliers, customers, clients, agents, distributors, shareholders, management or business contacts.

"Data Protection Legislation":     all applicable data protection and privacy legislation in force from time to time in the UK, including retained EU law version of the General Data Protection Regulation ((EU) 2016/679) (UK GDPR), the Data Protection Act 2018 (and regulations made thereunder) or any successor legislation, and all other legislation and regulatory requirements in force from time to time which apply relating to the use of personal data (including, without limitation, the privacy of electronic communications).

"Engagement":     the engagement of the Consultant Company by the Client on the terms of this agreement.

"Group Company":    the Client, its subsidiaries or holding companies from time to time and any subsidiary of any holding company from time to time.

"holding company":     has the meaning given in clause 1.6.

"Individual":    means Ian Branagan.

"Initial Term":    has the meaning given in clause 2.2.

"Services":     the services provided by the Consultant Company in a consultancy capacity for the Client as more particularly described in Schedule 1.

"subsidiary":     has the meaning given in clause 1.6.

"Substitute Consultant":    has the meaning given in clause 4.

"Termination Date":     the date of termination of this agreement, howsoever arising.

"VAT":     means Directive 2006/112/EC and/or the Value Added Tax Act 1994 (or the equivalent legislation in any other relevant jurisdiction).

2

1.2The headings in this agreement are inserted for convenience only and shall not affect its construction.

1.3A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.

1.4Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

1.5The Schedules form part of this agreement and shall have effect as if set out in full in the body of this agreement. Any reference to this agreement includes the Schedules.

1.6A reference to a "holding company" or a "subsidiary" means a holding company or a subsidiary (as the case may be) as defined in section 1159 of the Companies Act 2006.

1.A reference to one gender shall include a reference to the other genders.

2.TERM OF ENGAGEMENT

2.1The Client shall engage the Consultant Company and the Consultant Company shall make the Individual available to the Client to provide the Services on the terms of this agreement.

2.2This agreement shall take effect on the Commencement Date and shall, subject to clause 2.3 below, continue in force for an initial duration of twelve (12) months' (the "Initial Term") unless and until terminated prior to the expiry of the Initial Term:

a.as provided by the terms of this agreement; or

b.by either party giving to the other not less than one (1) month's prior written notice.

2Notwithstanding clause 2.2 above, in the event that this agreement is not terminated prior to the expiry of the Initial Term in accordance with clause 2.2 above, it shall continue thereafter until terminated by either party giving the other not less than one (1) month's prior written notice.

3DUTIES AND OBLIGATIONS

3.1During the course of the Engagement the Consultant Company shall:

a.provide the Services, with all due care, skill and ability and use its best endeavours to promote the interests of the Client or any Group Company;

b.unless the Individual is prevented by ill health or accident, devote such time as agreed between the parties for the performance of the Services, with such additional time, if any, as may be necessary for their proper performance;

c.perform the Services at such times as the Consultant Company selects, subject only to the scheduling of board meetings and deadlines established by the Client from time to time;

d.coordinate with, and provide ad hoc reports to Kevin O'Donnell, Chief Executive Officer on a monthly basis; and

3

e.perform the Services from a location of the Consultant Company's own choosing, with their own office equipment, computing resources, and telecommunications equipment.

3.2The Consultant Company shall control the means of performance of the Services and shall exercise their professional judgement in determining how to meet the Client's stated objections.

3.3If the Individual is unable to provide the Services due to illness or injury, the Consultant Company shall advise the Client of the fact as soon as reasonably practicable. For the avoidance of doubt, no fee shall be payable in accordance with clause 6 in respect of any period during which the Services are not provided.

3.4Unless they have been specifically authorised to do so by the Client in writing:

a.neither the Consultant Company nor the Individual shall have any authority to incur any expenditure in the name of or for the account of the Client; or

b.the Consultant Company shall not, and shall procure that the Individual shall not, hold itself out as having authority to bind the Client.

3.5The Consultant Company warrants to the Client that during the Engagement, it shall not assign any of their rights under this agreement, or delegate the performance of any of the Consultant Company's duties, without prior written consent of the Client.

4.[OMMITTED]

5.ANTI-BRIBERY AND ANTI-FACILITATION OF TAX EVASION

5.1The Consultant Company shall, and shall procure that the Individual and any Substitute Consultant shall, comply with: (i) all applicable laws, regulations, and sanctions relating to anti-bribery and anti-corruption including but not limited to the Bribery Act 2010; and (ii) any Client anti-bribery or anti-corruption policies as may be in place from time to time.

5.2The Consultant Company shall, and shall procure that the Individual and any Substitute Consultant shall: (i) not engage in any activity, practice or conduct which would constitute a tax evasion facilitation offence under legislation in any relevant jurisdiction; (ii) comply with any Client anti-facilitation of tax evasion policy as may be in place from time to time; (iii) have and shall maintain in place throughout the Initial Term their own policies and procedures, including but not limited to adequate procedures under the Bribery Act 2010; (iv) promptly report to the Client any request or demand for any undue financial or other advantage of any kind received by the Consultant Company in connection with the performance of this agreement.

5.3Failure to comply with clause 4 may result in the immediate termination of this agreement.

6.FEES

6.1In consideration for the performance of the Services, the Client shall pay the Consultant Company an annual fee of GBP 200,000.00 (exclusive of any VAT or other taxes that apply). On the last working day of each quarter during the Engagement, the Consultant Company shall submit to the Client an invoice which gives details of the days which the Individual or any Substitute Consultant has worked, the Services provided and the amount of the fee payable (plus VAT, if applicable) for the Services during that quarter.

4

6.2Payment shall be made within thirty (30) days' of the submission of an appropriate invoice.

6.3The Client shall be entitled to deduct from the fees (and any other sums) due to the Consultant Company any sums that the Consultant Company or Individual may owe to the Client or any Group Company at any time.

6.4Payment in full or in part of the fees claimed under this clause 6 or any expenses claimed under clause 7 shall be without prejudice to any claims or rights of the Client or any Group Company against the Consultant Company in respect of the provision of the Services.

7.EXPENSES

7.1The Client shall reimburse those expenses agreed with the Client in advance as necessary for the proper performance of the Services subject to production of receipts, or other appropriate evidence of payment, to support the expense in each case.

7.2If the Consultant Company is required to travel abroad in the course of the Engagement, the Client shall bear such costs (including, but not limited to, insurances, inoculations, immigration requirements) provided that these are expressly approved in advance by the Client.

8.OTHER ACTIVITIES

Nothing in this agreement shall prevent the Consultant Company or the Individual from being engaged, concerned or having any financial interest in any Capacity in any other business, trade, profession or occupation during the Engagement provided that:

a.such activity does not cause a breach of any of the Consultant Company's obligations under this agreement; and

b.the Consultant Company shall not, and shall procure that the Individual shall not, engage in any such activity if it relates to a business which is similar to or in any way competitive with the Business of the Client or any Group Company without the prior written consent of the Client.

9.CONFIDENTIAL INFORMATION

9.1The Consultant Company acknowledges that in the course of the Engagement it and the Individual will have access to Confidential Information. The Consultant Company has therefore agreed to accept the restrictions in this clause 9.

9.2The Consultant Company shall not, and shall procure that the Individual shall not (except in the proper course of their duties), either during the Engagement or at any time after the Termination Date, use or disclose to any third party (and shall use their best endeavours to prevent the publication or disclosure of) any Confidential Information. This restriction does not apply to:

a.any use or disclosure authorised by the Client or required by law; or

b.any information which is already in, or comes into, the public domain otherwise than through the Consultant Company's unauthorised disclosure.

9.3At any stage during the Engagement, the Consultant Company and the Individual will promptly on request return all and any Client Property in their possession to the Client.

5

9.4In the event of any discrepancy between the provisions of this clause 9 and any confidentiality agreement entered into from time to time between the Consultant Company and/or the Individual in relation to any specific Confidential Information, the provisions of such confidentiality agreement shall prevail in relation to the use, disclosure and treatment of such Confidential Information by the Consultant Company and/or the Individual.

10.INTELLECTUAL PROPERTY

10.1The Consultant Company waives any moral rights with respect to intellectual property created during the course of the Services ("IP"). The Consultant Company warrants to the Client that it has obtained from the Individual a written and valid assignment to the Client of all IP. Insofar as they do not vest automatically by operation of law or under this agreement, the Individual has agreed to hold on trust for the Consultant Company any such rights in which the legal title has not passed (or will not pass) to the Consultant Company. The Consultant Company agrees to provide to the Client a copy of this assignment on or before the date of this agreement. The Consultant Company agrees promptly to execute all documents and do all acts as may, in the Client's opinion, be necessary to give effect to this clause 10.

10.2The Consultant Company undertakes to notify to the Client in writing of any IP promptly on their creation and keep the details confidential, and;

a.whenever requested to do so by the Client, promptly to deliver to the Client all documents relating to the IP;

b.not to register nor attempt to register any IP, unless requested to do so by the Client; and

c.to do all acts necessary to confirm that absolute title in all IP rights has passed, or will pass, to the Client.

11.INSURANCE AND LIABILITY

The Consultant Company shall have personal liability for any loss, liability, costs (including reasonable legal costs), damages or expenses arising from any breach by the Consultant Company or the Individual, or any Substitute Consultant of the terms of this agreement including any negligent or reckless act, omission or default in the provision of the Services and shall maintain in force during the course of the Engagement adequate insurance cover with reputable insurers acceptable to the Client.

12.STATEMENTS AND PUBLICITY

The Consultant Company shall not, without the prior written consent of the Client (such consent not be unreasonably withheld) at any time, whether during the period of this agreement or at any time after it ends, make any public statements in relation to the Client, advertise, market or use other promotional efforts that include any data, pictures or other representations of the Client.

13.TERMINATION

13.1Notwithstanding the provisions of clause 2.2, the Client may terminate the Engagement with immediate effect with no liability to make any further payment to the Consultant Company (other than in respect of amounts accrued before the Termination Date) if at any time the Consultant Company or the Individual:

6

a.commits: (i) any gross misconduct or negligence affecting the Business of the Client or any Group Company, (ii) any serious or repeated breach or non-observance of any of the provisions of this agreement; or (iii) any act which in the opinion of the Client brings or is likely to bring the Client or any Group Company into disrepute;

b.is convicted of any criminal offence (other than an offence under any road traffic legislation for which a fine or non-custodial penalty is imposed);

c.is declared bankrupt or makes any arrangement with or for the benefit of their creditors or has a county court administration order made against them under the County Court Act 1984;

d.dies or is incapacitated (including by reason of illness or accident) from providing the Services for an aggregate period of thirty (30) days in any 52-week consecutive period;

e.commits any offence under the Bribery Act 2010 or the Criminal Finances Act 2017; or

f.commits a tax evasion facilitation offence under legislation in any relevant jurisdiction.

13.2The rights of the Client under clause 13.1 are without prejudice to any other rights that it might have at law to terminate the Engagement or to accept any breach of this agreement on the part of the Consultant Company as having brought the agreement to an end. Any delay by the Client in exercising its rights to terminate shall not constitute a waiver of these rights.

14.OBLIGATIONS ON TERMINATION

On the Termination Date the Consultant Company and the Individual shall:

a.immediately deliver to the Client all Client Property and original Confidential Information relating to the Services in its/their possession or under its/their control; and

b.subject to the Client's data retention guidelines, irretrievably delete any information relating to the Services stored on any magnetic or optical disk or memory (including but not limited to any Confidential Information related to the Services). This obligation includes requiring any Substitute Consultant to delete such data where applicable.

15.STATUS

15.1The relationship of the Consultant Company (and the Individual) to the Client will be that of independent contractor and nothing in this agreement shall render it or them an employee, worker, agent or partner of the Client and the Consultant Company shall not hold themselves out as such.

15.2This agreement constitutes a contract for the provision of services and not a contract of employment and accordingly the Consultant Company shall be fully responsible for and shall indemnify the Client or any Group Company for and in respect of:

a.any income tax, social security contributions and any other liability, deduction, contribution, assessment or claim arising from or made in connection with the performance of the Services, where the recovery is not prohibited by law. The Consultant Company shall further indemnify the Client against all reasonable

7

costs, expenses and any penalty, fine or interest incurred or payable by the Client in connection with or in consequence of any such liability, deduction, contribution, assessment or claim;

b.any liability arising from any employment-related claim or any claim based on worker status (including reasonable costs and expenses) brought by the Individual or any Substitute Consultant against the Client arising out of or in connection with the provision of the Services, except where such claim is as a result of any act or omission of the Client.

15.3The Client may at its option satisfy such indemnity (in whole or in part) by way of deduction from any payments due to the Consultant Company.

15.4The Consultant Company warrants that it is not, nor will it prior to the cessation of this agreement, become a managed service company within the meaning of section 61B of the Income Tax (Earnings and Pensions) Act 2003.

16.DATA PROTECTION

16.1The Client will collect and process information relating to the Individual in accordance with the privacy notice which is annexed to this agreement.

16.2The Consultant Company shall, and shall procure that the Individual shall, comply with any applicable Data Protection Legislation relevant to the Services.

16.3The Consultant Company shall have liability for any loss, liability, costs (including legal costs), damages, or expenses resulting from any breach by the Consultant Company or the Individual or a Substitute Consultant of the Data Protection Legislation.

17.NOTICES

17.1Any notice or other communication given to a party under or in connection with this agreement shall be in writing and shall be delivered by hand or by pre-paid first-class post or other next working day delivery service at the address given in this agreement or, sent to the party at the email address given in clause 17.3, or as otherwise notified in writing to the other party.

17.2The email addresses for service of notices are:

a.The Client

i.Email address: Shannon.bender@renre.com

a.The Consultant Company

i.Email address: idbranagan@gmail.com

17.3Unless proven otherwise, any notice or communication shall be deemed to have been received:

a.if delivered by hand, at the time the notice is left at the address given in this agreement or given to the addressee;

b.if sent by pre-paid first-class post or other next working day delivery service, at 9.00 a.m. on the second Business Day after posting or at the time recorded by the delivery service; or

c.if sent by email, at the time of transmission.

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17.4If deemed receipt under clause 17.3 would occur outside business hours in the place of receipt, it shall be deferred until business hours resume. In this clause 17.4, business hours means 9.00 a.m. to 5.00 p.m. through a Business Day.

17.5This clause does not apply to the service of any proceedings or other documents in any legal action or, where applicable, any other method of dispute resolution.

18.ENTIRE AGREEMENT

18.1This agreement constitutes the entire agreement between the parties and any Group Company in respect of the Services and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter – but for the avoidance of doubt, not the terms of any other agreement between the parties, that is not related to its subject matter.

18.2Each party acknowledges that in entering into this agreement it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement.

18.3Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this agreement.

19.VARIATION

No variation of this agreement or of any of the documents referred to in it shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

20.COUNTERPARTS

This agreement may be executed in any number of counterparts, each of which shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

21.THIRD PARTY RIGHTS

Except as expressly provided elsewhere in this agreement, a person who is not a party to this agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this agreement are not subject to the consent of any other person.

22.SEVERABILITY

The provisions of this agreement are severable, and if any part of them is found to be unenforceable, the other parts shall remain fully valid and enforceable.

23.GOVERNING LAW AND JURISDICTION

23.1This agreement, and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims), shall be governed by and construed in accordance with the laws of England and Wales.

23.2Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection

9

with this agreement or their subject matter or formation (including non-contractual disputes or claims).

This agreement has been entered into on the date stated at the beginning of it.

Signed on behalf of)

RENAISSANCERE SERVICES        )

(UK) LIMITED        )

by Hugh Brennan,         )

a director        )

/s/ Hugh Brennan

        Hugh Brennan

Signed by     )

Tetera Consulting    )

By Ian D. Branagan    )

/s/ Ian D. Branagan

DIRECTOR

10

Schedule 1

SERVICES

The services provided by the Consultant Company and the Individual in a consultancy capacity for the Client include but are not limited to

a.providing strategic advice to the Client in connection with the Business of the Client;

b.providing guidance on the design of enterprise risk management;

c.consulting with executives on development of insights from the Company’s data; and

d.assisting with the development of appropriate uses of AI tools.

11

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Kevin J. O'Donnell, certify that:

1.I have reviewed this Form 10-Q of RenaissanceRe Holdings Ltd.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 2, 2023	/s/ Kevin J. O'Donnell
		Kevin J. O'Donnell
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Robert Qutub, certify that:

1.I have reviewed this Form 10-Q of RenaissanceRe Holdings Ltd.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 2, 2023	/s/ Robert Qutub
		Robert Qutub
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q of RenaissanceRe Holdings Ltd. (the “Company”) for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin J. O'Donnell, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Kevin J. O'Donnell

Kevin J. O'Donnell

Chief Executive Officer

November 2, 2023

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q of RenaissanceRe Holdings Ltd. (the “Company”) for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Qutub, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert Qutub

Robert Qutub

Chief Financial Officer

November 2, 2023

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-14428
Entity Registrant Name	RENAISSANCERE HOLDINGS LTD
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0141974
Entity Address, Address Line One	Renaissance House
Entity Address, Address Line Two	12 Crow Lane
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 19
City Area Code	441
Local Phone Number	295-4513
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		51,172,023
Entity Central Index Key	0000913144
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Shares, Par Value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, Par Value $1.00 per share
Trading Symbol	RNR
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
Trading Symbol	RNR PRF
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share
Trading Symbol	RNR PRG
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Fixed maturity investments trading, at fair value – amortized cost $16,754,568 at September 30, 2023 (December 31, 2022 – $15,038,551)	$ 16,083,046	$ 14,351,402
Short term investments, at fair value - amortized cost $6,521,007 at September 30, 2023 (December 31, 2022 - $4,671,581)	6,519,207	4,669,272
Equity investments, at fair value	95,342	625,058
Other investments, at fair value	3,167,941	2,494,954
Investments in other ventures, under equity method	101,103	79,750
Total investments	25,966,639	22,220,436
Cash and cash equivalents	1,195,884	1,194,339
Premiums receivable	5,928,809	5,139,471
Prepaid reinsurance premiums	1,028,916	1,021,412
Reinsurance recoverable	4,253,259	4,710,925
Accrued investment income	153,573	121,501
Deferred acquisition costs	1,267,088	1,171,738
Receivable for investments sold	480,727	350,526
Other assets	334,284	384,702
Goodwill and other intangible assets	233,897	237,828
Total assets	40,843,076	36,552,878
Liabilities
Reserve for claims and claim expenses	15,955,165	15,892,573
Unearned premiums	5,222,496	4,559,107
Debt	1,882,893	1,170,442
Reinsurance balances payable	3,323,606	3,928,281
Payable for investments purchased	811,578	493,776
Other liabilities	396,487	648,036
Total liabilities	27,592,225	26,692,215
Commitments and contingencies
Redeemable noncontrolling interests	5,662,234	4,535,389
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2023 (December 31, 2022 – 30,000)	750,000	750,000
Common shares: $1.00 par value – 51,173,930 shares issued and outstanding at September 30, 2023 (December 31, 2022 – 43,717,836)	51,174	43,718
Additional paid-in capital	1,836,742	475,647
Accumulated other comprehensive income (loss)	(14,506)	(15,462)
Retained earnings	4,965,207	4,071,371
Total shareholders’ equity attributable to RenaissanceRe	7,588,617	5,325,274
Total liabilities, noncontrolling interests and shareholders’ equity	$ 40,843,076	$ 36,552,878

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturity investments trading, amortized cost	$ 16,754,568	$ 15,038,551
Short-term investments, amortized cost	$ 6,521,007	$ 4,671,581
Preference shares, par value (in dollars per share)	$ 1.00	$ 1.00
Preference shares, shares issued (in shares)	30,000	30,000
Preference shares, shares outstanding (in shares)	30,000	30,000
Common shares, par value (in dollars per share)	$ 1.00	$ 1.00
Common shares, shares issued (in shares)	51,173,930	43,717,836
Common shares, shares outstanding (in shares)	51,173,930	43,717,836

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Gross premiums written	$ 1,618,443	$ 2,220,661	$ 7,060,325	$ 7,628,264
Net premiums written	1,421,260	1,821,711	5,880,766	5,850,544
Decrease (increase) in unearned premiums	334,616	(54,690)	(659,078)	(1,140,715)
Net premiums earned	1,755,876	1,767,021	5,221,688	4,709,829
Net investment income	329,108	157,793	876,148	348,695
Net foreign exchange gains (losses)	(25,886)	(1,383)	(53,877)	(67,690)
Equity in earnings (losses) of other ventures	10,842	1,739	28,072	2,732
Other income (loss)	(5,866)	2,834	(6,296)	4,950
Net realized and unrealized gains (losses) on investments	(228,087)	(641,500)	(171,417)	(1,968,624)
Total revenues	1,835,987	1,286,504	5,894,318	3,029,892
Expenses
Net claims and claim expenses incurred	861,576	1,967,931	2,593,987	3,515,903
Acquisition expenses	425,745	417,644	1,280,547	1,155,389
Operational expenses	82,751	64,560	240,716	204,987
Corporate expenses	17,143	10,384	53,357	35,238
Interest expense	22,951	12,101	49,980	35,951
Total expenses	1,410,166	2,472,620	4,218,587	4,947,468
Income (loss) before taxes	425,821	(1,186,116)	1,675,731	(1,917,576)
Income tax benefit (expense)	(9,295)	(2,814)	(44,139)	64,427
Net income (loss)	416,526	(1,188,930)	1,631,592	(1,853,149)
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)	372,429	(655,986)	335,010
Net income (loss) attributable to RenaissanceRe	202,831	(816,501)	975,606	(1,518,139)
Dividends on preference shares	(8,843)	(8,843)	(26,531)	(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$ 193,988	$ (825,344)	$ 949,075	$ (1,544,670)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (in dollars per share)	$ 3.81	$ (19.27)	$ 20.17	$ (35.84)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (in dollars per share)	$ 3.80	$ (19.27)	$ 20.13	$ (35.84)

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive income (loss)
Net income (loss)	$ 416,526	$ (1,188,930)	$ 1,631,592	$ (1,853,149)
Change in net unrealized gains (losses) on investments, net of tax	(199)	(1,332)	1,109	(3,749)
Foreign currency translation adjustments, net of tax	(257)	(273)	(153)	(2,115)
Comprehensive income (loss)	416,070	(1,190,535)	1,632,548	(1,859,013)
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)	372,429	(655,986)	335,010
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(213,695)	372,429	(655,986)	335,010
Comprehensive income (loss) attributable to RenaissanceRe	$ 202,375	$ (818,106)	$ 976,562	$ (1,524,003)

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Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Preference shares	Common shares	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings
Beginning balance at Dec. 31, 2021		$ 750,000	$ 44,445	$ 608,121	$ (10,909)	$ 5,232,624
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares			(1,051)	(161,788)
Change in redeemable noncontrolling interests				(4,008)
Issuance of restricted stock awards			308	23,240
Change in net unrealized gains (loss) on investments, net of tax	$ (3,749)				(3,749)
Foreign currency translation adjustments, net of tax	(2,115)				(2,115)
Net income (loss)	(1,853,149)
Net (income) loss attributable to redeemable noncontrolling interests	335,010					335,010
Dividends on common shares	(48,600)					(48,576)
Dividends on preference shares	(26,531)					(26,531)
Ending balance at Sep. 30, 2022	4,881,872	750,000	43,702	465,565	(16,773)	3,639,378
Beginning balance at Jun. 30, 2022		750,000	43,881	479,085	(15,168)	4,480,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares			(176)	(25,132)
Change in redeemable noncontrolling interests				(19)
Issuance of restricted stock awards			(3)	11,631
Change in net unrealized gains (loss) on investments, net of tax	(1,332)				(1,332)
Foreign currency translation adjustments, net of tax	(273)				(273)
Net income (loss)	(1,188,930)
Net (income) loss attributable to redeemable noncontrolling interests	372,429					372,429
Dividends on common shares						(16,139)
Dividends on preference shares	(8,843)					(8,843)
Ending balance at Sep. 30, 2022	4,881,872	750,000	43,702	465,565	(16,773)	3,639,378
Beginning balance at Dec. 31, 2022	5,325,274	750,000	43,718	475,647	(15,462)	4,071,371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares			7,245	1,344,363
Change in redeemable noncontrolling interests				(4,093)
Issuance of restricted stock awards			211	20,825
Change in net unrealized gains (loss) on investments, net of tax	1,109				1,109
Foreign currency translation adjustments, net of tax	(153)				(153)
Net income (loss)	1,631,592
Net (income) loss attributable to redeemable noncontrolling interests	(655,986)					(655,986)
Dividends on common shares	(55,200)					(55,239)
Dividends on preference shares	(26,531)					(26,531)
Ending balance at Sep. 30, 2023	7,588,617	750,000	51,174	1,836,742	(14,506)	4,965,207
Beginning balance at Jun. 30, 2023		750,000	51,182	1,825,215	(14,050)	4,790,466
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares				37
Change in redeemable noncontrolling interests				(2,311)
Issuance of restricted stock awards			(8)	13,801
Change in net unrealized gains (loss) on investments, net of tax	(199)				(199)
Foreign currency translation adjustments, net of tax	(257)				(257)
Net income (loss)	416,526
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)					(213,695)
Dividends on common shares						(19,247)
Dividends on preference shares	(8,843)					(8,843)
Ending balance at Sep. 30, 2023	$ 7,588,617	$ 750,000	$ 51,174	$ 1,836,742	$ (14,506)	$ 4,965,207

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows provided by (used in) operating activities
Net income (loss)	$ 1,631,592	$ (1,853,149)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization, accretion and depreciation	(121,068)	(1,220)
Equity in undistributed (earnings) losses of other ventures	(2,566)	16,802
Net realized and unrealized (gains) losses on investments	149,122	1,806,678
Change in:
Premiums receivable	(789,338)	(1,697,763)
Prepaid reinsurance premiums	(7,504)	(378,829)
Reinsurance recoverable	457,666	(700,575)
Deferred acquisition costs	(95,350)	(331,996)
Reserve for claims and claim expenses	62,592	2,368,325
Unearned premiums	663,389	1,514,937
Reinsurance balances payable	(604,675)	297,647
Other	55,279	(170,369)
Net cash provided by (used in) operating activities	1,399,139	870,488
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	15,300,245	18,502,364
Purchases of fixed maturity investments trading	(17,053,131)	(19,863,469)
Net sales (purchases) of equity investments	564,316	(337,110)
Net sales (purchases) of short term investments	(1,777,188)	365,790
Net sales (purchases) of other investments	(525,950)	(452,447)
Net sales (purchases) of investments in other ventures	(20,171)
Net sales (purchases) of investments in other ventures		617
Return of investment from investment in other ventures	2,752	2,222
Net cash provided by (used in) investing activities	(3,509,127)	(1,782,033)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(55,239)	(48,576)
Dividends paid – preference shares	(26,531)	(26,587)
RenaissanceRe common share issuance, net of expenses	1,351,608	0
RenaissanceRe common share repurchases	0	(166,664)
Issuance of debt, net of expenses	740,581	0
Repayment of debt	(30,000)	0
Net third-party redeemable noncontrolling interest share transactions	143,721	477,707
Taxes paid on withholding shares	(20,004)	(10,891)
Net cash provided by (used in) financing activities	2,104,136	224,989
Effect of exchange rate changes on foreign currency cash	7,397	31,778
Net increase (decrease) in cash and cash equivalents	1,545	(654,778)
Cash and cash equivalents, beginning of period	1,194,339	1,859,019
Cash and cash equivalents, end of period	$ 1,195,884	$ 1,204,241

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ORGANIZATION

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

This report on Form 10-Q should be read in conjunction with RenaissanceRe’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“Form 10-K”). RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.

•Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

•Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that provides property, casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas.

•RenaissanceRe Syndicate 1458 (“Syndicate 1458”) is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member. RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.

•RenaissanceRe Europe AG (“RREAG”), a Swiss-domiciled reinsurance company, which has branches in Australia, Bermuda, the U.K. and the U.S., provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

•RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled insurer, which operates subject to U.S. federal income tax.

•DaVinci Reinsurance Ltd. (“DaVinci Reinsurance”), a wholly-owned subsidiary of DaVinciRe Holdings Ltd. (“DaVinci”), is a managed joint venture formed by the Company to principally write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis.

•Vermeer Reinsurance Ltd. (“Vermeer”) is a managed joint venture formed by the Company to provide capacity focused on risk remote layers in the U.S. property catastrophe market. The Company maintains a majority voting control of Vermeer, while Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, retains economic benefits.

•Fontana Holdings L.P. and its subsidiaries (collectively, “Fontana”) are a managed joint venture formed by the Company to assume casualty and specialty risks in line with the Company’s book of business. Fontana launched effective April 1, 2022.

•Top Layer Reinsurance Ltd. (“Top Layer”) is a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance.

•RenaissanceRe Underwriting Managers U.S. LLC, is licensed as a reinsurance intermediary broker in the State of Connecticut and underwrites specialty treaty reinsurance solutions on both a quota share and excess of loss basis on behalf of affiliates.

•Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly-owned subsidiary of RenaissanceRe, is the exclusive underwriting manager for certain of our joint ventures or managed funds in return for a management fee, performance fee, or both.

•RenaissanceRe Fund Management Ltd. (“RFM”) is a wholly-owned Bermuda exempted company and is the exclusive investment fund manager for several of the Company’s joint ventures or managed

funds, in return for a management fee, a performance based incentive fee, or both. RFM is an Exempt Reporting Adviser with the Securities and Exchange Commission and serves as the investment adviser to third-party investors in the various private investment partnerships and insurance-related investment products offered by the Company.

•RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk.

•Upsilon RFO Re Ltd. (“Upsilon RFO”), an exempted company incorporated in Bermuda and registered as a segregated accounts company and as a collateralized insurer, is a managed fund formed by the Company principally to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market.

•RenaissanceRe Upsilon Fund Ltd., an exempted company incorporated in Bermuda and registered as a segregated accounts company and a Class A Professional Fund, provides a fund structure through which third-party investors can invest in reinsurance risk managed by the Company.

•Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled special purpose insurer (“SPI”), provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes.

•Fibonacci Reinsurance Ltd. (“Fibonacci Re”), an exempted company incorporated in Bermuda and registered as an SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raises capital from third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange.

•The Company and Reinsurance Group of America, Incorporated formed an initiative (“Langhorne”) to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne’s capital commitment period expired at the end of December 2022 and the Langhorne entities have been, or are, in the process of winding down.

•Following the acquisition of Tokio Millennium Re AG and certain associated entities and subsidiaries (collectively, “TMR”) on March 22, 2019, the Company managed Shima Reinsurance Ltd. (“Shima Re”), Norwood Re Ltd. (“Norwood Re”) and Blizzard Re Ltd. (“Blizzard,” together with Shima Re and Norwood Re, the “TMR managed third-party capital vehicles”), which provided third-party investors with access to reinsurance risk. The TMR managed third-party capital vehicles no longer write new business. The Company ceased providing management services to Blizzard effective November 1, 2020, and to Shima Re and Norwood Re effective December 1, 2020.

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SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2022, except as described below.

BASIS OF PRESENTATION

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.

USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance.

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INVESTMENTS

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:

	September 30, 2023		December 31, 2022
U.S. treasuries	$	8,587,946	$	7,180,129
Corporate (1)	4,482,082		4,390,568
Agencies	460,936		395,149
Non-U.S. government	403,758		383,838
Residential mortgage-backed	806,120		710,429
Commercial mortgage-backed	210,942		213,987
Asset-backed	1,131,262		1,077,302
Total fixed maturity investments trading	$	16,083,046	$	14,351,402

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2023				December 31, 2022
	Amortized  Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	392,098	$	384,293	$	364,501	$	356,770
Due after one through five years	8,891,383		8,682,922		8,117,971		7,875,771
Due after five through ten years	4,896,604		4,606,488		4,072,142		3,805,287
Due after ten years	309,877		261,019		356,268		311,856
Mortgage-backed	1,119,512		1,017,062		1,009,205		924,416
Asset-backed	1,145,094		1,131,262		1,118,464		1,077,302
Total	$	16,754,568	$	16,083,046	$	15,038,551	$	14,351,402

Equity Investments

The following table summarizes the fair value of equity investments:

	September 30, 2023		December 31, 2022
Financials	$	95,099	$	103,250
Consumer	232		33,447
Communications and technology	11		48,687
Fixed income exchange traded funds	—		295,481
Equity exchange traded funds	—		90,510
Industrial, utilities and energy	—		25,326
Healthcare	—		24,617
Basic materials	—		3,740
Total	$	95,342	$	625,058

Pledged Investments

At September 30, 2023, $7.1 billion (December 31, 2022 - $7.9 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $1.1 billion (December 31, 2022 - $1.2 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.

Reverse Repurchase Agreements

At September 30, 2023, the Company held $156.0 million (December 31, 2022 - $38.5 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income.

Net Investment Income

The components of net investment income are as follows:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Fixed maturity investments trading	$	188,781	$	107,182	$	514,020	$	246,146
Short term investments	66,722		11,601		149,903		17,134
Equity investments	510		6,120		6,675		13,390
Other investments
Catastrophe bonds	54,583		25,748		142,936		63,343
Other	20,031		11,258		65,422		23,704
Cash and cash equivalents	4,160		1,386		13,009		1,250
	334,787		163,295		891,965		364,967
Investment expenses	(5,679)		(5,502)		(15,817)		(16,272)
Net investment income	$	329,108	$	157,793	$	876,148	$	348,695

Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net realized gains (losses) on fixed maturity investments trading	$	(121,112)	$	(213,493)	$	(300,089)	$	(621,799)
Net unrealized gains (losses) on fixed maturity investments trading	(158,226)		(210,665)		14,007		(824,662)
Net realized and unrealized gains (losses) on fixed maturity investments trading	(279,338)		(424,158)		(286,082)		(1,446,461)
Net realized and unrealized gains (losses) on investment-related derivatives(1)	30,594		(55,580)		(22,295)		(161,946)
Net realized gains (losses) on equity investments	(10)		3,066		(27,503)		38,638
Net unrealized gains (losses) on equity investments	2,261		(46,301)		62,039		(222,074)
Net realized and unrealized gains (losses) on equity investments	2,251		(43,235)		34,536		(183,436)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	32,474		(126,992)		94,786		(159,913)
Net realized and unrealized gains (losses) on other investments - other	(14,068)		8,465		7,638		(16,868)
Net realized and unrealized gains (losses) on investments	$	(228,087)	$	(641,500)	$	(171,417)	$	(1,968,624)

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 13. Derivative Instruments” for additional information.

Net Sales (Purchases) of Investments

The tables below show the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures for the nine months ended September 30, 2023 and 2022.

Nine months ended September 30, 2023	Gross Purchases		Gross Sales		Net
Equity investments	$	(1,706)	$	566,022	$	564,316
Short term investments	$	(27,466,343)	$	25,689,155	$	(1,777,188)
Other investments	$	(860,164)	$	334,214	$	(525,950)
Investments in other ventures	$	(20,171)	$	—	$	(20,171)

Nine months ended September 30, 2022	Gross Purchases		Gross Sales		Net
Equity investments	$	(600,285)	$	263,175	$	(337,110)
Short term investments	$	(20,180,815)	$	20,546,605	$	365,790
Other investments	$	(794,555)	$	342,108	$	(452,447)
Investments in other ventures	$	(2,876)	$	3,493	$	617

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FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains or losses arising from changes in fair value in its consolidated statements of operations.

FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:

•Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

•Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

•Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of

the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. 

There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

At September 30, 2023	Total		Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	8,587,946	$	8,587,946	$	—	$	—
Corporate (1)	4,482,082		—		4,482,082		—
Agencies	460,936		—		460,936		—
Non-U.S. government	403,758		—		403,758		—
Residential mortgage-backed	806,120		—		806,120		—
Commercial mortgage-backed	210,942		—		210,942		—
Asset-backed	1,131,262		—		1,131,262		—
Total fixed maturity investments trading	16,083,046		8,587,946		7,495,100		—
Short term investments	6,519,207		67,176		6,452,031		—
Equity investments trading	95,342		95,342		—		—
Other investments
Catastrophe bonds	1,697,810		—		1,697,810		—
Term loans	98,876		—		—		98,876
Direct private equity investments	67,515		—		—		67,515
	1,864,201		—		1,697,810		166,391
Fund investments (2)	1,303,740		—		—		—
Total other investments	3,167,941		—		1,697,810		166,391
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(545)		—		—		(545)
Derivative assets (4)	18,233		6,819		11,414		—
Derivative liabilities (4)	(35,557)		(7,139)		(28,418)		—
Total other assets and (liabilities)	(17,869)		(320)		(17,004)		(545)
	$	25,847,667	$	8,750,144	$	15,627,937	$	165,846

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which may include private equity funds, private credit funds, and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at September 30, 2023 was $3.2 million of other assets and $3.7 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

At December 31, 2022	Total		Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	7,180,129	$	7,180,129	$	—	$	—
Corporate (1)	4,390,568		—		4,390,568		—
Agencies	395,149		—		395,149		—
Non-U.S. government	383,838		—		383,838		—
Residential mortgage-backed	710,429		—		710,429		—
Commercial mortgage-backed	213,987		—		213,987		—
Asset-backed	1,077,302		—		1,077,302		—
Total fixed maturity investments trading	14,351,402		7,180,129		7,171,273		—
Short term investments	4,669,272		—		4,669,272		—
Equity investments	625,058		625,058		—		—
Other investments
Catastrophe bonds	1,241,468		—		1,241,468		—
Term loans	100,000		—		—		100,000
Direct private equity investments	66,780		—		—		66,780
	1,408,248		—		1,241,468		166,780
Fund investments (2)	1,086,706		—		—		—
Total other investments	2,494,954		—		1,241,468		166,780
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(1,832)		—		—		(1,832)
Derivative assets (4)	44,400		387		44,013		—
Derivative liabilities (4)	(7,560)		(2,008)		(5,552)		—
Total other assets and (liabilities)	35,008		(1,621)		38,461		(1,832)
	$	22,175,694	$	7,803,566	$	13,120,474	$	164,948

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which may include private equity funds, private credit funds and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at December 31, 2022 was $3.5 million of other assets and $5.3 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value

Fixed Maturity Investments

Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, corporate (including non-U.S. government-backed corporate), non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed.

The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an

exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third-party data. Securities which are priced by an index provider are generally included in the index.

In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active and non-distressed markets.

The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class.

U.S. Treasuries

Level 1 - At September 30, 2023, the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average yield to maturity of 4.8% and a weighted average credit quality of AA (December 31, 2022 - 4.3% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Corporate

Level 2 - At September 30, 2023, the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and non-U.S. government-backed corporations and had a weighted average yield to maturity of 6.7% and a weighted average credit quality of BBB (December 31, 2022 - 6.3% and BBB, respectively).

The Company’s corporate fixed maturity investments, other than non-U.S. government-backed corporations, are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate.

Non-U.S. government-backed corporate fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high quality credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Agencies

Level 2 - At September 30, 2023, the Company’s agency fixed maturity investments had a weighted average yield to maturity of 5.3% and a weighted average credit quality of AA (December 31, 2022 - 4.6% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When

evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data.

Non-U.S. Government

Level 2 - At September 30, 2023, the Company’s non-U.S. government fixed maturity investments had a weighted average yield to maturity of 5.1% and a weighted average credit quality of AA (December 31, 2022 - 4.7% and AA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets.

Residential Mortgage-backed

Level 2 - At September 30, 2023, the Company’s residential mortgage-backed fixed maturity investments had a weighted average yield of maturity of 5.9%, a weighted average credit quality of A, and a weighted average life of 8.0 years (December 31, 2022 - 5.4%, A and 8.6 years, respectively). Residential mortgage-backed securities include both agency and non-agency mortgage-backed securities. The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to-be-announced market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with active market quotes.

Non-agency mortgage-based securities are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable.

Commercial Mortgage-backed

Level 2 - At September 30, 2023, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average yield to maturity of 8.7%, a weighted average credit quality of AA, and a weighted average life of 2.2 years (December 31, 2022 - 7.4%, AA and 3.2 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.

Asset-backed

Level 2 - At September 30, 2023, the Company’s asset-backed fixed maturity investments had a weighted average yield to maturity of 7.4%, a weighted average credit quality of AA and a weighted average life of 4.3 years (December 31, 2022 - 7.4%, AA and 5.2 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of collateralized loan obligations and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying

collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector.

Short Term Investments

Level 1 - At September 30, 2023, the Company’s short term investments in U.S. treasuries were primarily priced by pricing services and had a weighted average yield to maturity of 5.4% and a weighted average credit quality of AAA (December 31, 2022 - 4.0% and AAA). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Level 2 - At September 30, 2023, the Company’s other short term investments had a weighted average yield to maturity of 5.3% and a weighted average credit quality of AAA (December 31, 2022 - 4.2% and AAA, respectively). Amortized cost approximates fair value for the majority of the remainder of the Company’s short term investments portfolio and, in certain cases, fair value is determined in a manner similar to the Company’s fixed maturity investments noted above.

Equity Investments

Level 1 - The fair value of the Company’s portfolio of equity investments, classified as trading is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.

Other Investments

Catastrophe Bonds

Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.

Other Assets and Liabilities

Derivatives

Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk-free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.

Level 3 Assets and Liabilities Measured at Fair Value

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At September 30, 2023	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments
Direct private equity investments	$	67,515	Internal valuation model	Discount rate	10.0		%
				Liquidity discount	15.0		%
Term loans	98,876		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	166,391
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(545)		Internal valuation model	Net undiscounted cash flows	$	12,433
				Expected loss ratio	2.6		%
				Discount rate	4.6		%
Total other assets and (liabilities)	(545)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	165,846

At December 31, 2022	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments
Direct private equity investments	$	66,780	Internal valuation model	Discount rate	7.5		%
				Liquidity discount	15.0		%
Term loans	100,000		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	166,780
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(1,832)		Internal valuation model	Net undiscounted cash flows	$	14,734
				Expected loss ratio	5.8		%
				Discount rate	4.0		%
Total other assets and (liabilities)	(1,832)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	164,948

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.

	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - July 1, 2023	$	71,155	$	100,000	$	(475)	$	170,680
Included in net investment income	63		—		—		63
Included in net realized and unrealized gains (losses) on investments	(3,686)		—		—		(3,686)
Included in other income (loss)	—		—		(541)		(541)
Total foreign exchange gains (losses)	(17)		—		—		(17)
Purchases	—		—		471		471
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846
	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - January 1, 2023	$	66,780	$	100,000	$	(1,832)	$	164,948
Included in net investment income	187		—		—		187
Included in net realized and unrealized gains (losses) on investments	571		—		—		571
Included in other income (loss)	—		—		(550)		(550)
Total foreign exchange gains (losses)	(23)		—		—		(23)
Purchases	—		—		1,837		1,837
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846

	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - July 1, 2022	$	81,610	$	100,000	$	(3,064)	$	178,546
Included in net investment income	125		—		—		125
Included in net realized and unrealized gains (losses) on investments	(11,762)		—		—		(11,762)
Included in other income (loss)	—		—		543		543
Total foreign exchange gains (losses)	(50)		—		—		(50)
Purchases	—		—		(50)		(50)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352
	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - January 1, 2022	$	88,373	$	74,850	$	(4,727)	$	158,496
Included in net investment income	125		605		—		730
Included in net realized and unrealized gains (losses) on investments	(23,515)		—		—		(23,515)
Included in other income (loss)	—		—		1,732		1,732
Total foreign exchange losses	(60)		—		—		(60)
Purchases	5,000		25,000		424		30,424
Settlements	—		(455)		—		(455)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352

Other Investments

Direct private equity investments

Level 3 - At September 30, 2023, the Company’s other investments included $67.5 million (December 31, 2022 - $66.8 million) of direct private equity investments which are recorded at fair value, with the fair value obtained through the use of internal valuation models. The Company measured the fair value of these investments using multiples of net tangible book value of the underlying entities. The significant unobservable inputs used in the fair value measurement of these investments are liquidity discount rates applied to each of the net tangible book value multiples used in the internal valuation models, and discount rates applied to the expected cash flows of the underlying entities in various scenarios. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Generally, an increase in the liquidity discount rate or discount rates would result in a decrease in the fair value of these private equity investments.

Term Loans

Level 3 - At September 30, 2023, the Company’s other investments included a $98.9 million (December 31, 2022 - $100.0 million) investment in a term loan which is recorded at fair value, with the fair value obtained through the use of a discounted cash flow model. The significant unobservable inputs used in the discounted cash flow model are the cash flow projection of the associated term loan, and the discount rate. The discount rate used is based on the Secured Overnight Financing Rate, (“SOFR”), which is then adjusted for credit risk and a risk premium. These adjustments may be impacted by market movements implied by transactions of similar or related assets, loan-to-value, tenor, liquidity, credit risk adjustment or other risk factors. Assumptions used in the valuation process may significantly impact the resulting fair value.

Other Assets and Liabilities

Assumed and Ceded (Re)insurance Contracts

Level 3 - At September 30, 2023, the Company had a $0.5 million net liability (December 31, 2022 - $1.8 million net liability) related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered an observable input as each is defined in the contract. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company uses various financial instruments in the normal course of its business. The Company’s (re)insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values.

Debt

Included on the Company’s consolidated balance sheet at September 30, 2023 were debt obligations of $1.9 billion (December 31, 2022 - $1.2 billion). At September 30, 2023, the fair value of the Company’s debt obligations was $1.8 billion (December 31, 2022 – $1.1 billion).

The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations. Refer to “Note 7. Debt and Credit Facilities” for additional information related to the Company’s debt obligations.

The Fair Value Option for Financial Assets and Financial Liabilities

The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value:

	September 30, 2023		December 31, 2022
Other investments	$	3,167,941	$	2,494,954
Other assets	$	3,141	$	3,499
Other liabilities	$	3,686	$	5,331

The change in fair value of other investments resulted in net unrealized gains on investments for the three and nine months ended September 30, 2023 of $20.2 million and $100.6 million, respectively (September 30, 2022 – net unrealized gains of $137.4 million and $208.1 million, respectively).

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At September 30, 2023	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private credit funds	$	928,961	$	877,045	See below	See below	See below
Private equity funds	374,779		597,967		See below	See below	See below
Total other investments measured using net asset valuations	$	1,303,740	$	1,475,012

At December 31, 2022	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private credit funds	$	771,383	$	714,302	See below	See below	See below
Private equity funds	315,323		493,155		See below	See below	See below
Total other investments measured using net asset valuations	$	1,086,706	$	1,207,457

Private Credit Funds

The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including U.S. direct lending funds, secondaries, mezzanine investments, distressed securities and senior secured bank loan funds. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Private Equity Funds

The Company’s investments in private equity funds include limited partnership or similar interests that invest in certain private equity asset classes including U.S. and global leveraged buyouts. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership.

Limited Partnerships Entities

The Company’s fund investments, included within other investments, represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company determined that certain of these limited partnership interests represent investments in variable interest entities (“VIEs”) and that it is not required to consolidate these investments because it is not the primary beneficiary of these VIEs. The Company’s maximum exposure to loss with respect to these VIEs is limited to the carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.

The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs:

	Maximum Exposure to Loss
At September 30, 2023	Carrying amount		Unfunded Commitments		Total
Other investments	$	1,140,450	$	1,402,261	$	2,542,711
At December 31, 2022
Other investments	$	916,248	$	1,148,630	$	2,064,878

XML

REINSURANCE

9 Months Ended

Sep. 30, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

REINSURANCE

REINSURANCE

The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurer fails to meet its obligations.

The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Premiums Written
Direct	$	222,400	$	295,213	$	673,791	$	935,079
Assumed	1,396,043		1,925,448		6,386,534		6,693,185
Ceded	(197,183)		(398,950)		(1,179,559)		(1,777,720)
Net premiums written	$	1,421,260	$	1,821,711	$	5,880,766	$	5,850,544
Premiums Earned
Direct	$	248,932	$	280,389	$	784,388	$	801,759
Assumed	1,862,387		2,006,596		5,609,355		5,307,078
Ceded	(355,443)		(519,964)		(1,172,055)		(1,399,008)
Net premiums earned	$	1,755,876	$	1,767,021	$	5,221,688	$	4,709,829
Claims and Claim Expenses
Gross claims and claim expenses incurred	$	793,869	$	3,096,540	$	2,843,229	$	4,913,313
Claims and claim expenses recovered	67,707		(1,128,609)		(249,242)		(1,397,410)
Net claims and claim expenses incurred	$	861,576	$	1,967,931	$	2,593,987	$	3,515,903

In assessing an allowance for reinsurance assets, which includes premiums receivable and reinsurance recoverable, the Company considers historical information, financial strength of reinsurers, collateralization amounts, and counterparty credit ratings to determine the appropriateness of the allowance. In assessing future default for reinsurance assets, the Company evaluates the provision for current expected credit losses under the probability of default and loss given default method. The Company utilizes its internal capital and risk models, which use counterparty ratings from major rating agencies, and assesses the current market conditions for the likelihood of default. The Company updates its internal capital and risk models for counterparty credit ratings and current market conditions on a periodic basis. Historically, the Company has not experienced material credit losses from reinsurance assets.

Premiums receivable reflect premiums written based on contract and policy terms and include estimates based on information received from both insureds and ceding companies, supplemented by our own judgement, including our estimates of premiums that are written but not reported. Due to the nature of reinsurance, ceding companies routinely report and remit premiums to us subsequent to the contract coverage period, although the time lag involved in the process of reporting and collecting premiums is typically shorter than the lag in reporting losses.

At September 30, 2023, the Company’s premiums receivable balance was $5.9 billion (December 31, 2022 - $5.1 billion). Of the Company’s premiums receivable balance as of September 30, 2023, the majority are receivable from highly rated counterparties. The provision for current expected credit losses on the Company’s premiums receivable was $3.2 million at September 30, 2023 (December 31, 2022 - $4.6 million). The following table provides a roll forward of the provision for current expected credit losses of the Company’s premiums receivable:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	3,151	$	4,350	$	4,606	$	2,776
Provision for (release of) allowance	81		419		(1,374)		1,993
Ending balance	$	3,232	$	4,769	$	3,232	$	4,769

Reinsurance recoverable reflects amounts due from reinsurers based on the claim liabilities associated with the reinsurance policy. The Company accrues amounts that are due from reinsurers based on estimated ultimate losses applicable to the contracts.

At September 30, 2023, the Company’s reinsurance recoverable balance was $4.3 billion (December 31, 2022 - $4.7 billion). Of the Company’s reinsurance recoverable balance at September 30, 2023, 51.9% is fully collateralized by our reinsurers, 47.4% is recoverable from reinsurers rated A- or higher by major rating agencies and 0.7% is recoverable from reinsurers rated lower than A- by major rating agencies (December 31, 2022 - 47.2%, 52.0% and 0.8%, respectively). The reinsurers with the three largest balances accounted for 18.4%, 10.5% and 7.2%, respectively, of the Company’s reinsurance recoverable balance at September 30, 2023 (December 31, 2022 - 20.8%, 7.0% and 5.4%, respectively). The provision for current expected credit losses was $10.3 million at September 30, 2023 (December 31, 2022 - $12.2 million). The three largest company-specific components of the provision for current expected credit losses represented 11.9%, 6.9% and 5.5%, respectively, of the Company’s total provision for current expected credit losses at September 30, 2023 (December 31, 2022 - 14.3%, 9.1% and 8.0%, respectively). The following table provides a roll forward of the provision for current expected credit losses of the Company’s reinsurance recoverable:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	11,456	$	9,005	$	12,169	$	8,344
Provision for (release of) allowance	(1,160)		3,082		(1,873)		3,743
Ending balance	$	10,296	$	12,087	$	10,296	$	12,087

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RESERVE FOR CLAIMS AND CLAIM EXPENSES

9 Months Ended

Sep. 30, 2023

Insurance Loss Reserves [Abstract]

RESERVE FOR CLAIMS AND CLAIM EXPENSES

RESERVE FOR CLAIMS AND CLAIM EXPENSES

The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells. The Company’s reserve for claims and claim expenses are a combination of case reserves, additional case reserves (“ACR”) and incurred but not reported losses and incurred but not enough reported losses (collectively referred to as “IBNR”). Case reserves are losses reported to the Company by insureds and ceding companies, but which have not yet been paid. If deemed necessary and in certain situations, the Company establishes ACR which represents the Company’s estimate for claims related to specific contracts which the Company believes may not be adequately estimated by the client as of that date or within the IBNR. The Company establishes IBNR using actuarial techniques and expert judgement to represent the anticipated cost of claims which have not been reported to the Company yet, or where the Company anticipates increased reporting. The Company’s reserving committee, which includes members of the Company’s senior management, reviews, discusses, and assesses the reasonableness and adequacy of the reserving estimates included in our unaudited consolidated financial statements.

The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, additional case reserves and IBNR:

At September 30, 2023	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	1,944,257	$	1,791,160	$	2,647,186	$	6,382,603
Casualty and Specialty	2,039,068		214,082		7,319,412		9,572,562
Total	$	3,983,325	$	2,005,242	$	9,966,598	$	15,955,165
At December 31, 2022
Property	$	1,956,688	$	2,008,891	$	3,570,253	$	7,535,832
Casualty and Specialty	1,864,365		167,993		6,324,383		8,356,741
Total	$	3,821,053	$	2,176,884	$	9,894,636	$	15,892,573

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Nine months ended September 30,	2023		2022
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	11,181,648	$	9,025,961
Net incurred related to:
Current year	2,888,784		3,608,599
Prior years	(294,797)		(92,696)
Total net incurred	2,593,987		3,515,903
Net paid related to:
Current year	181,155		101,258
Prior years	1,880,700		1,454,977
Total net paid	2,061,855		1,556,235
Foreign exchange (1)	(11,874)		(291,918)
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	11,701,906		10,693,711
Reinsurance recoverable as of end of period	4,253,259		4,969,244
Reserve for claims and claim expenses as of end of period	$	15,955,165	$	15,662,955

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

Prior Year Development of the Reserve for Net Claims and Claim Expenses

The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an insurer’s estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable development is generally reduced by offsetting changes in its reinsurance recoverable, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest, all of which generally move in the opposite direction to changes in the Company’s ultimate claims and claim expenses.

The following table details the Company’s prior year net development by segment of its net claims and claim expenses:

Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Property	$	(257,209)	$	(76,069)
Casualty and Specialty	(37,588)		(16,627)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(294,797)	$	(92,696)

Changes to prior year estimated net claims and claim expenses increased net income by $294.8 million during the nine months ended September 30, 2023 (2022 - decreased net loss by $92.7 million), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interests - DaVinci, Vermeer and Fontana and income tax.

Property Segment

The following tables detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Nine months ended September 30,	2023
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2022 Weather-Related Large Losses (1)	$	6,501
2021 Weather-Related Large Losses (2)	(24,931)
2020 Weather-Related Large Loss Events (3)	(28,824)
2019 Large Loss Events (4)	(37,934)
2018 Large Loss Events (5)	(37,847)
2017 Large Loss Events (6)	(31,922)
New Zealand Earthquake (2010)	(10,397)
Other	696
Total large catastrophe events	(164,658)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(93,391)
Actuarial assumption changes	840
Total small catastrophe events and attritional loss movements	(92,551)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(257,209)

(1)“2022 Weather-Related Large Losses” includes Hurricane Ian, the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, Hurricane Fiona and the typhoons in Asia during the third quarter of 2022, Hurricane Nicole and Winter Storm Elliott during the fourth quarter of 2022, and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events.

(2)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts.

(3)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.

(4)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(5)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts.

(6)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.

The net favorable development of prior accident years net claims and claim expenses was driven by better than expected loss emergence.

The net favorable development on other small catastrophe events and attritional loss movements was related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Nine months ended September 30,	2022
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2021 Weather-Related Large Losses	$	42,766
2020 Weather-Related Large Loss Events	(32,988)
2019 Large Loss Events	(50,148)
2018 Large Loss Events	(15,493)
2017 Large Loss Events	(28,722)
Other	2,609
Total large catastrophe events	(81,976)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	5,907
Total small catastrophe events and attritional loss movements	5,907
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(76,069)

The net favorable development of prior accident years net claims and claim expenses was largely driven by better than expected loss emergence.

The net adverse development on other small catastrophe events and attritional loss movements was related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Casualty and Specialty Segment

The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:

Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims	$	(40,498)	$	(38,139)
Actuarial assumption changes	2,910		21,512
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(37,588)	$	(16,627)

The Company principally estimates net claims and claim expenses for the Casualty and Specialty segment using traditional actuarial methods.

The net favorable development of prior accident years net claims and claim expenses in the nine months ended September 30, 2023, was primarily due to reported losses generally coming in lower than expected on attritional net claims and claim expenses driven by favorable experience, principally within the Company’s other specialty and credit lines of business.

The net favorable development of prior accident years net claims and claim expenses in the nine months ended September 30, 2022 was primarily due to reported losses generally coming in lower than expected on attritional net claims and claim expenses, principally within the Company’s specialty lines of business, partially offset by net adverse development of $21.5 million associated with certain actuarial assumption changes.

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DEBT AND CREDIT FACILITIES

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES

There have been no material changes to the Company’s debt obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2022, except as described below or otherwise disclosed.

The agreements governing the Company’s debt obligations and credit facilities contain certain customary representations, warranties and covenants. At September 30, 2023, the Company believes that it was in compliance with its debt covenants.

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:

	September 30, 2023				December 31, 2022
	Fair value		Carrying value		Fair value		Carrying value
5.750% Senior Notes due 2033	$	707,633	$	740,887	$	—	$	—
3.600% Senior Notes due 2029	351,760		394,906		362,644		394,221
3.450% Senior Notes due 2027	276,381		298,146		280,506		297,775
3.700% Senior Notes due 2025	290,454		299,444		290,874		299,168
4.750% Senior Notes due 2025 (DaVinci) (1)	145,592		149,510		146,625		149,278
Total senior notes	1,771,820		1,882,893		1,080,649		1,140,442
Medici Revolving Credit Facility (2)	—		—		30,000		30,000
Total debt	$	1,771,820	$	1,882,893	$	1,110,649	$	1,170,442

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinci. Because RenaissanceRe controls a majority of DaVinci’s issued voting shares, the consolidated financial statements of DaVinci are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinci and RenaissanceRe’s financial exposure to DaVinci is limited to its investment in DaVinci’s shares and counterparty credit risk arising from reinsurance transactions.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions.

5.750% Senior Notes due 2033

On June 5, 2023, the Company issued $750.0 million of its 5.750% Senior Notes due June 5, 2033. The Company received net proceeds of approximately $741.0 million from the offering of senior notes after deducting the underwriting discounts and estimated offering expenses payable by the Company. The Company used the net proceeds from this offering to fund a portion of the cash consideration for the Validus Acquisition, which closed on November 1, 2023, to pay related costs and expenses, and for general corporate purposes. See “Note 15. Acquisition of Validus” for additional information regarding the Validus Acquisition.

Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:

At September 30, 2023	Issued or drawn
Revolving Credit Facility (1)	$	—
Medici Revolving Credit Facility (2)	—
Bilateral Letter of Credit Facilities
Secured	393,940
Unsecured	475,387
Funds at Lloyd’s Letter of Credit Facility	275,000
	$	1,144,327

(1)At September 30, 2023, no amounts were issued or drawn under this facility.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions. At September 30, 2023, no amounts were issued or drawn under this facility.

Uncommitted, Secured Standby Letter of Credit Facility with Wells Fargo

On February 22, 2023, RenaissanceRe and certain of its subsidiaries and affiliates, including Renaissance Reinsurance, DaVinci Reinsurance, Renaissance Reinsurance U.S., RenaissanceRe Specialty U.S. and RREAG, entered into an amendment to its letter of credit facility with Wells Fargo Bank, National Association. The Amendment provides for, among other things, the option to request the issuance of up to $150.0 million of secured letters of credit in the aggregate, the removal of an unused option to request unsecured letters of credit, and certain other modifications to the provisions that require collateral to be pledged in favor of Wells Fargo to secure the applicants’ reimbursement obligations, including changes to the methodology for calculation of collateral values.

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NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:

	September 30, 2023		December 31, 2022
Redeemable noncontrolling interest - DaVinci	$	2,331,952	$	1,740,300
Redeemable noncontrolling interest - Medici	1,591,196		1,036,218
Redeemable noncontrolling interest - Vermeer	1,467,367		1,490,840
Redeemable noncontrolling interest - Fontana	271,719		268,031
Redeemable noncontrolling interests	$	5,662,234	$	4,535,389

A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Redeemable noncontrolling interest - DaVinci	$	107,881	$	(219,191)	$	333,490	$	(185,692)
Redeemable noncontrolling interest - Medici	60,022		(107,461)		167,281		(139,635)
Redeemable noncontrolling interest - Vermeer	51,959		(39,164)		151,527		2,471
Redeemable noncontrolling interest - Fontana	(6,167)		(6,613)		3,688		(12,154)
Net income (loss) attributable to redeemable noncontrolling interests	$	213,695	$	(372,429)	$	655,986	$	(335,010)

Redeemable Noncontrolling Interest – DaVinci

RenaissanceRe owns a noncontrolling economic interest in DaVinci; however, because RenaissanceRe controls a majority of DaVinci’s outstanding voting rights, the Company consolidates DaVinci and all significant intercompany transactions have been eliminated. The portion of DaVinci’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinci was 27.8% at September 30, 2023 (December 31, 2022 - 30.9%).

DaVinci shareholders are party to a shareholders agreement which provides DaVinci shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinci of such shareholder’s desire for DaVinci to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinci’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinci’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinci before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of December 31 of that year. The repurchase price can be subject to a holdback and true-up for potential development on outstanding loss reserves. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value as of the end of the period preceding the sale and can be subject to a true-up for potential development on outstanding loss reserves.

2023

During the nine months ended September 30, 2023, DaVinci completed an equity capital raise of $250.0 million, comprised of $102.2 million from third-party investors and $147.8 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $275.0 million of its shares in DaVinci to third-party investors and purchased an aggregate of $123.3 million of shares from third-party investors. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 27.8%.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the nine months ended September 30, 2023, RenaissanceRe received $Nil from subscriptions of shares in DaVinci by third-party investors, and paid $123.3 million as a result of redemptions of shares from third-party investors.

2022

During the nine months ended September 30, 2022, DaVinci completed an equity capital raise of $500.0 million, comprised of $284.8 million from third-party investors and $215.2 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $177.9 million of its shares in DaVinci to third-party investors and purchased an aggregate of $161.6 million of shares from third-party investors. The Company’s noncontrolling economic ownership in DaVinci subsequent to these transactions was 30.9%.

The Company expects its noncontrolling economic ownership in DaVinci to fluctuate over time.

The activity in redeemable noncontrolling interest – DaVinci is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	2,267,448	$	1,762,677	$	1,740,300	$	1,499,451
Redemption of shares from redeemable noncontrolling interests	(45,777)		74,983		(123,272)		(86,586)
Sale of shares to redeemable noncontrolling interests, net of adjustments	2,400		21		381,434		391,317
Net income (loss) attributable to redeemable noncontrolling interest	107,881		(219,191)		333,490		(185,692)
Ending balance	$	2,331,952	$	1,618,490	$	2,331,952	$	1,618,490

Redeemable Noncontrolling Interest - Medici

RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s issued voting shares, the Company consolidates Medici and all significant intercompany transactions have been eliminated. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici.

2023

During the nine months ended September 30, 2023, investors subscribed for $456.0 million, including $25.1 million from the Company, and redeemed $43.3 million, of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 10.8% at September 30, 2023.

The timing of cash flows associated with equity capital transactions can vary from one period to the next. During the nine months ended September 30, 2023, RenaissanceRe received $429.9 million from subscriptions of shares in Medici by third-party investors, and paid $39.4 million as a result of redemptions of shares from third-party investors.

2022

During the nine months ended September 30, 2022, investors subscribed for $357.1 million, including $10.0 million from the Company, and redeemed $99.6 million, of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 13.0% at September 30, 2022.

The Company expects its noncontrolling economic ownership in Medici to fluctuate over time.

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	1,540,520	$	1,052,560	$	1,036,218	$	856,820
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(25,644)		(2,522)		(43,292)		(99,634)
Sale of shares to redeemable noncontrolling interests	16,298		22,110		430,989		347,136
Net income (loss) attributable to redeemable noncontrolling interest	60,022		(107,461)		167,281		(139,635)
Ending balance	$	1,591,196	$	964,687	$	1,591,196	$	964,687

Redeemable Noncontrolling Interest – Vermeer

RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, PFZW, owns 100% of the non-voting participating shares of Vermeer and retains all of the economic benefits. Vermeer is managed by RUM in return for a management fee. The Company has concluded that Vermeer is a VIE as it has voting rights that are not proportional to its participating rights, and the Company is the primary beneficiary of Vermeer. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been eliminated. As PFZW owns all of the economics of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statement of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023, PFZW redeemed $175.0 million of the participating, non-voting common shares of Vermeer.

2022

During the nine months ended September 30, 2022, PFZW subscribed for $130.0 million of the participating, non-voting common shares of Vermeer.

The Company does not expect its noncontrolling economic ownership in Vermeer to fluctuate over time.

The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	1,590,408	$	1,269,417	$	1,490,840	$	1,197,782
Redemption of shares from redeemable noncontrolling interest	(175,000)		—		(175,000)		—
Sale of shares to redeemable noncontrolling interest	—		100,000		—		130,000
Net income (loss) attributable to redeemable noncontrolling interest	51,959		(39,164)		151,527		2,471
Ending balance	$	1,467,367	$	1,330,253	$	1,467,367	$	1,330,253

Redeemable Noncontrolling Interest – Fontana

RenaissanceRe owns a noncontrolling economic interest in Fontana and controls a majority of Fontana’s issued voting shares. The Company concluded that Fontana meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Fontana and concluded it is the primary beneficiary of Fontana, as it has power over the activities that most significantly impact the economic performance of Fontana. As a result, the Company consolidates Fontana and all significant inter-company transactions have been eliminated. The portion of Fontana’s earnings owned by third parties is recorded in the consolidated statements of operations as net income (loss) attributable to redeemable noncontrolling interests. The Company may be obligated to repurchase all or a portion of the shares held by shareholders of Fontana upon request, subject to certain restrictions. The Company has not provided any financial or other support to Fontana that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023, there were no subscriptions or redemptions of non-voting common shares of Fontana. The Company’s noncontrolling economic ownership in Fontana was 31.6% at September 30, 2023.

Refer to “Note 16. Subsequent Events” for additional information related to the Company’s noncontrolling economic ownership in Fontana subsequent to September 30, 2023.

2022

During the nine months ended September 30, 2022, the Company launched Fontana with capital commitments of $475.0 million, of which $400.0 million was funded on April 1, 2022. Of this amount, $273.7 million was funded by third-party investors. As a result of these subscriptions, the Company’s noncontrolling economic ownership in Fontana was 31.6% at September 30, 2022.

The Company’s investment in Fontana may fluctuate, perhaps materially, in future quarters.

The activity in redeemable noncontrolling interest – Fontana is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	277,886	$	268,143	$	268,031	$	—
Sale of shares to redeemable noncontrolling interest	—		—		—		273,684
Net income (loss) attributable to redeemable noncontrolling interest	(6,167)		(6,613)		3,688		(12,154)
Ending balance	$	271,719	$	261,530	$	271,719	$	261,530

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VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

Upsilon RFO

Upsilon RFO is a segregated accounts company and currently has three segregated accounts. RenaissanceRe indirectly owns a portion of the participating non-voting preference shares of each of the existing segregated accounts of Upsilon RFO and all of Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholder) participate in all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk, and therefore, these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance.

Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of each of the existing segregated accounts of Upsilon RFO as it has the power over the activities that most significantly impact the economic performance

of the segregated accounts and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to the segregated accounts, in accordance with the accounting guidance. As a result, the Company consolidates the existing segregated accounts of Upsilon RFO and all significant inter-company transactions have been eliminated. Other than its equity investments in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023 and following the release of collateral that was previously held by cedants associated with prior years’ contracts, Upsilon RFO returned $630.8 million of capital to investors, including $79.5 million to the Company. Also during the nine months ended September 30, 2023, Upsilon RFO issued $39.8 million of non-voting preference shares to existing investors, including $10.2 million to the Company. At September 30, 2023, the Company’s participation in the risks assumed by Upsilon RFO was 13.5%.

At September 30, 2023, the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $2.7 billion and $2.7 billion, respectively (December 31, 2022 - $3.7 billion and $3.7 billion, respectively). Of the total assets and liabilities, a net amount of $120.7 million (December 31, 2022 - $165.3 million) is attributable to the Company, and $800.0 million (December 31, 2022 - $1.2 billion) is attributable to third-party investors.

2022

During the nine months ended September 30, 2022, $89.0 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $10.0 million to the Company. In addition, during the nine months ended September 30, 2022 and following the release of collateral that was previously held by cedants associated with prior years’ contracts, Upsilon RFO returned $254.1 million of capital to its investors, including $52.8 million to the Company. At September 30, 2022, the Company’s participation in the risks assumed by Upsilon RFO was 12.5%.

Upsilon Diversified

RenaissanceRe Upsilon Diversified Fund (“Upsilon Diversified”) is a segregated account of Upsilon Fund, and provides a fund structure through which investors can invest in reinsurance risk managed by the Company, which includes investments in Upsilon RFO and Medici. The Company concluded that Upsilon Diversified meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Upsilon Diversified and concluded it is not the primary beneficiary of Upsilon Diversified, as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon Diversified, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of Upsilon Diversified. Upsilon Diversified meets the definition of an investment company in accordance with accounting guidance, and accordingly, is required to account for all of its investments, including its investments in Upsilon RFO and Medici, at fair value. The Company does not have, has not previously had, and does not expect to have, a material investment in Upsilon Diversified. In addition, the Company expects its absolute and relative ownership in Upsilon Diversified to remain minimal. Other than its current equity investment in Upsilon Diversified, the Company has not provided financial or other support to Upsilon Diversified that it was not contractually required to provide. The total assets of Upsilon Diversified principally reflect its investment in Upsilon RFO.

2023

During the nine months ended September 30, 2023 and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $543.3 million of capital to investors, including $1.0 million to the Company. In addition, during the nine months ended September 30, 2023, Upsilon Diversified issued $30.0 million of non-voting preference shares to existing investors, including $0.1 million from the Company. The fair value of the Company’s indirect equity ownership in Upsilon Diversified is included in investments in other ventures and was $1.2 million at September 30, 2023 (December 31, 2022 - $1.9 million). At September 30, 2023, the total assets and total liabilities of Upsilon Diversified were $833.2 million and

$41.7 million, respectively (December 31, 2022 - $1.2 billion and $32.1 million, respectively). Upsilon Diversified’s investment in Upsilon RFO was valued at $805.8 million at September 30, 2023 (December 31, 2022 - $1.2 billion).

2022

During the nine months ended September 30, 2022 and following the release of collateral from Upsilon RFO, Upsilon Diversified returned $143.5 million of capital to investors, including $Nil to the Company. Also during the nine months ended September 30, 2022, Upsilon Diversified issued $82.5 million of non-voting preference shares to existing investors, including $Nil to the Company.

NOC1

NOC1 is a segregated account of Upsilon Fund formed in the second quarter of 2023, that provides a fund structure through which investors can invest in a portfolio of insurance-linked securities, principally catastrophe bonds. The Company concluded that NOC1 meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with NOC1 and concluded it is not the primary beneficiary of NOC1, as it does not have the obligation to absorb expected losses and the right to receive expected benefits that could be significant to NOC1, in accordance with the accounting guidance. As a result, the Company does not consolidate the financial position or results of operations of NOC1. The Company does not have, and does not expect to have, a material investment in NOC 1 and expects its absolute and relative ownership in NOC1 to remain minimal. Other than its current equity investment in NOC1, the Company has not provided financial or other support to NOC1 that it was not contractually required to provide.

2023

During the nine months ended September 30, 2023, NOC1 issued $151.5 million of non-voting preference shares to existing investors, including $1.5 million to the Company. The fair value of the Company’s indirect equity ownership in NOC1 is included in investments in other ventures and was $1.6 million at September 30, 2023. At September 30, 2023, the total assets and total liabilities of NOC1 were $159.6 million and $0.6 million, respectively.

Vermeer

Vermeer provides capacity focused on risk remote layers in the U.S. property catastrophe market. Refer to “Note 8. Noncontrolling Interests” for additional information regarding Vermeer.

At September 30, 2023, the Company’s consolidated balance sheet included total assets and total liabilities of Vermeer of $1.6 billion and $172.9 million, respectively (December 31, 2022 - $1.6 billion and $144.9 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Vermeer of $1.5 billion at September 30, 2023 (December 31, 2022 - $1.5 billion).

Fontana

Fontana provides reinsurance capacity focused on business written within the Company’s Casualty and Specialty segment. Refer to “Note 8. Noncontrolling Interests” for additional information regarding Fontana.

At September 30, 2023, the Company’s consolidated balance sheet included total assets and total liabilities of Fontana of $1.2 billion and $0.8 billion, respectively (December 31, 2022 - $711.0 million and $319.2 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Fontana of $271.7 million at September 30, 2023 (December 31, 2022 - $268.0 million).

Mona Lisa Re Ltd.

Mona Lisa Re provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors.

Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci Reinsurance underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes.

The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Mona Lisa Re and concluded it is not the primary beneficiary of Mona Lisa Re as it does not have the power over the activities that most significantly impact the economic performance of Mona Lisa Re, in accordance with the accounting guidance. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company.

The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci Reinsurance which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance, and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.

Renaissance Reinsurance and DaVinci Reinsurance have together entered into ceded reinsurance contracts with Mona Lisa Re with ceded premiums written of $32.8 million and $8.2 million, respectively, during the nine months ended September 30, 2023 (2022 - $39.6 million and $9.9 million, respectively). In addition, Renaissance Reinsurance and DaVinci Reinsurance recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $24.4 million and $6.1 million, respectively, during the nine months ended September 30, 2023 (2022 - $29.4 million and $7.3 million, respectively).

Effective January 10, 2023, Mona Lisa Re issued two series of principal-at-risk variable rate notes to investors for principal amounts of $85.0 million and $100.0 million. Also during the nine months ended September 30, 2023, Mona Lisa Re redeemed its Series 2020-1 principal-at-risk variable rate notes at their par value of $400.0 million, of which $16.5 million was returned to Medici. At September 30, 2023, the total assets and total liabilities of Mona Lisa Re were $447.5 million and $447.5 million, respectively (December 31, 2022 - $654.8 million and $654.8 million, respectively).

The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $3.4 million at September 30, 2023 (December 31, 2022 - $5.7 million).

Fibonacci Re

Fibonacci Re provides collateralized capacity to Renaissance Reinsurance and its affiliates.

The Company concluded that Fibonacci Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Fibonacci Re and concluded it is not the primary beneficiary of Fibonacci Re as it does not have power over the activities that most significantly impact the economic performance of Fibonacci Re. As a result, the Company does not consolidate the financial position or results of operations of Fibonacci Re. The Company has not provided financial or other support to Fibonacci Re that it was not contractually required to provide.

Renaissance Reinsurance had no outstanding balances with Fibonacci Re as of September 30, 2023 and December 31, 2022, and there was no material impact on the Company’s consolidated statements of operations for the nine months ended September 30, 2023 and 2022.

Langhorne

The Company and Reinsurance Group of America formed Langhorne, an initiative to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. In connection with Langhorne,

as of September 30, 2023, the Company had invested $0.1 million in Langhorne Partners (December 31, 2022 - $0.1 million). Langhorne’s capital commitment period expired at the end of December 2022 and the Langhorne entities are in the process of winding down. During the first quarter of 2023, the reinsurance entities of Langhorne Holdings were sold or dissolved, and all capital of Langhorne Holdings was distributed, including $1.5 million to the Company. Langhorne Partners is in the process of being dissolved, and distributed all remaining capital in July 2023, including $0.8 million to the Company.

The Company concluded that Langhorne Holdings meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Langhorne Holdings and concluded it is not the primary beneficiary of Langhorne Holdings, as it does not have power over the activities that most significantly impact the economic performance of Langhorne Holdings. As a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company separately evaluated Langhorne Partners and concluded that it was not a VIE. The Company accounts for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.

The Company expects its absolute and relative ownership in Langhorne Partners to remain stable until the wind down concludes. Other than its current equity investment in Langhorne, the Company has not provided financial or other support to Langhorne that it was not contractually required to provide.

Shima Re

Shima Re was acquired on March 22, 2019 in connection with the acquisition of TMR. Shima Re is a Bermuda domiciled Class 3 insurer. Shima Re is registered as a segregated accounts company and provides third-party investors with access to reinsurance risk. The maximum remaining exposure of each segregated account is fully collateralized and is funded by cash or investments as prescribed by the participant thereto. Shima Re no longer writes new business and the last in-force contract written by Shima Re expired on December 31, 2019. The Company ceased providing management services to Shima Re effective December 1, 2020.

Shima Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Shima Re and concluded it is not the primary beneficiary of any segregated account, as it does not have power over the activities that most significantly impact the economic performance of any segregated account. As a result, the Company does not consolidate the financial position or results of operations of Shima Re or its segregated accounts. The Company has not provided any financial or other support to any segregated account of Shima Re that it was not contractually required to provide.

Norwood Re

Until December 1, 2020, Norwood Re was managed by a subsidiary of RREAG that the Company acquired in the acquisition of TMR. Norwood Re is a Bermuda domiciled special purpose insurer registered as a segregated accounts company formed to provide solutions for reinsurance-linked asset investors. Norwood Re is wholly owned by the Norwood Re Purpose Trust. Risks assumed by the segregated accounts of Norwood Re were fronted by, or ceded from, only one cedant - RREAG and/or its insurance affiliates. The obligations of each segregated account are funded through the issuance of non-voting preference shares to third-party investors. The maximum exposure of each segregated account is fully collateralized and is funded by cash and term deposits or investments as prescribed by the participant thereto. Norwood Re no longer writes new business, and the last in-force contract written by Norwood Re expired on June 30, 2020. The Company ceased providing management services to Norwood Re effective December 1, 2020.

Norwood Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Norwood Re and concluded it is not the primary beneficiary of Norwood Re and its segregated accounts, as it does not have power over the activities that most significantly impact the economic performance of Norwood Re and its segregated accounts. As a result, the Company does not consolidate the financial position or results of operations of Norwood Re and its segregated accounts. The Company has not provided any financial or other support to Norwood Re that it was not contractually required to provide.

Fund Investments

The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. Refer to “Note 4. Fair Value Measurements” for additional information.

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SHAREHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

Dividends

The Board of Directors of RenaissanceRe declared quarterly dividends of $0.38 per common share, payable to common shareholders of record on March 15, 2023, June 15, 2023 and September 15, 2023, and the Company paid the dividends on March 31, 2023, June 30, 2023 and September 29, 2023.

The Board of Directors approved the payment of quarterly dividends on each of the series of RenaissanceRe’s preference shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates.

The amount of the dividend on the 5.750% Series F Preference Shares is an amount per share equal to 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). The amount of the dividend on the 4.20% Series G Preference Shares is an amount per share equal to 4.20% of the liquidation preference per annum (the equivalent to $1,050 per 4.20% Series G Preference Share per annum, or $262.50 per 4.20% Series G Preference Share per quarter, or $1.05 per Depositary Share per annum, or $0.2625 per quarter).

During the nine months ended September 30, 2023, the Company paid $26.5 million in preference share dividends (2022 - $26.5 million) and $55.2 million in common share dividends (2022 - $48.6 million).

Common Shares

On May 26, 2023, the Company completed an offering of 7,245,000 of its common shares at the public offering price of $192.00 per share. The Company received net proceeds of approximately $1,352 million from the equity offering after deducting the underwriting discounts and estimated offering expenses payable by the Company. The Company used the net proceeds from this offering to fund a portion of the cash consideration for the Validus Acquisition, which closed on November 1, 2023, to pay related costs and expenses, and for general corporate purposes. See “Note 15. Acquisition of Validus” for additional information regarding the Validus Acquisition.

Share Repurchases

The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On August 2, 2022, RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of up to $500.0 million. Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the common shares authorized. During the nine months ended September 30, 2023, the Company did not repurchase common shares. At September 30, 2023, $500.0 million remained available for repurchase under the share repurchase program. In the future, the Company may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans. The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company.

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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

	Three months ended				Nine months ended
(common shares in thousands)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	193,988	$	(825,344)	$	949,075	$	(1,544,670)
Amount allocated to participating common shareholders (1)	(2,637)		(306)		(14,108)		(813)
Net income (loss) allocated to RenaissanceRe common shareholders	$	191,351	$	(825,650)	$	934,967	$	(1,545,483)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	50,261		42,837		46,345		43,121
Per common share equivalents of non-vested shares (2)	97		—		106		—
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	50,358		42,837		46,451		43,121
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	3.81	$	(19.27)	$	20.17	$	(35.84)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	3.80	$	(19.27)	$	20.13	$	(35.84)

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

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SEGMENT REPORTING

9 Months Ended

Sep. 30, 2023

Segment Reporting, Measurement Disclosures [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance written on behalf of the Company’s consolidated operating subsidiaries, joint ventures and managed funds. In addition to its reportable segments, the Company has an Other category, which primarily includes its investments unit, strategic investments, corporate expenses, capital servicing costs, noncontrolling interests and certain expenses related to acquisitions and dispositions.

The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:

Three months ended September 30, 2023	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	511,012		$	1,107,431		$	—	$	1,618,443
Net premiums written	$	444,872		$	976,388		$	—	$	1,421,260
Net premiums earned	$	760,365		$	995,511		$	—	$	1,755,876
Net claims and claim expenses incurred	206,361			655,215			—		861,576
Acquisition expenses	143,348			282,397			—		425,745
Operational expenses	54,624			28,127			—		82,751
Underwriting income (loss)	$	356,032		$	29,772		$	—	385,804
Net investment income							329,108		329,108
Net foreign exchange gains (losses)							(25,886)		(25,886)
Equity in earnings of other ventures							10,842		10,842
Other income (loss)							(5,866)		(5,866)
Net realized and unrealized gains (losses) on investments							(228,087)		(228,087)
Corporate expenses							(17,143)		(17,143)
Interest expense							(22,951)		(22,951)
Income (loss) before taxes and redeemable noncontrolling interests									425,821
Income tax benefit (expense)							(9,295)		(9,295)
Net (income) loss attributable to redeemable noncontrolling interests							(213,695)		(213,695)
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	193,988
Net claims and claim expenses incurred – current accident year	$	350,238		$	669,285		$	—	$	1,019,523
Net claims and claim expenses incurred – prior accident years	(143,877)			(14,070)			—		(157,947)
Net claims and claim expenses incurred – total	$	206,361		$	655,215		$	—	$	861,576
Net claims and claim expense ratio – current accident year	46.1		%	67.2		%			58.1		%
Net claims and claim expense ratio – prior accident years	(19.0)		%	(1.4)		%			(9.0)		%
Net claims and claim expense ratio – calendar year	27.1		%	65.8		%			49.1		%
Underwriting expense ratio	26.1		%	31.2		%			28.9		%
Combined ratio	53.2		%	97.0		%			78.0		%

Nine months ended September 30, 2023	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	3,217,817		$	3,842,508		$	—	$	7,060,325
Net premiums written	$	2,609,356		$	3,271,410		$	—	$	5,880,766
Net premiums earned	$	2,206,471		$	3,015,217		$	—	$	5,221,688
Net claims and claim expenses incurred	675,963			1,918,024			—		2,593,987
Acquisition expenses	429,273			851,274			—		1,280,547
Operational expenses	165,514			75,202			—		240,716
Underwriting income (loss)	$	935,721		$	170,717		$	—	1,106,438
Net investment income							876,148		876,148
Net foreign exchange gains (losses)							(53,877)		(53,877)
Equity in earnings of other ventures							28,072		28,072
Other income (loss)							(6,296)		(6,296)
Net realized and unrealized gains (losses) on investments							(171,417)		(171,417)
Corporate expenses							(53,357)		(53,357)
Interest expense							(49,980)		(49,980)
Income (loss) before taxes and redeemable noncontrolling interests									1,675,731
Income tax benefit (expense)							(44,139)		(44,139)
Net (income) loss attributable to redeemable noncontrolling interests							(655,986)		(655,986)
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	949,075
Net claims and claim expenses incurred – current accident year	$	933,172		$	1,955,612		$	—	$	2,888,784
Net claims and claim expenses incurred – prior accident years	(257,209)			(37,588)			—		(294,797)
Net claims and claim expenses incurred – total	$	675,963		$	1,918,024		$	—	$	2,593,987
Net claims and claim expense ratio – current accident year	42.3		%	64.9		%			55.3		%
Net claims and claim expense ratio – prior accident years	(11.7)		%	(1.3)		%			(5.6)		%
Net claims and claim expense ratio – calendar year	30.6		%	63.6		%			49.7		%
Underwriting expense ratio	27.0		%	30.7		%			29.1		%
Combined ratio	57.6		%	94.3		%			78.8		%

Three months ended September 30, 2022	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	800,330		$	1,420,331		$	—	$	2,220,661
Net premiums written	$	696,520		$	1,125,191		$	—	$	1,821,711
Net premiums earned	$	839,817		$	927,204		$	—	$	1,767,021
Net claims and claim expenses incurred	1,372,583			595,348			—		1,967,931
Acquisition expenses	141,675			275,969			—		417,644
Operational expenses	48,158			16,402			—		64,560
Underwriting income (loss)	$	(722,599)		$	39,485		$	—	(683,114)
Net investment income							157,793		157,793
Net foreign exchange gains (losses)							(1,383)		(1,383)
Equity in earnings of other ventures							1,739		1,739
Other income (loss)							2,834		2,834
Net realized and unrealized gains (losses) on investments							(641,500)		(641,500)
Corporate expenses							(10,384)		(10,384)
Interest expense							(12,101)		(12,101)
Income (loss) before taxes and redeemable noncontrolling interests									(1,186,116)
Income tax benefit (expense)							(2,814)		(2,814)
Net (income) loss attributable to redeemable noncontrolling interests							372,429		372,429
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(825,344)
Net claims and claim expenses incurred – current accident year	$	1,396,842		$	602,995		$	—	$	1,999,837
Net claims and claim expenses incurred – prior accident years	(24,259)			(7,647)			—		(31,906)
Net claims and claim expenses incurred – total	$	1,372,583		$	595,348		$	—	$	1,967,931
Net claims and claim expense ratio – current accident year	166.3		%	65.0		%			113.2		%
Net claims and claim expense ratio – prior accident years	(2.9)		%	(0.8)		%			(1.8)		%
Net claims and claim expense ratio – calendar year	163.4		%	64.2		%			111.4		%
Underwriting expense ratio	22.6		%	31.5		%			27.3		%
Combined ratio	186.0		%	95.7		%			138.7		%

Nine months ended September 30, 2022	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	3,362,159		$	4,266,105		$	—	$	7,628,264
Net premiums written	$	2,474,661		$	3,375,883		$	—	$	5,850,544
Net premiums earned	$	2,081,989		$	2,627,840		$	—	$	4,709,829
Net claims and claim expenses incurred	1,804,268			1,711,635			—		3,515,903
Acquisition expenses	406,338			749,051			—		1,155,389
Operational expenses	144,717			60,270			—		204,987
Underwriting income (loss)	$	(273,334)		$	106,884		$	—	(166,450)
Net investment income							348,695		348,695
Net foreign exchange gains (losses)							(67,690)		(67,690)
Equity in earnings of other ventures							2,732		2,732
Other income (loss)							4,950		4,950
Net realized and unrealized gains (losses) on investments							(1,968,624)		(1,968,624)
Corporate expenses							(35,238)		(35,238)
Interest expense							(35,951)		(35,951)
Income (loss) before taxes and redeemable noncontrolling interests									(1,917,576)
Income tax benefit (expense)							64,427		64,427
Net (income) loss attributable to redeemable noncontrolling interests							335,010		335,010
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(1,544,670)
Net claims and claim expenses incurred – current accident year	$	1,880,337		$	1,728,262		$	—	$	3,608,599
Net claims and claim expenses incurred – prior accident years	(76,069)			(16,627)			—		(92,696)
Net claims and claim expenses incurred – total	$	1,804,268		$	1,711,635		$	—	$	3,515,903
Net claims and claim expense ratio – current accident year	90.3		%	65.8		%			76.6		%
Net claims and claim expense ratio – prior accident years	(3.6)		%	(0.7)		%			(1.9)		%
Net claims and claim expense ratio – calendar year	86.7		%	65.1		%			74.7		%
Underwriting expense ratio	26.4		%	30.8		%			28.9		%
Combined ratio	113.1		%	95.9		%			103.6		%

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DERIVATIVE INSTRUMENTS

9 Months Ended

Sep. 30, 2023

Summary of Derivative Instruments [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

From time to time, the Company may enter into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and to assume risk. The Company’s derivative instruments can be exchange traded or over-the-counter, with over-the-counter derivatives generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event a party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities.

The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at September 30, 2023.

The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:

	Derivative Assets
At September 30, 2023	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	6,819	$	—	$	6,819	Other assets	$	—	$	6,819
Foreign currency forward contracts (1)	1,745		—		1,745		Other assets	—		1,745
Foreign currency forward contracts (2)	4,365		—		4,365		Other assets	—		4,365
Credit default swaps	3,650		—		3,650		Other assets	—		3,650
Total derivative instruments not designated as hedges	16,579		—		16,579			—		16,579
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	1,654		—		1,654		Other assets	—		1,654
Total	$	18,233	$	—	$	18,233		$	—	$	18,233
	Derivative Liabilities
At September 30, 2023	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	7,139	$	—	$	7,139	Other liabilities	$	6,984	$	155
Foreign currency forward contracts (1)	17,956		—		17,956		Other liabilities	—		17,956
Foreign currency forward contracts (2)	508		—		508		Other liabilities	—		508
Credit default swaps	9,893		—		9,893		Other liabilities	9,893		—
Total derivative instruments not designated as hedges	35,496		—		35,496			16,877		18,619
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	61		—		61		Other liabilities	—		61
Total	$	35,557	$	—	$	35,557		$	16,877	$	18,680

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in a foreign operation.

	Derivative Assets
At December 31, 2022	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	387	$	—	$	387	Other assets	$	—	$	387
Foreign currency forward contracts (1)	31,755		—		31,755		Other assets	—		31,755
Foreign currency forward contracts (2)	11,866		—		11,866		Other assets	—		11,866
Credit default swaps	413		—		413		Other assets	—		413
Total derivative instruments not designated as hedges	44,421		—		44,421			—		44,421
Total	$	44,421	$	—	$	44,421		$	—	$	44,421
	Derivative Liabilities
At December 31, 2022	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	1,685	$	—	$	1,685	Other liabilities	$	209	$	1,476
Foreign currency forward contracts (1)	1,160		—		1,160		Other liabilities	—		1,160
Foreign currency forward contracts (2)	2,165		—		2,165		Other liabilities	—		2,165
Credit default swaps	1,055		—		1,055		Other liabilities	100		955
Equity futures	323		—		323		Other liabilities	—		323
Total derivative instruments not designated as hedges	6,388		—		6,388			309		6,079
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	1,193		—		1,193		Other liabilities	—		1,193
Total	$	7,581	$	—	$	7,581		$	309	$	7,272

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in a foreign operation.

The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:

	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Three months ended September 30,		2023		2022
Derivative instruments not designated as hedges
Interest rate futures (1)	Net realized and unrealized gains (losses) on investments	$	28,366	$	(40,245)
Foreign currency forward contracts (2)	Net foreign exchange gains (losses)	(23,686)		(32,346)
Foreign currency forward contracts (3)	Net foreign exchange gains (losses)	(10,938)		6,576
Foreign currency option contracts	Net foreign exchange gains (losses)	—		208
Credit default swaps (1)	Net realized and unrealized gains (losses) on investments	2,228		24
Total return swaps (1)	Net realized and unrealized gains (losses) on investments	—		(6)
Equity futures (4)	Net realized and unrealized gains (losses) on investments	—		(16,594)
Warrants	Net realized and unrealized gains (losses) on investments	—		1,241
Total derivative instruments not designated as hedges		(4,030)		(81,142)
Derivative instruments designated as hedges
Foreign currency forward contracts (5)	Accumulated other comprehensive income (loss)	1,818		4,925
Total		$	(2,212)	$	(76,217)
	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Nine months ended September 30,		2023		2022
Derivative instruments not designated as hedges
Interest rate futures (1)	Net realized and unrealized gains (losses) on investments	$	6,819	$	(83,731)
Foreign currency forward contracts (2)	Net foreign exchange gains (losses)	(14,041)		(105,103)
Foreign currency forward contracts (3)	Net foreign exchange gains (losses)	(25,729)		14,747
Foreign currency option contracts	Net foreign exchange gains (losses)	—		(236)
Credit default swaps (1)	Net realized and unrealized gains (losses) on investments	(27,186)		(6,450)
Total return swaps (1)	Net realized and unrealized gains (losses) on investments	—		(6)
Equity futures (4)	Net realized and unrealized gains (losses) on investments	(1,928)		(73,000)
Warrants	Net realized and unrealized gains (losses) on investments	—		1,241
Total derivative instruments not designated as hedges		(62,065)		(252,538)
Derivative instruments designated as hedges
Foreign currency forward contracts (5)	Accumulated other comprehensive income (loss)	3,357		9,219
Total		$	(58,708)	$	(243,319)

(1)Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 3. Investments” for additional information.

(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(3)Contracts used to manage foreign currency risks in investment operations.

(4)Equity related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 3. Investments” for additional information.

(5)Contracts designated as hedges of net investments in a foreign operation.

Derivative Instruments Not Designated as Hedges

Interest Rate Derivatives

The Company uses interest rate futures and swaps within its portfolio of fixed maturity investments to manage its exposure to interest rate risk, which may result in increasing or decreasing its exposure to this risk.

Interest Rate Futures

The fair value of interest rate futures is determined using exchange traded prices. At September 30, 2023, the Company had $2.2 billion of notional long positions and $1.5 billion of notional short positions of primarily U.S. treasury, Eurozone and Japanese government bond futures contracts (December 31, 2022 - $2.4 billion and $0.5 billion, respectively, primarily of U.S. treasury futures contracts).

Foreign Currency Derivatives

The Company’s functional currency is the U.S. dollar. The Company writes a portion of its business in currencies other than U.S. dollars and may, from time to time, experience foreign exchange gains and losses in the Company’s consolidated financial statements. The impact of changes in exchange rates on the Company’s assets and liabilities denominated in currencies other than the U.S. dollar, excluding non-monetary assets and liabilities, are recognized in the Company’s consolidated statements of operations.

Underwriting and Non-investments Operations Related Foreign Currency Contracts

The Company’s foreign currency policy with regard to its underwriting operations is generally to enter into foreign currency forward and option contracts for notional values that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances payable, net of any cash, investments and receivables held in the respective foreign currency. The Company’s use of foreign currency forward and option contracts is intended to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with its underwriting operations. The Company may determine not to match a portion of its projected underwriting related assets or liabilities with underlying foreign currency exposure with investments in the same currencies, which would increase its exposure to foreign currency fluctuations and potentially increase the impact and volatility of foreign exchange gains and losses on its results of operations. The fair value of the Company’s underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At September 30, 2023, the Company had outstanding underwriting related foreign currency contracts of $763.6 million in notional long positions and $151.0 million in notional short positions, denominated in U.S. dollars (December 31, 2022 - $861.7 million and $172.4 million, respectively).

Investment Portfolio Related Foreign Currency Forward Contracts

The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At September 30, 2023, the Company had outstanding investment portfolio related foreign currency contracts of $339.1 million in notional long positions and $75.8 million in notional short positions, denominated in U.S. dollars (December 31, 2022 - $225.6 million and $86.3 million, respectively).

Credit Derivatives

The Company’s exposure to credit risk is primarily due to its fixed maturity investments, short term investments, premiums receivable and reinsurance recoverable. From time to time, the Company may purchase credit derivatives to manage its exposures in the insurance industry, and to assist in managing the credit risk associated with ceded reinsurance. The Company also employs credit derivatives in its investment portfolio to either assume credit risk or manage its credit exposure.

Credit Default Swaps

The fair value of the Company’s credit default swaps is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit default swaps can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At September 30, 2023, the Company had outstanding credit default swaps of $1.0 billion in notional positions to hedge credit risk and $19.5 million in notional positions to assume credit risk, denominated in U.S. dollars (December 31, 2022 - $953.4 million and $13.1 million, respectively).

Total Return Swaps

The fair value of the Company’s total return swaps is determined using broker-dealer bid quotations, market-based prices from pricing vendors or valuation models. At September 30, 2023 and December 31, 2022, the Company had no outstanding total return swaps.

Equity Derivatives

Equity Futures

From time to time, the Company uses equity derivatives in its investment portfolio to either assume equity risk or hedge its equity exposure. The fair value of the Company’s equity futures is determined using market-based prices from pricing vendors. At September 30, 2023, the Company had no notional positions of equity futures, denominated in U.S. dollars (December 31, 2022 - $116.0 million notional long position).

Derivative Instruments Designated as Hedges of Net Investments in Foreign Operations

Foreign Currency Derivatives

Hedges of Net Investments in Foreign Operations

One of the Company’s subsidiaries currently uses a non-U.S. dollar functional currency. The Company, from time to time, enters into foreign exchange forwards to hedge non-U.S. dollar functional currencies, on an after-tax basis, from changes in the exchange rate between the U.S. dollar and these currencies. As of September 30, 2023 and 2022, this included the Australian dollar net investment in a foreign operation. These foreign exchange forward contracts were formally designated as hedges of its investment in subsidiaries with non-U.S. dollar functional currencies and there was no ineffectiveness in these transactions.

The table below provides a summary of derivative instruments designated as hedges of net investments in a foreign operation, including the weighted average U.S. dollar equivalent of foreign denominated net (liabilities) assets that were hedged and the resulting derivative gains (losses) that are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities)	$	57,216	$	65,599	$	58,779	$	76,839
Derivative gains (losses) (1)	$	1,818	$	4,925	$	3,357	$	9,219

(1)Derivative gains (losses) from derivative instruments designated as hedges of the net investment in a foreign operation are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity.

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COMMITMENTS, CONTINGENCIES AND OTHER ITEMS

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND OTHER ITEMS

COMMITMENTS, CONTINGENCIES AND OTHER ITEMS

There are no material changes from the commitments, contingencies and other items previously disclosed in the Company’s Form 10-K for the year ended December 31, 2022.

Legal Proceedings

The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company’s industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, involving or arising out of claims on policies issued by the Company’s subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in its loss and loss expense reserves. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company’s ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its financial condition, business or operations.

Validus Acquisition

See “Note 15. Acquisition of Validus” for information related to the obligations of the Company with respect to the Validus Acquisition.

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ACQUISITION OF VALIDUS

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITION OF VALIDUS

ACQUISITION OF VALIDUS

On November 1, 2023, the Company completed the Validus Acquisition in accordance with the Stock Purchase Agreement, dated May 22, 2023 (as amended, the “Stock Purchase Agreement”), between RenaissanceRe and American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries, “AIG”), pursuant to which, upon the terms and subject to the conditions thereof, RenaissanceRe,or one of its subsidiaries, purchased, acquired and accepted from certain subsidiaries of AIG, all of their right, title and interest in the shares of certain direct and indirect subsidiaries of AIG, including Validus Holdings, Ltd. (“Validus Holdings”), and Validus Specialty, LLC (“Validus Specialty”). Substantially all of the assets of Validus Holdings is comprised of its equity interest in its wholly-owned subsidiary, Validus Reinsurance, Ltd. (“Validus Re”). The Company also acquired the renewal rights, records and customer relationships of Talbot Underwriting Ltd., an affiliate of AIG (“Talbot”), a specialty (re)insurance group operating within the Lloyd’s market. The acquisitions under the Stock Purchase Agreement, together with the other transactions contemplated in the Stock Purchase Agreement, are referred to herein as the “Validus Acquisition” and Validus Holdings, Validus Specialty, and their respective subsidiaries (including Validus Re) collectively are referred to herein as “Validus.”

In connection with the Validus Acquisition, on November 1, 2023, the Company paid to AIG aggregate consideration of $2.985 billion, consisting of the following: (i) cash consideration of $2.735 billion; and (ii) 1,322,541 common shares, which were valued at approximately $250.0 million based on a value of $189.03 per share at signing, pursuant to the Stock Purchase Agreement (the “Base Common Share Consideration”). The Company also entered into a registration rights agreement with AIG in respect of the Base Common Share Consideration. AIG also has the option to make a substantial investment into the Company’s Capital Partners vehicles.

As set forth in the Stock Purchase Agreement, AIG caused certain Validus entities to be acquired by the Company to pay, prior to the completion of the Validus Acquisition, to AIG entities not being acquired by the Company, one or more dividends in an aggregate amount equal to the estimated excess tangible book value of all acquired entities above $2.1 billion. The Stock Purchase Agreement also includes a reserve development arrangement on net reserves acquired at closing such that AIG retains 95% of the risk and reward on the development of in-force reserves.

The transaction will be accounted for as a business combination. The Company is currently estimating the impact of the Validus Acquisition on its financial statements as of the date the financial statements were issued, and expects these estimates to be further refined during the purchase accounting measurement period. The Company has concluded that, due to the limited amount of time since the date of this transaction, in accordance with the accounting guidance, it is impracticable to provide all of the disclosures required for a business combination at the time of this filing.

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SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Effective October 1, 2023, Fontana issued $75.0 million of non voting common shares to investors, including $23.7 million to the Company. The Company’s noncontrolling economic ownership in Fontana subsequent to this transaction remained 31.6%.

In October 2023, Hurricane Otis impacted Acapulco and the surrounding region of Mexico. The Company is in the preliminary stage of assessing the impact of this event on the Company’s financial results for the fourth quarter of 2023. It is difficult at this time to provide an accurate estimate of the financial impact of this event, including as a result of the preliminary nature of the information available and provided thus far by industry participants, the magnitude and recent occurrence of the event, and other factors. The estimated losses for this event will be reported in the Company's annual 2023 financial results.

See “Note 15. Acquisition of Validus” for additional information regarding the Validus Acquisition, which closed on November 1, 2023.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 202,831	$ (816,501)	$ 975,606	$ (1,518,139)

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Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 30, 2023, the following directors or officers of the Company adopted a Rule 10b5-1 trading arrangement or a non-Rule 10b5–1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended): (i) on August 21, 2023, David E. Marra, Executive Vice President and Chief Underwriting Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 11,000 shares of RenaissanceRe common stock between November 14, 2023 and October 31, 2025, subject to certain conditions; and (ii) on August 23, 2023, Robert Qutub, Executive Vice President and Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 7,500 shares of RenaissanceRe common stock between November 21, 2023 and November 21, 2025, subject to certain conditions.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
David E. Marra [Member]
Trading Arrangements, by Individual
Name	David E. Marra
Title	Executive Vice President and Chief Underwriting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2023
Arrangement Duration	717 days
Aggregate Available	11,000	11,000
Robert Qutub [Member]
Trading Arrangements, by Individual
Name	Robert Qutub
Title	Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 23, 2023
Arrangement Duration	731 days
Aggregate Available	7,500	7,500

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.

USE OF ESTIMATES IN FINANCIAL STATEMENTS

USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance.

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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Fixed Maturity Investments Trading and Equity Investments

The following table summarizes the fair value of fixed maturity investments trading:

	September 30, 2023		December 31, 2022
U.S. treasuries	$	8,587,946	$	7,180,129
Corporate (1)	4,482,082		4,390,568
Agencies	460,936		395,149
Non-U.S. government	403,758		383,838
Residential mortgage-backed	806,120		710,429
Commercial mortgage-backed	210,942		213,987
Asset-backed	1,131,262		1,077,302
Total fixed maturity investments trading	$	16,083,046	$	14,351,402

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

The following table summarizes the fair value of equity investments:

	September 30, 2023		December 31, 2022
Financials	$	95,099	$	103,250
Consumer	232		33,447
Communications and technology	11		48,687
Fixed income exchange traded funds	—		295,481
Equity exchange traded funds	—		90,510
Industrial, utilities and energy	—		25,326
Healthcare	—		24,617
Basic materials	—		3,740
Total	$	95,342	$	625,058

Schedule of Contractual Maturities of Fixed Maturity Investments

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2023				December 31, 2022
	Amortized  Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	392,098	$	384,293	$	364,501	$	356,770
Due after one through five years	8,891,383		8,682,922		8,117,971		7,875,771
Due after five through ten years	4,896,604		4,606,488		4,072,142		3,805,287
Due after ten years	309,877		261,019		356,268		311,856
Mortgage-backed	1,119,512		1,017,062		1,009,205		924,416
Asset-backed	1,145,094		1,131,262		1,118,464		1,077,302
Total	$	16,754,568	$	16,083,046	$	15,038,551	$	14,351,402

Schedule of Components of Net Investment Income

The components of net investment income are as follows:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Fixed maturity investments trading	$	188,781	$	107,182	$	514,020	$	246,146
Short term investments	66,722		11,601		149,903		17,134
Equity investments	510		6,120		6,675		13,390
Other investments
Catastrophe bonds	54,583		25,748		142,936		63,343
Other	20,031		11,258		65,422		23,704
Cash and cash equivalents	4,160		1,386		13,009		1,250
	334,787		163,295		891,965		364,967
Investment expenses	(5,679)		(5,502)		(15,817)		(16,272)
Net investment income	$	329,108	$	157,793	$	876,148	$	348,695

Schedule of Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net realized gains (losses) on fixed maturity investments trading	$	(121,112)	$	(213,493)	$	(300,089)	$	(621,799)
Net unrealized gains (losses) on fixed maturity investments trading	(158,226)		(210,665)		14,007		(824,662)
Net realized and unrealized gains (losses) on fixed maturity investments trading	(279,338)		(424,158)		(286,082)		(1,446,461)
Net realized and unrealized gains (losses) on investment-related derivatives(1)	30,594		(55,580)		(22,295)		(161,946)
Net realized gains (losses) on equity investments	(10)		3,066		(27,503)		38,638
Net unrealized gains (losses) on equity investments	2,261		(46,301)		62,039		(222,074)
Net realized and unrealized gains (losses) on equity investments	2,251		(43,235)		34,536		(183,436)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	32,474		(126,992)		94,786		(159,913)
Net realized and unrealized gains (losses) on other investments - other	(14,068)		8,465		7,638		(16,868)
Net realized and unrealized gains (losses) on investments	$	(228,087)	$	(641,500)	$	(171,417)	$	(1,968,624)

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 13. Derivative Instruments” for additional information.

Schedule of Net Sales (Purchases) of Investments

The tables below show the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures for the nine months ended September 30, 2023 and 2022.

Nine months ended September 30, 2023	Gross Purchases		Gross Sales		Net
Equity investments	$	(1,706)	$	566,022	$	564,316
Short term investments	$	(27,466,343)	$	25,689,155	$	(1,777,188)
Other investments	$	(860,164)	$	334,214	$	(525,950)
Investments in other ventures	$	(20,171)	$	—	$	(20,171)

Nine months ended September 30, 2022	Gross Purchases		Gross Sales		Net
Equity investments	$	(600,285)	$	263,175	$	(337,110)
Short term investments	$	(20,180,815)	$	20,546,605	$	365,790
Other investments	$	(794,555)	$	342,108	$	(452,447)
Investments in other ventures	$	(2,876)	$	3,493	$	617

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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

At September 30, 2023	Total		Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	8,587,946	$	8,587,946	$	—	$	—
Corporate (1)	4,482,082		—		4,482,082		—
Agencies	460,936		—		460,936		—
Non-U.S. government	403,758		—		403,758		—
Residential mortgage-backed	806,120		—		806,120		—
Commercial mortgage-backed	210,942		—		210,942		—
Asset-backed	1,131,262		—		1,131,262		—
Total fixed maturity investments trading	16,083,046		8,587,946		7,495,100		—
Short term investments	6,519,207		67,176		6,452,031		—
Equity investments trading	95,342		95,342		—		—
Other investments
Catastrophe bonds	1,697,810		—		1,697,810		—
Term loans	98,876		—		—		98,876
Direct private equity investments	67,515		—		—		67,515
	1,864,201		—		1,697,810		166,391
Fund investments (2)	1,303,740		—		—		—
Total other investments	3,167,941		—		1,697,810		166,391
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(545)		—		—		(545)
Derivative assets (4)	18,233		6,819		11,414		—
Derivative liabilities (4)	(35,557)		(7,139)		(28,418)		—
Total other assets and (liabilities)	(17,869)		(320)		(17,004)		(545)
	$	25,847,667	$	8,750,144	$	15,627,937	$	165,846

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which may include private equity funds, private credit funds, and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at September 30, 2023 was $3.2 million of other assets and $3.7 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

At December 31, 2022	Total		Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	7,180,129	$	7,180,129	$	—	$	—
Corporate (1)	4,390,568		—		4,390,568		—
Agencies	395,149		—		395,149		—
Non-U.S. government	383,838		—		383,838		—
Residential mortgage-backed	710,429		—		710,429		—
Commercial mortgage-backed	213,987		—		213,987		—
Asset-backed	1,077,302		—		1,077,302		—
Total fixed maturity investments trading	14,351,402		7,180,129		7,171,273		—
Short term investments	4,669,272		—		4,669,272		—
Equity investments	625,058		625,058		—		—
Other investments
Catastrophe bonds	1,241,468		—		1,241,468		—
Term loans	100,000		—		—		100,000
Direct private equity investments	66,780		—		—		66,780
	1,408,248		—		1,241,468		166,780
Fund investments (2)	1,086,706		—		—		—
Total other investments	2,494,954		—		1,241,468		166,780
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(1,832)		—		—		(1,832)
Derivative assets (4)	44,400		387		44,013		—
Derivative liabilities (4)	(7,560)		(2,008)		(5,552)		—
Total other assets and (liabilities)	35,008		(1,621)		38,461		(1,832)
	$	22,175,694	$	7,803,566	$	13,120,474	$	164,948

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which may include private equity funds, private credit funds and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at December 31, 2022 was $3.5 million of other assets and $5.3 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Schedule of Quantitative Information Used as Level 3 Inputs

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At September 30, 2023	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments
Direct private equity investments	$	67,515	Internal valuation model	Discount rate	10.0		%
				Liquidity discount	15.0		%
Term loans	98,876		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	166,391
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(545)		Internal valuation model	Net undiscounted cash flows	$	12,433
				Expected loss ratio	2.6		%
				Discount rate	4.6		%
Total other assets and (liabilities)	(545)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	165,846

At December 31, 2022	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Other investments
Direct private equity investments	$	66,780	Internal valuation model	Discount rate	7.5		%
				Liquidity discount	15.0		%
Term loans	100,000		Discounted cash flow	Credit spread adjustment	0.2		%
				Risk premium	2.6		%
Total other investments	166,780
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(1,832)		Internal valuation model	Net undiscounted cash flows	$	14,734
				Expected loss ratio	5.8		%
				Discount rate	4.0		%
Total other assets and (liabilities)	(1,832)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	164,948

Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.

	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - July 1, 2023	$	71,155	$	100,000	$	(475)	$	170,680
Included in net investment income	63		—		—		63
Included in net realized and unrealized gains (losses) on investments	(3,686)		—		—		(3,686)
Included in other income (loss)	—		—		(541)		(541)
Total foreign exchange gains (losses)	(17)		—		—		(17)
Purchases	—		—		471		471
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846
	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - January 1, 2023	$	66,780	$	100,000	$	(1,832)	$	164,948
Included in net investment income	187		—		—		187
Included in net realized and unrealized gains (losses) on investments	571		—		—		571
Included in other income (loss)	—		—		(550)		(550)
Total foreign exchange gains (losses)	(23)		—		—		(23)
Purchases	—		—		1,837		1,837
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846

	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - July 1, 2022	$	81,610	$	100,000	$	(3,064)	$	178,546
Included in net investment income	125		—		—		125
Included in net realized and unrealized gains (losses) on investments	(11,762)		—		—		(11,762)
Included in other income (loss)	—		—		543		543
Total foreign exchange gains (losses)	(50)		—		—		(50)
Purchases	—		—		(50)		(50)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352
	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - January 1, 2022	$	88,373	$	74,850	$	(4,727)	$	158,496
Included in net investment income	125		605		—		730
Included in net realized and unrealized gains (losses) on investments	(23,515)		—		—		(23,515)
Included in other income (loss)	—		—		1,732		1,732
Total foreign exchange losses	(60)		—		—		(60)
Purchases	5,000		25,000		424		30,424
Settlements	—		(455)		—		(455)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352

Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.

	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - July 1, 2023	$	71,155	$	100,000	$	(475)	$	170,680
Included in net investment income	63		—		—		63
Included in net realized and unrealized gains (losses) on investments	(3,686)		—		—		(3,686)
Included in other income (loss)	—		—		(541)		(541)
Total foreign exchange gains (losses)	(17)		—		—		(17)
Purchases	—		—		471		471
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846
	Other investments
	Direct private equity investments		Term loans		Other assets and (liabilities)		Total
Balance - January 1, 2023	$	66,780	$	100,000	$	(1,832)	$	164,948
Included in net investment income	187		—		—		187
Included in net realized and unrealized gains (losses) on investments	571		—		—		571
Included in other income (loss)	—		—		(550)		(550)
Total foreign exchange gains (losses)	(23)		—		—		(23)
Purchases	—		—		1,837		1,837
Settlements	—		(1,124)		—		(1,124)
Balance - September 30, 2023	$	67,515	$	98,876	$	(545)	$	165,846

	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - July 1, 2022	$	81,610	$	100,000	$	(3,064)	$	178,546
Included in net investment income	125		—		—		125
Included in net realized and unrealized gains (losses) on investments	(11,762)		—		—		(11,762)
Included in other income (loss)	—		—		543		543
Total foreign exchange gains (losses)	(50)		—		—		(50)
Purchases	—		—		(50)		(50)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352
	Other investments
	Direct private equity investments		Term loans		Other assets  and (liabilities)		Total
Balance - January 1, 2022	$	88,373	$	74,850	$	(4,727)	$	158,496
Included in net investment income	125		605		—		730
Included in net realized and unrealized gains (losses) on investments	(23,515)		—		—		(23,515)
Included in other income (loss)	—		—		1,732		1,732
Total foreign exchange losses	(60)		—		—		(60)
Purchases	5,000		25,000		424		30,424
Settlements	—		(455)		—		(455)
Balance - September 30, 2022	$	69,923	$	100,000	$	(2,571)	$	167,352

Schedule of Balances Elected to Account for at Fair Value

Below is a summary of the balances the Company has elected to account for at fair value:

	September 30, 2023		December 31, 2022
Other investments	$	3,167,941	$	2,494,954
Other assets	$	3,141	$	3,499
Other liabilities	$	3,686	$	5,331

Schedule of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At September 30, 2023	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private credit funds	$	928,961	$	877,045	See below	See below	See below
Private equity funds	374,779		597,967		See below	See below	See below
Total other investments measured using net asset valuations	$	1,303,740	$	1,475,012

At December 31, 2022	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private credit funds	$	771,383	$	714,302	See below	See below	See below
Private equity funds	315,323		493,155		See below	See below	See below
Total other investments measured using net asset valuations	$	1,086,706	$	1,207,457

Schedule of Variable Interest Entities

The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs:

	Maximum Exposure to Loss
At September 30, 2023	Carrying amount		Unfunded Commitments		Total
Other investments	$	1,140,450	$	1,402,261	$	2,542,711
At December 31, 2022
Other investments	$	916,248	$	1,148,630	$	2,064,878

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REINSURANCE (Tables)

9 Months Ended

Sep. 30, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule of Effect of Reinsurance and Retrocessional Activity on Premiums Written and Earned and on Net Claims and Claim Expenses Incurred

The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Premiums Written
Direct	$	222,400	$	295,213	$	673,791	$	935,079
Assumed	1,396,043		1,925,448		6,386,534		6,693,185
Ceded	(197,183)		(398,950)		(1,179,559)		(1,777,720)
Net premiums written	$	1,421,260	$	1,821,711	$	5,880,766	$	5,850,544
Premiums Earned
Direct	$	248,932	$	280,389	$	784,388	$	801,759
Assumed	1,862,387		2,006,596		5,609,355		5,307,078
Ceded	(355,443)		(519,964)		(1,172,055)		(1,399,008)
Net premiums earned	$	1,755,876	$	1,767,021	$	5,221,688	$	4,709,829
Claims and Claim Expenses
Gross claims and claim expenses incurred	$	793,869	$	3,096,540	$	2,843,229	$	4,913,313
Claims and claim expenses recovered	67,707		(1,128,609)		(249,242)		(1,397,410)
Net claims and claim expenses incurred	$	861,576	$	1,967,931	$	2,593,987	$	3,515,903

Schedule of Provision for Current Expected Credit Losses of Premiums Receivable

The following table provides a roll forward of the provision for current expected credit losses of the Company’s premiums receivable:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	3,151	$	4,350	$	4,606	$	2,776
Provision for (release of) allowance	81		419		(1,374)		1,993
Ending balance	$	3,232	$	4,769	$	3,232	$	4,769

Schedule of Provision for Current Expected Credit Losses of Reinsurance Recoverable

The following table provides a roll forward of the provision for current expected credit losses of the Company’s reinsurance recoverable:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	11,456	$	9,005	$	12,169	$	8,344
Provision for (release of) allowance	(1,160)		3,082		(1,873)		3,743
Ending balance	$	10,296	$	12,087	$	10,296	$	12,087

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RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables)

9 Months Ended

Sep. 30, 2023

Insurance Loss Reserves [Abstract]

Schedule of Claims and Claim Expenses

The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, additional case reserves and IBNR:

At September 30, 2023	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	1,944,257	$	1,791,160	$	2,647,186	$	6,382,603
Casualty and Specialty	2,039,068		214,082		7,319,412		9,572,562
Total	$	3,983,325	$	2,005,242	$	9,966,598	$	15,955,165
At December 31, 2022
Property	$	1,956,688	$	2,008,891	$	3,570,253	$	7,535,832
Casualty and Specialty	1,864,365		167,993		6,324,383		8,356,741
Total	$	3,821,053	$	2,176,884	$	9,894,636	$	15,892,573

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Nine months ended September 30,	2023		2022
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	11,181,648	$	9,025,961
Net incurred related to:
Current year	2,888,784		3,608,599
Prior years	(294,797)		(92,696)
Total net incurred	2,593,987		3,515,903
Net paid related to:
Current year	181,155		101,258
Prior years	1,880,700		1,454,977
Total net paid	2,061,855		1,556,235
Foreign exchange (1)	(11,874)		(291,918)
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	11,701,906		10,693,711
Reinsurance recoverable as of end of period	4,253,259		4,969,244
Reserve for claims and claim expenses as of end of period	$	15,955,165	$	15,662,955

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

The following table details the Company’s prior year net development by segment of its net claims and claim expenses:

Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Property	$	(257,209)	$	(76,069)
Casualty and Specialty	(37,588)		(16,627)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(294,797)	$	(92,696)

The following tables detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Nine months ended September 30,	2023
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2022 Weather-Related Large Losses (1)	$	6,501
2021 Weather-Related Large Losses (2)	(24,931)
2020 Weather-Related Large Loss Events (3)	(28,824)
2019 Large Loss Events (4)	(37,934)
2018 Large Loss Events (5)	(37,847)
2017 Large Loss Events (6)	(31,922)
New Zealand Earthquake (2010)	(10,397)
Other	696
Total large catastrophe events	(164,658)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(93,391)
Actuarial assumption changes	840
Total small catastrophe events and attritional loss movements	(92,551)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(257,209)

(1)“2022 Weather-Related Large Losses” includes Hurricane Ian, the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, Hurricane Fiona and the typhoons in Asia during the third quarter of 2022, Hurricane Nicole and Winter Storm Elliott during the fourth quarter of 2022, and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events.

(2)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts.

(3)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.

(4)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(5)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts.

(6)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.

Nine months ended September 30,	2022
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2021 Weather-Related Large Losses	$	42,766
2020 Weather-Related Large Loss Events	(32,988)
2019 Large Loss Events	(50,148)
2018 Large Loss Events	(15,493)
2017 Large Loss Events	(28,722)
Other	2,609
Total large catastrophe events	(81,976)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	5,907
Total small catastrophe events and attritional loss movements	5,907
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(76,069)

The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:

Nine months ended September 30,	2023		2022
	(Favorable) adverse development		(Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims	$	(40,498)	$	(38,139)
Actuarial assumption changes	2,910		21,512
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(37,588)	$	(16,627)

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DEBT AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:

	September 30, 2023				December 31, 2022
	Fair value		Carrying value		Fair value		Carrying value
5.750% Senior Notes due 2033	$	707,633	$	740,887	$	—	$	—
3.600% Senior Notes due 2029	351,760		394,906		362,644		394,221
3.450% Senior Notes due 2027	276,381		298,146		280,506		297,775
3.700% Senior Notes due 2025	290,454		299,444		290,874		299,168
4.750% Senior Notes due 2025 (DaVinci) (1)	145,592		149,510		146,625		149,278
Total senior notes	1,771,820		1,882,893		1,080,649		1,140,442
Medici Revolving Credit Facility (2)	—		—		30,000		30,000
Total debt	$	1,771,820	$	1,882,893	$	1,110,649	$	1,170,442

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinci. Because RenaissanceRe controls a majority of DaVinci’s issued voting shares, the consolidated financial statements of DaVinci are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinci and RenaissanceRe’s financial exposure to DaVinci is limited to its investment in DaVinci’s shares and counterparty credit risk arising from reinsurance transactions.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions.

Schedule of Outstanding Amounts Issued or Drawn under Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:

At September 30, 2023	Issued or drawn
Revolving Credit Facility (1)	$	—
Medici Revolving Credit Facility (2)	—
Bilateral Letter of Credit Facilities
Secured	393,940
Unsecured	475,387
Funds at Lloyd’s Letter of Credit Facility	275,000
	$	1,144,327

(1)At September 30, 2023, no amounts were issued or drawn under this facility.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. However, RenaissanceRe does not guarantee or provide credit support for Medici, and RenaissanceRe’s financial exposure to Medici is limited to its investment in Medici’s shares and counterparty credit risk arising from reinsurance transactions. At September 30, 2023, no amounts were issued or drawn under this facility.

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NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interests

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:

	September 30, 2023		December 31, 2022
Redeemable noncontrolling interest - DaVinci	$	2,331,952	$	1,740,300
Redeemable noncontrolling interest - Medici	1,591,196		1,036,218
Redeemable noncontrolling interest - Vermeer	1,467,367		1,490,840
Redeemable noncontrolling interest - Fontana	271,719		268,031
Redeemable noncontrolling interests	$	5,662,234	$	4,535,389

A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Redeemable noncontrolling interest - DaVinci	$	107,881	$	(219,191)	$	333,490	$	(185,692)
Redeemable noncontrolling interest - Medici	60,022		(107,461)		167,281		(139,635)
Redeemable noncontrolling interest - Vermeer	51,959		(39,164)		151,527		2,471
Redeemable noncontrolling interest - Fontana	(6,167)		(6,613)		3,688		(12,154)
Net income (loss) attributable to redeemable noncontrolling interests	$	213,695	$	(372,429)	$	655,986	$	(335,010)

The activity in redeemable noncontrolling interest – DaVinci is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	2,267,448	$	1,762,677	$	1,740,300	$	1,499,451
Redemption of shares from redeemable noncontrolling interests	(45,777)		74,983		(123,272)		(86,586)
Sale of shares to redeemable noncontrolling interests, net of adjustments	2,400		21		381,434		391,317
Net income (loss) attributable to redeemable noncontrolling interest	107,881		(219,191)		333,490		(185,692)
Ending balance	$	2,331,952	$	1,618,490	$	2,331,952	$	1,618,490

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	1,540,520	$	1,052,560	$	1,036,218	$	856,820
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(25,644)		(2,522)		(43,292)		(99,634)
Sale of shares to redeemable noncontrolling interests	16,298		22,110		430,989		347,136
Net income (loss) attributable to redeemable noncontrolling interest	60,022		(107,461)		167,281		(139,635)
Ending balance	$	1,591,196	$	964,687	$	1,591,196	$	964,687

The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	1,590,408	$	1,269,417	$	1,490,840	$	1,197,782
Redemption of shares from redeemable noncontrolling interest	(175,000)		—		(175,000)		—
Sale of shares to redeemable noncontrolling interest	—		100,000		—		130,000
Net income (loss) attributable to redeemable noncontrolling interest	51,959		(39,164)		151,527		2,471
Ending balance	$	1,467,367	$	1,330,253	$	1,467,367	$	1,330,253

The activity in redeemable noncontrolling interest – Fontana is detailed in the table below:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	277,886	$	268,143	$	268,031	$	—
Sale of shares to redeemable noncontrolling interest	—		—		—		273,684
Net income (loss) attributable to redeemable noncontrolling interest	(6,167)		(6,613)		3,688		(12,154)
Ending balance	$	271,719	$	261,530	$	271,719	$	261,530

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EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:

	Three months ended				Nine months ended
(common shares in thousands)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	193,988	$	(825,344)	$	949,075	$	(1,544,670)
Amount allocated to participating common shareholders (1)	(2,637)		(306)		(14,108)		(813)
Net income (loss) allocated to RenaissanceRe common shareholders	$	191,351	$	(825,650)	$	934,967	$	(1,545,483)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)	50,261		42,837		46,345		43,121
Per common share equivalents of non-vested shares (2)	97		—		106		—
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)	50,358		42,837		46,451		43,121
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	3.81	$	(19.27)	$	20.17	$	(35.84)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	3.80	$	(19.27)	$	20.13	$	(35.84)

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.

(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted.

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SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Significant Components of the Company's Revenues and Expenses by Segment

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:

Three months ended September 30, 2023	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	511,012		$	1,107,431		$	—	$	1,618,443
Net premiums written	$	444,872		$	976,388		$	—	$	1,421,260
Net premiums earned	$	760,365		$	995,511		$	—	$	1,755,876
Net claims and claim expenses incurred	206,361			655,215			—		861,576
Acquisition expenses	143,348			282,397			—		425,745
Operational expenses	54,624			28,127			—		82,751
Underwriting income (loss)	$	356,032		$	29,772		$	—	385,804
Net investment income							329,108		329,108
Net foreign exchange gains (losses)							(25,886)		(25,886)
Equity in earnings of other ventures							10,842		10,842
Other income (loss)							(5,866)		(5,866)
Net realized and unrealized gains (losses) on investments							(228,087)		(228,087)
Corporate expenses							(17,143)		(17,143)
Interest expense							(22,951)		(22,951)
Income (loss) before taxes and redeemable noncontrolling interests									425,821
Income tax benefit (expense)							(9,295)		(9,295)
Net (income) loss attributable to redeemable noncontrolling interests							(213,695)		(213,695)
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	193,988
Net claims and claim expenses incurred – current accident year	$	350,238		$	669,285		$	—	$	1,019,523
Net claims and claim expenses incurred – prior accident years	(143,877)			(14,070)			—		(157,947)
Net claims and claim expenses incurred – total	$	206,361		$	655,215		$	—	$	861,576
Net claims and claim expense ratio – current accident year	46.1		%	67.2		%			58.1		%
Net claims and claim expense ratio – prior accident years	(19.0)		%	(1.4)		%			(9.0)		%
Net claims and claim expense ratio – calendar year	27.1		%	65.8		%			49.1		%
Underwriting expense ratio	26.1		%	31.2		%			28.9		%
Combined ratio	53.2		%	97.0		%			78.0		%

Nine months ended September 30, 2023	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	3,217,817		$	3,842,508		$	—	$	7,060,325
Net premiums written	$	2,609,356		$	3,271,410		$	—	$	5,880,766
Net premiums earned	$	2,206,471		$	3,015,217		$	—	$	5,221,688
Net claims and claim expenses incurred	675,963			1,918,024			—		2,593,987
Acquisition expenses	429,273			851,274			—		1,280,547
Operational expenses	165,514			75,202			—		240,716
Underwriting income (loss)	$	935,721		$	170,717		$	—	1,106,438
Net investment income							876,148		876,148
Net foreign exchange gains (losses)							(53,877)		(53,877)
Equity in earnings of other ventures							28,072		28,072
Other income (loss)							(6,296)		(6,296)
Net realized and unrealized gains (losses) on investments							(171,417)		(171,417)
Corporate expenses							(53,357)		(53,357)
Interest expense							(49,980)		(49,980)
Income (loss) before taxes and redeemable noncontrolling interests									1,675,731
Income tax benefit (expense)							(44,139)		(44,139)
Net (income) loss attributable to redeemable noncontrolling interests							(655,986)		(655,986)
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	949,075
Net claims and claim expenses incurred – current accident year	$	933,172		$	1,955,612		$	—	$	2,888,784
Net claims and claim expenses incurred – prior accident years	(257,209)			(37,588)			—		(294,797)
Net claims and claim expenses incurred – total	$	675,963		$	1,918,024		$	—	$	2,593,987
Net claims and claim expense ratio – current accident year	42.3		%	64.9		%			55.3		%
Net claims and claim expense ratio – prior accident years	(11.7)		%	(1.3)		%			(5.6)		%
Net claims and claim expense ratio – calendar year	30.6		%	63.6		%			49.7		%
Underwriting expense ratio	27.0		%	30.7		%			29.1		%
Combined ratio	57.6		%	94.3		%			78.8		%

Three months ended September 30, 2022	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	800,330		$	1,420,331		$	—	$	2,220,661
Net premiums written	$	696,520		$	1,125,191		$	—	$	1,821,711
Net premiums earned	$	839,817		$	927,204		$	—	$	1,767,021
Net claims and claim expenses incurred	1,372,583			595,348			—		1,967,931
Acquisition expenses	141,675			275,969			—		417,644
Operational expenses	48,158			16,402			—		64,560
Underwriting income (loss)	$	(722,599)		$	39,485		$	—	(683,114)
Net investment income							157,793		157,793
Net foreign exchange gains (losses)							(1,383)		(1,383)
Equity in earnings of other ventures							1,739		1,739
Other income (loss)							2,834		2,834
Net realized and unrealized gains (losses) on investments							(641,500)		(641,500)
Corporate expenses							(10,384)		(10,384)
Interest expense							(12,101)		(12,101)
Income (loss) before taxes and redeemable noncontrolling interests									(1,186,116)
Income tax benefit (expense)							(2,814)		(2,814)
Net (income) loss attributable to redeemable noncontrolling interests							372,429		372,429
Dividends on preference shares							(8,843)		(8,843)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(825,344)
Net claims and claim expenses incurred – current accident year	$	1,396,842		$	602,995		$	—	$	1,999,837
Net claims and claim expenses incurred – prior accident years	(24,259)			(7,647)			—		(31,906)
Net claims and claim expenses incurred – total	$	1,372,583		$	595,348		$	—	$	1,967,931
Net claims and claim expense ratio – current accident year	166.3		%	65.0		%			113.2		%
Net claims and claim expense ratio – prior accident years	(2.9)		%	(0.8)		%			(1.8)		%
Net claims and claim expense ratio – calendar year	163.4		%	64.2		%			111.4		%
Underwriting expense ratio	22.6		%	31.5		%			27.3		%
Combined ratio	186.0		%	95.7		%			138.7		%

Nine months ended September 30, 2022	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	3,362,159		$	4,266,105		$	—	$	7,628,264
Net premiums written	$	2,474,661		$	3,375,883		$	—	$	5,850,544
Net premiums earned	$	2,081,989		$	2,627,840		$	—	$	4,709,829
Net claims and claim expenses incurred	1,804,268			1,711,635			—		3,515,903
Acquisition expenses	406,338			749,051			—		1,155,389
Operational expenses	144,717			60,270			—		204,987
Underwriting income (loss)	$	(273,334)		$	106,884		$	—	(166,450)
Net investment income							348,695		348,695
Net foreign exchange gains (losses)							(67,690)		(67,690)
Equity in earnings of other ventures							2,732		2,732
Other income (loss)							4,950		4,950
Net realized and unrealized gains (losses) on investments							(1,968,624)		(1,968,624)
Corporate expenses							(35,238)		(35,238)
Interest expense							(35,951)		(35,951)
Income (loss) before taxes and redeemable noncontrolling interests									(1,917,576)
Income tax benefit (expense)							64,427		64,427
Net (income) loss attributable to redeemable noncontrolling interests							335,010		335,010
Dividends on preference shares							(26,531)		(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(1,544,670)
Net claims and claim expenses incurred – current accident year	$	1,880,337		$	1,728,262		$	—	$	3,608,599
Net claims and claim expenses incurred – prior accident years	(76,069)			(16,627)			—		(92,696)
Net claims and claim expenses incurred – total	$	1,804,268		$	1,711,635		$	—	$	3,515,903
Net claims and claim expense ratio – current accident year	90.3		%	65.8		%			76.6		%
Net claims and claim expense ratio – prior accident years	(3.6)		%	(0.7)		%			(1.9)		%
Net claims and claim expense ratio – calendar year	86.7		%	65.1		%			74.7		%
Underwriting expense ratio	26.4		%	30.8		%			28.9		%
Combined ratio	113.1		%	95.9		%			103.6		%

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DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Derivative Instruments [Abstract]

Schedule of Gross and Net Amounts of Recognized Derivative Assets and Liabilities at Fair Value

The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:

	Derivative Assets
At September 30, 2023	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	6,819	$	—	$	6,819	Other assets	$	—	$	6,819
Foreign currency forward contracts (1)	1,745		—		1,745		Other assets	—		1,745
Foreign currency forward contracts (2)	4,365		—		4,365		Other assets	—		4,365
Credit default swaps	3,650		—		3,650		Other assets	—		3,650
Total derivative instruments not designated as hedges	16,579		—		16,579			—		16,579
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	1,654		—		1,654		Other assets	—		1,654
Total	$	18,233	$	—	$	18,233		$	—	$	18,233
	Derivative Liabilities
At September 30, 2023	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	7,139	$	—	$	7,139	Other liabilities	$	6,984	$	155
Foreign currency forward contracts (1)	17,956		—		17,956		Other liabilities	—		17,956
Foreign currency forward contracts (2)	508		—		508		Other liabilities	—		508
Credit default swaps	9,893		—		9,893		Other liabilities	9,893		—
Total derivative instruments not designated as hedges	35,496		—		35,496			16,877		18,619
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	61		—		61		Other liabilities	—		61
Total	$	35,557	$	—	$	35,557		$	16,877	$	18,680

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in a foreign operation.

	Derivative Assets
At December 31, 2022	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral Received		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	387	$	—	$	387	Other assets	$	—	$	387
Foreign currency forward contracts (1)	31,755		—		31,755		Other assets	—		31,755
Foreign currency forward contracts (2)	11,866		—		11,866		Other assets	—		11,866
Credit default swaps	413		—		413		Other assets	—		413
Total derivative instruments not designated as hedges	44,421		—		44,421			—		44,421
Total	$	44,421	$	—	$	44,421		$	—	$	44,421
	Derivative Liabilities
At December 31, 2022	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative instruments not designated as hedges
Interest rate futures	$	1,685	$	—	$	1,685	Other liabilities	$	209	$	1,476
Foreign currency forward contracts (1)	1,160		—		1,160		Other liabilities	—		1,160
Foreign currency forward contracts (2)	2,165		—		2,165		Other liabilities	—		2,165
Credit default swaps	1,055		—		1,055		Other liabilities	100		955
Equity futures	323		—		323		Other liabilities	—		323
Total derivative instruments not designated as hedges	6,388		—		6,388			309		6,079
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	1,193		—		1,193		Other liabilities	—		1,193
Total	$	7,581	$	—	$	7,581		$	309	$	7,272

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in a foreign operation.

Schedule of Location and Amount of the Gain (Loss) Recognized

The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:

	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Three months ended September 30,		2023		2022
Derivative instruments not designated as hedges
Interest rate futures (1)	Net realized and unrealized gains (losses) on investments	$	28,366	$	(40,245)
Foreign currency forward contracts (2)	Net foreign exchange gains (losses)	(23,686)		(32,346)
Foreign currency forward contracts (3)	Net foreign exchange gains (losses)	(10,938)		6,576
Foreign currency option contracts	Net foreign exchange gains (losses)	—		208
Credit default swaps (1)	Net realized and unrealized gains (losses) on investments	2,228		24
Total return swaps (1)	Net realized and unrealized gains (losses) on investments	—		(6)
Equity futures (4)	Net realized and unrealized gains (losses) on investments	—		(16,594)
Warrants	Net realized and unrealized gains (losses) on investments	—		1,241
Total derivative instruments not designated as hedges		(4,030)		(81,142)
Derivative instruments designated as hedges
Foreign currency forward contracts (5)	Accumulated other comprehensive income (loss)	1,818		4,925
Total		$	(2,212)	$	(76,217)
	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Nine months ended September 30,		2023		2022
Derivative instruments not designated as hedges
Interest rate futures (1)	Net realized and unrealized gains (losses) on investments	$	6,819	$	(83,731)
Foreign currency forward contracts (2)	Net foreign exchange gains (losses)	(14,041)		(105,103)
Foreign currency forward contracts (3)	Net foreign exchange gains (losses)	(25,729)		14,747
Foreign currency option contracts	Net foreign exchange gains (losses)	—		(236)
Credit default swaps (1)	Net realized and unrealized gains (losses) on investments	(27,186)		(6,450)
Total return swaps (1)	Net realized and unrealized gains (losses) on investments	—		(6)
Equity futures (4)	Net realized and unrealized gains (losses) on investments	(1,928)		(73,000)
Warrants	Net realized and unrealized gains (losses) on investments	—		1,241
Total derivative instruments not designated as hedges		(62,065)		(252,538)
Derivative instruments designated as hedges
Foreign currency forward contracts (5)	Accumulated other comprehensive income (loss)	3,357		9,219
Total		$	(58,708)	$	(243,319)

(1)Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 3. Investments” for additional information.

(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(3)Contracts used to manage foreign currency risks in investment operations.

(4)Equity related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 3. Investments” for additional information.

(5)Contracts designated as hedges of net investments in a foreign operation.

Schedule of Derivative Instruments Designated as Hedges of a Net Investment in Foreign Operation

The table below provides a summary of derivative instruments designated as hedges of net investments in a foreign operation, including the weighted average U.S. dollar equivalent of foreign denominated net (liabilities) assets that were hedged and the resulting derivative gains (losses) that are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity:

	Three months ended				Nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities)	$	57,216	$	65,599	$	58,779	$	76,839
Derivative gains (losses) (1)	$	1,818	$	4,925	$	3,357	$	9,219

(1)Derivative gains (losses) from derivative instruments designated as hedges of the net investment in a foreign operation are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity.

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INVESTMENTS - Schedule of Fair Value of Fixed Maturity Investments Trading (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Total fixed maturity investments trading	$ 16,083,046	$ 14,351,402
U.S. treasuries
Schedule of Investments [Line Items]
Total fixed maturity investments trading	8,587,946	7,180,129
Corporate
Schedule of Investments [Line Items]
Total fixed maturity investments trading	4,482,082	4,390,568
Agencies
Schedule of Investments [Line Items]
Total fixed maturity investments trading	460,936	395,149
Non-U.S. government
Schedule of Investments [Line Items]
Total fixed maturity investments trading	403,758	383,838
Residential mortgage-backed
Schedule of Investments [Line Items]
Total fixed maturity investments trading	806,120	710,429
Commercial mortgage-backed
Schedule of Investments [Line Items]
Total fixed maturity investments trading	210,942	213,987
Asset-backed
Schedule of Investments [Line Items]
Total fixed maturity investments trading	$ 1,131,262	$ 1,077,302

XML

INVESTMENTS - Schedule of Contractual Maturities of Fixed Maturity Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized  Cost
Due in less than one year	$ 392,098	$ 364,501
Due after one through five years	8,891,383	8,117,971
Due after five through ten years	4,896,604	4,072,142
Due after ten years	309,877	356,268
Amortized  Cost	16,754,568	15,038,551
Fair Value
Due in less than one year	384,293	356,770
Due after one through five years	8,682,922	7,875,771
Due after five through ten years	4,606,488	3,805,287
Due after ten years	261,019	311,856
Fixed maturity investments trading	16,083,046	14,351,402
Mortgage-backed
Amortized  Cost
Amortized  Cost	1,119,512	1,009,205
Fair Value
Fixed maturity investments trading	1,017,062	924,416
Asset-backed
Amortized  Cost
Amortized  Cost	1,145,094	1,118,464
Fair Value
Fixed maturity investments trading	$ 1,131,262	$ 1,077,302

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INVESTMENTS - Schedule of Fair Value of Equity Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 95,342	$ 625,058
Financials
Debt and Equity Securities, FV-NI [Line Items]
Total	95,099	103,250
Consumer
Debt and Equity Securities, FV-NI [Line Items]
Total	232	33,447
Communications and technology
Debt and Equity Securities, FV-NI [Line Items]
Total	11	48,687
Fixed income exchange traded funds
Debt and Equity Securities, FV-NI [Line Items]
Total	0	295,481
Equity exchange traded funds
Debt and Equity Securities, FV-NI [Line Items]
Total	0	90,510
Industrial, utilities and energy
Debt and Equity Securities, FV-NI [Line Items]
Total	0	25,326
Healthcare
Debt and Equity Securities, FV-NI [Line Items]
Total	0	24,617
Basic materials
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 0	$ 3,740

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INVESTMENTS - Pledged Investments (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of various counterparties	$ 7.1	$ 7.9
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of U.S. state regulatory authorities	$ 1.1	$ 1.2

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INVESTMENTS - Reverse Purchase Agreements (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Value of reverse repurchase agreements	$ 156.0	$ 38.5

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INVESTMENTS - Schedule of Components of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	$ 334,787	$ 163,295	$ 891,965	$ 364,967
Investment expenses	(5,679)	(5,502)	(15,817)	(16,272)
Net investment income	329,108	157,793	876,148	348,695
Fixed maturity investments trading
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	188,781	107,182	514,020	246,146
Short term investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	66,722	11,601	149,903	17,134
Equity investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	510	6,120	6,675	13,390
Catastrophe bonds
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	54,583	25,748	142,936	63,343
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	20,031	11,258	65,422	23,704
Cash and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income before investment expenses	$ 4,160	$ 1,386	$ 13,009	$ 1,250

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INVESTMENTS - Schedule of Net Realized and Unrealized Gains (Losses) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gain (Loss) on Securities [Line Items]
Net realized and unrealized gains (losses) on investments	$ (228,087)	$ (641,500)	$ (171,417)	$ (1,968,624)
Fixed maturity investments trading
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on fixed maturity investments trading	(121,112)	(213,493)	(300,089)	(621,799)
Net unrealized gains (losses) on fixed maturity investments trading	(158,226)	(210,665)	14,007	(824,662)
Net realized and unrealized gains (losses) on fixed maturity investments trading	(279,338)	(424,158)	(286,082)	(1,446,461)
Derivatives
Gain (Loss) on Securities [Line Items]
Net realized and unrealized gains (losses) on investment-related derivatives	30,594	(55,580)	(22,295)	(161,946)
Equity investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on equity investments	(10)	3,066	(27,503)	38,638
Net unrealized gains (losses) on equity investments	2,261	(46,301)	62,039	(222,074)
Net realized and unrealized gains (losses) on equity investments	2,251	(43,235)	34,536	(183,436)
Catastrophe bonds
Gain (Loss) on Securities [Line Items]
Net realized and unrealized gains (losses) on other investments	32,474	(126,992)	94,786	(159,913)
Other
Gain (Loss) on Securities [Line Items]
Net realized and unrealized gains (losses) on other investments	$ (14,068)	$ 8,465	$ 7,638	$ (16,868)

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INVESTMENTS - Schedule of Net Sales (Purchases) of Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity investments
Schedule of Equity Method Investments [Line Items]
Gross Purchases	$ (1,706)	$ (600,285)
Gross Sales	566,022	263,175
Net	564,316	(337,110)
Short term investments
Schedule of Equity Method Investments [Line Items]
Gross Purchases	(27,466,343)	(20,180,815)
Gross Sales	25,689,155	20,546,605
Net	(1,777,188)	365,790
Other investments
Schedule of Equity Method Investments [Line Items]
Gross Purchases	(860,164)	(794,555)
Gross Sales	334,214	342,108
Net	(525,950)	(452,447)
Investments in other ventures
Schedule of Equity Method Investments [Line Items]
Gross Purchases	(20,171)	(2,876)
Gross Sales	0	3,493
Net	$ (20,171)	$ 617

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FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	$ 16,083,046	$ 14,351,402
Short term investments	6,519,207	4,669,272
Equity investments trading	95,342	625,058
Other investments	3,167,941	2,494,954
Derivative assets	18,233	44,421
Derivative liabilities	(35,557)	(7,581)
Total other assets	3,141	3,499
Total other liabilities	(3,686)	(5,331)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	16,083,046	14,351,402
Short term investments	6,519,207	4,669,272
Equity investments trading	95,342	625,058
Other investments	3,167,941	2,494,954
Assumed and ceded (re)insurance contracts	(545)	(1,832)
Derivative assets	18,233	44,400
Derivative liabilities	(35,557)	(7,560)
Total other assets		35,008
Total other liabilities	(17,869)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	25,847,667	22,175,694
Fair Value, Inputs, Level 1, 2 and 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,864,201	1,408,248
Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	8,587,946	7,180,129
Short term investments	67,176	0
Equity investments trading	95,342	625,058
Other investments	0	0
Assumed and ceded (re)insurance contracts	0	0
Derivative assets	6,819	387
Derivative liabilities	(7,139)	(2,008)
Total other liabilities	(320)	(1,621)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	8,750,144	7,803,566
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	7,495,100	7,171,273
Short term investments	6,452,031	4,669,272
Equity investments trading	0	0
Other investments	1,697,810	1,241,468
Assumed and ceded (re)insurance contracts	0	0
Derivative assets	11,414	44,013
Derivative liabilities	(28,418)	(5,552)
Total other assets		38,461
Total other liabilities	(17,004)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	15,627,937	13,120,474
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Short term investments	0	0
Equity investments trading	0	0
Other investments	166,391	166,780
Assumed and ceded (re)insurance contracts	(545)	(1,832)
Derivative assets	0	0
Derivative liabilities	0	0
Total other liabilities	(545)	(1,832)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	165,846	164,948
Significant Unobservable Inputs (Level 3) | Other assets | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed and ceded (re)insurance contracts	(3,200)	(3,500)
Significant Unobservable Inputs (Level 3) | Other liabilities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed and ceded (re)insurance contracts	(3,700)	(5,300)
U.S. treasuries | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	8,587,946	7,180,129
U.S. treasuries | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	8,587,946	7,180,129
U.S. treasuries | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
U.S. treasuries | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Corporate | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	4,482,082	4,390,568
Corporate | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Corporate | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	4,482,082	4,390,568
Corporate | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Agencies | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	460,936	395,149
Agencies | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Agencies | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	460,936	395,149
Agencies | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Non-U.S. government | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	403,758	383,838
Non-U.S. government | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Non-U.S. government | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	403,758	383,838
Non-U.S. government | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Residential mortgage-backed | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	806,120	710,429
Residential mortgage-backed | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Residential mortgage-backed | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	806,120	710,429
Residential mortgage-backed | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Commercial mortgage-backed | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	210,942	213,987
Commercial mortgage-backed | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Commercial mortgage-backed | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	210,942	213,987
Commercial mortgage-backed | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Asset-backed | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	1,131,262	1,077,302
Asset-backed | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Asset-backed | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	1,131,262	1,077,302
Asset-backed | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity investments trading	0	0
Catastrophe bonds | Fair Value, Inputs, Level 1, 2 and 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,697,810	1,241,468
Catastrophe bonds | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Catastrophe bonds | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,697,810	1,241,468
Catastrophe bonds | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Term loans | Fair Value, Inputs, Level 1, 2 and 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	98,876	100,000
Term loans | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Term loans | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Term loans | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	98,876	100,000
Direct private equity investments | Fair Value, Inputs, Level 1, 2 and 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	67,515	66,780
Direct private equity investments | Quoted Prices in Active Markets for Identical  Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Direct private equity investments | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Direct private equity investments | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	67,515	66,780
Fund investments | Fair Value Measured at Net Asset Value Per Share | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 1,303,740	$ 1,086,706

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FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	$ 3,167,941		$ 3,167,941		$ 2,494,954
Other liabilities	(3,686)		(3,686)		(5,331)
Debt	1,882,893		1,882,893		1,170,442
Long-term debt, fair value	1,800,000		1,800,000		1,100,000
Net Investment Income | Term loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains (losses) recognized in earnings	20,200	$ 137,400	100,600	$ 208,100
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	3,167,941		3,167,941		2,494,954
Other liabilities	(17,869)		(17,869)
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	166,391		166,391		166,780
Other liabilities	(545)		(545)		(1,832)
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Direct private equity investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	67,515		67,515		66,780
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Term loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	98,876		98,876		100,000
Significant Unobservable Inputs (Level 3) | Internal valuation model | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group two
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities	(545)		(545)		(1,832)
Significant Unobservable Inputs (Level 3) | Internal valuation model | Fair Value, Measurements, Recurring | Direct private equity investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	67,515		67,515		66,780
Significant Unobservable Inputs (Level 3) | Internal valuation model | Fair Value, Measurements, Recurring | Term loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	$ 98,900		$ 98,900		$ 100,000
U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.80%		4.80%		4.30%
Corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	6.70%		6.70%		6.30%
Agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.30%		5.30%		4.60%
Non-U.S. Government
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.10%		5.10%		4.70%
Residential Mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.90%		5.90%		5.40%
Weighted average life			8 years		8 years 7 months 6 days
Commercial Mortgage-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	8.70%		8.70%		7.40%
Weighted average life			2 years 2 months 12 days		3 years 2 months 12 days
Asset-backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	7.40%		7.40%		7.40%
Weighted average life			4 years 3 months 18 days		5 years 2 months 12 days
Short Term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.40%		5.40%		4.00%
Other Short Term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.30%		5.30%		4.20%
Private Credit Funds | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			5 years
Private Credit Funds | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			10 years
Direct private equity investments | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			5 years
Direct private equity investments | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liquidation period for fund assets			10 years

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FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information Used as Level 3 Inputs (Details) $ in Thousands	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	$ 3,167,941	$ 2,494,954
Other liabilities	(3,686)	(5,331)
Fair Value, Measurements, Recurring
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	3,167,941	2,494,954
Other liabilities	(17,869)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	25,847,667	22,175,694
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other liabilities	(545)	(1,832)
Fair Value, Measurements, Recurring | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	166,391	166,780
Other liabilities	(545)	(1,832)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	165,846	164,948
Fair Value, Measurements, Recurring | Internal valuation model | Fair Value (Level 3) | Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other liabilities	(545)	(1,832)
Fair Value, Measurements, Recurring | Direct private equity investments | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	67,515	66,780
Fair Value, Measurements, Recurring | Direct private equity investments | Internal valuation model | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	67,515	66,780
Fair Value, Measurements, Recurring | Term loans | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	98,876	100,000
Fair Value, Measurements, Recurring | Term loans | Internal valuation model | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	98,900	100,000
Fair Value, Measurements, Recurring | Term loans | Discounted cash flow | Fair Value (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Other investments	$ 98,876	$ 100,000
Discount rate | Fair Value, Measurements, Recurring | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual | Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share)	0.046	0.040
Discount rate | Fair Value, Measurements, Recurring | Direct private equity investments | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) | $ / shares	0.100	0.075
Liquidity discount | Fair Value, Measurements, Recurring | Direct private equity investments | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) | $ / shares	0.150	0.150
Credit spread adjustment | Fair Value, Measurements, Recurring | Term loans | Discounted cash flow | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) | $ / shares	0.002	0.002
Risk premium | Fair Value, Measurements, Recurring | Term loans | Discounted cash flow | Fair Value (Level 3) | Weighted Average or Actual
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share) | $ / shares	0.026	0.026
Net undiscounted cash flows | Fair Value, Measurements, Recurring | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual | Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share)	12,433,000	14,734,000
Expected loss ratio | Fair Value, Measurements, Recurring | Internal valuation model | Fair Value (Level 3) | Weighted Average or Actual | Assumed and ceded (re)insurance contracts, group two
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Significant observable and unobservable inputs (in dollars per share)	0.026	0.058

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FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	$ 170,680	$ 178,546	$ 164,948	$ 158,496
Total foreign exchange gains (losses)	(17)	(50)	(23)	(60)
Purchases	471	(50)	1,837	30,424
Settlements	(1,124)		(1,124)	(455)
Balance at end of the period	165,846	167,352	165,846	167,352
Included in net investment income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	63	125	187	730
Included in net realized and unrealized gains (losses) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	(3,686)	(11,762)	571	(23,515)
Included in other income (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	(541)	543	(550)	1,732
Direct private equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	71,155	81,610	66,780	88,373
Total foreign exchange gains (losses)	(17)	(50)	(23)	(60)
Purchases	0	0	0	5,000
Settlements	0		0	0
Balance at end of the period	67,515	69,923	67,515	69,923
Direct private equity investments | Included in net investment income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	63	125	187	125
Direct private equity investments | Included in net realized and unrealized gains (losses) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	(3,686)	(11,762)	571	(23,515)
Direct private equity investments | Included in other income (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	0	0	0	0
Term loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	100,000	100,000	100,000	74,850
Total foreign exchange gains (losses)	0	0	0	0
Purchases	0	0	0	25,000
Settlements	(1,124)		(1,124)	(455)
Balance at end of the period	98,876	100,000	98,876	100,000
Term loans | Included in net investment income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	0	0	0	605
Term loans | Included in net realized and unrealized gains (losses) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	0	0	0	0
Term loans | Included in other income (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	0	0	0	0
Other assets  and (liabilities)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	(475)	(3,064)	(1,832)	(4,727)
Total foreign exchange gains (losses)	0	0	0	0
Purchases	471	(50)	1,837	424
Settlements	0		0	0
Balance at end of the period	(545)	(2,571)	(545)	(2,571)
Other assets  and (liabilities) | Included in net investment income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	0	0	0	0
Other assets  and (liabilities) | Included in net realized and unrealized gains (losses) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	0	0	0	0
Other assets  and (liabilities) | Included in other income (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Included in earnings (loss)	$ (541)	$ 543	$ (550)	$ 1,732

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FAIR VALUE MEASUREMENTS - Schedule of Balances Elected to Account for at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Other investments	$ 3,167,941	$ 2,494,954
Other assets	3,141	3,499
Other liabilities	$ 3,686	$ 5,331

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FAIR VALUE MEASUREMENTS - Schedule of Other Investments Measured Using Net Asset Valuations (Details) - Fair Value Measured at Net Asset Value Per Share - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,303,740	$ 1,086,706
Unfunded Commitments	1,475,012	1,207,457
Private credit funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	928,961	771,383
Unfunded Commitments	877,045	714,302
Private equity funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	374,779	315,323
Unfunded Commitments	$ 597,967	$ 493,155

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FAIR VALUE MEASUREMENTS - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, maximum exposure to loss	$ 2,542,711	$ 2,064,878
Carrying amount
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, maximum exposure to loss	1,140,450	916,248
Unfunded Commitments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, maximum exposure to loss	$ 1,402,261	$ 1,148,630

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REINSURANCE - Schedule of Effect of Reinsurance and Retrocessional Activity on Premiums Written and Earned and on Net Claims and Claim Expenses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premiums Written
Direct	$ 222,400	$ 295,213	$ 673,791	$ 935,079
Assumed	1,396,043	1,925,448	6,386,534	6,693,185
Ceded	(197,183)	(398,950)	(1,179,559)	(1,777,720)
Net premiums written	1,421,260	1,821,711	5,880,766	5,850,544
Premiums Earned
Direct	248,932	280,389	784,388	801,759
Assumed	1,862,387	2,006,596	5,609,355	5,307,078
Ceded	(355,443)	(519,964)	(1,172,055)	(1,399,008)
Net premiums earned	1,755,876	1,767,021	5,221,688	4,709,829
Claims and Claim Expenses
Gross claims and claim expenses incurred	793,869	3,096,540	2,843,229	4,913,313
Claims and claim expenses recovered	67,707	(1,128,609)	(249,242)	(1,397,410)
Net claims and claim expenses incurred	$ 861,576	$ 1,967,931	$ 2,593,987	$ 3,515,903

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REINSURANCE - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Premiums receivable	$ 5,928,809	$ 5,139,471
Premium receivable, allowance for credit loss	3,232	4,606	$ 3,151	$ 4,769	$ 4,350	$ 2,776
Reinsurance recoverable	4,300,000	4,700,000
Reinsurance recoverable, allowance for credit loss	$ 10,296	$ 12,169	$ 11,456	$ 12,087	$ 9,005	$ 8,344
Reinsurer Concentration Risk | Reinsurance Recoverable | Customer One
Ceded Credit Risk [Line Items]
Concentration risk, percentage	18.40%	20.80%
Reinsurer Concentration Risk | Reinsurance Recoverable | Customer Two
Ceded Credit Risk [Line Items]
Concentration risk, percentage	10.50%	7.00%
Reinsurer Concentration Risk | Reinsurance Recoverable | Customer Three
Ceded Credit Risk [Line Items]
Concentration risk, percentage	7.20%	5.40%
Customer Concentration Risk | Allowance for Reinsurance Recoverable | Customer One
Ceded Credit Risk [Line Items]
Concentration risk, percentage	11.90%	14.30%
Customer Concentration Risk | Allowance for Reinsurance Recoverable | Customer Two
Ceded Credit Risk [Line Items]
Concentration risk, percentage	6.90%	9.10%
Customer Concentration Risk | Allowance for Reinsurance Recoverable | Customer Three
Ceded Credit Risk [Line Items]
Concentration risk, percentage	5.50%	8.00%
Ceded Credit Risk, Secured | Reinsurer Concentration Risk | Reinsurance Recoverable
Ceded Credit Risk [Line Items]
Concentration risk, percentage	51.90%	47.20%
Ceded Credit Risk, Unsecured | Reinsurer Concentration Risk | Reinsurance Recoverable | Standard & Poor's, A- Rating
Ceded Credit Risk [Line Items]
Concentration risk, percentage	47.40%	52.00%
Ceded Credit Risk, Unsecured | Reinsurer Concentration Risk | Reinsurance Recoverable | Standard & Poor's, BBB Rating
Ceded Credit Risk [Line Items]
Concentration risk, percentage	0.70%	0.80%

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REINSURANCE - Schedule of Provision for Current Expected Credit Losses of Premiums Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,151	$ 4,350	$ 4,606	$ 2,776
Provision for (release of) allowance	81	419	(1,374)	1,993
Ending balance	$ 3,232	$ 4,769	$ 3,232	$ 4,769

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REINSURANCE - Schedule of Provision for Current Expected Credit Losses of Reinsurance Recoverable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 11,456	$ 9,005	$ 12,169	$ 8,344
Provision for (release of) allowance	(1,160)	3,082	(1,873)	3,743
Ending balance	$ 10,296	$ 12,087	$ 10,296	$ 12,087

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RESERVE FOR CLAIMS AND CLAIM EXPENSES - Schedule of Reserve for Claims and Claim Expenses by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Case Reserves	$ 3,983,325	$ 3,821,053
Additional Case Reserves	2,005,242	2,176,884
IBNR	9,966,598	9,894,636
Gross reserve for claims and claim expenses	15,955,165	15,892,573	$ 15,662,955
Property | Operating Segments
Liability for Claims and Claims Adjustment Expense [Line Items]
Case Reserves	1,944,257	1,956,688
Additional Case Reserves	1,791,160	2,008,891
IBNR	2,647,186	3,570,253
Gross reserve for claims and claim expenses	6,382,603	7,535,832
Casualty and Specialty | Operating Segments
Liability for Claims and Claims Adjustment Expense [Line Items]
Case Reserves	2,039,068	1,864,365
Additional Case Reserves	214,082	167,993
IBNR	7,319,412	6,324,383
Gross reserve for claims and claim expenses	$ 9,572,562	$ 8,356,741

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RESERVE FOR CLAIMS AND CLAIM EXPENSES - Schedule of Liability for Unpaid Claims and Claim Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period			$ 11,181,648	$ 9,025,961
Net incurred related to:
Current year	$ 1,019,523	$ 1,999,837	2,888,784	3,608,599
Prior years	(157,947)	(31,906)	(294,797)	(92,696)
Total net incurred	861,576	1,967,931	2,593,987	3,515,903
Net paid related to:
Current year			181,155	101,258
Prior years			1,880,700	1,454,977
Total net paid			2,061,855	1,556,235
Foreign exchange			(11,874)	(291,918)
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	11,701,906	10,693,711	11,701,906	10,693,711
Reinsurance recoverable as of end of period	4,253,259	4,969,244	4,253,259	4,969,244	$ 4,710,925
Reserve for claims and claim expenses as of end of period	$ 15,955,165	$ 15,662,955	$ 15,955,165	$ 15,662,955

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RESERVE FOR CLAIMS AND CLAIM EXPENSES - Schedule of Prior Year Development of the Reserve for Net Claims and Claim Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses	$ (157,947)	$ (31,906)	$ (294,797)	$ (92,696)
Property
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(257,209)	(76,069)
Property | Actuarial assumption changes
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			840
Property | Large catastrophe events
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(164,658)	(81,976)
Property | 2022 Weather-Related Large Losses
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			6,501
Property | 2021 Weather-Related Large Lossses
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(24,931)	42,766
Property | 2020 Weather-Related Large Loss Events
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(28,824)	(32,988)
Property | 2019 Large Loss Events
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(37,934)	(50,148)
Property | 2018 Large Loss Events
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(37,847)	(15,493)
Property | 2017 Large Loss Events
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(31,922)	(28,722)
Property | New Zealand Earthquake (2010)
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(10,397)
Property | Other
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			696	2,609
Property | Small catastrophe events and attritional loss movements
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(92,551)	5,907
Property | Other small catastrophe events and attritional loss movements
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(93,391)	5,907
Property | Operating Segments
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses	(143,877)	(24,259)	(257,209)	(76,069)
Casualty and Specialty
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(37,588)	(16,627)
Casualty and Specialty | Actuarial assumption changes
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			2,910	21,512
Casualty and Specialty | Actuarial methods - actual reported claims less than expected claims
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses			(40,498)	(38,139)
Casualty and Specialty | Operating Segments
Liability for Catastrophe Claims [Line Items]
Net (favorable) adverse development of prior accident years net claims and claim expenses	$ (14,070)	$ (7,647)	$ (37,588)	$ (16,627)

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DEBT AND CREDIT FACILITIES - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,800,000		$ 1,100,000
Fair value
Debt Instrument [Line Items]
Long-term debt	1,771,820		1,110,649
Carrying value
Debt Instrument [Line Items]
Long-term debt	1,882,893		1,170,442
Senior Notes | Fair value
Debt Instrument [Line Items]
Long-term debt	1,771,820		1,080,649
Senior Notes | Carrying value
Debt Instrument [Line Items]
Long-term debt	$ 1,882,893		1,140,442
Senior Notes | 5.750% Senior Notes due 2033
Debt Instrument [Line Items]
Stated interest rate	5.75%	5.75%
Senior Notes | 5.750% Senior Notes due 2033 | RenaissanceRe Finance, Inc. | Fair value
Debt Instrument [Line Items]
Long-term debt	$ 707,633		0
Senior Notes | 5.750% Senior Notes due 2033 | RenaissanceRe Finance, Inc. | Carrying value
Debt Instrument [Line Items]
Long-term debt	$ 740,887		0
Senior Notes | 3.600% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	3.60%
Senior Notes | 3.600% Senior Notes due 2029 | RenaissanceRe Finance, Inc. | Fair value
Debt Instrument [Line Items]
Long-term debt	$ 351,760		362,644
Senior Notes | 3.600% Senior Notes due 2029 | RenaissanceRe Finance, Inc. | Carrying value
Debt Instrument [Line Items]
Long-term debt	$ 394,906		394,221
Senior Notes | 3.450% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	3.45%
Senior Notes | 3.450% Senior Notes due 2027 | RenaissanceRe Finance, Inc. | Fair value
Debt Instrument [Line Items]
Long-term debt	$ 276,381		280,506
Senior Notes | 3.450% Senior Notes due 2027 | RenaissanceRe Finance, Inc. | Carrying value
Debt Instrument [Line Items]
Long-term debt	$ 298,146		297,775
Senior Notes | 3.700% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	3.70%
Senior Notes | 3.700% Senior Notes due 2025 | RenaissanceRe Finance, Inc. | Fair value
Debt Instrument [Line Items]
Long-term debt	$ 290,454		290,874
Senior Notes | 3.700% Senior Notes due 2025 | RenaissanceRe Finance, Inc. | Carrying value
Debt Instrument [Line Items]
Long-term debt	$ 299,444		299,168
Senior Notes | 4.750% Senior Notes due 2025 (DaVinci) | DaVinci Holdings Ltd.
Debt Instrument [Line Items]
Stated interest rate	4.75%
Senior Notes | 4.750% Senior Notes due 2025 (DaVinci) | DaVinci Holdings Ltd. | Fair value
Debt Instrument [Line Items]
Long-term debt	$ 145,592		146,625
Senior Notes | 4.750% Senior Notes due 2025 (DaVinci) | DaVinci Holdings Ltd. | Carrying value
Debt Instrument [Line Items]
Long-term debt	149,510		149,278
Line of Credit | Medici Revolving Credit Facility | Fair value
Debt Instrument [Line Items]
Long-term debt	0		30,000
Line of Credit | Medici Revolving Credit Facility | Carrying value
Debt Instrument [Line Items]
Long-term debt	$ 0		$ 30,000

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DEBT AND CREDIT FACILITIES - Narrative (Details) - USD ($)		9 Months Ended
	Jun. 05, 2023	Sep. 30, 2023	Sep. 30, 2022	Feb. 22, 2023
Debt Instrument [Line Items]
Issuance of debt, net of expenses		$ 740,581,000	$ 0
5.750% Senior Notes due 2033 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.75%	5.75%
Face amount	$ 750,000,000
Issuance of debt, net of expenses	$ 741,000,000
Secured Bilateral Facility | Letter of Credit | Wells Fargo
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 150,000,000

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DEBT AND CREDIT FACILITIES - Schedule of Outstanding Amounts Issued or Drawn under Credit Facilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Credit facilities issued or drawn	$ 1,144,327
Line of Credit | RenaissanceRe Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facilities issued or drawn	0
Line of Credit | RenaissanceRe Revolving Credit Facility | Medici Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facilities issued or drawn	0
Line of Credit | Letter of Credit | Funds at Lloyd’s Letter of Credit Facility
Line of Credit Facility [Line Items]
Credit facilities issued or drawn	275,000
Line of Credit | Letter of Credit | Secured Bilateral Letter of Credit Facilities
Line of Credit Facility [Line Items]
Credit facilities issued or drawn	393,940
Line of Credit | Letter of Credit | Unsecured Bilateral Letter of Credit Facilities
Line of Credit Facility [Line Items]
Credit facilities issued or drawn	$ 475,387

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NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	$ 5,662,234		$ 5,662,234			$ 4,535,389
Net income (loss) attributable to redeemable noncontrolling interest	213,695	$ (372,429)	655,986	$ (335,010)
DaVinci
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	2,331,952	1,618,490	2,331,952	1,618,490	$ 2,267,448	1,740,300	$ 1,762,677	$ 1,499,451
Net income (loss) attributable to redeemable noncontrolling interest	107,881	(219,191)	333,490	(185,692)
Medici
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	1,591,196	964,687	1,591,196	964,687	1,540,520	1,036,218	1,052,560	856,820
Net income (loss) attributable to redeemable noncontrolling interest	60,022	(107,461)	167,281	(139,635)
Vermeer
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	1,467,367	1,330,253	1,467,367	1,330,253	1,590,408	1,490,840	1,269,417	1,197,782
Net income (loss) attributable to redeemable noncontrolling interest	51,959	(39,164)	151,527	2,471
Fontana
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	271,719	261,530	271,719	261,530	$ 277,886	$ 268,031	$ 268,143	$ 0
Net income (loss) attributable to redeemable noncontrolling interest	$ (6,167)	$ (6,613)	$ 3,688	$ (12,154)

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NONCONTROLLING INTERESTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Apr. 01, 2022
Third-Party Investors
Redeemable Noncontrolling Interest [Line Items]
Redemption of shares from redeemable noncontrolling interest			$ 123,300,000	$ 161,600,000
DaVinci Reinsurance Ltd.
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments			275,000,000	$ 177,900,000
DavinciRe Third-Party Investors
Redeemable Noncontrolling Interest [Line Items]
Proceeds from noncontrolling interests			0
Payments to noncontrolling interests			123,300,000
Medici
Redeemable Noncontrolling Interest [Line Items]
Proceeds from noncontrolling interests			429,900,000
Payments to noncontrolling interests			$ 39,400,000
DaVinci Reinsurance Ltd.
Redeemable Noncontrolling Interest [Line Items]
Parent company ownership in redeemable noncontrolling interest	27.80%	30.90%	27.80%	30.90%	30.90%
Medici
Redeemable Noncontrolling Interest [Line Items]
Parent company ownership in redeemable noncontrolling interest	10.80%	13.00%	10.80%	13.00%
Fontana
Redeemable Noncontrolling Interest [Line Items]
Parent company ownership in redeemable noncontrolling interest	31.60%	31.60%	31.60%	31.60%
DaVinci
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments			$ 250,000,000	$ 500,000,000
Redemption of shares from redeemable noncontrolling interest	$ 45,777,000	$ (74,983,000)	123,272,000	86,586,000
DaVinci | Third-Party Investors
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments			102,200,000	284,800,000
DaVinci | RenaissanceRe Holdings Ltd.
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments			$ 147,800,000	215,200,000
DaVinci | Maximum
Redeemable Noncontrolling Interest [Line Items]
Share repurchase requests, limit	25.00%		25.00%
Medici
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments	$ 16,298,000	22,110,000	$ 430,989,000	347,136,000
Redemption of shares from redeemable noncontrolling interest	$ 25,644,000	2,522,000	$ 43,292,000	99,634,000
Redemption provision, notice period			30 days
Medici | Third-Party Investors
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments			$ 456,000,000	357,100,000
Medici | RenaissanceRe Holdings Ltd.
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments			$ 25,100,000	10,000,000
Medici | Vermeer | Voting, Non-participating Shares
Redeemable Noncontrolling Interest [Line Items]
Parent company ownership in redeemable noncontrolling interest	100.00%		100.00%
PFZW | Vermeer | Participating, Non-voting Common Shares
Redeemable Noncontrolling Interest [Line Items]
Parent company ownership in redeemable noncontrolling interest	100.00%		100.00%
Vermeer
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments	$ 0	100,000,000	$ 0	130,000,000
Redemption of shares from redeemable noncontrolling interest	175,000,000	0	175,000,000	0
Fontana
Redeemable Noncontrolling Interest [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments	$ 0	0	0	273,684,000
Redemption of shares from redeemable noncontrolling interest			$ 0
Initial commitments		$ 475,000,000		$ 475,000,000
Commitments funded						$ 400,000,000

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NONCONTROLLING INTERESTS - Schedule of Activity in Redeemable Noncontrolling Interest (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Activity in redeemable noncontrolling interest
Beginning balance			$ 4,535,389,000
Net income (loss) attributable to redeemable noncontrolling interest	$ 213,695,000	$ (372,429,000)	655,986,000	$ (335,010,000)
Ending balance	5,662,234,000		5,662,234,000
DaVinci
Activity in redeemable noncontrolling interest
Beginning balance	2,267,448,000	1,762,677,000	1,740,300,000	1,499,451,000
Redemption of shares from redeemable noncontrolling interests	(45,777,000)	74,983,000	(123,272,000)	(86,586,000)
Sale of shares to redeemable noncontrolling interests, net of adjustments			250,000,000	500,000,000
Net income (loss) attributable to redeemable noncontrolling interest	107,881,000	(219,191,000)	333,490,000	(185,692,000)
Ending balance	2,331,952,000	1,618,490,000	2,331,952,000	1,618,490,000
DaVinci | Third-Party Investors And RenaissanceRe
Activity in redeemable noncontrolling interest
Sale of shares to redeemable noncontrolling interests, net of adjustments	2,400,000	21,000	381,434,000	391,317,000
Medici
Activity in redeemable noncontrolling interest
Beginning balance	1,540,520,000	1,052,560,000	1,036,218,000	856,820,000
Redemption of shares from redeemable noncontrolling interests	(25,644,000)	(2,522,000)	(43,292,000)	(99,634,000)
Sale of shares to redeemable noncontrolling interests, net of adjustments	16,298,000	22,110,000	430,989,000	347,136,000
Net income (loss) attributable to redeemable noncontrolling interest	60,022,000	(107,461,000)	167,281,000	(139,635,000)
Ending balance	1,591,196,000	964,687,000	1,591,196,000	964,687,000
Vermeer
Activity in redeemable noncontrolling interest
Beginning balance	1,590,408,000	1,269,417,000	1,490,840,000	1,197,782,000
Redemption of shares from redeemable noncontrolling interests	(175,000,000)	0	(175,000,000)	0
Sale of shares to redeemable noncontrolling interests, net of adjustments	0	100,000,000	0	130,000,000
Net income (loss) attributable to redeemable noncontrolling interest	51,959,000	(39,164,000)	151,527,000	2,471,000
Ending balance	1,467,367,000	1,330,253,000	1,467,367,000	1,330,253,000
Fontana
Activity in redeemable noncontrolling interest
Beginning balance	277,886,000	268,143,000	268,031,000	0
Redemption of shares from redeemable noncontrolling interests			0
Sale of shares to redeemable noncontrolling interests, net of adjustments	0	0	0	273,684,000
Net income (loss) attributable to redeemable noncontrolling interest	(6,167,000)	(6,613,000)	3,688,000	(12,154,000)
Ending balance	$ 271,719,000	$ 261,530,000	$ 271,719,000	$ 261,530,000

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VARIABLE INTEREST ENTITIES (Details)		1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 10, 2023 USD ($) note	Jul. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) account	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) account	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Number of segregated accounts | account			3			3
Assets			$ 40,843,076,000			$ 40,843,076,000			$ 36,552,878,000
Liabilities			27,592,225,000			27,592,225,000			26,692,215,000
Investments in other ventures, under equity method			101,103,000			101,103,000			79,750,000
Redeemable noncontrolling interests			5,662,234,000			5,662,234,000			4,535,389,000
Ceded premiums written			197,183,000		$ 398,950,000	1,179,559,000	$ 1,777,720,000
Ceded premiums earned			355,443,000		519,964,000	1,172,055,000	1,399,008,000
Vermeer
Variable Interest Entity [Line Items]
Redeemable noncontrolling interests			1,467,367,000		1,330,253,000	1,467,367,000	1,330,253,000	$ 1,590,408,000	1,490,840,000	$ 1,269,417,000	$ 1,197,782,000
Fontana
Variable Interest Entity [Line Items]
Redeemable noncontrolling interests			271,719,000		$ 261,530,000	271,719,000	261,530,000	$ 277,886,000	268,031,000	$ 268,143,000	$ 0
Variable Interest Entity, Primary Beneficiary | Upsilon Diversified
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method			1,200,000			1,200,000			1,900,000
Variable Interest Entity, Primary Beneficiary | NOC1
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method			1,600,000			1,600,000
Variable Interest Entity, Primary Beneficiary | Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Assets			2,700,000,000			2,700,000,000			3,700,000,000
Liabilities			2,700,000,000			2,700,000,000			3,700,000,000
Net assets			120,700,000			120,700,000			165,300,000
Variable Interest Entity, Primary Beneficiary | Upsilon Diversified
Variable Interest Entity [Line Items]
Assets			833,200,000			833,200,000			1,200,000,000
Liabilities			41,700,000			41,700,000			32,100,000
Variable Interest Entity, Primary Beneficiary | Upsilon Diversified | Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Investment owned, fair value			805,800,000			805,800,000			1,200,000,000
Variable Interest Entity, Primary Beneficiary | NOC1
Variable Interest Entity [Line Items]
Assets			159,600,000			159,600,000
Liabilities			600,000			600,000
Variable Interest Entity, Primary Beneficiary | Vermeer
Variable Interest Entity [Line Items]
Assets			1,600,000,000			1,600,000,000			1,600,000,000
Liabilities			172,900,000			172,900,000			144,900,000
Redeemable noncontrolling interests			1,500,000,000			1,500,000,000			1,500,000,000
Variable Interest Entity, Primary Beneficiary | Fontana
Variable Interest Entity [Line Items]
Assets			1,200,000,000			1,200,000,000			711,000,000
Liabilities			800,000,000			800,000,000			319,200,000
Redeemable noncontrolling interests			271,700,000			271,700,000			268,000,000
Variable Interest Entity, Primary Beneficiary | Third Party Investor | Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Payments of capital distribution						630,800,000	254,100,000
Net assets			800,000,000			800,000,000			1,200,000,000
Variable Interest Entity, Primary Beneficiary | Third Party Investor | Upsilon RFO Re Ltd. | Preference shares
Variable Interest Entity [Line Items]
Contributions to subsidiaries						39,800,000	89,000,000.0
Variable Interest Entity, Primary Beneficiary | Third Party Investor | Upsilon Diversified
Variable Interest Entity [Line Items]
Payments of capital distribution						543,300,000	143,500,000
Variable Interest Entity, Primary Beneficiary | Third Party Investor | Upsilon Diversified | Preference shares
Variable Interest Entity [Line Items]
Contributions to subsidiaries						30,000,000.0	82,500,000
Variable Interest Entity, Primary Beneficiary | Third Party Investor | NOC1 | Preference shares
Variable Interest Entity [Line Items]
Contributions to subsidiaries						151,500,000
Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd. | Upsilon RFO Re Ltd.
Variable Interest Entity [Line Items]
Payments of capital distribution						$ 79,500,000	$ 52,800,000
Variable interest entity, ownership percentage						13.50%	12.50%
Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd. | Upsilon RFO Re Ltd. | Preference shares
Variable Interest Entity [Line Items]
Contributions to subsidiaries						$ 10,200,000	$ 10,000,000.0
Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd. | Upsilon Diversified
Variable Interest Entity [Line Items]
Payments of capital distribution						1,000,000.0	0
Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd. | Upsilon Diversified | Preference shares
Variable Interest Entity [Line Items]
Contributions to subsidiaries						100,000	0
Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd. | NOC1 | Preference shares
Variable Interest Entity [Line Items]
Contributions to subsidiaries						1,500,000
Variable Interest Entity, Not Primary Beneficiary | Mona Lisa Re
Variable Interest Entity [Line Items]
Assets			447,500,000			447,500,000			654,800,000
Liabilities			447,500,000			447,500,000			654,800,000
Number of notes issued | note	2
Variable Interest Entity, Not Primary Beneficiary | Mona Lisa Re | Term loans
Variable Interest Entity [Line Items]
Investment in participating notes			3,400,000			3,400,000			5,700,000
Variable Interest Entity, Not Primary Beneficiary | Mona Lisa Re | Eighty Five Million Principal At Risk Variable Rate Note
Variable Interest Entity [Line Items]
Face amount	$ 85,000,000
Variable Interest Entity, Not Primary Beneficiary | Mona Lisa Re | One Hundred Million Principal At Risk Variable Rate Note
Variable Interest Entity [Line Items]
Face amount	$ 100,000,000
Variable Interest Entity, Not Primary Beneficiary | Mona Lisa Re | Four Hundred Million Principal At Risk Variable Rate Note
Variable Interest Entity [Line Items]
Face amount			400,000,000			400,000,000
Variable Interest Entity, Not Primary Beneficiary | Langhorne Partners
Variable Interest Entity [Line Items]
Investments in other ventures, under equity method			$ 100,000			100,000			$ 100,000
Variable Interest Entity, Not Primary Beneficiary | RenaissanceRe Holdings Ltd. | Langhorne Holdings LLC
Variable Interest Entity [Line Items]
Payments of capital distribution		$ 800,000		$ 1,500,000
Variable Interest Entity, Not Primary Beneficiary | Renaissance Reinsurance Ltd. | Mona Lisa Re
Variable Interest Entity [Line Items]
Ceded premiums written						32,800,000	39,600,000
Ceded premiums earned						24,400,000	29,400,000
Variable Interest Entity, Not Primary Beneficiary | DaVinci Reinsurance Ltd. | Mona Lisa Re
Variable Interest Entity [Line Items]
Ceded premiums written						8,200,000	9,900,000
Ceded premiums earned						6,100,000	$ 7,300,000
Variable Interest Entity, Not Primary Beneficiary | Medici | Mona Lisa Re
Variable Interest Entity [Line Items]
Payments of capital distribution						$ 16,500,000

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SHAREHOLDERS’ EQUITY (Details) - USD ($)								3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 15, 2023	Jun. 30, 2023	Jun. 15, 2023	May 26, 2023	Mar. 31, 2023	Mar. 15, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Aug. 02, 2022
Class of Stock [Line Items]
Dividends per common share (in dollars per share)		$ 0.38		$ 0.38			$ 0.38
Dividends paid per common share (in dollars per share)	$ 0.38		$ 0.38			$ 0.38
Dividends on preference shares								$ (8,843,000)	$ (8,843,000)	$ (26,531,000)	$ (26,531,000)
Dividends, common stock										$ (55,200,000)	$ (48,600,000)
Public Offering
Class of Stock [Line Items]
Shares issued (in shares)					7,245,000
Price of shares issued (in dollars per share)					$ 192.00
Sale of stock, consideration received on transaction					$ 1,352,000,000
Series F Preference Shares
Class of Stock [Line Items]
Dividend rate, percentage										5.75%
Liquidation preference per annum (in dollars per share)								$ 1,437.5		$ 1,437.5
Liquidation preference quarterly (in dollars per share)								359.375		359.375
Series F Preferred Shares, Depositary Shares
Class of Stock [Line Items]
Liquidation preference per annum (in dollars per share)								1.4375		1.4375
Liquidation preference quarterly (in dollars per share)								0.359375		$ 0.359375
Series G Preferred Stock
Class of Stock [Line Items]
Dividend rate, percentage										4.20%
Liquidation preference per annum (in dollars per share)								1,050		$ 1,050
Liquidation preference quarterly (in dollars per share)								262.50		262.50
Series G Preferred Shares, Depositary Shares
Class of Stock [Line Items]
Liquidation preference per annum (in dollars per share)								1.05		1.05
Liquidation preference quarterly (in dollars per share)								$ 0.2625		$ 0.2625
Common Shares
Class of Stock [Line Items]
Share repurchase program, authorized amount												$ 500,000,000
Share repurchase program, shares repurchased (in shares)										0
Remaining authorized repurchase amount								$ 500,000,000		$ 500,000,000

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders, basic	$ 193,988	$ (825,344)	$ 949,075	$ (1,544,670)
Amount allocated to participating common shareholders	(2,637)	(306)	(14,108)	(813)
Net income (loss) allocated to RenaissanceRe common shareholders	$ 191,351	$ (825,650)	$ 934,967	$ (1,545,483)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (in shares)	50,261	42,837	46,345	43,121
Per common share equivalents of non-vested shares (in shares)	97	0	106	0
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (in shares)	50,358	42,837	46,451	43,121
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (in dollars per share)	$ 3.81	$ (19.27)	$ 20.17	$ (35.84)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (in dollars per share)	$ 3.80	$ (19.27)	$ 20.13	$ (35.84)

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SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Gross premiums written	$ 1,618,443	$ 2,220,661	$ 7,060,325	$ 7,628,264
Net premiums written	1,421,260	1,821,711	5,880,766	5,850,544
Net premiums earned	1,755,876	1,767,021	5,221,688	4,709,829
Net claims and claim expenses incurred	861,576	1,967,931	2,593,987	3,515,903
Acquisition expenses	425,745	417,644	1,280,547	1,155,389
Operational expenses	82,751	64,560	240,716	204,987
Underwriting income (loss)	385,804	(683,114)	1,106,438	(166,450)
Net investment income	329,108	157,793	876,148	348,695
Net foreign exchange gains (losses)	(25,886)	(1,383)	(53,877)	(67,690)
Equity in earnings of other ventures	10,842	1,739	28,072	2,732
Other income (loss)	(5,866)	2,834	(6,296)	4,950
Net realized and unrealized gains (losses) on investments	(228,087)	(641,500)	(171,417)	(1,968,624)
Corporate expenses	(17,143)	(10,384)	(53,357)	(35,238)
Interest expense	(22,951)	(12,101)	(49,980)	(35,951)
Income (loss) before taxes	425,821	(1,186,116)	1,675,731	(1,917,576)
Income tax benefit (expense)	(9,295)	(2,814)	(44,139)	64,427
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)	372,429	(655,986)	335,010
Dividends on preference shares	(8,843)	(8,843)	(26,531)	(26,531)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	193,988	(825,344)	949,075	(1,544,670)
Net income (loss) available (attributable) to RenaissanceRe common shareholders, diluted	193,988	(825,344)	949,075	(1,544,670)
Net claims and claim expenses incurred – current accident year	1,019,523	1,999,837	2,888,784	3,608,599
Net claims and claim expenses incurred – prior accident years	(157,947)	(31,906)	(294,797)	(92,696)
Total net incurred	$ 861,576	$ 1,967,931	$ 2,593,987	$ 3,515,903
Net claims and claim expense ratio – current accident year	58.10%	113.20%	55.30%	76.60%
Net claims and claim expense ratio – prior accident years	(9.00%)	(1.80%)	(5.60%)	(1.90%)
Net claims and claim expense ratio – calendar year	49.10%	111.40%	49.70%	74.70%
Underwriting expense ratio	28.90%	27.30%	29.10%	28.90%
Combined ratio	78.00%	138.70%	78.80%	103.60%
Other
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ 0	$ 0	$ 0
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Net claims and claim expenses incurred	0	0	0	0
Acquisition expenses	0	0	0	0
Operational expenses	0	0	0	0
Underwriting income (loss)	0	0	0	0
Net investment income	329,108	157,793	876,148	348,695
Net foreign exchange gains (losses)	(25,886)	(1,383)	(53,877)	(67,690)
Equity in earnings of other ventures	10,842	1,739	28,072	2,732
Other income (loss)	(5,866)	2,834	(6,296)	4,950
Net realized and unrealized gains (losses) on investments	(228,087)	(641,500)	(171,417)	(1,968,624)
Corporate expenses	(17,143)	(10,384)	(53,357)	(35,238)
Interest expense	(22,951)	(12,101)	(49,980)	(35,951)
Income tax benefit (expense)	(9,295)	(2,814)	(44,139)	64,427
Net (income) loss attributable to redeemable noncontrolling interests	(213,695)	372,429	(655,986)	335,010
Dividends on preference shares	(8,843)	(8,843)	(26,531)	(26,531)
Net claims and claim expenses incurred – current accident year	0	0	0	0
Net claims and claim expenses incurred – prior accident years	0	0	0	0
Total net incurred	0	0	0	0
Property
Segment Reporting Information [Line Items]
Net claims and claim expenses incurred – prior accident years			(257,209)	(76,069)
Property | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	511,012	800,330	3,217,817	3,362,159
Net premiums written	444,872	696,520	2,609,356	2,474,661
Net premiums earned	760,365	839,817	2,206,471	2,081,989
Net claims and claim expenses incurred	206,361	1,372,583	675,963	1,804,268
Acquisition expenses	143,348	141,675	429,273	406,338
Operational expenses	54,624	48,158	165,514	144,717
Underwriting income (loss)	356,032	(722,599)	935,721	(273,334)
Net claims and claim expenses incurred – current accident year	350,238	1,396,842	933,172	1,880,337
Net claims and claim expenses incurred – prior accident years	(143,877)	(24,259)	(257,209)	(76,069)
Total net incurred	$ 206,361	$ 1,372,583	$ 675,963	$ 1,804,268
Net claims and claim expense ratio – current accident year	46.10%	166.30%	42.30%	90.30%
Net claims and claim expense ratio – prior accident years	(19.00%)	(2.90%)	(11.70%)	(3.60%)
Net claims and claim expense ratio – calendar year	27.10%	163.40%	30.60%	86.70%
Underwriting expense ratio	26.10%	22.60%	27.00%	26.40%
Combined ratio	53.20%	186.00%	57.60%	113.10%
Casualty and Specialty
Segment Reporting Information [Line Items]
Net claims and claim expenses incurred – prior accident years			$ (37,588)	$ (16,627)
Casualty and Specialty | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	$ 1,107,431	$ 1,420,331	3,842,508	4,266,105
Net premiums written	976,388	1,125,191	3,271,410	3,375,883
Net premiums earned	995,511	927,204	3,015,217	2,627,840
Net claims and claim expenses incurred	655,215	595,348	1,918,024	1,711,635
Acquisition expenses	282,397	275,969	851,274	749,051
Operational expenses	28,127	16,402	75,202	60,270
Underwriting income (loss)	29,772	39,485	170,717	106,884
Net claims and claim expenses incurred – current accident year	669,285	602,995	1,955,612	1,728,262
Net claims and claim expenses incurred – prior accident years	(14,070)	(7,647)	(37,588)	(16,627)
Total net incurred	$ 655,215	$ 595,348	$ 1,918,024	$ 1,711,635
Net claims and claim expense ratio – current accident year	67.20%	65.00%	64.90%	65.80%
Net claims and claim expense ratio – prior accident years	(1.40%)	(0.80%)	(1.30%)	(0.70%)
Net claims and claim expense ratio – calendar year	65.80%	64.20%	63.60%	65.10%
Underwriting expense ratio	31.20%	31.50%	30.70%	30.80%
Combined ratio	97.00%	95.70%	94.30%	95.90%

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DERIVATIVE INSTRUMENTS - Schedule of Gross and Net Amounts of Recognized Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Assets
Gross Amounts of Recognized Assets	$ 18,233	$ 44,421
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	18,233	44,421
Collateral Received	0	0
Net Amount	18,233	44,421
Derivative Liabilities
Gross Amounts of Recognized Liabilities	35,557	7,581
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	35,557	7,581
Collateral Pledged	16,877	309
Net Amount	18,680	7,272
Derivative instruments not designated as hedges
Derivative Assets
Gross Amounts of Recognized Assets	16,579	44,421
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	16,579	44,421
Collateral Received	0	0
Net Amount	16,579	44,421
Derivative Liabilities
Gross Amounts of Recognized Liabilities	35,496	6,388
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	35,496	6,388
Collateral Pledged	16,877	309
Net Amount	18,619	6,079
Derivative instruments not designated as hedges | Interest rate futures
Derivative Assets
Gross Amounts of Recognized Assets	6,819	387
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	6,819	387
Collateral Received	0	0
Net Amount	6,819	387
Derivative Liabilities
Gross Amounts of Recognized Liabilities	7,139	1,685
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	7,139	1,685
Collateral Pledged	6,984	209
Net Amount	155	1,476
Derivative instruments not designated as hedges | Foreign currency forward contracts, underwriting and non-investment operations
Derivative Assets
Gross Amounts of Recognized Assets	1,745	31,755
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	1,745	31,755
Collateral Received	0	0
Net Amount	1,745	31,755
Derivative Liabilities
Gross Amounts of Recognized Liabilities	17,956	1,160
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	17,956	1,160
Collateral Pledged	0	0
Net Amount	17,956	1,160
Derivative instruments not designated as hedges | Foreign currency forward contracts, investment operations
Derivative Assets
Gross Amounts of Recognized Assets	4,365	11,866
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	4,365	11,866
Collateral Received	0	0
Net Amount	4,365	11,866
Derivative Liabilities
Gross Amounts of Recognized Liabilities	508	2,165
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	508	2,165
Collateral Pledged	0	0
Net Amount	508	2,165
Derivative instruments not designated as hedges | Credit default swaps
Derivative Assets
Gross Amounts of Recognized Assets	3,650	413
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	3,650	413
Collateral Received	0	0
Net Amount	3,650	413
Derivative Liabilities
Gross Amounts of Recognized Liabilities	9,893	1,055
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	9,893	1,055
Collateral Pledged	9,893	100
Net Amount	0	955
Derivative instruments not designated as hedges | Equity futures
Derivative Liabilities
Gross Amounts of Recognized Liabilities		323
Gross Amounts Offset in the Balance Sheet		0
Net Amounts of Liabilities Presented in the Balance Sheet		323
Collateral Pledged		0
Net Amount		323
Derivative instruments designated as hedges | Foreign currency forward contracts, investment operations
Derivative Assets
Gross Amounts of Recognized Assets	1,654
Gross Amounts Offset in the Balance Sheet	0
Net Amounts of Assets Presented in the Balance Sheet	1,654
Collateral Received	0
Net Amount	1,654
Derivative Liabilities
Gross Amounts of Recognized Liabilities	61	1,193
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	61	1,193
Collateral Pledged	0	0
Net Amount	$ 61	$ 1,193

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DERIVATIVE INSTRUMENTS - Schedule of Location and Amount of the Gain (Loss) Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	$ (2,212)	$ (76,217)	$ (58,708)	$ (243,319)
Derivative instruments not designated as hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	(4,030)	(81,142)	(62,065)	(252,538)
Derivative instruments not designated as hedges | Interest rate futures
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	28,366	(40,245)	6,819	(83,731)
Derivative instruments not designated as hedges | Foreign currency forward contracts, underwriting and non-investment operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	(23,686)	(32,346)	(14,041)	(105,103)
Derivative instruments not designated as hedges | Foreign currency forward contracts, investment operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	(10,938)	6,576	(25,729)	14,747
Derivative instruments not designated as hedges | Foreign currency option contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	0	208	0	(236)
Derivative instruments not designated as hedges | Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	2,228	24	(27,186)	(6,450)
Derivative instruments not designated as hedges | Total return swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	0	(6)	0	(6)
Derivative instruments not designated as hedges | Equity futures
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	0	(16,594)	(1,928)	(73,000)
Derivative instruments not designated as hedges | Warrants
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized on derivatives	0	1,241	0	1,241
Derivative instruments designated as hedges | Foreign currency forward contracts, investment operations
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 1,818	$ 4,925	$ 3,357	$ 9,219

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DERIVATIVE INSTRUMENTS - Narrative (Details) - Derivative instruments not designated as hedges - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Interest rate futures | Long
Derivative [Line Items]
Notional amount	$ 2,200,000,000	$ 2,400,000,000
Interest rate futures | Short
Derivative [Line Items]
Notional amount	1,500,000,000	500,000,000
Foreign currency forward contracts, underwriting and non-investment operations | Long
Derivative [Line Items]
Notional amount	763,600,000	861,700,000
Foreign currency forward contracts, underwriting and non-investment operations | Short
Derivative [Line Items]
Notional amount	151,000,000	172,400,000
Foreign currency forward contracts, investment operations | Long
Derivative [Line Items]
Notional amount	339,100,000	225,600,000
Foreign currency forward contracts, investment operations | Short
Derivative [Line Items]
Notional amount	75,800,000	86,300,000
Credit default swaps | Long
Derivative [Line Items]
Notional amount	19,500,000	953,400,000
Credit default swaps | Short
Derivative [Line Items]
Notional amount	1,000,000,000	13,100,000
Total return swaps
Derivative [Line Items]
Notional amount	0	0
Equity futures | Long
Derivative [Line Items]
Notional amount		$ 116,000,000
Equity futures | Short
Derivative [Line Items]
Notional amount	$ 0

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DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments Designated as Hedges of a Net Investment in Foreign Operation (Details) - Foreign Exchange Forward - Derivative instruments designated as hedges - Net Investment Hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities)	$ 57,216	$ 65,599	$ 58,779	$ 76,839
Derivative gains (losses)	$ 1,818	$ 4,925	$ 3,357	$ 9,219

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ACQUISITION OF VALIDUS (Details) - Validus Acquisition - USD ($) $ / shares in Units, $ in Millions	Nov. 01, 2023	May 22, 2023
Restructuring Cost and Reserve [Line Items]
Business combination, estimated excess tangible book value threshold for future dividends		$ 2,100.0
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Net purchase price	$ 2,985.0
Cash consideration paid by RenaissanceRe as acquisition consideration	$ 2,735.0
Business acquisition, common shares (in shares)	1,322,541
Value of common shares issued	$ 250.0
Business acquisition, share price ( in dollars per share)	$ 189.03
AIG
Restructuring Cost and Reserve [Line Items]
Business combination, risk reward percentage		95.00%

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SUBSEQUENT EVENTS (Details) - USD ($)		3 Months Ended		9 Months Ended
	Oct. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fontana
Subsequent Event [Line Items]
Parent company ownership in redeemable noncontrolling interest		31.60%	31.60%	31.60%	31.60%
Fontana
Subsequent Event [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments		$ 0	$ 0	$ 0	$ 273,684,000
Subsequent Event | Fontana
Subsequent Event [Line Items]
Parent company ownership in redeemable noncontrolling interest	31.60%
Third Party Investor | Common Shares | Subsequent Event | Fontana
Subsequent Event [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments	$ 75,000,000
RenaissanceRe Holdings Ltd. | Common Shares | Subsequent Event | Fontana
Subsequent Event [Line Items]
Sale of shares to redeemable noncontrolling interests, net of adjustments	$ 23,700,000